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 16 Jul 2026.
01—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 16 Jul 2026, foreign investors were net buyers of US$9.10mn (Rs 2.53bn); the largest local counterparty was Banks / DFIs (+Rs 2.82bn). Foreign money bought Commercial Banks (Rs 835.8mn) and sold Food and Personal Care Products (-Rs 43.5mn). FY27 to date: net US$24.39mn over 12 sessions (9 net-buy days, 3 net-sell).
1 trading session, 2026-07-16 · figures in Rs mn (Net US$ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Foreign Corp. | 3,090 | 453 | 2,638 | 9.49 | 177 | 144 | 240 | 796 | 413 | — | 63.5 | 0.7 | 638 | 165 | — |
| Overseas Pak. | 2,191 | 2,298 | -108 | -0.39 | -59.4 | 27.8 | -50.6 | 39.7 | 20.2 | -43.5 | -56.4 | 17.1 | 10.3 | -17.5 | 4.7 |
| FIPI Total | 5,281 | 2,751 | 2,530 | 9.10 | 118 | 172 | 189 | 836 | 433 | -43.5 | 7.2 | 17.8 | 649 | 147 | 4.7 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Banks / DFIs | 3,327 | 506 | 2,821 | 10.15 | -74.7 | 118 | -33.0 | 87.1 | 48.3 | -5.8 | 14.3 | -2.3 | -24.3 | 40.9 | 2,653 |
| Other Orgs | 123 | 48.9 | 73.8 | 0.27 | 1.9 | -0.3 | -0.6 | 7.4 | 39.5 | -0.0 | 21.8 | 11.0 | -6.9 | -0.0 | — |
| Broker Prop. | 5,396 | 5,380 | 15.2 | 0.05 | 105 | 12.0 | -69.1 | 123 | -101 | -13.4 | -1.7 | -1.2 | -18.5 | -19.7 | -0.0 |
| NBFCs | 20.3 | 9.4 | 10.9 | 0.04 | -2.4 | -0.8 | -1.0 | — | 15.1 | — | — | -0.0 | — | — | — |
| Companies | 574 | 833 | -259 | -0.93 | 182 | -15.4 | -0.4 | -55.4 | -106 | -9.7 | -52.2 | 3.1 | -188 | -17.9 | — |
| Individuals | 28.2bn | 29.5bn | -1,362 | -4.90 | -417 | -141 | -38.2 | -470 | -67.8 | 94.0 | 150 | -11.8 | -146 | -314 | 0.0 |
| Mutual Funds | 2,934 | 4,649 | -1,715 | -6.17 | 120 | -143 | -113 | -193 | -75.5 | -19.4 | -137 | -15.4 | -260 | 182 | -1,061 |
| Insurance | 206 | 2,322 | -2,116 | -7.61 | -32.5 | -2.2 | 65.4 | -335 | -186 | -2.2 | -2.4 | -1.3 | -5.5 | -18.3 | -1,596 |
| LIPI Total | 40.8bn | 43.3bn | -2,530 | -9.10 | -118 | -172 | -189 | -836 | -433 | 43.5 | -7.2 | -17.8 | -649 | -147 | -4.7 |
02—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.
03—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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul '26·MTD | 770 | -73.0 | -563 | 2,721 | 3,353 | 15.0 | -104 | -219 | 628 | 247 | 6,777 |
| 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.
