The Pakistan Stock Exchange’s investor base reached 681,965 at the end of October, compared with 463,071 at the close of December 2025. The increase of 218,894 investors exceeded the combined additions recorded during the previous four calendar years, according to figures shared by Adviser to the Finance Minister Khurram Shehzad. The October closing total was also 56 percent higher than a year earlier.

October recorded 26,843 new investor accounts, comprising 26,801 individual accounts and 42 corporate accounts. Separately, the net addition to the investor base was 25,747, against 25,281 in September, an increase of 1.8 percent. The distinction matters because gross account openings and net additions to registered investors measure different aspects of market participation.

The monthly net addition rose from 20,600 in January to 25,747 in October, an increase of 25 percent.

During January– September, cumulative additions stood at 193,147, according to the monthly figures compiled for the period.

The expansion follows a strong financial year for equities. PSX’s annual report shows that the benchmark KSE-100 Index closed FY2025–26 at 180,301.70 points, compared with 125,627.31 a year earlier, a gain of approximately 43.5 percent. Market capitalisation increased from Rs15.24 trillion to Rs20.20 trillion, while the value traded across the ready and futures markets rose from Rs9.79 trillion to Rs14.20 trillion.

These figures describe the completed financial year rather than current market levels.

Young investors accounted for most individual accounts opened in October. People aged 18–30 opened 14,634 accounts, representing 54.6 percent of new individual accounts, while those aged 31–45 opened 9,290, or 34.7 percent. Together, the two groups accounted for 89.3 percent of the monthly individual total.

Women opened 3,923 accounts, representing 14.6 percent of new individual accounts, compared with 22,878 accounts opened by men.

The figures show that widening women’s participation remains an important area for investor outreach.

Punjab contributed 14,891 new accounts and Sindh 7,643, together accounting for 83.9 percent of October’s total. Khyber Pakhtunkhwa recorded 1,894 accounts, Islamabad 1,419, Balochistan 370, Azad Jammu and Kashmir 340, Gilgit-Baltistan 150 and investors based abroad 136.

Sahulat accounts remained the main route for new individual account openings. A total of 20,698 were opened during October, representing 77.2 percent of new individual accounts, against 6,103 normal accounts.

The Securities and Exchange Commission of Pakistan raised the Sahulat account investment limit from Rs1 million to Rs3 million in March. Subsequent reforms permitted investors to maintain a Sahulat account with more than one securities broker, subject to one such account per broker and the applicable account limit.

The regulator’s consolidated investor onboarding framework, issued through Circular No. 19 of 2026, introduced processing timelines of one working day for complete Sehl/Sahulat applications and two working days for normal accounts. It also provides for application tracking and written reasons for rejection, while reducing repeated verification across regulated institutions.

Earlier amendments enabled IBAN-based digital verification as an alternative means of completing customer verification requirements. The change allows regulated intermediaries to use verified banking information while retaining applicable anti-money laundering and customer due-diligence safeguards.

Market infrastructure has also been upgraded. PSX moved to the T+1 equity settlement cycle on February 9, 2026, shortening settlement to the next working day and reducing the period of outstanding settlement exposure.

The increase in participation has coincided with renewed public-offering activity. SECP approved 14 IPOs during FY2025–26. In a separate calendar-year update issued on June 29, the regulator said it had approved ten IPOs in the first half of 2026, of which nine had completed their offerings and raised more than Rs20 billion. The fiscal-year and calendar-year figures cover different periods and should not be added together.

Subsequent approvals included Tasdeeq Information Services, whose prospectus was approved in July as the first IPO approval of FY2026–27, and Agro Processors and Atmospheric Gases Limited in August. APAG’s proposed offering comprised 58.05 million shares, with an indicated fundraising range of Rs1.86 billion to Rs2.60 billion.

Most of the proceeds at the floor price were earmarked for capital expenditure, including production, storage and green-energy infrastructure.

The pipeline has continued into November. ABHI Microfinance Bank’s approved offering comprises 132 million shares at a floor price of Rs15, with book-building scheduled for November 5–6 and retail subscription for November 12–13. The floor-price offering size is Rs1.98 billion.

SECP’s wider market-development programme aims to increase the stock-market investor base to 2.5 million. Its institutional foundation includes the Capital Market Development Fund, established through an agreement signed by PSX, CDC, NCCPL, PMEX and the Institute of Financial Markets of Pakistan at a ceremony attended by Finance Minister Muhammad Aurangzeb on May 6.

The fund was designed with an initial contribution of Rs120 million and annual contributions equivalent to 1 percent of participating institutions’ revenues to support financial literacy, retail participation and institutional capacity. At the ceremony, SECP Chairman Dr Kabir Ahmed Sidhu emphasised the need to simplify entry while retaining regulatory safeguards and to address gaps in financial understanding through coordinated national outreach.

The programme combines StocksPK, a mobile account-opening initiative being developed by CDC under SECP’s guidance, with online financial learning through IFMP and nationwide outreach. More than 100 sessions have been planned at universities, business chambers, armed forces institutions and other organisations. The sessions cover saving, investment choices, capital markets, mutual funds and insurance.

Participation also expanded at Pakistan Mercantile Exchange, where 1,077 new accounts were opened in October, taking its reported investor total to 61,915.

For SECP, the next challenge is to translate a larger account base into sustained, informed participation. Easier entry and a broader range of offerings can bring more households into regulated markets, while reliable disclosures, effective supervision and accessible complaint handling remain central to maintaining their confidence.

Copyright Business Recorder, 2026

The KOSPI closed 0.6 percent higher after plunging more than 4 percent, while Taiwan’s benchmark ended down 0.8 percent, recovering from a 3.3 percent slide.

Democrats captured majorities in both the Senate and House, delivering a sweeping electoral victory that extended deep into Republican strongholds such as Kansas and Texas.

Investors had initially worried that a Democratic-controlled Congress could lead to tighter oversight of data-centre projects and other sectors tied to the AI trade.

Elsewhere, Singapore’s Straits Times Index slipped as much as 1.5 percent to its lowest level since early July, extending its retreat to more than 10 percent from the record high touched in early September.

United Overseas Bank reported quarterly profit that missed analysts’ expectations; its shares fell 4.7 percent.

Thai stocks pared earlier losses to trade flat after a leading business group raised its forecast for the country’s economic growth this year to 2.4 percent-2.6 percent from 2.1 percent-2.5 percent, citing stronger manufacturing activity and exports.

