How the KSE-100 has behaved in each month of the year, and what past returns looked like. Updated 1 Nov 2026.
Using month-end KSE-100 closes from August 1997 to October 2026, the table shows the average and median return for each calendar month and how often that month ended higher. The strongest months on average have been January (+4.1%), July (+3.1%), November (+3.0%); the weakest have been May (-1.8%), August (-0.7%), June (+0.1%).
| Month | Average | Median | Up years | Best | Worst |
|---|---|---|---|---|---|
| January | +4.1% | +2.4% | 69% of 29 | +27.3% | -8.3% |
| February | +1.2% | -0.4% | 45% of 29 | +22.4% | -8.8% |
| March | +1.2% | +1.3% | 62% of 29 | +19.8% | -23.0% |
| April | +3.0% | +2.5% | 72% of 29 | +16.7% | -8.6% |
| May | -1.8% | +0.5% | 52% of 29 | +15.0% | -33.4% |
| June | +0.1% | +0.3% | 55% of 29 | +9.8% | -15.4% |
| July | +3.1% | +2.2% | 62% of 29 | +18.7% | -13.9% |
| August | -0.7% | -0.9% | 50% of 30 | +13.4% | -13.0% |
| September | +1.6% | +2.1% | 60% of 30 | +14.5% | -9.9% |
| October | +2.0% | +1.5% | 67% of 30 | +24.1% | -24.3% |
| November | +3.0% | +2.7% | 69% of 29 | +24.9% | -14.3% |
| December | +2.3% | +3.0% | 69% of 29 | +18.2% | -36.2% |
The KSE-100 ended October 2026 at 166,409, -4.4% for 2026 so far and +3.0% over the last twelve months. Next up is November, which has averaged +3.0% and ended higher in 69% of the 29 years on record. Across 28 full calendar years, the index rose in 21.
Seasonal averages describe the past; they are not a forecast. Pakistan has some genuine calendar effects, such as the budget in June, results seasons, year-end positioning by funds and the timing of IMF reviews and rate decisions, but a single month's average can be pulled by one or two extreme years. That is why the median and the share of up years sit beside the average: a month with a high average but a low hit rate depends on a few big rallies. The dashboard above also shows the return calendar year by year and returns for individual PSX stocks over different periods.
Related: KSE allocation model, results calendar, investment calculators.
Data and analysis for education and research. Not investment advice. Prices and figures can be revised by their sources.
Since 1997, January has had the highest average return (+4.1%), ending higher in 69% of years.
May has had the weakest average return (-1.8%), ending higher in only 52% of years.
It is -4.4% for 2026 up to the end of October 2026, at 166,409.
It has averaged +3.0% in November (median +2.7%) and ended higher in 69% of 29 years.
Not on its own. Monthly averages are skewed by a few extreme years, so they are best used as background together with valuations, rates and earnings.