The KSE-100 today fell 814.44 points, or 0.49%, to close at 165,151.64 on Tuesday 20 October, its second losing session in a row. The index opened higher and came close to 166,426 before selling took over, according to Business Recorder, and it finished barely 40 points above its low for the day. Over two sessions the benchmark has now given up 1,268 points, with banks, technology and refining shares doing most of the damage while oil producers gained on a jump in crude.
The short version
- The KSE-100 closed at 165,151.64, down 814.44 points (0.49%) from Monday’s 165,966.09.
- Across the market, 324 companies fell and 127 rose; volume climbed to 446.84m shares from 370.94m.
- Commercial banks took 162.55 points off the index. Attock Refinery was the single biggest drag at 80.57 points.
- Oil and gas producers rose as Brent crude climbed to about $111 a barrel.
What happened
Tuesday’s fall was almost twice the size of Monday’s 454-point slip, which ended a three-day winning run. MG News data show the KSE-100 traded between 166,425.56 and 165,111.14. Inside the index, 69 stocks fell and 28 rose. The broader All-Share Index lost 488.39 points to 100,160.64, and the value of shares traded was Rs19.43bn.
The biggest drags on the KSE-100 today were Attock Refinery (minus 80.57 points), Engro Holdings (minus 74.92), Systems (minus 72.27), HBL (minus 67.26) and Hubco (minus 52.99). On the other side, Pakistan Petroleum added 35.04 points, Sui Northern Gas 24.48 and OGDC 12.40. By MG News’ count the index is now down 8.4% so far this fiscal year.
Banks did the most damage to the KSE-100
Index points lost by sector, KSE-100, 20 October 2026
Why it matters
The refining swing stands out. Attock Refinery added 37 points to the index on Monday and was the largest drag on Tuesday. The same day, MG News reported that OGRA’s daily pricing sheet showed the diesel crack spread, the margin allowed on top of crude costs, cut to $38 a barrel from $41.89 as an initial two-month arrangement lapsed. Neither report linked the two moves, but a lower diesel margin goes straight to refiners’ earnings, and Topline Securities said it was still seeking clarity from refineries and OGRA. Oil is the other force. Brent rose about 1.4% to $111.11 on tension around the Strait of Hormuz, which lifts producers’ revenue but, as Knock-On has reported, pushes up Pakistan’s oil import bill. Business Recorder also set the session against last year’s GDP growth being revised down to 3.65%.
The knock-on effects
First order: KSE-100 today hits bank-heavy portfolios
Banks led Tuesday’s losses, so equity funds and pension portfolios that hold them felt the fall first. With the State Bank’s rate decision due on 26 October, bank shares are likely to stay sensitive to any signal on interest rates.
Second order: dearer crude tests the fuel price cut
Petrol fell Rs5.16 to Rs381.14 a litre and diesel Rs7.69 to Rs389.27 from today, Business Recorder reported, after Brent eased late last week. Under daily pricing, crude above $110 could reverse part of that relief, which matters for transporters, farmers and factories that run on diesel.
Third order: fundraising gets harder
Two weak sessions with heavy breadth against buyers make it harder for companies to price rights issues or listings. If selling continues into the rate decision, some issuers may wait.
Who could benefit
- Oil and gas producers: higher crude prices lift the value of their output, which is why PPL and OGDC rose.
- Diesel users: today’s Rs7.69 cut lowers running costs, for as long as it lasts.
- Long-term investors: broad sell-offs can lower entry prices for those with a long horizon.
Who may face pressure
- Refiners: a smaller diesel margin, if confirmed, would squeeze earnings.
- Banks: shares are being repriced ahead of the policy rate decision.
- Fuel-heavy businesses: crude at $111 raises the risk of fuel prices rising again.
What to watch
- 26 October: the State Bank of Pakistan’s monetary policy decision.
- Diesel crack spread: confirmation from OGRA and refineries of the $38 level, which Topline said a refinery expects to apply for 60 to 90 days.
- Brent crude and the Strait of Hormuz: whether prices hold above $110, which feeds into daily fuel prices.
Sources
- Business Recorder, PSX: selling continues, KSE-100 settles over 800 points lower, 20 October 2026
- MG News, PSX Closing Bell: Bears Go Back-to-Back, 20 October 2026
- MG News, PSX Closing Bell: Red on Tiptoe, 19 October 2026
- MG News, OGRA trims HSD crack spread to $38 per barrel, 20 October 2026
- MG News, Oil climbs to $111 as Middle East tensions escalate, 20 October 2026
- Business Recorder, Govt cuts petrol price by Rs5.16, diesel by Rs7.69 per litre, 19 October 2026
This is analysis, not investment advice. Figures are as of 20 October 2026.
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