Meanwhile, emerging Asian currencies were little changed, with the South Korean won gaining 0.2 percent and the Malaysian ringgit trading broadly steady. The Indonesian rupiah weakened to 18,170 per US dollar, not far from the record lows it hit in early June.

US President Donald Trump conceded that the Iran war contributed to his party’s crushing midterm losses, which handed Democrats control of both the House and the Senate.

Dubai’s main share index jumped 4 percent, with top lender Emirates NBD surging 6.1 percent and blue-chip developer Emaar Properties increasing 4.4 percent.

Saudi Arabia’s benchmark index gained 1.7 percent, lifted by a 2.2 percent rise in Al Rajhi Bank.

The US carried out “defensive” strikes on Iran’s Qeshm island targeting surface-to-air missiles used against US assets, a US official said on Tuesday. Another official said the strikes appeared limited and did not signal a return to major combat operations.

In Qatar, the index leapt 2.8 percent, with almost all its constituents in positive territory, including the Gulf’s biggest lender Qatar National Bank, which was up 5.3 percent.

Democrats seized control of both the Senate and House of Representatives, scoring stunning wins in Republican strongholds for the first time in generations in a broad voter backlash against President Donald Trump.

“At the margin, the (government) stalemate is positive for the fiscal picture,” said Roger Aliaga-Diaz, global head of portfolio construction at Vanguard.

The prospect of fewer sweeping legislative changes lifted some large technology stocks, but companies tied to the AI infrastructure buildout fell.

The AI trade was split, as investors favored cash-rich hyperscalers and shares of data center operators fell, after Democrats made gains in key data-center states including Texas and Georgia, where public opposition to the industry’s rapid expansion has been growing.

Among hyperscalers, Amazon.com jumped 6.2 percent, while Meta Platforms added 1.6 percent and Alphabet gained 3.8 percent.

Shares of data center operators IREN and Hut 8 dropped 14 percent and 22.7 percent, respectively, while Applied Digital and Core Scientific also traded lower.

Chip stocks were sharply lower despite AMD forecasting faster-than-expected 2027 growth as its data-center sales surged.

The Philadelphia SE Semiconductor index fell 3.6 percent to a six-month low.

The AI trade has come under some pressure recently as investors grow concerned over Big Tech’s soaring AI spending and its returns. The tech-heavy Nasdaq-100 index confirmed a technical correction on Monday.

At 11:36 a.m. ET, the Dow Jones Industrial Average rose 1,261.73 points, or 2.44 percent, to 53,048.45, the S&P 500 gained 103.91 points, or 1.37 percent, to 7,672.83 and the Nasdaq Composite gained 364.49 points, or 1.44 percent, to 25,736.22.

US President Donald Trump conceded that the Iran war contributed to his party’s crushing midterm losses, which handed Democrats control of both the House and the Senate.

Dubai’s main share index jumped 4%, with top lender Emirates NBD surging 6.1% and blue-chip developer Emaar Properties increasing 4.4%.

The property giant is offering to buy all Emaar Development shares it doesn’t already own, at AED 15 per share in cash, through its wholly owned unit, Emirates Property Holdings. Emaar Development shares rose 4.9%.

Saudi Arabia’s benchmark index gained 1.7%, lifted by a 2.2% rise in Al Rajhi Bank.

The US carried out “defensive” strikes on Iran’s Qeshm island targeting surface-to-air missiles used against US assets, a US official said on Tuesday. Another official said the strikes appeared limited and did not signal a return to major combat operations.

Trump suggested in a Tuesday interview with the Financial Times that he was satisfied with the current standoff with Iran.

Sentiment strengthened on progress in mediation efforts, while reports that the US is unlikely to take military action helped anchor gains. Solid domestic fundamentals and the ongoing third-quarter earnings season continued to provide a supportive backdrop, signalling resilience in the economy, said Hani Abuagla, Senior Market Analyst at XTB MENA.

In Qatar, the index leapt 2.8%, with almost all its constituents in positive territory, including the Gulf’s biggest lender Qatar National Bank , which was up 5.3%.

Doha announced on Tuesday that Washington and Tehran remain dedicated to mediation and are examining proposals meant to close the distance between them.

Qatari officials also reported recent progress in discussions with each side, and efforts to shrink the differences between them are still underway.

The Abu Dhabi index gave up early gains to finish flat.

Outside the Gulf, Egypt’s blue-chip index concluded 2.8% higher.

Egypt’s Foreign Minister Badr Abdelatty told Iranian counterpart Abbas Araqchi that all sides must show flexibility, pursue a political solution to the regional crisis, and maintain restraint to avoid military escalation, Egypt’s foreign ministry said on Tuesday.

The stock exchange operator posted a consolidated net profit of 8.09 billion rupees ($85.42 million) for the quarter ended September 30, a jump from 5.58 billion rupees a year earlier.

Indian stocks post longest winning streak in nearly 5 months on FPI inflow hopes

The CSE All-Share index settled 2.09% higher at 20,541.12 points

Commercial Bank of Ceylon PLC, Dialog Axiata PLC and Hatton National Bank PLC were among the biggest boosts to the index, up 1.8%, 2.5% and 1.9%, respectively.

Trading volume on the index rose to 119.5 million shares from 61.9 million shares in the previous session.

The equity market’s turnover rose to 3.87 billion Sri Lankan rupees ($11.64 million) from 1.52 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 158.8 million rupees, while domestic investors were net buyers, purchasing shares worth 3.84 billion rupees, the data showed.

A Democratic win in US midterm elections is being seen as a scathing rebuke to President Donald Trump, whose administration’s global tariff policy and decision to go to war in the Middle East also contributed to the Indian market’s underperformance this year.

India is negotiating a trade deal with the US, while Trump has imposed restrictions on Indian talent with curbs on H-1B and student visas.

“This victory does not mean that the party (Democrats) will be able to implement its program. Indeed, the US President retains a veto, which is likely to block any legislation with which he disagrees,” said Nabil Milali, portfolio manager, multi-asset & overlay at Edmond de Rothschild AM.

The Nifty 50 rose 0.63% to 23,960.6 and the BSE Sensex added 0.5% to 77,301.4. They have risen about 5.6% in five sessions.

