Market performance tracked global trends in the early phase of the conflict, with Brent crude oil prices rising 10–13%, while US software stocks declined around 23%. The S&P 500 fell 4.3%, MSCI Europe 3.2%, MSCI Asia 1.1% and MSCI Emerging Markets 0.1%. Monthly performance showed a 5.81% gain in January, followed by a 3.75% decline in February and a sharper 11.50% drop in March, driven by rising costs, geopolitical uncertainty and profit-taking.

Market capitalisation declined from Rs19.69 trillion to Rs16.53 trillion, a reduction of Rs3.15 trillion during the quarter. Trading activity remained active, with 48.8 billion shares traded, amounting to Rs2.68 trillion. Average daily volume stood at 791.7 million shares, with an average value of Rs44.03 billion.

Around 485 companies were traded on average in each session. Domestic investors played a central role in supporting the market. Foreign investors recorded net sales of Rs111.61 billion, while local participants made net purchases of Rs111.55 billion.

Companies contributed Rs73.51 billion, mutual funds Rs23.78 billion and individual investors Rs20.25 billion in net buying. Trading was concentrated in large-cap stocks. National Bank of Pakistan recorded the highest traded value at Rs182.42 billion, followed by Pakistan Petroleum, Oil and Gas Development Company, Fauji Fertiliser Company and Habib Bank.

In terms of volume, K-Electric led with 4.64 billion shares traded. Activity in the primary market continued, with three initial public offerings approved during the quarter. In the debt market, the government conducted three Ijarah Sukuk auctions against a target of Rs800 billion.

Bids worth Rs2.03 trillion were received, with Rs811.53 billion accepted. The SECP said that despite a challenging environment marked by global and domestic pressures, domestic participation, debt market activity and ongoing reforms helped maintain market stability.