Pakistan Market Wrap: Evening Chronicle – By AHCML Research
Dec 8 2025
Al Habib Capital Markets
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index
continued its upward momentum, surging to a intraday high of 168,755.18 points
before settling at a closing level of 168,303, up 1,217.66 points (0.73%). The
bullish sentiment was underpinned by strong investor interest across key
sectors, particularly Fertilizer, Technology and communication, commercial
banks, Cement, oil and gas exploration companies and OMCs. On the macro front,
the IMF Executive Board is scheduled to convene today to review Pakistan’s
Second Review under the 37-month EFF as well as the First Review of the
28-month RSF a key event that may shape near-term macroeconomic expectations.
Meanwhile, concerns re-emerged on the external account side,
as Pakistan’s continued import tariff rationalization paired with further
reductions anticipated under the National Tariff Policy 2025-30 is expected to
place additional pressure on the already elevated trade deficit. Among major
contributors FFC, SYS, NBP, PTC, & DGKC, which collectively added 845.68
points to the benchmark index. PTC led volumes with 60.90 million shares; as
overall market participation reached 783.08 million shares.
Pakistan Market Wrap: Bullish Start to the Week as IMF Review Lifts Investor Sentiment – By HMFS Research
Dec 8 2025
HMFS Research
The KSE-100 Index opened the week on a strong footing,
gained over 1,600 points intraday as sentiment improved ahead of the IMF
Executive Board meeting scheduled for today to approve the disbursement under
the USD 1.2bn review. Over the weekend, the newly concluded Free Trade
Agreement (FTA) between Pakistan and the Gulf Cooperation Council (GCC) emerged
as a key development at the 23rd Doha Forum. The market maintained strong
momentum throughout the session, driven by value buying. At the end of the day,
the bourse settled at 168,303 level, up by 1,218 points. Trading activity
remained moderate, with 328mn shares traded on KSE-100, while the broader
market recorded 781mn shares. PTC (61mn), BNL (52mn), and KEL (47mn) led the
volumes.
Going forward, market sentiment is expected to remain
bullish on the back of the IMF review. If the review is successfully concluded,
the tranche is likely to be disbursed within a few days, supporting continued
optimism throughout the week. Further, tomorrow’s meeting with the Economic
Co-ordination Committee (ECC) to discuss an 11-point agenda including talking
about the circular debt plan for FY26 and electricity purchase agreement with
Iran, among others, would shape the market accordingly. Investors are advised
to stay attuned to these meetings, track key economic developments, and remain
focused on fundamentally strong stocks with sustainable long-term growth
potential.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research
Dec 8 2025
Ismail Iqbal Securities
The benchmark index closed on a positive note, supported by
improved liquidity in the market. Trading volumes increased to 328mn shares
today as compared to 226mn shares in the previous session. Today, the KSE-100
index gained 1,218 points to close at 168,303 level, up by 0.73% DoD.
Fertilizer, Technology & Communication, and Cement sectors were the major
contributors in today's session, cumulatively adding 793 points to the index.
Shifa International Hospitals Ltd (SHFA): Expansion phase resumes; earnings strengthen – By JS Research
Dec 8 2025
JS Global Capital
Shifa International Hospitals Ltd (SHFA) held its analyst
briefing to review its FY25 performance and outline the growth trajectory
ahead. The company posted earnings of Rs2.3bn for the year, a 71% increase YoY,
taking EPS to Rs36.84.
Management explained that the group has completed its
consolidation phase and has now entered a new cycle of expansion.
The ongoing
projects include Shifa National Hospital Faisalabad (Pvt.) Ltd (SNHF), Shifa
Medical Centre Islamabad (Pvt.) Ltd (SMCI) and SIHT (Pvt.) Ltd, each intended
to strengthen the group’s presence across key cities.
The upcoming SNHF facility is expected to begin operations
by 4QFY26. Management anticipates the hospital will reach break-even within
three years and turn profitable in the fourth year, with net margins projected
at 7 to 8%.
Pakistan Refinery Limited (PRL): Engulfing Bull on weekly chart – By JS Research
Dec 8 2025
JS Global Capital
PRL is picking up momentum as the interim resistance lies
within 38-39 range where a break above that will confirm the start of a bullish
move. An Engulfing Bull has occurred on weekly chart with the MACD Buy signal.