Foreign investors bought Indian shares worth $821 million since the beginning of November, trimming their net outflows this year to $30.59 billion.

All major sectors, barring information technology, rose. The broader small-caps and mid-caps added 2% and 1.6%, respectively.

Nifty IT index lost 1.5%, with top-two software exporters Tata Consultancy Services and Infosys dropping 2.5% and 1.7%, respectively.

Three analysts said a possible effect of the Democrats’ win could be a potential slowdown in AI spending, which could help the $315 billion sector that has been disrupted by the rapid AI development.

Wednesday’s selling in IT stocks is likely some caution due to the changing political landscape in the US, their key market, said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

“Investors could be booking profits after strong gains last month and rotating funds into other sectors on signs of a broad-based recovery in Indian equities.”

Brent crude futures fell 1% to $102.5 per barrel as investors awaited Washington’s next move in the US-Israeli war on Iran.

“All TRE Certificate Holders, staff and concerned are hereby informed that Pakistan Stock Exchange Limited will remain closed on Monday, November 9, 2026, being a national holiday on account of Allama Iqbal Day,” read the notice.

Earlier, the State Bank of Pakistan (SBP) announced that it will remain closed on Monday on the occasion of “Allama Iqbal Day”, as declared by the Government of Pakistan.

Futures tracking the STOXX 600 were down about 0.2% by 0639 GMT, having recouped some losses following a 1.4% slide during Asian trade.

Contracts tracking the German DAX dipped about 0.2%, while those of UK’s FTSE 100 lost 0.4%.

Democrats captured majorities in both the Senate and House on Tuesday, scoring victories in conservative bastions including South Carolina and Texas, delivering a scathing rebuke to US President Donald Trump.

The result weighed on global equities, as investors feared that stricter oversight of data centre construction, which has already faced resistance in the US, could make AI companies more cautious about spending on the technology.

While technology companies account for only about 7% of the STOXX index, the sector has posted the third-strongest gains so far this year, behind energy and chemicals, supported by robust demand for AI infrastructure.

Companies linked to AI-related spending, including equipment makers such as Siemens Energy and Schneider Electric will also be in focus.

Elsewhere, Novo Nordisk is likely to gain attention after the Wegovy maker reported third-quarter adjusted operating profit above expectations and raised its full-year sales and profit forecasts. Investors will keep a close eye on the broader healthcare sector as they weigh prospects of increased US regulation around drug pricing. ‑

The Nikkei was down 3.1% at 61,127.9, as of 0150 GMT, while the broader Topix fell 1.85% to 3.857.97.

The outcome of the US elections could have broad implications for market-sensitive areas, including the AI dead-centre buildout, the US fiscal outlook, defence spending and regulation in areas such as healthcare, banking and cryptocurrencies.

“Democrats are winning seats in some key states. That fuelled caution for stricter regulations on AI infrastructure investment,” said Takamasa Ikeda, senior portfolio manager at GCI Asset Management.

In Japan, shares of chip-testing equipment maker Advantest and Tokyo Electron fell 6.4% and 5%, respectively, while technology investor SoftBank Group slipped roughly 7%, as investors sold AI-linked stocks.

Memory chip maker Kioxia was down 10%.

Makers of fibre-optic cables, key materials for data centres, also fell, with Fujikura and Furukawa Electric down 8.2% and 9%, respectively.

Prediction markets signalled growing expectations of a Democratic sweep of the US Congress, with more than $1.48 billion wagered on the midterm elections.

Of the 225 components in the Nikkei, 130 fell while 95 rose.

The blue-chip CSI300 Index and the Shanghai Composite Index were roughly flat by the midday break.

Hong Kong’s Hang Seng Index was also little changed. China’s central bank said on Wednesday that banks have applied to borrow more than 200 billion yuan ($29.98 billion) to fund listed firms’ share purchases under an upgraded re-lending scheme.

It came a day after the People’s Bank of China conducted 100 billion yuan worth of swaps with brokers and fund companies to finance their share buying.

They were part of measures Beijing announced late on Monday to stem a slide in a market that is among the world’s worst-performing this year.

The CSI300 slumped 8.5% in October, its worst month since early 2016, as China’s economic weakness and a tumble in tech shares hit confidence. Wu Weizhi, founder of Zhong Ou Rabbit Asset Management, said that it takes time for the battered market to heal after “over-crowded trades triggered a stampede” in tech stocks.

But “there are many positive signals emerging in sectors and companies” that have tumbled a lot in value, he said in a note.

Meanwhile, the US midterm election results could have implications ranging from Washington’s relations with China to AI-related policies.

China Galaxy Securities said Chinese companies that generate the bulk of their revenue from the US could be affected by any shifts in political winds in Washington, while the Hong Kong market would be more vulnerable to global market volatility induced by the results.

On Wednesday, China’s AI-related stocks jumped, taking cues from an overnight rebound in US chip shares.

But the broader market was weighed down by falls in real estate and telecom shares.

In Hong Kong, biotech stocks rose, counteracting falls in tech and property shares.“

The S&P/ASX 200 index finished down 0.6% at 8,834.50, its lowest close since October 26.

The benchmark rose 0.3% in the previous session, after the Reserve Bank of Australia raised its cash rate to an 18-year high of 4.85% in a split vote and dropped its reference to further hikes if needed.

“The market is cautiously optimistic that we are approaching peak interest rates, but investors are increasingly selective as the impact of higher rates flows through to the economy,” said Grady Wulff, senior market analyst at Bell Direct.

Short-term government bond prices rose over two sessions after the RBA’s dovish tilt, pushing the 3-year yield down to 4.756%.

These bonds typically track central bank rate expectations.

Falling 3-year yields point to markets expecting peak rates, but they also reflect slowing growth, Wulff said, adding that the RBA will wait for sustained disinflation before easing, making this a data-dependent environment.

Financials recovered most losses to close down 0.2%, largely on a 0.6% slip in Commonwealth Bank of Australia.

Consumer-reliant discretionary and real estate sectors ticked 0.7% and 1.1% lower, respectively.

Miners fell for the fifth straight session, dipping 1.3% as copper prices hovered near 11-week lows.

BHP and Rio Tinto shed 1.5% and 1.7%, respectively.

In New Zealand, the S&P/NZX 50 index ended up 0.5% at 13,783.45.

Data showed the country’s quarterly unemployment climbed to an 11-year high ahead of a tight election contest this week.

