Nishat Chunian Limited (NCL): FY24 Analyst Briefing takeaways – By AKD Research

Nov 28 2024


AKD Securities


  • Nishat Chunian Limited (NCL) held its corporate briefing session today to discuss FY24 financial results and provide insights on the future outlook. Key takeaways from the call are as follows:
  • Company recorded a revenue of PkR88.8bn in FY24, reflecting a 24%YoY led by higher sales in the spinning and weaving divisions. Total sales of the weaving and spinning divisions amounted to PkR11.4bn/55.1bn, respectively, marking an increase of 33%/32.7%YoY.
  • Domestic sales accounted for the majority of the revenue, contributing 69% of the total revenue in the weaving division and 71% in the spinning division during FY24.
Oil Marketing Companies: OMC offtakes conclude FY25 on strong footing - By AKD Research

Jul 2 2025


AKD Securities


  • OMC volumetric sales for FY25 reached 16.3mn tons, higher by 7%YoY. Specifically, MS/HSD offtakes stood at 7.6mn/6.9mn tons for the full year, up 6%/10%YoY.
  • We have a ‘BUY’ call for PSO and APL with Dec’25 TP of PkR729/850 per share, with DY of 5.1%/6.1% for FY26E
  • Our reasons for liking include anticipated revision in OMC margins during FY26 alongside volumetric recovery, while resolution of circular debt is to favorably impact the state-owned OMC i.e. PSO.
Economy: Pakistan-US Trade Talks Near Conclusion: Major Breakthrough on Tariffs Expected Next Week - By AHCML Research

Jun 26 2025


Al Habib Capital Markets


  • Pakistan and the United States are set to conclude trade negotiations next week, aiming to address reciprocal tariffs and strengthen bilateral economic ties. The talks, led by Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick, reflect a strategic push to reset relations amid evolving global alignments. A key focus is easing the 29% US tariff on Pakistani exports, imposed under former President Trump, as Pakistan posted a USD3 billion trade surplus with the US in 2024.To rebalance trade and attract US goodwill, Pakistan has offered to increase imports of American goods, including crude oil, and provide investment incentives, particularly in the mining sector.
  • A joint webinar this week showcased Pakistan’s USD7 billion Reko Diq copper-gold project, drawing interest from US investors and officials. The US Export-Import Bank is currently evaluating financing proposals worth USD500mn to USD1 billion for the project.
  • As the U.S. maintains high tariffs on key textile-exporting countries like China, Vietnam, and Cambodia, Pakistan faces relatively moderate tariffs, higher than Egypt and Turkey, but far more favorable than many others. This creates a strategic opening for Pakistan to increase its market share in the U.S., particularly in high-demand categories where it already has a foothold. These include cotton trousers, knit shirts, denim, towels, bed linen, and curtains.
Morning News: $350m loan agreement signed with ADB to boost women’s financial inclusion - By WE Research

