SMART-MONEY FLOWS · NCCPL DATA

Who is buying Pakistan?

Every session, NCCPL publishes who bought and who sold on the Pakistan Stock Exchange — foreign investors (FIPI) on one side, and local mutual funds, banks, insurers, companies and individuals (LIPI) on the other. This page tracks the last 59 sessions.

The reading · 10 Nov 2026

Foreign investors were net buyers of Rs 1.7B in the latest session — their 1st straight session of buying.

Foreign investors have been net sellers in 24 of the last 30 sessions, for a cumulative outflow of Rs 22.2B over that stretch and Rs 31.7B net sold across the full 59-session window. In the latest session the biggest buyer was Banks / DFIs (Rs 22B) and the biggest seller was Mutual funds (−Rs 17.7B).

FIPI latest: Rs 1.7B; 10 Nov 2026
FIPI last 30 sessions: −Rs 22.2B; 24/30 net-sell days
Biggest foreign buy: Rs 1.7B; 10 Nov 2026
Biggest foreign sell: −Rs 12.4B; 30 Oct 2026

Daily net flows · last 59 sessions FIPI (foreign) LIPI (local) Cumulative FIPI

Bars: daily net value bought (up) or sold (down), FIPI in blue and LIPI in purple. White line: cumulative FIPI over the window, on its own scale (right axis). Source: NCCPL portfolio investment data.

Latest session by investor type

Net value bought or sold by each client category on 10 Nov 2026. Sums to roughly zero — every buyer needs a seller.

Banks / DFIs

LIPI

Rs 22B

Foreign corporates

FIPI

Rs 2.6B

NBFCs

LIPI

−Rs 85.6M

Other organisations

LIPI

−Rs 162M

Broker proprietary

LIPI

−Rs 368M

Companies

LIPI

−Rs 375M

Insurance companies

LIPI

−Rs 876M

Overseas Pakistanis

FIPI

−Rs 899M

Individuals (retail)

LIPI

−Rs 4.1B

Mutual funds

LIPI

−Rs 17.7B

Did they get it right?

For each investor type: how often its net flow pointed the way the KSE-100 moved over the next 5 sessions, and the return that flow-weighted positioning earned, over the last 90 days.

KSE-100 returned −0.57% over the same window (13 Aug 2026 – 11 Nov 2026, 180,105 → 179,084).

Descriptive only. Flows are aggregate NCCPL data published T+1, scored against KSE100's subsequent move; not a forecast and not a recommendation.
Investor type	Side	Sessions	Hit-rate	Flow-wtd return	90-day net
Banks / DFIs	LIPI	55	63.6%	+0.49%	−Rs 38.5B
Foreign corporates	FIPI	55	60.0%	−1.79%	−Rs 35.4B
Other organisations	LIPI	55	45.5%	+2.44%	Rs 23.3B
Individuals (retail)	LIPI	55	45.5%	−0.03%	Rs 22.1B
Companies	LIPI	55	38.2%	+0.61%	Rs 17.9B
Mutual funds	LIPI	55	47.3%	−0.55%	Rs 7.2B
Overseas Pakistanis	FIPI	55	43.6%	−0.09%	Rs 4.2B
Broker proprietary	LIPI	55	58.2%	−0.24%	−Rs 2.7B
Insurance companies	LIPI	55	61.8%	+0.62%	Rs 2.3B
Foreign individuals	FIPI	28	42.9%	+1.25%	−Rs 0.5B
NBFCs	LIPI	55	47.3%	−0.27%	Rs 0.0B

Descriptive only. Flows are aggregate NCCPL data published T+1, scored against KSE100's subsequent move; not a forecast and not a recommendation. As of 10 Nov 2026.

Banks / DFIs (LIPI) sit at the top of the table: their net flow pointed the same way the KSE-100 moved over the next 5 sessions 63.6% of the time across 55 sessions, with a flow-weighted return of +0.49% and −Rs 38.5B net sold over the window.

KSE-100 heavyweights

Official KSE-100 constituent weights from PSX, as of 11 Nov 2026. The top 10 make up about 50% of the index, so foreign flows concentrate here.