“Today’s labour market data seem unequivocally weaker than expected…While likely not a gamechanger for the cycle overall, it will add ammunition to the arguments of the MPC (Monetary Policy Committee) doves that a pause in interest rate rises will make sense soon,” said Kelly Eckhold, Westpac NZ’s chief economist.

The benchmark index opened on a positive note and maintained its upward momentum throughout the session. It initially surged sharply, crossing 170,000 before witnessing some consolidation and a brief dip around 11am.

However, buying interest returned around midday, allowing the index to resume its upward trajectory. The rally gained further momentum, with the benchmark extending its gains and approaching the intraday high of 172,286.99 towards the end of the session.

At close, the KSE-100 Index settled at 172,013.48, up 3,994.62 points or 2.38%.

“Buying has mainly come from institutions, particularly mutual funds, which is driving the interest we are seeing,” Sana Tawfik, Head of Research at Arif Habib Limited (AHL), told Business Recorder.

“Secondly, oil prices had risen to around $103 and have stabilised at that level, which has also helped sentiment,” she added.

Globally, the analyst said, the US market is closely watching geopolitical developments.

“One is the US election, where the unofficial numbers coming in so far show a visible shift. The other is the US-Iran talks, where the US has sent a draft.

All these factors together are supporting the market at the moment.”

Similarly, Saad Hanif, Head of Research at Ismail Iqbal Securities, said that the rally is partly tied to the US midterm elections.

“Investors read a Democratic sweep as positive for regional geopolitics, expecting a more measured approach from Washington and a stronger preference for negotiation over confrontation in the region.

“That outlook is feeding expectations of lower global oil prices and easing inflation, which is a favourable backdrop for Pakistan’s market and has lifted sentiment, taking the PSX up 4,000 points,” he said.

Topline Securities, in its post-market report, said the positive momentum was primarily driven by optimism surrounding potential progress in US-Iran diplomatic negotiations, relative stability in international oil prices, and renewed accumulation in heavyweight stocks.

“Buying activity remained broad-based, with key sectors, including commercial banks, fertilisers, cement and energy, attracting significant investor interest. Overall, the session reflected an improvement in market sentiment and a strengthening risk appetite among investors,” it said.

On the contribution front, UBL, FFC, HUBC, LUCK and NBP emerged as the leading positive contributors, collectively adding approximately 1,215 points to the benchmark index and providing substantial support to the market’s overall performance, Topline reported.

On Tuesday, PSX rallied as easing international crude oil prices and optimism over potential negotiations between the United States and Iran improved investor sentiment. The KSE-100 Index advanced by 1,454.80 points, or 0.87%, to close at 168,018.87 points.

Globally, US stock futures slumped, Treasuries rallied, and the dollar softened on Wednesday as Democrats notched early Senate wins, fuelling bets they could wrest control of the chamber from President Donald Trump’s ​Republicans, though the outcome remained uncertain.

In North Carolina, former Governor Roy Cooper easily defeated ‌Trump-backed Republican Michael Whatley to flip a Republican-held Senate seat, according to media projections, handing Democrats one of the four net gains they need to secure a majority.

Democrat Jon Ossoff won re-election in Georgia. Democrats are favoured to capture the House, while the fight for the Senate ​remains a closely contested state-by-state battle, keeping investors on edge as they gauge the implications for Washington’s balance ​of power.

Prediction markets signalled ​growing expectations of a Democratic sweep of the US Congress, with more than $1.48 billion wagered on the midterm elections in a ​fresh test for the novel markets.

Futures for the S&P 500 slid 0.8% while Nasdaq futures fell 1.8%. The yield on the benchmark US 10-year Treasury note fell 6 basis points to 4.906%.

Tuesday’s outcome could hold broad implications for market-sensitive areas including the AI dead-centre buildout, the US fiscal outlook, defence spending ​and regulation in areas such as healthcare, banking and cryptocurrencies.

In Asia, stocks reversed earlier gains to trade lower ​as investors brushed off strong ​earnings from chipmaker AMD ⁠that appeared to ease some concerns over the durability of the AI trade.

The forecast and market-beating third-quarter results offered a strong counterpoint to mounting fears that the AI boom ​is losing steam after rival Intel issued a weak outlook last week.

MSCI’s broadest index of Asia-Pacific ​shares outside Japan fell ⁠0.5%. South Korea’s KOSPI slid 1.6% while Japan’s Nikkei fell 3% after returning from a holiday.

Meanwhile, the Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Wednesday. The local unit closed the day at 276.70, a gain of Re0.01 against the greenback.

Volume on the all-share index increased to 841.61 million from 517.34 million recorded in the previous close.

The value of shares rose to Rs35.39 billion from Rs20.70 billion in the previous session.

TPL Properties was the volume leader with 67.85 million shares, followed by B.O.Punjab with 58.20 million shares, and K-Electric Ltd. with 57.36 million shares.

Shares of 499 companies were traded on Wednesday, of which 368 registered an increase, 103 recorded a fall, and 28 remained unchanged.

In North Carolina, former Governor Roy Cooper easily defeated ‌Trump-backed Republican Michael Whatley to flip a Republican-held Senate seat, according to media projections, handing Democrats one of the four net gains they need to secure a majority.

Democrat Jon Ossoff won re-election in Georgia. Democrats are favoured to capture the House, while the fight for the Senate ​remains a closely contested state-by-state battle, keeping investors on edge as they gauge the implications for Washington’s balance ​of power.

“Markets appear to be pricing in the possibility of a stronger-than-expected Democratic showing, which ⁠could reduce expectations for further fiscal stimulus,” said Charu Chanana, chief investment strategist at Saxo in Singapore.

Prediction markets signalled ​growing expectations of a Democratic sweep of the US Congress, with more than $1.48 billion wagered on the midterm elections in a ​fresh test for the novel markets.

Futures for the S&P 500 slid 0.8% while Nasdaq futures fell 1.8%. The yield on the benchmark US 10-year Treasury note fell 6 basis points to 4.906%.

Tuesday’s outcome could hold broad implications for market-sensitive areas including the AI dead-centre buildout, the US fiscal outlook, defence spending ​and regulation in areas such as healthcare, banking and cryptocurrencies.