Jun 25 2025



  • The Government of Pakistan and the Asian Development Bank (ADB) have signed a $350 million loan agreement for the “Women Inclusive Finance Sector Development Program (Subprogram-II),” aimed at advancing women’s economic empowerment. The agreement, signed by representatives from the Economic Affairs Division, ADB, and the State Bank of Pakistan, underscores Pakistan’s commitment to fostering inclusive growth. Building on reforms from Subprogram I, the initiative focuses on enhancing policy and regulatory frameworks, increasing access to finance for women, supporting women’s entrepreneurship, and promoting equitable workplaces in the financial sector. The financing includes a $300 million policy-based loan and a $50 million Financial Intermediary Loan.
  • In Q4 FY2024-25, Pakistan's Consumer Confidence Index (CCI) rose by 9.2% from the previous quarter and 24.6% year-on-year, reaching 96.2 points—the highest level since tracking began in 2022. The report, jointly issued by Dun & Bradstreet Pakistan and Gallup Pakistan, highlights improved public sentiment regarding both current financial conditions and future economic prospects. Notably, the Future Confidence Index crossed the 100-point mark for the first time, indicating a shift toward optimism. Key improvements were seen in household income expectations, financial outlook, and savings sentiment. However, concerns about rising unemployment persist, with 61% noting job losses in the past six months. Confidence gains were broad-based, with the most significant increases among individuals under 30. The findings underscore a cautiously optimistic economic outlook, though continued reforms are needed to address labor market challenges.
  • The Power Division has requested a positive adjustment of 10 paisa per unit in electricity tariffs for May 2025 under the monthly Fuel Charges Adjustment (FCA) mechanism to recover Rs 1.255 billion from consumers of Distribution Companies (Discos). This request, submitted by CPPA-G, will be reviewed in a public hearing by NEPRA on June 29, 2025. In May 2025, total electricity generation rose by 1.2% yearon-year to 12,755 GWh, with a basket price of Rs 7.7739 per unit. Hydel power contributed 37% of total generation, increasing 24% from the previous year. Local coal and imported coal generation rose by 3% and 108% respectively, while RFO-based generation declined by 68%. Nuclear power and gas-based generation both fell, while RLNG contributed 17% at a high cost of Rs 23.73 per unit. Renewable sources like wind and solar contributed modestly. Overall, generation costs and energy mix shifts have prompted the proposed tariff adjustment.
Morning News: Pakistan, ADB sign $350m “Women Inclusive Finance Sector Development Program - By HMFS Research

Jun 25 2025


HMFS Research


  • The Government of Pakistan and the Asian Development Bank (ADB) have signed a $350 million loan agreement for the “Women Inclusive Finance Sector Development Program (Subprogram-II).” The agreement was signed by Sabina Qureshi, Additional Secretary of the Economic Affairs Division, and Dinesh Raj Shiwakoti, Head Project Administration Unit at ADB. The Project Agreement for the Financial Intermediary Loan (FIL) was signed by the State Bank of Pakistan, as per the press release issued. The signing reaffirms Pakistan’s commitment to fostering women’s economic empowerment through improved access to finance, expanded entrepreneurship, and increased job creation. Subprogram-II builds on the reforms of Subprogram-I and focuses on four key areas: creating an enabling regulatory environment for women’s financial inclusion, increasing financial access for women, enhancing women’s entrepreneurship, and promoting inclusive workplaces in the financial sector. The total financing includes a $300m policy-based loan and a $50m FIL.
  • Oil prices edged higher on Wednesday, finding some respite after plummeting in the last two sessions, as investors assessed the stability of a ceasefire between Iran and Israel. Brent crude futures rose 75 cents, or 1.1%, to $67.89 a barrel. U.S. West Texas Intermediate (WTI) crude gained 71 cents, or 1.1%, to $65.08. Brent settled on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13.
  • China has shown willingness to reschedule $1.8 billion debt for a period of two years, which is about half of the amount that Pakistan had requested last year but is still critical for meeting requirements of the International Monetary Fund (IMF) programme. Islamabad sought the rescheduling of the government's concessional loans, preferential buyer credit, and the buyer's credit from the Export-Import (Exim) Bank of China, according to government officials. China has not agreed to reschedule the buyer's credit loans, they added. There is now a possibility that China may reschedule $1.8 billion worth of government concessional loans and the preferential buyer credit by next month, they added. These loans have been taken for various projects and are over and above the commercial financing that Chinese banks have given to Pakistan.
United Bank Ltd (UBL): 1QCY25 Result Review — Higher NII led to earnings incline -- By AKD Research

