Off market transactions PSX investors see in the daily data are share deals agreed directly between two parties and then reported to the exchange, instead of being matched on the normal order book. Between 12 August 2026 and 5 November 2026, the exchange recorded 2,985 of these deals worth Rs 65.29 bn in our data. This guide explains how they work, which stocks saw the largest block trades over the last three months, and what the numbers can and cannot tell you.
What is an off-market transaction on PSX?
Most trades on the Pakistan Stock Exchange happen in the regular market, where buy and sell orders from thousands of investors meet in the trading system. An off-market deal is different: a buyer and a seller agree the price and quantity between themselves, through their brokers, and the trade is then reported to the exchange. The PSX Regulations (edition of 9 February 2026) call this a “negotiated deal”, defined as a deal negotiated between two parties outside the trading system, and note that it may also be called an off market transaction.
These deals are reported in the Negotiated Deals Market (NDM). According to the PSX trading hours page, the NDM runs from 9:30 am to 4:30 pm from Monday to Thursday and in two sessions on Friday, longer than the regular market. Because the price is agreed privately, it can be some distance from the last market price, which is one reason these trades get attention. The detailed rules on limits, reporting and settlement sit in the PSX rule book and NCCPL procedures; if you plan to do such a deal yourself, check the current rules with your broker. For regular market timings, see our guide to PSX timings and settlement.
The exchange publishes each reported deal on its data portal, including the date, broker codes, the stock, the number of shares, the rate and the settlement date (see the ND verification page). It does not publish who the end buyer or seller is, or why the deal was done.
The four kinds of deals in our data
We sort every deal into one of four groups based on its pattern. These labels are our own, worked out automatically, and can be wrong; PSX does not label deals this way.
- Block trades: one-off deals in a stock, often large. 1,596 deals worth Rs 45.05 bn.
- Financing deals: a pair of trades in the same shares where one leg settles soon and the reverse leg settles weeks later at a slightly higher price. The gap works like interest, so these are a way of borrowing against shares rather than a change of owner. The two legs are sometimes reported on different days. 738 deals worth Rs 19.68 bn, with a median implied rate of about 16.2% a year.
- Small deals: very small trades, with a median size of Rs 239,600. 636 deals worth Rs 209 M in total.
- Transfers: a handful of deals that look like shares moving between accounts. 15 deals worth Rs 357 M.
857 of the 2,985 deals were reported with a different broker on each side, and 2,128 were cross deals where the same broker reported both sides. The busiest day in the period was 30 October 2026, when deals worth Rs 8.38 bn were reported, most of it from a single stock.
Off market transactions PSX: the largest deals in the last three months
The table ranks stocks by the total value of their block trades from 12 August 2026 to 5 November 2026. “Median price gap” compares the deal price with that day’s closing price; a positive figure means the deal was done above the close.
| Stock | Company | Deals | Days | Total value | Median price gap |
|---|---|---|---|---|---|
| PSEL | Pakistan Services Limited | 8 | 2 | Rs 6.65 bn | +3.78% |
| PIBTL | Pakistan International Bulk Terminal Ltd. | 20 | 14 | Rs 1.78 bn | +1.75% |
| PSX | Pakistan Stock Exchange Ltd | 100 | 49 | Rs 1.71 bn | +1.19% |
| UBL | United Bank Limited | 11 | 11 | Rs 1.56 bn | 0.00% |
| SSGC | Sui Southern Gas Co. Ltd. | 26 | 18 | Rs 1.34 bn | +1.89% |
| DSL | Dost Steel Ltd. | 31 | 15 | Rs 1.30 bn | 0.00% |
| NCPL | Nishat Chunian Power Limited | 16 | 13 | Rs 1.23 bn | -0.02% |
| BAPL | Bawany Air Products Limited. | 26 | 17 | Rs 1.12 bn | +0.65% |
| HUBC | Hub Power Co. Ltd. | 25 | 18 | Rs 934 M | 0.00% |
| AGIC | Askari General Insurance | 1 | 1 | Rs 876 M | -58.39% |
Across all 1,596 block trades, the median deal was done almost exactly at the closing price (a gap of +0.01%), but only 40% were within 2% of the close either way. Many block deals, especially in smaller stocks, were priced well away from the market, and the largest gaps are worth a closer look.
