KSE-100 today posted one of its biggest one-day gains of the autumn. In the first session after the Iqbal Day holiday, the benchmark index of the Pakistan Stock Exchange rose 5,448.56 points, or 3.13%, to close at 179,335.24 on Tuesday, 10 November 2026. Oil prices slipped further and US President Donald Trump said US military action against Iran was not necessary “at this point”, which eased the main risk that has hung over Pakistani shares for weeks.
The short version
- The KSE-100 closed at 179,335.24, up 5,448.56 points (3.13%), recovering Friday’s 1,493-point fall and more.
- Commercial banks added 2,099 points to the index, cement 979 and oil and gas exploration 582.
- Brent crude fell to about $91.56 a barrel, its lowest since early September, according to Business Recorder.
- The index is up 3.03% since January but still 0.54% below where it started the fiscal year in July.
What happened
The market was shut on Monday for Iqbal Day. It had ended last week at 173,886.68 after losing 1,493.18 points on Friday, when analysts cited stalled peace negotiations and a global technology sell-off. Even so, Business Recorder reported that the week as a whole was the PSX’s strongest in nearly six months, with the index up 7,477 points.
Buying started at the open on Tuesday. By mid-morning the index was more than 4,600 points higher, and it closed near its intraday high of 179,424.04. Bloom Pakistan reported that 90 of the index’s 100 companies gained. Across the whole market, volume was 972.43 million shares, down from 1.48 billion on Friday, but traded value more than doubled to Rs50.67 billion. That points to buying in large, higher-priced stocks rather than cheap, speculative ones.
Banks did almost 40% of the lifting
Contribution to the KSE-100’s 5,449-point gain, by sector, index points, 10 Nov 2026
UBL was the single biggest contributor at 630 points, followed by Lucky Cement, FFC, Meezan Bank and Hubco. Cement makers Fauji Cement and Kohat Cement rose about 9% each. Refineries went the other way: Attock Refinery fell 3.36%, the kind of move that tends to follow sharply lower crude prices, which can cut the value of stocks bought at higher prices.
Why it matters
For Pakistan, the price of oil is the bridge between the Middle East and the domestic economy. “Softer oil prices bode well for the import bill, current account and inflation outlook,” Saad Hanif of Ismail Iqbal Securities told Business Recorder, calling the session “a clear repricing of risk on the PSX”. He added that, if lower prices hold, they could create room for monetary easing. That matters because the State Bank raised its policy rate to 12% last month, as Knock-On reported in the SBP interest rate hike story. The 16% weekly drop in crude covered in our analysis of the oil price fall and US-Iran talks is now feeding through into share prices.
The knock-on effects
First order: KSE-100 today resets valuations
A 3% gain in one day raises the market value of listed companies and their collateral. Firms planning share sales or rights issues get a better window, and investors who sold before the holiday now face a higher entry price.
Second order: banks and builders lead on rate hopes
Banks benefit from a calmer economy and lower credit risk, while cement makers are among the most sensitive to interest rates and fuel costs. Their strong showing suggests investors are betting on cheaper energy and, eventually, cheaper credit for construction.
Third order: the outlook depends on diplomacy
Nick Twidale of ATFX Global said a considerable gap remains between diplomacy and a lasting peace agreement, Business Recorder reported. Friday’s fall showed how quickly sentiment can turn when talks stall. Strong remittances, covered in our story on record forex reserves, give the external account some cushion if oil rises again.
Who could benefit
- Banks: the biggest index gainers, helped by lower risk and hopes of steadier credit demand.
- Cement and construction: lower fuel costs and the prospect of easier rates support margins and demand.
- Importers and manufacturers: cheaper crude reduces fuel, freight and power costs.
- Companies raising capital: higher share prices make equity funding cheaper.
Who may face pressure
- Refineries, which fell on the day as crude prices dropped.
- Investors who bought on optimism if US-Iran talks stall again, as they did on Friday.
- Businesses hoping for an early rate cut, if oil rebounds and inflation stays near 10%.
What to watch
- Whether the index can hold above 179,000 this week; its 2 January 2026 close of 179,034.93 was a record at the time.
- Statements from Washington and Tehran on talks, and whether Brent stays near $90 a barrel.
- Whether lower crude feeds into the next fortnightly petrol and diesel price decision.
- Foreign and local fund flows into banks and cement after Tuesday’s rally.
Sources
- Bloom Pakistan, PSX Stages Massive Rally as KSE-100 Jumps Over 5,400 Points, 10 Nov 2026
- Business Recorder, PSX: stocks surge, KSE-100 gains over 5,000 points as US-Iran tensions ease, 10 Nov 2026
- The Express Tribune, PSX roars back after long weekend, KSE-100 jumps 4,654 points, 10 Nov 2026
- Business Recorder, PSX: selling engulfs bourse, KSE-100 settles nearly 1,500 points lower, 6 Nov 2026
- Business Recorder, Historic run continues: KSE-100 settles above 179,000, 2 Jan 2026
This is analysis, not investment advice. Figures are as of 10 November 2026.
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