Apr 16 2025


AKD Securities


  • United Bank Ltd (UBL) announced its 1QCY25 financial results earlier today, wherein the bank posted NPAT of PkR36.1bn (EPS: PkR28.8) for the quarter, up 126%YoY/39%QoQ. The result is significantly above our expectations due to higher than expected NII and provisioning reversal. In addition to the result, bank announced an interim cash payout of PkR11/sh and stock split in the ratio of 2 shares for 1 share held.
  • NII recorded at PkR84.2bn in 1QCY25, up by 200%YoY/30%QoQ, primarily due to higher investment book, up 60%YoY/27%QoQ and advances, up 7.1%YoY, compared to SPLY.
  • Non-Interest Income clocked in at PkR17.0bn in 1QCY25, down 20%YoY/38%QoQ, on the back of 55%YoY/69%QoQ dropped in gain on sale of securities. However, fee income increased to PkR7.5bn during the quarter, up 26%YoY/113%QoQ
Morning News: IMF concludes Pak visit, set to propose transparency reforms - By Vector Research

Apr 15 2025


Vector Securities


  • The International Monetary Fund (IMF) has identified key shortcomings in Pakistan's governance, including the politicisation of the civil service, weak organisational accountability, and excessive focus on short-term goals. These issues, the IMF noted, contribute to broader governance weaknesses and increase vulnerability to corruption. The report which is expected to be made public by August this year will give recommendations for ensuring greater transparency and improving the public sector delivery by minimising the chances of corruption and through merit-based decisions.
  • With the halt of USAID operations by President Donald Trump, Pakistan’s total portfolio of $445 million has been affected over five years, surfacing a gap of $40 million for the current fiscal year for on-budget development projects. “However, in a positive development on the external front, Fitch Ratings might upgrade Pakistan’s rating within a few days”, top official sources confirmed while talking to The News on Monday. The Fitch might upgrade from a notch of CCC+ to BBB keeping in view the reduced risk of default.
  • Members of the delegation of US congressmen visiting Pakistan have described their trip to the South Asian country as "extremely productive" and “significant for the future", which is good news for the mineral-rich country. The delegation also attended the Pakistan Mineral Investment Forum 25 (PMIF25) last week in Islamabad.
Nishat Chunian Ltd. (NCL): 2QFY25 Result Review — Earnings rebound on lower finance cost with surprise dividend - By AKD Research

Feb 26 2025


AKD Securities


  • Nishat Chunian Ltd. (NCL) announced its 2QFY25 results, reporting earnings of PkR231mn (EPS: PkR0.96), compared to loss of PkR911mn (LPS: PkR3.80) in SPLY. The said turnaround is attributed to the lower finance cost and improved gross margins. Earning came largely in line with our expectations. Alongside the result, company announced an interim dividend of PkR1.0/sh.
  • Revenue increased by 3%YoY to PkR20.7bn, compared to PkR20.1bn in SPLY, driven by higher prices. On a sequential basis, revenue declined by 11%QoQ due to seasonal export slowdown.
  • Gross margins improved to 11.5% vs. 10.7% in SPLY, as higher retention prices and lower energy cost outweighed increased salary expenses.
Nishat Chunian Limited (NCL): 2QFY24 EPS clocked in at PKR0.96 – Below expectation - By Insight Research

Feb 26 2025


Insight Securities


  • NCL has announced its 2QFY25 result, wherein the company has posted consolidated PAT of PKR231mn (EPS: PKR0.96) vs. LAT of PKR911mn (LPS: PKR3.8) in SPLY. The result is below our expectation due to higherthan-expected tax expense.
  • In 2QFY25, company’s revenue clocked in at PKR20.7bn (US$74.2mn) compared to PKR20.1bn (US$71.0mn) in SPLY, up by ~3% YoY. The increase in topline is possibly attributable to higher volumetric sales. However, same is down by ~11% on QoQ basis.
  • Gross margins clocked in at ~11% depicting an increase of ~2.3ppts QoQ, possibly due to operational efficiency and lower cotton prices.
United Bank Ltd (UBL): 4QCY24 Result Review — Sharp rise in NFI income leads earnings incline - By AKD Research

