Glossary · PSX Mechanics
Board Lot
A standardised number of shares set for trading transactions on the PSX. In most cases, a board lot is 100 shares, though this can vary depending on the security's price level.
01—What is Board Lot?
The definition — and what it means in practice.
A board lot is the standardised number of shares used for a single trading unit on the Pakistan Stock Exchange (PSX). Most commonly, one board lot equals 100 shares, but the set lot size can vary by security, often reflecting the security’s price level. The purpose is to standardise order sizes so the market can match buys and sells efficiently.
Board lots matter because they shape the smallest “normal” quantity you can trade in the market. Your order size, estimated transaction value, and brokerage costs are all affected by whether you trade in full board lots or in smaller quantities. Understanding lot size also helps you interpret volume correctly and avoid placing an order that does not match the standard trading unit.
If 1 board lot is 100 shares, buying 2 board lots means buying 200 shares; buying 50 shares would be an odd lot.
- A board lot is the standard trading unit in shares for a security.
- On the PSX, a board lot is typically 100 shares, but it can vary by security.
- Lot size affects the minimum “regular” trade quantity and how you size orders.
- Trading outside board lots is usually treated as an odd lot, which can behave differently.
02—How board lot works on the PSX
The Pakistan-specific rules, conventions, and numbers.
On the PSX, investors commonly encounter board lots when entering an order quantity and when reading market volume. A standard board lot is typically 100 shares, so many order sizes and volume figures naturally cluster in multiples of 100. If the board lot for a particular security differs, your broker’s trading screen will reflect the correct lot size when you place an order.
Board lots also connect to settlement and investor records in practice. After a trade is matched on the PSX, it clears through NCCPL and the shares are held electronically at the Central Depository Company (CDC). Settlement is T+1 (one business day), and investors trade under their Unique Investor Number (UIN). Regardless of settlement mechanics, the lot size still affects how you structure the trade you send to the market.
03—Common misconceptions
Where investors most often get this wrong.
A board lot is always 100 shares for every PSX stock.
It is typically 100 shares on the PSX, but lot size can vary by security, often linked to the security’s price level.
If I can’t buy a full board lot, I can’t invest at all.
You may be able to trade smaller quantities as odd lots, depending on how orders are handled. Lot size mainly defines the standard unit.
Volume shown in the market is always in board lots.
Market displays often show volume in shares. If you want board lots, convert by dividing shares by the lot size (commonly 100).
04—Using board lot on BSL
Where this term shows up across the platform — with live data.
- Check a company’s trading activity and volume on the Market.
- Find shares that fit your preferred ticket size using the Stock Screener.
- Learn how non-standard quantities work in Odd Lot.
- Understand the end-to-end process from trade to completion in T+1 Settlement.
05—Frequently asked questions
What investors ask about board lot on the PSX.
Frequently Asked Questions
A board lot is the standard number of shares used as one normal trading unit on the Pakistan Stock Exchange. It is typically 100 shares, though the lot size can vary for some securities.
Not always. On the PSX, the standard board lot is typically 100 shares, but some securities can have a different lot size, often related to their price level.
Buying fewer shares than the standard lot is generally considered an odd-lot quantity. Whether and how it trades depends on the market and order-handling arrangements, but the board lot remains the standard unit.
Divide the volume in shares by the lot size. If the lot size is 100 shares, then 10,000 shares of volume equals 100 board lots.
Board lot affects how you size and place an order, but settlement follows the market process. On the PSX, trades clear through NCCPL, shares are held at the CDC, and settlement is T+1.
06—Related terms
Keep building the picture.
Any quantity of shares that is less than a standard board lot, typically fewer than 100 shares. Odd lots may sometimes attract a wider spread or be harder to execute at the best available price.
A real-time electronic record of all buy and sell orders for a security on the exchange, showing prices and quantities at each level.
The total number of shares traded in a security over a given period. Volume is a key indicator of market activity and the strength behind price movements.
The highest price a buyer is willing to pay for a security. The gap between the bid and ask price is the spread and represents the cost of trading.
The lowest price a seller is willing to accept for a security. Also called the offer price. The difference between the ask and the bid price is called the spread.
The process of completing a trade by transferring shares to the buyer and cash to the seller. The PSX has moved toward a T+1 settlement cycle, meaning most trades are finalised one business day after the trade date.
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