Market Flows
FIPI & LIPI — Investor Flows
Who bought and who sold on the Pakistan Stock Exchange — every investor category, sector by sector, from NCCPL daily data. As of 17 Sep 2026.
Flows by participant & sector
Every investor category crossed with every sector — pick any period
Every settled trade on the PSX belongs to an investor category, and NCCPL — the market’s clearing house — publishes the daily tally: FIPI nets all foreign activity, LIPI splits local activity across individuals, funds, banks, companies, brokers, and insurers. The tables below cross each participant with the sectors they traded — one side’s selling is the other side’s buying, so the two tables are mirror images of the same ledger.
As of 17 Sep 2026, foreign investors were net sellers of US$0.82mn (Rs 227.6mn); the largest local counterparty was Banks / DFIs (-Rs 1.73bn). Foreign money bought Fertilizer (Rs 24.5mn) and sold Commercial Banks (-Rs 191.3mn). FY27 to date: net US$2.10mn over 55 sessions (26 net-buy days, 29 net-sell).
1 trading session, 2026-09-17 · figures in Rs mn (Net US$ in US$ mn) · sector columns are net values.
Foreign investors (FIPI) — by participant & sector
| Participant | Bought | Sold | Net | Net US$ | Cement | Fertilizer | Power | Banks | Others | FMCGs | Tech | Textile | E&P | OMC | Debt Mkt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Overseas Pak. | 1,418 | 1,234 | 184 | 0.67 | 21.0 | 24.5 | -0.2 | 112 | 64.6 | -23.4 | -3.5 | 8.3 | -33.8 | 14.6 | -0.0 |
| Foreign Corp. | 99.7 | 512 | -412 | -1.49 | -37.0 | — | -2.5 | -304 | 31.7 | — | -20.1 | 12.9 | -85.0 | -8.4 | — |
| FIPI Total | 1,518 | 1,745 | -228 | -0.82 | -16.0 | 24.5 | -2.7 | -191 | 96.3 | -23.4 | -23.7 | 21.2 | -119 | 6.2 | -0.0 |
Local investors (LIPI) — by participant & sector
| Participant | Bought | Sold | Net | Net US$ | Cement | Fertilizer | Power | Banks | Others | FMCGs | Tech | Textile | E&P | OMC | Debt Mkt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Individuals | 19.4bn | 17.9bn | 1,519 | 5.48 | 255 | 30.6 | 28.4 | 254 | 496 | -15.1 | -15.5 | 20.5 | 427 | 37.5 | 0.7 |
| Insurance | 726 | 116 | 610 | 2.20 | -1.2 | 5.8 | -2.7 | 49.1 | 10.1 | 0.2 | -1.0 | -0.8 | 46.2 | -19.1 | 523 |
| Mutual Funds | 19.4bn | 19.3bn | 87.2 | 0.31 | -335 | -68.3 | -49.8 | 191 | -559 | -23.6 | -27.5 | -49.8 | -319 | -38.8 | 1,368 |
| Other Orgs | 193 | 147 | 46.2 | 0.17 | 11.2 | 0.7 | 4.5 | 23.5 | -2.1 | 0.0 | -0.3 | 4.4 | -0.8 | 5.2 | — |
| Broker Prop. | 3,311 | 3,351 | -39.9 | -0.14 | 33.8 | 0.5 | 11.6 | 4.5 | -84.8 | 47.2 | 5.7 | 3.1 | 1.9 | -11.8 | -51.6 |
| NBFCs | 48.5 | 101 | -52.3 | -0.19 | — | — | -0.0 | — | -3.6 | -0.0 | -47.9 | -0.9 | — | 0.0 | — |
| Companies | 801 | 1,016 | -215 | -0.78 | 31.2 | 6.1 | 7.5 | -384 | 52.5 | -9.7 | 110 | 9.1 | -54.1 | 15.8 | — |
| Banks / DFIs | 3,760 | 5,487 | -1,727 | -6.24 | 21.0 | — | 3.3 | 53.6 | -5.4 | 24.5 | — | -6.8 | 18.0 | 5.0 | -1,840 |
| LIPI Total | 47.7bn | 47.4bn | 228 | 0.82 | 16.0 | -24.5 | 2.7 | 191 | -96.3 | 23.4 | 23.7 | -21.2 | 119 | -6.2 | 0.0 |
Foreign flows over time
Daily net FIPI with the fiscal-year running total — pick any window
Bars: daily net FIPI (US$ mn, green = net buying). Line: cumulative fiscal-year-to-date (right axis; resets every July 1). 252 sessions shown.