Feb 19 2025


AKD Securities


  • United Bank Ltd (UBL) announced its 4QCY24 financial results earlier today, wherein the bank posted NPAT of PkR25bn (EPS: PkR20.4) for the quarter, up 85%YoY/36%QoQ. The result is significantly above our expectations due to higher gain on sale of securities expense and higher NII. This brings full-year profitability to PkR74.2bn (EPS: PkR60.3), reflecting a 34%YoY increase. In addition to the result, bank announced a final cash payout of PkR11/sh, taking total dividends during CY24 to PkR44/sh (payout: 73%)
  • NII recorded at PkR64.7bn in 4QCY24, up by 74%YoY/25%QoQ, primarily due to higher advances and investment book compared to SPLY.
  • Non-Interest Income clocked in at PkR27.2bn in 4QCY24, up 155%YoY/62%QoQ, on the back of PkR18.5bn in gain on sale of securities (up 16xYoY/3xQoQ). However, fee income dropped to PkR3.5bn during the quarter, down 31%YoY/45%QoQ.
Nishat Chunian Ltd (NCL): Earnings growth contingent on better spinning margins – By JS Research

Nov 29 2024


JS Global Capital


  • Nishat Chunian Ltd (NCL) conducted its analyst briefing session yesterday. The management highlighted 28% YoY jump in spinning revenues and shift to coal power plant as key reasons for earnings turnaround in FY24 (EPS: Rs2.69 vs LPS of Rs0.63 in FY23).
  • During 1QFY25, NCL gross margins decreased by 3ppts QoQ to 9%, while earnings declined by 95% QoQ to Rs0.15/sh. due to unfavorable fluctuations in international cotton and yarn prices and increase in tax rates for the company.
  • Going forward, the company believes better inventory management, cost benefit of operating on coal and bio-mass, BMR in spinning segment and expansion in retail network – should bode well for the company. The management aims at crossing the Rs100bn revenue mark this year (vs. Rs89bn in FY24).
Market Wrap: Highlights of the day July 7, 2025 - By JS Research

Jul 7 2025


JS Global Capital


  • The KSE-100 Index surged 1.4% to an all-time intraday high of 133,862.01, driven by optimism over trade negotiations, macroeconomic stability, and a strong corporate earnings outlook. Falling inflation, strengthening FX reserves, and capital inflows are enhancing investor confidence, while higher taxes on alternative assets are redirecting capital into equities. With earnings season ahead and technical indicators breaking new ground, we expect the bullish momentum to persist in the near term, supported by favorable macro trends and reallocation from fixed-income instruments.
Market Wrap: Bullish Momentum Carries KSE-100 Beyond 133,000 - By HMFS Research

Jul 7 2025


HMFS Research


  • The market continued its unrelenting bullish streak, surging past the 133,862 mark for the first time in history. This milestone rally was fueled by renewed investor confidence, driven by key trade developments and sector-specific momentum. Investor sentiment received a notable boost as Pakistan and the U.S. concluded a critical round of trade talks ahead of the July 9 deadline. While an official announcement is still awaited, early signs point to a favorable deal for Pakistan’s export sectors. Adding to the positive momentum, OGDC reported a production uplift following the successful installation of an ESP at Rajian-05, where it holds full ownership—further reinforcing its operational strength. The rally was led by the banking and fertilizer sectors, supported by expectations of strong upcoming results and favorable sectoral tailwinds. The KSE-100 index closed at 133,370 level, up 1,421 points in a robust session. Market activity remained upbeat, with 344 million shares traded on the KSE100 and total market volume reaching 915 million shares. Volume leaders included IMAGE (48mn), BOP (43mn), and WTL (37mn). While a short-term breather cannot be ruled out given the sharp upward trajectory, overall sentiment is expected to remain strong amid continued macroeconomic improvement. Investors are advised to stay focused on fundamentally sound stocks with long-term value.
Oil and Gas Development Company Ltd (OGDC): OGDC enhances production at Rajian-05 well - By AKD Research