Indeed, Chanana said the sharper decline in Nasdaq futures reflects concerns that a ​shift in political control could bring greater regulatory scrutiny of AI and Big Tech, at a time when investors are already ‌questioning elevated ⁠valuations and rising AI spending.

“However, lower Treasury yields could eventually provide some relief, so the initial selloff may not necessarily be sustained,” she said.

In currencies, the dollar slid broadly against major currencies. The euro rose 0.4% to $1.1239, while sterling firmed 0.37% to $1.3464. That left the dollar index 0.32% lower at 101.39.

Asian stocks retreat ahead of US midterms, oil steadies

In Asia, stocks reversed earlier gains to trade lower ​as investors brushed off strong ​earnings from chipmaker AMD ⁠that appeared to ease some concerns over the durability of the AI trade.

The forecast and market-beating third-quarter results offered a strong counterpoint to mounting fears that the AI boom ​is losing steam after rival Intel issued a weak outlook last week.

MSCI’s broadest index of Asia-Pacific ​shares outside Japan fell ⁠0.5%. South Korea’s KOSPI slid 1.6% while Japan’s Nikkei fell 3% after returning from a holiday.

In the oil market, prices were choppy on Wednesday after sliding to a four-week low in the previous session as investors weighed talks to end the wars in Ukraine and ⁠Iran ​against worries that recent attacks in both conflicts could further disrupt supplies.

The ​effective blockade of the critical Strait of Hormuz that links the Gulf to world markets, previously a conduit for 20% of global oil supplies, ​has redrawn energy flows, stoked inflationary worries and upended the global rates outlook.

The outcome of the US midterm elections could have broad implications ‌for the Middle East conflict and energy prices, the buildout of AI data centres, and the US fiscal outlook.

Those issues are closely watched by Indian investors, as higher energy prices and ​the market’s limited exposure to AI-linked stocks have weighed on local equities ​this year.

GIFT Nifty futures were at 23,711 as of 7:51 a.m. ⁠IST, indicating a weaker start for the benchmark Nifty 50, which closed at ​23,810.85 on Tuesday.

The Nifty 50 and BSE Sensex have risen about 5% over the ​past four sessions and closed at two-month highs on Tuesday, buoyed by strong corporate earnings, easing oil prices and early signs of revival in foreign investor inflows.

Foreign investors net bought Indian shares ​worth 68.37 billion rupees ($721.66 million) on Tuesday, per provisional data. They have been ​net buyers in five of the last six trading sessions.

Brent crude futures hovered around $103 per barrel ‌on ⁠Wednesday, after hitting a nearly four-week low in the previous session as the market weighed talks to end the wars in Ukraine and Iran.

Signs of possible easing in sustained foreign outflows, alongside easing energy prices and optimism surrounding potential tax-policy developments could help ​underpin domestic sentiment, ​said Ponmudi R, ⁠CEO of wealth tech platform Enrich Money.

Asian markets were down 0.7% and US stock futures dipped as investors focused on whether Democrats ​can wrest control of Congress from President Donald Trump’s Republicans.

The benchmark Nifty 50 gained 1.58 percent to 23,810.85, and Sensex rose 1.62 percent to 76,917.85. Both indexes have gained about 5 percent over four sessions and closed at two-month high levels.

The gains contrasted with subdued Asian markets, where technology stocks fell ahead of voting in the US midterm elections, as Indian equities were seen as a hedge against the global artificial intelligence trade.

Thirteen of the 16 major sectors advanced. Small-caps and mid-caps rose 0.3 percent and 1.1 percent, respectively.

Brent crude edged 1 percent higher to USD106 a barrel after falling 7 percent in the previous session, as investors weighed talks between Iran and Qatari mediators and US attack on Iran’s Qeshm island.

Foreign portfolio investors were net buyers in four of the past five sessions, aided by expectations of a long-term capital gains tax cut and steady earnings.

“Overall, markets could perform better from current levels aided by attractive valuations and largely neutral to positive earnings,” said Avinash Agarwal, senior vice president and head of equity at Bandhan Life, adding crude, foreign inflows and US midterm elections will be key near-term triggers.

“Any favourable developments on taxation will support market sentiment, while the resurgence of AI trade also warrants attention, given its potential impact on equities.”

High-weightage financials and private banks gained 1.8 percent and 2 percent, leading benchmark advances. HDFC Bank and ICICI Bank, which together account for nearly 20 percent of the Nifty 50, rose 3.6 percent and 2.7 percent.

“Valuations of private lenders have become more compelling, even as earnings outlook is strengthening,” HSBC analysts led by Abhishek Murarka said, raising the fiscal 2027 Indian bank loan-growth forecast to 18 percent from 14 percent.

Among non-benchmark stocks, Marico climbed 10 percent after beating quarterly profit estimates.

China has the weakest-performing major stock market globally this year, with the blue-chip CSI300 down 13 percent since January. The index notched its largest monthly fall for a decade in October, led by a slump in AI stocks, and closed 0.2 percent lower on Tuesday.

The performance is a setback for efforts to turn Chinese stocks into a reliable investment and funding source for the AI boom. On Monday regulators responded with measures aimed at funding stock purchases by brokers, funds and companies.

Authorities have also instructed banks to hold off on new listings or large share sales in order to support the market, the Financial Times newspaper reported on Tuesday, citing people with knowledge of the matter.

The market regulator, the China Securities Regulatory Commission, did not immediately respond to a Reuters request for comment on the report.

Fund manager Chen Jiande said steps — including central bank swap operations to fund stock purchases and encouraging buybacks — repeated efforts in 2024 and offered a chance to sell, rather than buy.

The benchmark Shanghai Composite Index dropped 0.8 percent on Tuesday and sits, like the blue-chip index, near its lowest level in a year. The tech-focused STAR Chip Index tumbled as much as 7 percent to its lowest since December 2025, while the AI index dropped more than 4 percent.

Wang Yapei, fund manager at Zijie Private Fund, said one issue is that the government is prodding market participants to shell out the money, rather than providing the funding.

Under the announced schemes, market participants obtain liquidity from the central bank via swaps or re-lending to buy shares.

The pan-European STOXX 600 index closed 0.58 percent lower at 645.66 points, with mining shares leading declines on weaker copper prices.

Iran and the United States are still far from a deal to end their war, a senior Iranian official told Reuters. Overnight, the United States carried out what it called defensive strikes on Iran’s Qeshm island.