Mutual fund flows
What Pakistan's mutual funds are buying and selling on the PSX - daily net, fiscal-year-to-date, and by sector
Mutual funds are one of the largest local institutions on the PSX - the “Mutual Funds” category in NCCPL’s LIPI breakdown. Their net buying and selling tracks where domestic institutional money is rotating, and often the counterweight to the foreign (FIPI) flows above.
As of 17 Sep 2026, mutual funds were net buyers of Rs 87.2mn (US$0.31mn). FY27 to date: net -Rs 8.80bn over 55 sessions (19 net-buy days, 36 net-sell).
Bars: daily net mutual-fund flow (US$ mn, green = net buying). Line: cumulative fiscal-year-to-date (right axis; resets every July 1). 252 sessions shown.
FY27 mutual fund flows by sector
| Sector | Net (Rs) |
|---|---|
| Oil and Gas Marketing Companies | Rs 2.71bn |
| Commercial Banks | Rs 1.32bn |
| Food and Personal Care Products | -Rs 543.8mn |
| Technology and Communication | -Rs 684.4mn |
| Textile Composite | -Rs 1.47bn |
| Power Generation and Distribution | -Rs 1.90bn |
| Fertilizer | -Rs 3.98bn |
| Cement | -Rs 4.88bn |
| Oil and Gas Exploration Companies | -Rs 7.88bn |
Sector rotation
Where foreign money moved, month by month — net FIPI per sector
Monthly foreign flows by sector
| Month | Cement | Fertilizer | Power | Banks | Others | FMCGs | Tech | Textile | E&P | OMC | All equity |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sep '26·MTD | -1,141 | 278 | 149 | -4,143 | 2,430 | -72.7 | -101 | 86.6 | -915 | -104 | -3,534 |
| Aug '26 | -1,012 | -156 | -50.8 | -2,868 | -46.4 | 56.5 | -1,617 | 142 | 1,060 | -1,082 | -5,574 |
| Jul '26 | -60.0 | 480 | -754 | 3,833 | 4,916 | 14.2 | -1,007 | -68.3 | 1,860 | 344 | 9,557 |
| Jun '26 | -5,833 | -257 | -617 | 2,493 | -979 | -43.8bn | -99.1 | -1,885 | 178 | 192 | -50.6bn |
| May '26 | -1,489 | 274 | -396 | -3,920 | -971 | -54.0 | 427 | -244 | 1,317 | 278 | -4,778 |
| Apr '26 | -927 | 224 | 959 | -1,001 | -294 | -4.8 | 720 | -80.9 | -304 | 497 | -211 |
| Mar '26 | -8,443 | -812 | -313 | -8,531 | -669 | 1,650 | 1,113 | 186 | 961 | -51.3 | -14.9bn |
| Feb '26 | -64.0bn | -646 | -934 | -1,993 | -2,274 | -343 | -3,789 | 41.4 | -2,373 | -1,751 | -78.1bn |
| Jan '26 | -1,689 | -578 | -534 | -7,748 | -1,494 | -6,594 | -1,573 | -25.7 | 1,386 | 230 | -18.6bn |
| Dec '25 | -2,110 | -532 | -3,775 | -7,316 | -1,301 | -199 | 641 | 82.8 | -343 | 129 | -14.7bn |
| Nov '25 | -2,945 | -1,008 | 40.5 | -4,225 | -634 | 12.0 | -733 | 3.6 | -2,002 | -206 | -11.7bn |
| Oct '25 | -5.6 | -2,505 | -929 | -1,183 | 812 | -1,067 | 708 | -341 | -2,245 | -392 | -7,148 |
| Sep '25 | 1,095 | -2,593 | -1,718 | -5,979 | -1,019 | -544 | -852 | -674 | -2,311 | -1,672 | -16.3bn |
| Aug '25 | -538 | -1,191 | -620 | 975 | -3,737 | -575 | -1,676 | -168 | -2,612 | -2,096 | -12.2bn |
| Jul '25 | 146 | -192 | -136 | -1,900 | -1,621 | -1,607 | -350 | -55.0 | -2,937 | -353 | -9,006 |
Reading it: a column flipping from red to green marks foreign money rotating back into that industry. Equity segments only — debt-market flows excluded.