Jul 7 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has enhanced production in Rajian-05 through installation of electrical submersible pumps (ESP). Following the workover, production has increased to 3.1kbpd of oil and 1.0mmcfd of gas, compared to 1.1k bpd/0.5mmcfd of oil/gas during 3QFY25. Notably, OGDC is the wholly-owned operator of the Rajian heavy oil field, where several workovers and artificial lift systems have been implemented at previous wells to expedite revival. We anticipate the aforementioned development to have an annualized EPS impact of ~PkR1.3 per sh for OGDC, respectively.
Pakistan Power: Base tariff cut and circular debt overhaul to reshape energy sector outlook - By AKD Research

Jul 7 2025


AKD Securities


  • The national base tariff is determined at PkR34.0/kwh for FY26, down by 4%YoY compared to PkR35.5/kwh in FY25.
  • GoP has accelerated its power sector reform agenda, with the PkR1.25tn commercial bank borrowing facility to reduce the mounting circular
  • Continued resolution of the circular debt would be beneficial for companies under our coverage space, namely: OGDC (Dec’25 TP: PkR371/sh), PPL (Dec’25 TP: PkR281/sh) and PSO (Dec’25 TP: PkR729/sh).
Autos: Marking FY25 as a year of recovery - By JS Research

Jul 7 2025


JS Global Capital


  • We preview automobile sales volumes for Jun-2025, expecting the three major players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR), and Pak Suzuki Motor Company Ltd to post combined growth of 33%/9% YoY/MoM, reaching ~14.5k units – highest since Dec-2022.
  • All three companies are projected to post strong YoY volume growth, with HCAR leading peers with 65% YoY growth in Jun2025, followed by PSMC (+31% YoY), and INDU (+25% YoY), helped by pre-budget buying ahead of anticipated negative budgetary measures. Meanwhile, Sazgar Engineering Works Ltd (SAZEW) volumes also rose 55% YoY in Jun-2025.
  • For FY25 cumulatively, the auto sector witnessed a strong recovery, with volumes expected to grow by 37% to ~121k units, supported by improving macroeconomic stability and a rebound in consumer confidence amid stable car prices.
Technical Outlook: KSE-100 setting a record - By JS Research

Jul 7 2025


JS Global Capital


  • Bullish momentum continued for the KSE-100 index, which gained 1,262 points to close at 131,949. Trading volumes stood at 733mn shares, compared to 900mn shares previously. The index is likely to retest Friday’s high of 132,130; a break above this level could target 133,412, with potential to rise further toward 135,232. On the downside, support is seen in the 130,710-131,600 range. The RSI and MACD continue to rise, reinforcing the positive outlook. We advise investors to ‘Buy on dips,’ with risk defined below 130,716. Immediate support and resistance are placed at 131,067 and 132,480, respectively.
Morning News: Pakistan, US reach accord on trade and tariffs - By HMFS Research

Jul 7 2025


HMFS Research


  • With less than a week to go before the July 9 deadline, Pakistan and the United States have concluded a critical round of trade negotiations. While both sides have reached an understanding, a formal announcement is expected only after the US concludes similar ongoing negotiations with other trade partners. The tariff relief, temporarily paused earlier this year, was at risk of expiring if no progress had been made by the July 9 deadline. The agreement, when signed, could lead to increased Pakistani imports of US goods — notably crude oil — and potential American investment in Pakistan’s mining, energy, and infrastructure sectors.
  • The U.S. dollar hovered near its lowest since 2021 against the euro and the weakest since 2015 versus the Swiss franc on Monday, with traders alert for any trade-related headlines in the countdown to President Donald Trump’s tariff deadline. The dollar index , which measures the currency against those three rivals and three more major counterparts, was flat at 96.967, hovering above Tuesday’s nearly 3-1/2-year trough of 96.373.
  • US President Donald Trump said on Friday that he had signed 12 trade letters to be sent out next week ahead of an impending deadline for his tariffs to take effect. “I signed some letters and they’ll go out on Monday, probably 12,” Trump told reporters aboard Air Force One, adding that the countries to which the letters would be sent will be announced on the same day. His comments come days before steeper duties — which the president said on Thursday would range between 10 and 70 per cent — are set to take effect on dozens of economies, from Taiwan to the European Union.
Morning News: Pakistan, US reach accord on trade and tariffs - By Vector Research