Chris Beauchamp, chief market analyst at IG Group, said there was a willingness across European markets to buy on dips amid hope that a deal could help drive oil prices lower, but the lack of clear progress, coupled with the US election, was keeping investors cautious.

Brent crude swung between gains and losses and was last down 1.2 percent, but above USD100 a barrel.

On the earnings front, the German online fashion retailer Zalando fell 6.6 percent, the biggest faller on the STOXX index, after weaker gross margin and net loss outweighed slightly-better-than-expected sales. The broader retail sector declined 2 percent.

The technology sector lost nearly 1 percent, with AI heavyweight ASML declining 1.6 percent.

The weakness mirrored losses in Asian tech benchmarks earlier in the day as investors reassessed the sustainability of the AI-driven rally following disappointing results from US cloud computing companies in the previous week.

Apple’s dour gross margin forecast for the crucial holiday quarter added to the cautious mood.

In Europe, however, Gilles Guibout, head of European equities at BNP Paribas Asset Management, said valuations had cooled, but earnings dynamics were still positive.

Apple fell 2.2 percent after the iPhone maker warned the cost of memory chips would continue to rise, pressuring its holiday-quarter gross margin.

Chip stocks were among top gainers, with Nvidia climbing 3 percent after falling for the last four sessions.

The broader Philadelphia chips index jumped 3 percent, while AMD gained 5.1 percent ahead of its quarterly earnings due after the bell.

The Nasdaq-100 closed more than 10 percent below its all-time closing high on Monday, confirming that the tech-heavy index has entered a correction as investors grow wary of Big Tech’s soaring AI spending and little evidence of adequate returns.

A drop in oil prices provided more support, as Brent crude fell over 1 percent, extending declines after a sharp drop in the last session. US President Donald Trump said he made a deal with Israeli Prime Minister Benjamin Netanyahu and that Washington would no longer be providing military aid to Israel after the end of this year.

At 11:50 a.m. ET, the Dow Jones Industrial Average fell 232.30 points, or 0.45 percent, to 51,751.68, the S&P 500 gained 30.41 points, or 0.40 percent, to 7,571.81 and the Nasdaq Composite gained 196.95 points, or 0.79 percent, to 25,361.31.

On the downside, software stocks were among top decliners, with Gartner dropping 13.2 percent and US-listed shares of Thomson Reuters and Shopify sliding around 7 percent each after all three reported quarterly earnings.

Gains in technology stocks offset wider weakness, as six of the 11 major S&P 500 sectors were trading lower. Consumer staples and materials were the laggards.

AI-powered analytics software provider Palantir Technologies forecast revenue above estimates for the last three months of the year after topping third-quarter expectations. Its shares, however, fell 3.1 percent.

American voters will deliver a verdict on the first two years of President Donald Trump’s second term in Tuesday’s midterm elections, with polls and nonpartisan analysts favoring Democrats to wrest the House from Republicans, while control of the Senate remains uncertain.

“Markets will assess potential implications for fiscal policy, regulation, taxation, and government spending. This will be good to put behind us as it has been an anticipated volatility event for quite some time,” said Ken Mahoney, CEO of Mahoney Asset Management.

Morgan Stanley analysts said in a note earlier this week that the elections should help remove a major market overhang. They believe the US market correction that began in June is in its “final innings”.

Jakarta’s benchmark index, the world’s worst-performing stock market this year, fell more than 3 percent as investors remained unconvinced regarding the stock market and government response to MSCI concerns regarding opaque ownership and coordinated trading behaviour.

For the year, the index is down 43 percent.

Analysts at Bank of America said in a note that recent policy measures by Bank Indonesia and MSCI’s proposed downgrade had undermined market confidence.

In Singapore, the benchmark index fell to a four-month low and was on course for a fourth straight session in the red, as banking stocks weighed on the market.

Tuesday’s declines were led by banking heavyweights DBS Group, United Overseas Bank and Oversea-Chinese Banking Corp ahead of their earnings later in the week.

Disappointing US corporate earnings have stoked worries across global markets that the debt-fuelled AI infrastructure buildout may not yield profit quickly enough.

MSCI’s emerging markets index fell 1.8 percent to its lowest level since late July, led by losses in tech-heavy gauges in South Korea and Taiwan. Both stock markets closed down 3.6 percent.

Oracle’s fundraising plans and Anthropic’s updated IPO filing on Monday heightened investor concerns about valuations and the costs of pursuing growth in the sector.

Saudi Arabia’s benchmark index eased 0.1 percent, weighed down by a 0.8 percent fall in Saudi Telecom Company.

However, oil giant Saudi Aramco added 0.2 percent after reporting a steep rise in third-quarter profit.

Aramco said on Tuesday that its net profit rose 34.5 percent despite attacks targeting the company. The increase came mainly from higher revenue and its exit from a joint venture. The US-Iran war has cut Aramco’s output, but higher oil prices have offset the lower volumes.

Alongside the results, the company declared a base dividend of USD21.9 billion.

With the conflict disrupting operations, Aramco is also looking at ways to protect its exports. CEO Amin Nasser said in a statement on Tuesday that the company is exploring additional export routes and overseas capacity, including a possible expansion of its East-West pipeline.

The country’s largest stock exchange operator has faced pressure on transaction revenue as tighter rules and higher taxes slowed options trading, while rival BSE gained share in index options.

NSE’s second-quarter consolidated profit rose to 25.78 billion rupees ($271.9 million) from 20.98 billion rupees a year earlier. Revenue from operations rose to 40.67 billion rupees from 36.77 billion rupees.

Average daily traded volume rose 24% for cash market trading and jumped 150% in the currency derivatives segment in the three months ended September 30.

NSE’s listing ended a decade-long wait and valued the exchange, which dominates India’s cash equities and derivatives markets, at nearly $47 billion.

India’s NSE IPO draws over $10 billion, traders eye modest listing pop

A year earlier, NSE had set aside 12.97 billion rupees to settle regulatory cases involving co-location and dark fibre, while booking a 12.01 billion rupee gain from selling stakes in associate companies.

Jefferies, however, said last month that the worst of regulatory pressure was likely over. It forecast 15% annual revenue growth from fiscals 2027 through 2029, driven by stabilising options market share, higher cash equity turnover and technology-related revenue.

The brokerage had estimated that average daily options turnover, which accounts for most trading in India, declined 20% month-on-month in August — the month when India introduced a closing auction session.