KSE-100 heavyweights by weight
#	Symbol	Company	Sector	Weight	Price	Chg %	Mkt cap Market cap What the whole company costs at today's price. How it's worked out Share price multiplied by every share in issue. How to read it It is the company's size, not its value. A big number does not mean the price is high against earnings, and a small one does not mean it is low — that is what the ratios below are for.
1	FFC	Fauji Fertilizer Company Limited	Fertilizer	9.14%	574.04	−0.14%	Rs 826B
2	UBL	United Bank Limited	Commercial Banks	7.79%	441.72	−0.80%	Rs 1.1T
3	MEBL	Meezan Bank Limited	Commercial Banks	5.13%	563.92	−1.20%	Rs 1T
4	ENGROH	Engro Holdings Limited	Inv. Banks / Inv. Cos. / Securities Cos.	5.05%	278.02	−0.31%	Rs 335B
5	OGDC	Oil & Gas Development Company Limited	Oil & Gas Exploration Companies	4.10%	316.09	−0.29%	Rs 1.4T
6	HUBC	The Hub Power Company Limited	Power Generation & Distribution	4.09%	208.98	−0.44%	Rs 271B
7	LUCK	Lucky Cement Limited	Cement	3.94%	445.06	−1.34%	Rs 652B
8	HBL	Habib Bank Limited	Commercial Banks	3.70%	313.24	+0.59%	Rs 459B
9	MCB	MCB Bank Limited	Commercial Banks	3.42%	409.15	−0.56%	Rs 485B
10	MARI	Mari Energies Limited	Oil & Gas Exploration Companies	3.21%	663.86	−0.31%	Rs 797B
11	PPL	Pakistan Petroleum Limited	Oil & Gas Exploration Companies	3.04%	225.35	−0.24%	Rs 613B
12	BAHL	Bank AL Habib Limited	Commercial Banks	2.82%	168.02	−0.40%	Rs 187B
13	EFERT	Engro Fertilizers Limited	Fertilizer	2.55%	210.88	+0.93%	Rs 282B
14	SYS	Systems Limited	Technology & Communication	2.39%	119.48	+0.93%	Rs 183B
15	NBP	National Bank of Pakistan	Commercial Banks	1.85%	180.57	−1.78%	Rs 384B
16	PSO	Pakistan State Oil Company Limited	Oil & Gas Marketing Companies	1.77%	374.68	+3.70%	Rs 176B
17	POL	Pakistan Oilfields Limited	Oil & Gas Exploration Companies	1.75%	670.38	+0.78%	Rs 190B
18	BAFL	Bank Alfalah Limited	Commercial Banks	1.73%	60.64	+0.07%	Rs 191B
19	AKBL	Askari Bank Limited	Commercial Banks	1.08%	123.65	−0.25%	Rs 179B
20	MTL	Millat Tractors Limited	Automobile Assembler	1.08%	297.59	+0.23%	Rs 119B
21	FCCL	Fauji Cement Company Limited	Cement	1.07%	62.09	−2.39%	Rs 152B
22	FABL	Faysal Bank Limited	Commercial Banks	1.03%	96.65	+2.25%	Rs 147B
23	MLCF	Maple Leaf Cement Factory Limited	Cement	1.00%	105.27	−1.86%	Rs 110B
24	HMB	Habib Metropolitan Bank Limited	Commercial Banks	0.99%	104.20	+0.97%	Rs 109B
25	FATIMA	Fatima Fertilizer Company Limited	Fertilizer	0.94%	148.96	−1.09%	Rs 313B

How to read smart-money flows

Portfolio-flow data tells you who is moving money, not why. Foreign investors run large, benchmark-driven books: when they sell, it is often because of a currency move, a rebalancing, or a global risk-off day — not a view on any one company. That is why a single day of FIPI selling rarely means much, while a run of ten or fifteen net-sell sessions usually shows up in the KSE-100 heavyweights first.

The local side is where the nuance lives. Mutual funds move with their own inflows and redemptions; banks and insurers are steadier, longer-term holders; broker proprietary desks trade the same day; and individuals tend to buy dips and sell rallies. When foreigners sell and mutual funds absorb it, prices hold. When foreigners sell and individuals are the only buyers, the tape gets fragile.

Three habits help. Compare flows to turnover — Rs 1.7B matters more on a 1.2B-share day than on a heavy one. Watch the cumulative line, not the bars. And remember that flows are reported after the close, so they explain what already happened; they are context for tomorrow, not a signal.

What is FIPI? +

FIPI stands for Foreign Investor Portfolio Investment — the net amount foreign investors bought or sold in Pakistani equities on a given day, as reported by NCCPL. A positive FIPI means foreigners were net buyers; negative means net sellers. It is widely watched because foreign flows are large relative to daily PSX turnover and tend to move in multi-week trends.

What is LIPI? +

LIPI is Local Investor Portfolio Investment — the net buying or selling by domestic participants, broken down by client type: mutual funds, banks and DFIs, insurance companies, companies, individuals, broker proprietary desks and NBFCs. Because every trade has a buyer and a seller, LIPI is the mirror image of FIPI; the breakdown shows which local groups are absorbing or driving the foreign flow.

What does the hit-rate mean? +

The hit-rate is the share of sessions in the window where a group's net flow pointed the same way the KSE-100 then moved over the following 5 trading sessions — net buying followed by a higher index, or net selling followed by a lower one. It describes how often a group's flows lined up with what the market did next in this particular window. It is not a forecast, it does not mean the group caused the move, and a group with a high hit-rate in one quarter can have a low one in the next.

Data from PSX via SuperX, delayed and provided for information only — not investment advice. Figures may contain errors; verify with your broker before acting. As of 10 Nov 2026, 05:00 PKT.

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