Jul 7 2025


Vector Securities


  • With less than a week to go before the July 9 deadline, Pakistan and the United States have concluded a critical round of trade negotiations, reaching an understanding on a deal that could shape the future of the country’s key export sectors. The delegation arrived in Washington on Monday with the aim of finalising a long-term reciprocal tariff agreement that would prevent the re-imposition of a 29 per cent tariff on Pakistani exports — primarily textiles and agricultural products. The tariff relief, temporarily paused earlier this year, was at risk of expiring if no progress had been made by the July 9 deadline.
  • Pakistan and Azerbaijan in a major development Friday signed a partnership agreement. The agreement for investment of a total of $2 billion by Azerbaijan in the economic sector of Pakistan.
  • Foreign exchange companies contributed around $450 million to remittance inflows during June, taking their total contribution to approximately $5 billion in FY25, according to the Exchange Companies Association of Pakistan (ECAP). “We sold about $450m to banks in June, highlighting our growing role in supporting the country’s exchange rate stability,” said Zafar Paracha, Secretary General of ECAP.
Morning News: Azerbaijan to invest $2bn in economic sector WE Research

Jul 7 2025



  • Pakistan and Azerbaijan have signed a significant $2 billion investment agreement, marking a new milestone in bilateral economic relations. The deal, signed in the presence of Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and Azerbaijani Economy Minister Mikayil Jabbarov, reflects growing investor confidence in Pakistan. It follows a cordial meeting between Prime Minister Sharif and Azerbaijani President Ilham Aliyev in Khankandi, with a more detailed agreement to be finalized during the Azerbaijani President’s upcoming visit to Pakistan. Both countries committed to further enhancing cooperation across various sectors, including trade, investment, and climate issues, as emphasized by Prime Minister Sharif during his remarks in Shusha.
  • With less than a week before the July 9 deadline, Pakistan and the United States have reached a preliminary understanding on a trade agreement aimed at securing Pakistan’s key export sectors, particularly textiles and agriculture, from the re-imposition of a 29% tariff. Led by Commerce Secretary Jawad Paal, the Pakistani delegation concluded four days of negotiations in Washington, with a formal announcement expected after the US finalizes talks with other trade partners. The proposed deal includes reciprocal tariff arrangements, increased Pakistani imports of US goods such as crude oil, and potential American investment in Pakistan’s mining, energy, and infrastructure sectors—including projects like Reko Diq. Officials remain optimistic that the agreement will preserve Pakistan’s access to the US market and revitalize economic ties strained since the Trump-era tariffs.
  • Oil prices dropped over 1% after OPEC+ surprised markets by announcing a larger-than-expected production increase of 548,000 barrels per day (bpd) for August, raising fears of oversupply. Brent crude fell to $67.50 per barrel, while U.S. West Texas Intermediate dropped to $65.68. The hike, up from prior monthly increases of 411,000bpd, reflects a more aggressive push for market share, with Saudi Arabia driving much of the actual output gains. OPEC+ cited strong global demand and low inventories as justification. Goldman Sachs expects a final 550,000bpd increase to be announced for September at the group’s August 3 meeting. Meanwhile, Saudi Arabia raised prices for its flagship Arab Light crude in a show of confidence in demand. In a related development, U.S. President Trump indicated higher tariffs will be announced by July 9, with implementation set for August 1.
Market Wrap: Banking on Bulls: KSE-100 Hits a New Milestone - By HMFS Research