Average daily cash equities turnover on the National Stock Exchange had dropped 0.6%.

J.P. Morgan and Morgan Stanley initiated coverage with “overweight” ratings, citing NSE’s market dominance and growing retail investor participation in India.

A US official said on Monday that the strikes, earlier reported by the Wall Street Journal, appeared limited and did not mark a resumption of major combat operations. The official spoke on condition of anonymity.

Saudi Arabia’s benchmark index eased 0.1%, weighed down by a 0.8% fall in Saudi Telecom Company.

However, oil giant Saudi Aramco added 0.2% after reporting a steep rise in third-quarter profit.

Aramco said on Tuesday that its net profit rose 34.5% despite attacks targeting the company. The increase came mainly from higher revenue and its exit from a joint venture. The US-Iran war has cut Aramco’s output, but higher oil prices have offset the lower volumes.

Alongside the results, the company declared a base dividend of $21.9 billion.

With the conflict disrupting operations, Aramco is also looking at ways to protect its exports. CEO Amin Nasser said in a statement on Tuesday that the company is exploring additional export routes and overseas capacity, including a possible expansion of its East-West pipeline.

On the other hand, Al Majed for Oud Co advanced 5.2%, a day after reporting 50% jump in third-quarter profit.

Adding to regional security concerns, Yemen’s Houthis said on Monday they had launched drones towards Saudi Arabia’s Dammam airport, an early-warning radar in Jizan and a military transport aircraft at Jizan airport.

In Qatar, the index reversed early losses to finish 0.2% higher, with the Gulf’s biggest lender Qatar National Bank rising 0.6%.

GCC equities were little changed as investors weighed regional diplomacy against renewed tensions. Heightened risks curbed appetite, but progress in mediation limited losses. Still, supply disruptions in key shipping lanes remain a threat, said Daniel Takieddine co-founder and CEO, Sky Links Capital Group.

Dubai’s main share index inched 0.1% higher, helped by a 2.4% gain in Emaar Properties .

Emaar, the blue-chip developer, is considering a plan to acquire its construction arm Emaar Development in a potential deal worth as much as $3 billion, Bloomberg News reported on Tuesday.

Shares of Emaar Development surged 10.7%.

The Abu Dhabi index fell 0.3%.

Meanwhile, looking to safeguard its exports, the UAE’s energy minister said on Monday the country will protect its energy infrastructure and invest in new export routes, overseas storage capacity and shipping fleets to be better prepared amid the US-Israeli war on Iran.

Outside the Gulf, Egypt’s blue-chip index advanced 1.6%,

The CSE All-Share index settled 0.20% higher at 20,119.64 points.

Dialog Axiata PLC and Overseas Realty (Ceylon) PLC were among the biggest boosts to the index, up 1.4% and 1.7%, respectively, on the day.

Trading volume on the index rose to 61.9 million shares from 54.5 million shares in the previous session.

The equity market’s turnover rose to 1.52 billion Sri Lankan rupees ($4.57 million) from 921.2 million rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 271.2 million rupees, while domestic investors were net buyers, purchasing shares worth 1.50 billion rupees, the data showed.

The benchmark Nifty 50 gained 1.58% to 23,810.85, and Sensex rose 1.62% to 76,917.85. Both indexes have gained about 5% over four sessions and closed at two-month high levels.

The gains contrasted with subdued Asian markets, where technology stocks fell ahead of voting in the US midterm elections, as Indian equities were seen as a hedge against the global artificial intelligence trade.

Thirteen of the 16 major sectors advanced. Small-caps and mid-caps rose 0.3% and 1.1%, respectively.

Brent crude edged 1% higher to $106 a barrel after falling 7% in the previous session, as investors weighed talks between Iran and Qatari mediators and US attack on Iran’s Qeshm island.

Foreign portfolio investors were net buyers in four of the past five sessions, aided by expectations of a long-term capital gains tax cut and steady earnings.

“Overall, markets could perform better from current levels aided by attractive valuations and largely neutral to positive earnings,” said Avinash Agarwal, senior vice president and head of equity at Bandhan Life, adding crude, foreign inflows and US midterm elections will be key near-term triggers.

“Any favourable developments on taxation will support market sentiment, while the resurgence of AI trade also warrants attention, given its potential impact on equities.”

High-weightage financials and private banks gained 1.8% and 2%, leading benchmark advances. HDFC Bank and ICICI Bank, which together account for nearly 20% of the Nifty 50, rose 3.6% and 2.7%.

“Valuations of private lenders have become more compelling, even as earnings outlook is strengthening,” HSBC analysts led by Abhishek Murarka said, raising the fiscal 2027 Indian bank loan-growth forecast to 18% from 14%.

Among non-benchmark stocks, Marico climbed 10% after beating quarterly profit estimates.

According to data shared by the Finance Ministry on Tuesday, the total number of investors reached 681,965 in October, while 25,747 new accounts were opened during the month, the highest monthly investor addition on record.

The ministry said the latest expansion is “a remarkable shift in investor participation, reflecting growing confidence and signalling a deeper transformation of Pakistan’s capital markets”.

“In just 10 months (Jan-Oct26), PSX added 218,894 net new investors — more than the last four full years combined, matching nearly five years!”

The ministry said that 85% of new investors are Gen Z and Millennials.

Investors based at the PSX crossed 600,000 back in August 2026.

South Korean shares fell on Tuesday as a selloff of tech shares deepened on Wall Street, offsetting positive sentiment from a plunge in oil prices. The won strengthened, while the benchmark bond yield fell.

The benchmark KOSPI was down 159.11 points, or 2.72%, at 5,699.97 as of 0233 GMT.

Chipmaker Samsung Electronics fell 3.17%, while peer SK Hynix lost 4.14%.

Among other index heavyweights, battery maker LG Energy Solution slid 3.51%, while Hyundai Motor and sister automaker Kia Corp were down 3.57% and down 1.25%, respectively.

Stocks on Wall Street edged lower, with the S&P 500 .SPX slipping 0.5% as tech sector earnings weighed on investor confidence, even as data showed US manufacturing activity picked up in October amid strong domestic demand.

Oil prices fell more than 7% on Monday as talks between Iranian and Qatari officials raised hopes of an end to the US-Israeli war with Iran and stabilized Middle East crude supply.

