How much of the market is held on borrowed money, which stocks are building or cutting leverage, and who is going long or short in futures. Updated 6 Nov 2026.
On 6 Nov 2026 investors held about Rs 64.7 bn of Pakistan Stock Exchange shares on borrowed money or through futures: Rs 14.0 bn under NCCPL margin trading (MTS), Rs 15.0 bn under margin financing (MFS) and Rs 35.7 bn in open deliverable futures. That is higher than on 89% of trading days since December 2015, so our gauge reads elevated. Leverage changed +1.3% over the last month, −12.4% over three months and −27.7% over a year. The highest reading on record was Rs 142.1 bn on 30 Jan 2026.
Shares bought with borrowed money have to be sold if prices fall far enough for the lender to call for more margin. When leverage builds quickly, a fall in prices can therefore feed on itself as financed holders are forced out. When leverage has already been cut after a fall, most weak holders are gone and selling pressure is usually lighter. Futures work the same way: they let traders take large positions with a small deposit.
| Stock | Financed (MTS + MFS) | % of free float | Change in 4 weeks |
|---|---|---|---|
| NBP | Rs 2,006 M | 2.71% | +2.7% |
| HBL | Rs 1,386 M | 0.94% | +2.5% |
| BOP | Rs 1,333 M | 3.77% | +2.1% |
| MLCF | Rs 1,311 M | 3.62% | +1.5% |
| UBL | Rs 1,211 M | 0.39% | +3.6% |
| PSO | Rs 893 M | 1.26% | +2.7% |
| OGDC | Rs 831 M | 0.49% | +8.3% |
| KEL | Rs 777 M | 5.27% | +5.1% |
| PPL | Rs 715 M | 0.59% | −4.1% |
| SNGP | Rs 569 M | 2.83% | +3.4% |
Rising fast means financed shares grew 50% or more in four weeks; heavily financed means 5% or more of the free float is held on borrowed money; a cut after a fall means financed shares dropped 25% or more in four weeks while the price fell 10% or more.
Every futures contract has a buyer and a seller, so open interest alone cannot say who is winning. The direction comes from how open interest changes against the price: rising with the price means new longs, rising while the price falls means new shorts, falling while the price rises means short covering, and falling with the price means long liquidation. We measure each stock against the whole futures market so month-end rollovers do not distort it.
Over the last four weeks the biggest net buyer of PSX futures was local individuals (Rs 749.3 million) and the biggest net seller mutual funds (Rs 2.70 billion), from NCCPL investor data. Mutual funds, banks and brokers often sell futures against shares they hold to earn the spread, so their selling is often a hedge rather than a bet on a fall.
The dashboard above shows the market leverage gauge since 2015, futures buying and selling by investor group, and a sortable table of every stock with its financed amount, futures open interest and positioning. Each stock page has the same figures with weekly charts. Related: investor flows (smart money), KSE-100 today, off-market deals, and the stock scanner, which can filter by leverage and futures positioning.
Data and analysis for education and research. Not investment advice. Prices and figures can be revised by their sources.
The Margin Trading System lets investors buy shares with money lent by financiers through NCCPL, paying a daily markup. On 6 Nov 2026 open MTS positions totalled Rs 14.0 bn.
Margin financing lets brokers lend clients part of the cost of shares they buy, with the shares held as collateral. On 6 Nov 2026 open MFS positions totalled Rs 15.0 bn.
Total leverage of Rs 64.7 bn was above 89% of readings since December 2015 (elevated). Rupee figures are not adjusted for inflation or for the size of the market.
Pakistan publishes very little direct short data. The futures market is where most short positions are taken, so open interest against the price, and futures buying and selling by investor group, are the best available guide.
Every trading day in the evening, after NCCPL and PSX publish the day's figures.