Jul 4 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) sustained its upward trajectory in today’s session, with the benchmark KSE-100 Index surging to a fresh intra-day high of 132,130 before closing at 131,949, up by a robust 1,262 points (+0.97%). The rally was supported by sustained investor interest—particularly in the banking sector—as participants continued to rotate into fundamentally sound, undervalued plays amid a supportive macroeconomic backdrop. Trading activity remained strong, with the All-Share Index posting a healthy turnover of 731mn shares, while KSE-100 volumes came in at 199mn shares, indicating broad-based participation. Top volume leaders included, WTL (58mn), BML (36mn), and TREET (30mn). The banking sector emerged as the primary driver of index gains, supported by attractive dividend yields, and compelling P/B valuations. The recent softening in Pakistan’s sovereign credit default swap (CDS) spreads has further improved investor sentiment by lowering perceived external risk, catalyzing flows into equities. While the momentum remains firmly intact, the market’s proximity to psychological resistance levels suggests room for near-term consolidation, especially as investors may opt to lock in recent gains. However, the medium-term narrative remains constructive, underpinned by prospects of continued IMF engagement, fiscal reforms, and easing external account pressures. We continue to advise investors to remain selective and focus on sectors with resilient fundamentals and earnings visibility. In the current phase of the cycle, valuation discipline, liquidity considerations, and macro-driven event positioning will remain critical in navigating market dynamics.
Oil and Gas Development Company Ltd (OGDC): OGDC enhances production at Rajian-05 well - By AKD Research

Jul 7 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has enhanced production in Rajian-05 through installation of electrical submersible pumps (ESP). Following the workover, production has increased to 3.1kbpd of oil and 1.0mmcfd of gas, compared to 1.1k bpd/0.5mmcfd of oil/gas during 3QFY25. Notably, OGDC is the wholly-owned operator of the Rajian heavy oil field, where several workovers and artificial lift systems have been implemented at previous wells to expedite revival. We anticipate the aforementioned development to have an annualized EPS impact of ~PkR1.3 per sh for OGDC, respectively.
Pakistan Power: Base tariff cut and circular debt overhaul to reshape energy sector outlook - By AKD Research

Jul 7 2025


AKD Securities


  • The national base tariff is determined at PkR34.0/kwh for FY26, down by 4%YoY compared to PkR35.5/kwh in FY25.
  • GoP has accelerated its power sector reform agenda, with the PkR1.25tn commercial bank borrowing facility to reduce the mounting circular
  • Continued resolution of the circular debt would be beneficial for companies under our coverage space, namely: OGDC (Dec’25 TP: PkR371/sh), PPL (Dec’25 TP: PkR281/sh) and PSO (Dec’25 TP: PkR729/sh).
Economy: Tariff rationalization to bring in competitiveness - By AKD Research

Jul 3 2025


AKD Securities


  • Govt. has issued SROs pertaining to Additional Customs Duty (ACD) and Regulatory Duties (RDs), in line with National Tariff Policy 2025–30.
  • ACD has been revised to 0%, 2%, 4%, and 6% (previously 2%, 4%, 6%, and 7%), while RD has been removed on multiple PCT codes, with the maximum RD rate reduced from 90% to 50%.
  • Sector-wise, margins for auto assemblers are likely to normalize from recent highs, while chemical, steel, and textile spinning/weaving sectors would face margin pressures.
Pakistan Cement: Cement demand to rise on PSDP push and construction revival in FY26 - By AKD Research

Jul 3 2025


AKD Securities


  • Cement dispatches reached 46.22mn tons in FY25, an increase of 2%YoY, driven by higher export volumes, while domestic sales fell to eight-year low.
  • Industry-wide capacity utilization increased to 54.8% during FY25 (up 0.2ppt YoY).
  • We expect domestic offtakes to grow by 6%YoY in FY26, amid easing interest rates, pick-up in government spending, and sustained demand from the real estate sector.
Oil Marketing Companies: OMC offtakes conclude FY25 on strong footing - By AKD Research

Jul 2 2025


AKD Securities


  • OMC volumetric sales for FY25 reached 16.3mn tons, higher by 7%YoY. Specifically, MS/HSD offtakes stood at 7.6mn/6.9mn tons for the full year, up 6%/10%YoY.
  • We have a ‘BUY’ call for PSO and APL with Dec’25 TP of PkR729/850 per share, with DY of 5.1%/6.1% for FY26E
  • Our reasons for liking include anticipated revision in OMC margins during FY26 alongside volumetric recovery, while resolution of circular debt is to favorably impact the state-owned OMC i.e. PSO.
Gul Ahmed Textiles Mills Ltd. (GATM): 9MFY25 Analyst Briefing Takeaways - By AKD Research

