Cement, fertiliser and banks power KSE-100; oil plunges, rupee steady

The week in brief

This week the market’s story was concentrated: a broad, sector-led rally pushed the KSE-100 sharply higher while external commodity prices moved in different directions. The index finished the week at 173,886.69, up 7,477.43 points or 4.49%. The US dollar against the rupee was effectively unchanged, closing at 276.35 (a weekly change of -0.09 or -0.03%). Gold rose strongly and Brent crude posted a steep decline. On the policy front, the State Bank of Pakistan policy rate remains at 12% (as of 2026-10-28) while the federal government announced another cut in petrol and diesel prices during the week.

Stock market

The KSE-100’s advance was rapid and concentrated into a few sessions. After a subdued start, the index accelerated mid-week: the best single-session gain recorded in our dataset was on 2026-11-04 when the index jumped to 172,013.48 (+3,994.62 points, +2.38%). The rally pushed the index to a week high of 175,379.87 on 2026-11-05 before a modest pullback closed the week at 173,886.69.

Sector leadership was clear. Cement and fertiliser stocks were repeatedly cited in coverage as the engines of the move — see KSE-100 edges up to 166,564 as cement stocks lift the market, KSE-100 up 1,455 points to 168,019 as fertilizer and cement lead gains, and KSE-100 rises 2.38% to 172,013 as banks, cement and fertiliser lead gains. National Bank of Pakistan’s strong weekly move also featured in the mid-week advance.

Not all sessions had a clear news catalyst. Coverage on 3 Nov and 5 Nov explicitly noted that no single news item clearly explained the advance — see KSE-100 up 1,455 points to 168,019 as fertilizer and cement lead gains and KSE-100 up 1.96% to 175,380 as cement stocks drive weekly gains. That suggests the rally combined stock-specific flows and sector rotation rather than a single macro catalyst.

Rupee, gold and oil

The rupee was unusually stable: it closed the week at 276.35, essentially flat from the prior week’s 276.44. There was no single story in the coverage tying the currency move to a clear trigger; liquidity and domestic flows may have been the dominant backdrop but no single trigger was evident.

Gold rose sharply — the 10‑gram price moved from 346,525 to 362,182, a weekly gain of 15,657 PKR or 4.52%. The bullion move was one of the larger asset-class moves in local terms and helped offset some investor concern from the oil slide.

Brent crude was the week’s standout volatility story. The benchmark fell from 113.43 to 97.30, a decline of 16.13 USD or -14.22%. The drop was sharp and concentrated across sessions (notably large falls on 2026-11-02 and 2026-11-04). No single trigger in our supplied stories tied directly to the Brent move; therefore, no single trigger was evident in the local coverage.

At the same time, the federal government announced another reduction in petrol and diesel prices during the week; that policy move was reported on 4 Nov and is relevant for retail fuel demand and downstream margins — see Govt Announces Another Major Reduction in Petrol and Diesel Prices. Official price levels listed as of 2026-10-28 in our dataset show petrol at 376.06 PKR / litre and diesel (HSD) at 398.07 PKR / litre, while the new notification signals a policy direction during the week.

Economy and policy

The policy backdrop is steady in our set of facts: the SBP policy rate stands at 12% (as of 2026-10-28). That maintained rate level sits alongside a stable rupee and the government’s decision to cut retail fuel prices mid-week. Together these items frame a mixed macro picture: policy rates remain supportive of financial yields, the currency provided no immediate pressure, and retail fuel relief reduces some cost pressures for consumers and businesses.

Companies and sectors

Cement and allied industrial names were the clear winners in the week’s rotation. Leading weekly gainers include:

• D.G. Khan Cement Co. Ltd. (DGKC) — week close 200.41, week change +12.50%.
• Fauji Cement Co. Ltd. (FCCL) — week close 58.05, week change +11.04%.
• Maple Leaf Cement Factory Ltd (MLCF) — week close 100.04, week change +10.53%.
• Lucky Cement Ltd. (LUCK) — week close 427.23, week change +9.16%.
• National Bank of Pakistan (NBP) — week close 175.92, week change +10.14%.

Refinery names and oil-related heavyweights underperformed: National Refinery Limited (NRL) fell -14.58% to 474.45, Attock Refinery Ltd (ATRL) declined -9.79% to 982.16, while Pakistan Oilfields (POL) and Pakistan State Oil (PSO) recorded modest weekly declines. The sharp drop in Brent likely weighed on market sentiment for energy names even as the government moved to lower retail fuel prices — the coverage on 2 Nov noted refineries’ steep declines in the early-week session: KSE-100 edges up to 166,564 as cement stocks lift the market.

The month so far

For the month to date the KSE-100 shows the same advance recorded this week: a rise of 7,477.43 points or 4.49%, with a month high of 175,379.87 and a month low of 166,409.25. The weekly rally therefore accounts for essentially the whole of the month’s move to date.

What investors should watch next week

From the supplied coverage, the only clear, forward-looking item flagged during the week is the approaching US midterm elections; coverage noted that Democrats are targeting a congressional comeback as the elections approach. Investors watching external demand and risk sentiment may want to track developments around the US vote as it could influence global markets and sentiment.

The bottom line

This week was defined by a strong, concentrated equity rally led by cement, fertiliser and select bank stocks that pushed the KSE-100 up 7,477.43 points (4.49%). That domestic optimism sat alongside a sharp fall in Brent crude (down 16.13 USD or -14.22%) and a marked rise in local gold prices (up 15,657 PKR or 4.52%). The rupee was effectively flat at 276.35, and the policy rate remained at 12%. Coverage during the week repeatedly pointed to sector rotation — especially into cement and fertiliser — as the proximate driver of market moves, while a clear single macro trigger for the market or the oil slide was not evident in the supplied stories.

The Week in Review is market commentary for information only and is not investment advice. Figures for 2 Nov – 6 Nov 2026.