Steelmaker POSCO Holdings shed 5.65%, while drugmaker Samsung BioLogics rose 2.18%.

Of the total 908 traded issues, 250 shares advanced, while 624 declined. Foreigners were net sellers of shares worth 811.4 billion won.

The won was quoted at 1,340.8 per dollar on the onshore settlement platform, 0.39% higher than its previous close at 1,346.0.

The KOSPI has risen 35.26% so far this year.

The won has strengthened 7.4% against the dollar so far this year.

In money and debt markets, December futures on three-year Treasury bonds gained 0.09 points to 103.48.

The most liquid three-year Korean treasury bond yield fell by 2.0 basis points to 3.724%, while the benchmark 10-year yield fell by 4.5 basis points to 3.997%.

The S&P/ASX 200 index was up 0.2% at 8,872.30 by 0345 GMT.

The benchmark had fallen 0.1% before the rate decision.

The Reserve Bank of Australia raised its key cash rate to a near 18-year high of 4.85% after its November policy meeting, and said it would continue to do what it considers necessary to bring inflation to target.

However, it removed a reference to increasing the cash rate further if needed.

The RBA’s 125 basis points of tightening this year have more than reversed the 75 basis points of policy easing from 2025, putting Australia at the hawkish end of major global central banks.

Elsewhere, the US Federal Reserve held rates steady this month, while the Reserve Bank of New Zealand stunned markets by pausing in a razor-thin vote.

Financials rose 0.4%, with top lender Commonwealth Bank of Australia advancing 1.5%.

Rate-sensitive real estate and consumer discretionary stocks gained 1% and 0.5%, respectively.

Miners were on track to snap a three-session losing streak on higher copper prices.

BHP and Rio Tinto rose around 0.2%, each.

Airline shares, which have been struggling with elevated fuel costs since the start of the Middle East conflict, were boosted by a 7% fall in oil prices overnight.

Qantas Airways was the biggest gainer among individual stocks, surging 6.3%, while rival Virgin Australia jumped 7.7%.

That supported a 0.7% rise in the industrials sub-index.

Falling crude prices, however, sparked a 3.2% decline in energy stocks.

Woodside Energy and Santos lost 3.4% and 2%, respectively.

Meanwhile, New Zealand’s benchmark S&P/NZX 50 index was steady at 13,700.02.

The market opened on a positive note, with buying activity pushing the index higher during the morning session. The benchmark initially gained momentum, climbing towards its intra-day high of 168,469.78 points, reflecting strong investor interest.

However, the upward momentum weakened around mid-day as profit-taking emerged, dragging the index lower towards its intra-day low of 167,308.65 points. The market subsequently moved in a relatively narrow range, with intermittent buying and selling keeping the index under pressure.

During the final trading hours, renewed buying interest helped the benchmark recover some of its earlier losses.

At close, the benchmark index settled at 168,018.86, up 1,454.80 points or 0.87%.

“The positive momentum was primarily driven by a decline in international crude oil prices amid growing optimism over potential deal negotiations between the United States and Iran. Hopes of easing geopolitical tensions helped alleviate concerns over regional uncertainty and improved investor risk appetite,” brokerage house Topline Securities said in its post-market report.

FFC, ENGROH, PSEL, MEBL, and EFERT were the major contributors to the index’s gains, collectively adding approximately 701 points to the benchmark, highlighting strong support from heavyweight stocks, it added.

Analysts were of the view that the buying interest reflects a shift in how investors are reading the geopolitical situation, not an absence of risk.

“Renewed diplomatic engagement on the Middle East conflict has pulled international oil prices lower, and for Pakistan that matters directly through the import bill, the current account and inflation,” Saad Hanif, Head of Research at Ismail Iqbal Securities, told Business Recorder.

“At the same time, the market had corrected through October, so investors who stayed on the sidelines are now selectively re-entering index heavyweights in banks, E&Ps and cement, where valuations look reasonable against earnings,” he said.

However, the recovery remains headline-driven, said Saad.

“Any breakdown in peace talks or a renewed spike in oil could reverse sentiment quickly, so we would expect volatility to persist in the near term, with investors favouring fundamentally strong, dividend-paying stocks.”

Similarly, Waqas Ghani, Head of Research at JS Global, said that the equities remain positive amid “expectations of some development on talks between the US and Iran”.

On Monday, PSX closed marginally higher as support from select heavyweights was offset by renewed selling pressure in refinery stocks following a government decision to absorb higher petrol import costs through a reduction in the Petroleum Levy. The benchmark KSE-100 Index gained 154.81 points, or 0.09%, to close at 166,564.07 points.

Globally, stocks edged lower at the start of Asian trade on Tuesday, and oil prices stabilised after the previous session’s tumble, with ‌investors on edge ahead of the start of voting for the US midterm elections.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9%, led by a decline of as much as 3.8% in Korean shares.

S&P 500 e-mini futures edged up 0.1%, while Japanese markets are closed for a holiday.

Overnight, stocks on Wall Street edged ⁠lower, with the S&P 500 slipping 0.5% as tech sector earnings weighed on investor confidence, even as data showed US manufacturing activity picked up in October amid ​strong domestic demand.

Apple shares extended losses, falling 2.8% in after-hours trading after the iPhone maker on Monday forecast lower gross margins for the crucial holiday quarter, citing rising ​memory-chip costs, and projected services revenue growth that fell well short of Wall Street expectations.

Investors are also preparing to vote in the US midterm elections, where President Donald Trump’s Republican Party is facing a challenge to keep its hold on Congress.

Opinion polls favour the Democrats to win the House, though the Senate remains too close to call. Prediction market sites Polymarket and Kalshi currently ​assign around a 75% probability that the Democrats will control the Senate.

Meanwhile, the Pakistani rupee continued its marginal gain against the US dollar in the inter-bank market on Tuesday. The local unit closed the day at 276.71, a gain of Re0.01 against the greenback.

Volume on the all-share index increased to 517.34 million from 443.43 million recorded in the previous close.

The value of shares rose to Rs20.70 billion from Rs17.73 billion in the previous session.

Cnergyico PK was the volume leader with 114.83 million shares, followed by Pervez Ahmed Co with 64.94 million shares, and Pak Refinery with 29.59 million shares.

Shares of 500 companies were traded on Tuesday, of which 270 registered an increase, 189 recorded a fall, and 41 remained unchanged.