Jul 1 2025


AKD Securities


  • Gul Ahmed Textiles Mills Ltd. (GATM) held its analyst briefing yesterday to discuss the 9MFY25 financial results and future outlook of the company:
  • To recall, company posted sales of PkR119.1bn in 9MFY25 (up by 13.3%YoY) due to higher export sales, while earnings declined to PkR2.1bn (down 7.5%YoY), due to cost pressures.
  • Gross margins contracted to 10.9% during the period compared to 11.5% in 9MFY24. The said decline is mainly due to higher energy costs.
Mari Energies Ltd (MARI): 9MFY25 Analyst Briefing Takeaways - By AKD Research

Jul 1 2025


AKD Securities


  • Mari Energies Ltd (MARI) held its analyst briefing yesterday to discuss 9MFY25 financial results and future outlook
  • The company reported net sales of PkR132.3bn during 9MFY25, down 7%YoY, primarily due to a combination of lower production of 29.3mn boe (down 2%YoY) and softening wellhead prices during the period.
  • Net profit declined by 10%YoY to PkR46.3bn (EPS: PkR38.6), with the contraction attributed to the impact of additional royalty applied to Mari D&P lease during the year.
Economy: KSE-100 outperforms all asset classes for second consecutive year - By AKD Research

Jul 1 2025


AKD Securities


  • Aggressive monetary easing, supported by tight fiscal policy and a strong external account, contributed to a 60.1% return for the KSE-100 in FY25, as it emerged as the bestperforming asset class for the second consecutive year.
  • Banks contributed the most to KSE-100 with 15,160 points during FY25, followed by Fertilizer with 8,292 points, E&Ps with 6,845 points, and Cement with 5,596 points.
  • Mutual Funds turned net buyers in FY25 after three consecutive years of selling, absorbed most of the selling by Foreigners.
Al-Ghazi Tractors Ltd. (AGTL): CY24 and 1QCY25 Analyst Briefing Takeaways - By AKD Research

Jun 26 2025


AKD Securities


  • Al-Ghazi Tractors Ltd. (AGTL) held its analyst briefing today to discuss CY24/1QCY25 results and future outlook of the company. Following are the key highlights:
  • Company posted earnings of PkR3.5bn (EPS: PkR61.1) in CY24, compared to PkR2.6bn (EPS: PkR45.1) in CY23. The said increase was primarily attributable to improved gross margins to 24% during the period compared to 19% during SPLY.
  • Moreover, operating expenses saw a 50%YoY increase in CY24 following the company's transition from its old ERP system to SAP S/4HANA, as well due to free deliveries for tractors sold in Punjab’s Green Tractor Scheme.
Economy: Inflation to moderate further in FY26 - By AKD Research

Jun 26 2025


AKD Securities


  • Continued tight monetary and fiscal policies amid stable currency are expected to moderate inflation further in FY26.
  • We expect inflation to remain at 4.4% in FY26, broadly in line with estimation for FY25, driven by a modest increase in the heavily weighted Food and Housing indices amid subdued Int’l commodity prices.
  • Rupee is expected to remain stable due to improved external account position driven by elevated remittances and rising exports aided by structural reforms.
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Open:
Volume:
Change: ()
High:
Low:
52 Week High:
Vol Avg(12 m):
Free Float:
52 Week Low:
Market Cap:
Total Share:

Relative Strength Index (RSI)

RSI:

MACD Signals

MACD DAILY:
MACD WEEKLY:

Simple Moving Avg (SMA)

SMA(10):
SMA(30):
SMA(60):
SMA(200):

Performance

One Month:
Three Months:
Six Months:
Twelve Months:

Support & Resistance

Support 1:
Resistance 1:
Support 2:
Resistance 2:

High & Lows

Period
High
Low