04—Records & streaks
Extremes and runs across 262 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 |
|---|---|---|---|---|---|
| Mutual Funds | Rs 15.43bn · 17 Sept 2025 | -Rs 32.60bn · 07 Oct 2025 | 7 sessions selling | 07 Jul 2026 | 16 Jul 2026 |
| NBFCs | Rs 386.1mn · 01 Dec 2025 | -Rs 98.0mn · 13 Mar 2026 | 4 sessions buying | 16 Jul 2026 | 10 Jul 2026 |
| Insurance Companies | Rs 9.52bn · 21 Oct 2025 | -Rs 14.97bn · 15 Oct 2025 | 2 sessions selling | 14 Jul 2026 | 16 Jul 2026 |
| Other Organizations | Rs 1.92bn · 03 Mar 2026 | -Rs 1.80bn · 22 Jul 2025 | 2 sessions buying | 16 Jul 2026 | 14 Jul 2026 |
| Banks / DFIs | Rs 32.44bn · 07 Oct 2025 | -Rs 381.87bn · 08 Dec 2025 | 1 session buying | 16 Jul 2026 | 15 Jul 2026 |
| Broker Proprietary Trading | Rs 2.27bn · 07 May 2026 | -Rs 3.06bn · 09 Feb 2026 | 1 session buying | 16 Jul 2026 | 15 Jul 2026 |
| Companies | Rs 403.67bn · 08 Dec 2025 | -Rs 2.76bn · 09 Jul 2026 | 1 session selling | 15 Jul 2026 | 16 Jul 2026 |
| Individuals | Rs 5.51bn · 03 Dec 2025 | -Rs 15.05bn · 23 Jun 2026 | 1 session selling | 15 Jul 2026 | 16 Jul 2026 |
05—Who buys when foreigners sell?
Same-day counterparty analysis over the last 252 sessions
Foreign investors were net sellers on 187 of 252 sessions, offloading Rs 256.49bn in total on those days. Companies took the other side most, absorbing 59% 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 151.24bn | 59% | Rs 409.40bn | 59% of sessions |
| Banks / DFIs | Rs 103.00bn | 40% | -Rs 375.83bn | 57% of sessions |
| Individuals | Rs 45.98bn | 18% | Rs 44.10bn | 53% of sessions |
| Broker Proprietary Trading | Rs 7.47bn | 3% | -Rs 9.32bn | 56% of sessions |
| NBFCs | Rs 999.2mn | 0% | Rs 324.3mn | 54% of sessions |
| Other Organizations | -Rs 6.51bn | -3% | -Rs 3.69bn | 44% of sessions |
| Mutual Funds | -Rs 17.80bn | -7% | -Rs 57.43bn | 58% of sessions |
| Insurance Companies | -Rs 27.89bn | -11% | -Rs 37.41bn | 56% of sessions |
06—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 4.36bn | US$15.68mn | 7 | 5 |
| Banks / DFIs | Rs 4.24bn | US$15.25mn | 6 | 6 |
| NBFCs | Rs 244.1mn | US$0.88mn | 8 | 4 |
| Other Organizations | -Rs 480.8mn | -US$1.73mn | 7 | 5 |
| Broker Proprietary Trading | -Rs 1.84bn | -US$6.61mn | 6 | 6 |
| Insurance Companies | -Rs 3.27bn | -US$11.77mn | 7 | 5 |
| Mutual Funds | -Rs 4.73bn | -US$17.00mn | 4 | 8 |
| Companies | -Rs 5.31bn | -US$19.09mn | 3 | 9 |
07—FIPI & LIPI FAQs
Quick answers, updated with the data
Frequently Asked Questions
As of 16 Jul 2026, foreign investors (FIPI) were net buyers of US$9.10mn (Rs 2.53bn) across all market segments. FY27 to date they are net buyers of US$24.39mn over 12 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 187; Companies took the other side most, absorbing 59% of that selling — the counterparty table below breaks down the rest.
Across the 262 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 16 Jul 2026, foreign investors bought most heavily in Commercial Banks (Rs 835.8mn) and Oil and Gas Exploration Companies (Rs 648.6mn), while selling Food and Personal Care Products (-Rs 43.5mn). 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 Commercial Banks (Rs 2.72bn) and Cement (Rs 770.3mn), while Power Generation and Distribution has seen the heaviest net foreign selling (-Rs 563.5mn). 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 4.36bn), Banks / DFIs (Rs 4.24bn), NBFCs (Rs 244.1mn), while Companies are the largest net sellers (Rs 5.31bn). The full category scoreboard above updates daily from NCCPL data.
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