The biggest single deals
| Date | Stock | Shares | Deal rate (Rs) | Close (Rs) | Value | Gap to close |
|---|---|---|---|---|---|---|
| 30 October 2026 | PSEL | 6,406,797 | 1,022.42 | 985.19 | Rs 6.55 bn | +3.8% |
| 27 August 2026 | AGIC | 51,337,953 | 17.06 | 41.00 | Rs 876 M | -58.4% |
| 30 September 2026 | HUBC | 3,544,700 | 191.42 to 201.42 | 201.42 | Rs 710 M | -5.0% to 0.0% |
| 31 August 2026 | NBP | 3,470,000 | 187.08 to 187.19 | 187.08 | Rs 649 M | 0.0% to +0.1% |
| 27 August 2026 | ALAC | 76,587,727 | 7.71 | 20.75 | Rs 590 M | -62.8% |
| 1 October 2026 | MEBL | 998,447 | 555.94 | 553.65 | Rs 555 M | +0.4% |
The largest by far was in Pakistan Services (PSEL) on 30 October 2026: 6,406,797 shares changed hands at Rs 1,022.42 in several pieces, worth Rs 6.55 bn in total and 3.78% above that day’s close. On 27 August 2026 two insurance stocks, Askari General Insurance (AGIC) and Askari Life Assurance (ALAC), saw single block deals at prices more than half below the market. Deals at such large discounts often reflect a transaction agreed on separate terms, for example within a group or as part of a wider arrangement, so the deal price should not be read as a market valuation. Company announcements on the PSX data portal are the place to look for an explanation.
Stocks with repeated off-market activity
Repeated deals in the same stock can be more telling than one large trade. The table counts block trades over the last 20 trading days to 5 November 2026.
| Stock | Company | Deals | Days with deals | Value | Median price gap | Last deal |
|---|---|---|---|---|---|---|
| PSX | Pakistan Stock Exchange Ltd | 19 | 15 | Rs 426 M | +1.08% | 29 October 2026 |
| PRL | Pakistan Refinery Limited | 15 | 11 | Rs 302 M | -0.65% | 3 November 2026 |
| HASCOL | Hascol Petroleum Ltd. | 8 | 7 | Rs 132 M | +4.25% | 26 October 2026 |
| SSGC | Sui Southern Gas Co. Ltd. | 6 | 6 | Rs 428 M | +0.62% | 30 October 2026 |
| DSL | Dost Steel Ltd. | 12 | 5 | Rs 854 M | +28.39% | 2 November 2026 |
| BAPL | Bawany Air Products Limited. | 8 | 5 | Rs 336 M | +9.50% | 2 November 2026 |
| TSPL | Tri-Star Power | 12 | 5 | Rs 327 M | +25.85% | 2 November 2026 |
| PSO | Pakistan State Oil Co. Ltd. | 9 | 5 | Rs 78 M | +0.24% | 5 November 2026 |
The PSX’s own shares saw the most frequent deals, followed by Pakistan Refinery. Repeated deals can mean an investor is building or reducing a position in steps without moving the market price, but they can also be routine, such as fund rebalancing. Without the names of the parties, treat them as a prompt to check announcements and shareholding filings, not as a signal on their own.
Financing deals are a different thing
About 30% of the value of off-market deals in the period was financing activity rather than a real change of owner. The largest by value were in FLYNG, HASCOL and KEL. In these deals, an investor sells shares for near settlement and buys them back for a later settlement at a slightly higher price. The difference is the cost of the money, and in our data the median implied rate was about 16.2% a year. When you see a large deal in a stock, check whether a reverse deal with a later settlement date follows it. If it does, it is financing, not a new investor.
How to use off-market data as an investor
- Compare the deal price with the market price. A deal near the close tells you little about value; a large premium or discount needs an explanation.
- Check the company’s announcements for a disclosure of a sale by a director, sponsor or major shareholder, or a takeover notice.
- Look for repeated deals across several days, which can show steady accumulation or selling.
- Separate financing pairs from real block trades before drawing conclusions.
- Remember that deals do not move the official market price directly; the stock still trades in the regular market at its own price.
The Off-market tab on the free Market Pulse Hub dashboard lists each day’s deals with these labels. To see whether foreign or local investors are buying in the regular market, read our guide to FIPI and LIPI flows, and for the basics of owning shares see how to open a CDC account and choose a broker.
Frequently asked questions
What is an off-market transaction on PSX?
It is a share deal agreed directly between a buyer and a seller, through their brokers, and then reported to the exchange in the Negotiated Deals Market instead of being matched on the regular order book. The PSX Regulations call it a negotiated deal.
Does an off-market deal change the share price?
Not directly. The deal is done at a privately agreed price, and the market price continues to be set by trading in the regular market. A large deal can still influence sentiment once it becomes public.
Where can I see off-market deals?
The PSX data portal publishes each reported deal with the stock, quantity, rate, broker codes and settlement date. The Market Pulse Hub dashboard also lists them with our labels for block, financing, small and transfer deals.
Why are some deals far below the market price?
A deal at a large discount, like the AGIC and ALAC deals on 27 August 2026, can reflect terms agreed for a specific purpose, such as a transfer within a group. The deal price is not a market valuation, so check company announcements before drawing conclusions.
Are financing deals a sign of buying?
No. A financing deal is a sale and a later buyback of the same shares at a slightly higher price, which works like a loan against shares. The owner usually stays the same.
Check each day’s deals on the free Market Pulse Hub dashboard, and join the waitlist to get new tools and reports first.
Bilal, Market Pulse Hub
Figures are from company results, exchange data and our calculations up to 5 November 2026 and will change as new data arrives. This article is for education only and is not investment advice.