Records & streaks
Extremes and runs across 305 sessions since 01 Jul 2025
Local categories — records & current runs
| Participant | Biggest buy day | Biggest sell day | Current streak | Last net buy | Last net sell |
|---|---|---|---|---|---|
| Individuals | Rs 5.51bn · 03 Dec 2025 | -Rs 15.05bn · 23 Jun 2026 | 7 sessions buying | 17 Sep 2026 | 08 Sep 2026 |
| Broker Proprietary Trading | Rs 2.27bn · 07 May 2026 | -Rs 3.06bn · 09 Feb 2026 | 6 sessions selling | 09 Sep 2026 | 17 Sep 2026 |
| Insurance Companies | Rs 9.52bn · 21 Oct 2025 | -Rs 14.97bn · 15 Oct 2025 | 5 sessions buying | 17 Sep 2026 | 10 Sep 2026 |
| Banks / DFIs | Rs 32.44bn · 07 Oct 2025 | -Rs 381.87bn · 08 Dec 2025 | 2 sessions selling | 15 Sep 2026 | 17 Sep 2026 |
| Companies | Rs 403.67bn · 08 Dec 2025 | -Rs 2.76bn · 09 Jul 2026 | 2 sessions selling | 15 Sep 2026 | 17 Sep 2026 |
| Mutual Funds | Rs 17.48bn · 11 Sep 2026 | -Rs 32.60bn · 07 Oct 2025 | 2 sessions buying | 17 Sep 2026 | 15 Sep 2026 |
| Other Organizations | Rs 1.92bn · 03 Mar 2026 | -Rs 1.80bn · 22 Jul 2025 | 2 sessions buying | 17 Sep 2026 | 15 Sep 2026 |
| NBFCs | Rs 386.1mn · 01 Dec 2025 | -Rs 112.8mn · 20 Aug 2026 | 1 session selling | 16 Sep 2026 | 17 Sep 2026 |
Who buys when foreigners sell?
Same-day counterparty analysis over the last 252 sessions
Foreign investors were net sellers on 178 of 252 sessions, offloading Rs 247.08bn in total on those days. Companies took the other side most, absorbing 60% of that selling. Absorption share is each category’s net buying on foreign sell-days as a share of total foreign selling — negative means the category sold alongside foreigners.
| Participant | Net on foreign sell-days | Share of foreign selling absorbed | Net on foreign buy-days | Moves opposite foreigners |
|---|---|---|---|---|
| Companies | Rs 148.83bn | 60% | Rs 412.38bn | 58% of sessions |
| Banks / DFIs | Rs 69.13bn | 28% | -Rs 372.06bn | 58% of sessions |
| Individuals | Rs 54.96bn | 22% | Rs 44.81bn | 53% of sessions |
| Broker Proprietary Trading | Rs 4.22bn | 2% | -Rs 8.25bn | 54% of sessions |
| NBFCs | Rs 831.6mn | 0% | Rs 183.9mn | 54% of sessions |
| Other Organizations | Rs 633.4mn | 0% | -Rs 2.95bn | 48% of sessions |
| Mutual Funds | -Rs 1.64bn | -1% | -Rs 74.68bn | 58% of sessions |
| Insurance Companies | -Rs 29.88bn | -12% | -Rs 35.19bn | 54% of sessions |
Local money in depth
Which investor categories are buying and selling FY27 — and how consistently
FY27 scoreboard — net local flows by category
| Investor type | Net (FY27) | Net (US$) | Net-buy days | Net-sell days |
|---|---|---|---|---|
| Individuals | Rs 26.67bn | US$96.08mn | 37 | 18 |
| Companies | Rs 5.10bn | US$18.41mn | 38 | 17 |
| Other Organizations | Rs 1.64bn | US$5.91mn | 32 | 23 |
| NBFCs | Rs 146.4mn | US$0.53mn | 33 | 22 |
| Insurance Companies | -Rs 1.91bn | -US$6.88mn | 36 | 19 |
| Broker Proprietary Trading | -Rs 2.36bn | -US$8.51mn | 23 | 32 |
| Mutual Funds | -Rs 8.80bn | -US$31.54mn | 19 | 36 |
| Banks / DFIs | -Rs 21.09bn | -US$76.10mn | 21 | 34 |
FIPI & LIPI FAQs
Quick answers, updated with the data
As of 17 Sep 2026, foreign investors (FIPI) were net sellers of US$0.82mn (Rs 227.6mn) across all market segments. FY27 to date they are net buyers of US$2.10mn over 55 sessions.
