What is PSX
PSX is the Pakistan Stock Exchange. It is the country's national stock exchange, where shares of listed Pakistani companies and some other securities are bought and sold.
A share is a small part of ownership in a company. When you buy shares on PSX, you own real securities, and they are held in your name at the central depository. This is different from a CFD (contract for difference), which only tracks a price and gives you no ownership.
People use the terms "PSX", "Pakistan stock exchange" and "PSX share market" for the same thing. For a wider introduction, see PSX basics.
Ready to try it on a real or demo account?
Partner link · trading carries a high risk of loss
A short history
PSX was created by merging the country's separate regional exchanges in Karachi, Lahore and Islamabad into a single national exchange. Karachi had the oldest and largest of these, which is why the main index still carries the KSE name.
After the merger, all listed trading moved onto one electronic platform. PSX publishes its own history, rulebook and notices on its official website. Check them there, because listing rules and procedures change over time.
Boards and indices
Boards
PSX lists companies on different boards. Each board has its own listing requirements:
- Main Board: for established companies that meet the full listing requirements.
- GEM Board (Growth Enterprise Market): for smaller and growing companies, with lighter entry requirements and a different risk profile.
The PSX rulebook sets out the exact eligibility criteria, disclosure duties and who may invest on each board. Read the current version on the PSX website before you trade on a smaller board.
Indices
An index is a number that tracks the combined price movement of a group of shares. PSX calculates several:
- The headline index of large companies. See KSE-100 index.
- A narrower large-company index, a Shariah-compliant index and an all-share index. See the narrower and Shariah PSX indices.
You cannot buy an index on PSX the way you buy a share. You can only buy the shares in it, or a fund that tracks it.
How trading on PSX works
Step by step
- Choose a licensed broker. Only an SECP-licensed broker can place your orders on PSX.
- Open accounts. You open a trading account with the broker and a CDC sub-account (or an investor account) where your shares are held. See Open trading account and CDC accounts.
- Fund the account through the broker's official banking channels.
- Place an order through the broker's terminal or app. A market order executes at the best available price. A limit order executes only at your price or better.
- Order matching. PSX matches buy and sell orders in its electronic order book.
- Clearing and settlement. The trade is cleared through NCCPL (National Clearing Company of Pakistan), and shares and cash move between the CDC and broker accounts. See Settlement cycle.
Market rules you should know
- Trading hours and price limits. PSX sets session times and daily price bands. It can halt the whole market when the index moves sharply. See Hours and limits.
- Costs. You pay broker commission and exchange, clearing and CDC charges. These depend on the broker and the current fee schedules. Ask your broker for a full cost sheet.
- Tax. Capital gains and dividends are taxed under FBR rules, and the rates depend on your filer status and holding period. See Capital gains tax.
- New listings. Companies raise money through public offerings. See IPOs on PSX.
- Overseas Pakistanis can invest through their own route. See Roshan Digital and PSX.
Who regulates PSX
The supervisor is the Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers. The SECP states it like this: trading in listed securities and commodities goes through licensed brokers only.
The roles in the system:
| Body | Role |
|---|---|
| SECP | Licenses brokers, approves exchange rules, enforces securities law |
| PSX | Runs the market, lists companies, supervises member brokers |
| CDC | Holds shares electronically in investors' names |
| NCCPL | Clears and settles trades, manages settlement risk |
| FBR | Sets and collects tax on gains and dividends |
To check a broker, note that per the SECP, lists of licensed brokers are on the PSX and PMEX websites. Contact a broker only through the official channels shown in those lists.
PSX is not an offshore CFD platform
Offshore apps that offer forex and CFDs are a separate matter. Per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan, and per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. The SECP issues public warnings against named platforms, such as SECP warnings by press release naming platforms (Quotex 09.04.2025; IBKR look-alikes, IGIL Securities, BMA Capital No.108 etc. 22.05.2025; Hillhouse Capital, S-169 Wharton 13.01.2026), none of which names Exness. Read the legal position on Law and regulators and Regulation and Safety.
PSX live: where to see prices
"PSX live" usually means the current share prices and index level during market hours. The official source is market data published by PSX on its website. Your broker's terminal also shows the live order book for your account.
Many other websites and apps show PSX prices. These can be delayed or incomplete. Check the time stamp, and before you place an order, confirm prices in your broker's terminal.
What moves the market
Share prices react to company results, dividends, government policy, the exchange rate and interest rates. A recent example: SBP policy rate raised by 50 bps to 12% with effect from 27.10.2026 (MPC). Higher rates can make bank deposits and savings schemes more attractive compared with shares. This is a general link, not a forecast. See SBP rates and economy and Fundamental analysis.
Risk
Share prices can fall sharply, and you can lose part or all of the money you invest. Smaller and less traded companies can be hard to sell at the price you want. Buying on margin (borrowed money) makes losses larger and can lose money fast. Decide your position size before you buy. See Risk management.
Frequent questions
What is PSX in simple words?
It is Pakistan's national stock exchange. Listed companies' shares are traded there through SECP-licensed brokers.
Can I trade on PSX directly without a broker?
No. Orders reach PSX only through a licensed broker, and your shares are held in a CDC account.
Is PSX regulated?
Yes. The SECP supervises PSX, the brokers, CDC and NCCPL.
Where can I see PSX live prices?
Use the official PSX website or your broker's terminal. Third-party sites may show delayed data.
How do I check whether a broker is licensed?
Use the broker lists on the PSX and PMEX websites, as the SECP advises.
Are Shariah-compliant shares available?
Yes. PSX runs a Shariah-compliant index. See Islamic finance and the Shariah PSX indices.