Also, the PRL is trading above key averages keeping the trend bullish. The
short term target is expected at 45.7 which may later rise to 52.5 which is
defined as the medium term target for PRL. The said levels will provide a
return of 21% and 39% from the current close. The short term risk is defined
below 33.8 (200-DMA), while a fall below 30.1 will invalidate the above view.
Technical Outlook: KSE-100: Bullish session amid improved volumes – By AKD Research
Dec 8 2025
AKD Securities
The index began the day on a strong footing and stayed
bullish throughout the previous session, reaching an intraday high of 1,640
points. It eventually closed with a mild gain of 802 points at 167,086. Market
participation strengthened, as trading volumes rose by 35% from the prior
session. KSE100 is currently trading 21.4% above its 200-period moving average,
indicating a continued upward trend. Volatility remains extremely low relative
to the average over the last 10 sessions. Volume indicators show moderate
inflows into the Index, reflecting a mildly bullish tone. Trend-forecasting
oscillators also remain bullish and have maintained this stance for seven consecutive
periods.
Technically, the immediate support is seen at 166,500 and a
breach below this could extend the decline toward 165,800 and 165,100. Conversely,
resistance is expected around 167,800, followed by 168,500 and 169,100. It is
recommended to accumulate positions on weakness with risk defined below support
zone.
Pakistan Market Wrap: View from the Desk – By JS Research
Dec 5 2025
JS Global Capital
PSX closed on a strong note as the KSE-100 Index gained 802 points
to settle at 167,085, rebounding sharply after recent pressure. The index traded
between166,369 and 167,923, showing resilience amid selective buying. Total volume
stood at 687mn shares, indicating renewed investor participation. E&P and fertilizer
sectors drove the rally, while sentiment remained supported by optimism over
economic stability. The near-term outlook stays positive with potential testing
of 168k resistance.
Pakistan Market Wrap: KSE-100 closes at 167,086 up 802 points – By Alpha-Akseer Research
Dec 5 2025
Alpha Capital
The equity market opened on a strong footing and maintained
momentum throughout the session. The KSE-100 Index recorded an intraday high of
167,923 and a low of 166,370, eventually closing at 167,086, up 802 points.
Trading activity improved, with 225.6 million shares changing hands and an
estimated PKR 28.4 billion in value.
Key contributors to the index’s rise included FFC (1.1%, 175
points), PPL (3.2%, 153 points), OGDC (1.4%, 86 points), UBL (0.7%, 73 points),
and SYS (1.4%, 64 points). On the volume front, PTC and CNERGY led the market
with 26 million and 22.3 million shares traded, respectively.
The KSE-100 index concluded the week on a positive note,
gaining +802 points (+0.48%) on Friday. Despite heightened volatility
throughout the week, the index successfully held above the key support level of
166,024, as highlighted in our earlier chart-based analysis.
This resilience reinforces our technical outlook, with the
market continuing to respect critical support zones amid fluctuating sentiment.
The broader trend remains constructive, and we reiterate our year-end 2025
target of 176,336, implying a potential upside of 6% from current levels.
Pakistan Aluminium Beverage Cans Limited (PABC): Hit hardest by border closure; Reiterate Sell – By JS Research
Dec 5 2025
JS Global Capital
Despite several rounds of talks mediated by Qatar and
Turkiye, as well as a recent brief dialogue in Saudi Arabia, there has been no
progress toward resuming trade between Pakistan and Afghanistan. We are now
incorporating a three-month border closure, which reduces our CY25E EPS
estimate for Pakistan Aluminium Beverage Can (PABC) by 16% to Rs17.39 and
lowers our target price to Rs124 (down 5%).
In its recent quarterly report, PABC highlighted its plans
to construct a 1.3bn can plant in Afghanistan, with an expected project outlay
of US$110mn and a construction timeline of 1.5–2 years. As Afghanistan is a
landlocked country, the new project will depend on raw material imports through
transit trade with Pakistan.
We are closely monitoring developments related to Pak–Afghan
border issues and PABC’s investment plans, and will revisit our estimates for
the company accordingly. In the meantime, we reiterate our Sell rating on PABC.
Our sensitivity analysis suggests that every one-month export suspension
implies a 5% negative impact on our CY26E EPS for the company.