FIPI (Foreign Investor Portfolio Investment) and LIPI (Local Investor Portfolio Investment) are NCCPL's daily tallies of who bought and sold on the Pakistan Stock Exchange. FIPI nets all foreign investor activity; LIPI breaks local activity into categories — individuals, mutual funds, banks, insurance companies, companies, brokers, and other organisations. Together they show whose money moved the market each session.
Foreign investors are the market's swing participant: their sustained buying has historically accompanied re-ratings of the KSE-100, while sustained selling pressures both prices and the rupee. Because every session is disclosed, FIPI is one of the most-quoted numbers in Pakistani financial journalism.
The National Clearing Company of Pakistan Limited (NCCPL) — the market's clearing house — compiles FIPI/LIPI from settled UIN-level activity and publishes it each trading day after the session. BSL refreshes this page from the NCCPL data daily; see About Our Data for the full pipeline.
Every rupee of net foreign selling is absorbed by a local category — that mirror image is exactly what LIPI shows. Over the last 252 sessions, foreigners were net sellers on 178; Companies took the other side most, absorbing 60% of that selling — the counterparty table below breaks down the rest.
Across the 305 sessions since 01 Jul 2025, the largest single-day net foreign purchase was Rs 2.53bn (US$9.10mn) on 16 Jul 2026, and the heaviest single-day selling was -Rs 55.39bn (-US$197.81mn) on 20 Feb 2026. The records board above tracks these alongside each local category's extremes and updates every session.
On 17 Sep 2026, foreign investors bought most heavily in Fertilizer (Rs 24.5mn) and Textile Composite (Rs 21.2mn), while selling Commercial Banks (-Rs 191.3mn). The cross-section table above breaks every participant's flows across the nine most-traded industries plus an "All other Sectors" bucket, and updates every session.
FY27 to date, the largest net foreign buying has gone into Oil and Gas Exploration Companies (Rs 2.01bn) and Fertilizer (Rs 601.5mn), while Commercial Banks has seen the heaviest net foreign selling (-Rs 3.18bn). Pick the "FY27 to date" preset on the table above to see which local categories took the other side, sector by sector.
FY27 to date, the largest local net buyers on the PSX are Individuals (Rs 26.67bn), Companies (Rs 5.10bn), Other Organizations (Rs 1.64bn), while Banks / DFIs are the largest net sellers (Rs 21.09bn). The full category scoreboard above updates daily from NCCPL data.
As of 17 Sep 2026, mutual funds - the "Mutual Funds" category in NCCPL's LIPI breakdown - were net buyers of Rs 87.2mn (US$0.31mn) on the Pakistan Stock Exchange. FY27 to date they are net sellers of Rs 8.80bn over 55 sessions.
FY27 to date, Pakistani mutual funds are net sellers of Rs 8.80bn (US$31.54mn) across 55 sessions - 19 net-buy days and 36 net-sell days. The mutual fund flows module above charts the daily series with the fiscal-year running total.
FY27 to date, mutual funds directed the most net buying into Oil and Gas Marketing Companies (Rs 2.71bn) and Commercial Banks (Rs 1.32bn), while trimming Oil and Gas Exploration Companies (-Rs 7.88bn). The sector table in the mutual fund flows module updates every session.
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