Total leverage in the Pakistan Stock Exchange (PSX) climbed to Rs82.32 billion marking a week-on-week increase of Rs4.51 billion from Rs77.81 billion on August 21, according to data released by Topline Securities on August 26, 2025 .
The rise pushed leverage to 0.46 percent of market capitalization and 1.62 percent of free-float capitalization. Over the past 52 weeks, leverage levels have ranged between Rs34.59 billion and Rs80.80 billion.
Futures contracts dominated leverage activity, with total future open interest recorded at Rs49.93 billion. OGDCL’s August contract led the pack with Rs4.63 billion in open interest, followed by PSO (Rs3.35 billion), NBP (Rs2.66 billion), PPL (Rs2.05 billion), and TRG (Rs1.62 billion).
Meanwhile, in the Margin Trading System (MTS), leverage stood at Rs17.73 billion. OGDCL was the most active with Rs1.67 billion, followed by PSO (Rs1.60 billion), NBP (Rs1.36 billion), HBL (Rs1.05 billion), and PPL (Rs854 million).
Margin Financing System (MFS) contracts totaled Rs14.66 billion, with SSGC (Rs725 million), MLCF (Rs548 million), PSO (Rs546 million), IGIHL (Rs484 million), and GAL (Rs400 million) among the top leveraged stocks.
In terms of trading volumes, OGDCL’s August futures saw 17.7 million shares traded, worth Rs4.63 billion. PSO and NBP followed with 8.3 million shares (Rs3.35 billion) and 17.2 million shares (Rs2.66 billion), respectively. PPL’s August contracts added Rs2.05 billion, while TRG contributed Rs1.62 billion.
Looking ahead, September contracts also showed notable positions. NBP’s September futures accounted for Rs1.59 billion in value, OGDCL’s Rs1.22 billion, and PSO’s Rs739 million.
The top 10 leveraged stocks (combined across futures, MTS, and MFS) were OGDCL (Rs7.63 billion), PSO (Rs6.24 billion), NBP (Rs5.70 billion), PPL (Rs3.15 billion), DGKC (Rs2.50 billion), SEARL (Rs2.25 billion), TRG (Rs1.98 billion), LUCK (Rs1.90 billion), SSGC (Rs1.86 billion), and ATRL (Rs1.77 billion).
Market analysts note that the increase in leverage reflects improving investor sentiment and growing risk appetite as key blue-chip stocks attract institutional activity. However, they also caution that leverage expansion must be monitored closely given volatility risks in the broader market.
