National Bank of Pakistan (NBP): Management Meeting Takeaways – By Topline Research

Oct 8 2025


Topline Securities


  • We had a management meeting with the senior management of National Bank CEO, Mr. Rehmat Ali Hasnie and CFO, Mr. Abdul Wahid Sethi on the recent financial results and outlook.
  • Regarding the Shariah conversion of all banks, the banks stated that they are well on their way to starting the transformation and have already submitted their plans. However, the government and the central bank will need to resolve certain issues, particularly those related to making government securities investments Shariah compliant. The structure of bank balance sheets shows that a significant portion of their assets consists of government securities. Therefore, the conversion process will largely depend on resolving this matter.
  • Regarding dividends, management noted that the bank holds a very strong capital position, with a Capital Adequacy Ratio (CAR) of 27%. Excessive availability of capital and accumulation may effect ROE hence bank have sufficient liquidity for dividend payouts in the coming years while robust profitability may continue to enhance equity and CAR. To highlight, Banks regulatory requirement for CAR has increased to 14%.
National Bank of Pakistan (NBP): Management Meeting Takeaways – By Topline Research

Oct 8 2025


Topline Securities


  • We had a management meeting with the senior management of National Bank CEO, Mr. Rehmat Ali Hasnie and CFO, Mr. Abdul Wahid Sethi on the recent financial results and outlook.
  • Regarding the Shariah conversion of all banks, the banks stated that they are well on their way to starting the transformation and have already submitted their plans. However, the government and the central bank will need to resolve certain issues, particularly those related to making government securities investments Shariah compliant. The structure of bank balance sheets shows that a significant portion of their assets consists of government securities. Therefore, the conversion process will largely depend on resolving this matter.
  • Regarding dividends, management noted that the bank holds a very strong capital position, with a Capital Adequacy Ratio (CAR) of 27%. Excessive availability of capital and accumulation may effect ROE hence bank have sufficient liquidity for dividend payouts in the coming years while robust profitability may continue to enhance equity and CAR. To highlight, Banks regulatory requirement for CAR has increased to 14%.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Oct 20 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, gradually gaining throughout the session as easing geopolitical pressures and optimism around the ongoing results season lifted sentiment. The market further strengthened toward the close following positive news of a current account surplus of USD 110 million. Trading volumes increased to 704mn shares today as compared to 500mn shares in the previous session. Today, the KSE-100 index gained 2,437 points to close at 166,243 level, up by 1.49% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Fertilizer sectors were the major contributors in today's session, cumulatively adding 1786 points to the index.
Pakistan Market Wrap: KSE-100 closes at 166,243 up 2,437 points – By Alpha-Akseer Research

Oct 20 2025


Alpha Capital


  • The equity market opened on a strong note and maintained its upward trajectory throughout the session. The KSE-100 Index recorded an intraday high of 166,421 and a low of 164,282, before closing at 166,243, reflecting a significant gain of 2,437 points. Trading activity remained vibrant, with a total volume of 703.7 million shares and a traded value of approximately PKR 36.4 billion.
  • Key contributors to the index’s rise included HBL (4.8%, 285 points), UBL (2.2%, 255 points), BOP (10%, 167 points), NBP (4.1%, 144 points), and AKBL (10%, 138 points). On the volume side, KEL and BOP dominated with 229.3 million and 184.4 million shares traded, respectively.
  • Following a healthy phase of correction and consolidation, the market has begun to regain positive momentum. While short-term volatility may persist, the medium- to long-term outlook remains positive, bolstered by the upcoming corporate earnings season. Robust dividend announcements, particularly from Banks and Fertilizer companies, are anticipated. Investors are advised to focus on fundamentally strong sectors—including E&Ps, OMCs, Fertilizers, and Banks—which offer a combination of attractive dividend yields and sustainable growth potential.
Pakistan Market Wrap: Bulls Regain Control as Optimism Returns to the Bourse – By Topline Research

Oct 20 2025


Topline Securities


  • The Pakistan Stock Exchange (PSX) witnessed a strong bullish rally on the KSE-100 index, as renewed optimism lifted investor sentiment across the board. The benchmark surged 2,615 points intraday, driven by improving geopolitical conditions and encouraging macroeconomic signals. Investor confidence strengthened as Pak–Afghan border tensions eased, following the peace talks held in Doha, while positive economic developments added further momentum. Additionally, the Finance Minister’s projection of 3.5–4% GDP growth for FY25— despite the challenges posed by recent monsoon floods—further reinforced market optimism.
  • Amid this upbeat sentiment, the benchmark KSE-100 Index gained 2,356 points over the previous close, settling at 166,242 level. Trading activity remained robust, with 704mn shares changing hands on the KSE-100 and 1.47bn shares traded in the broader market. KEL (229mn), WTL (223mn), and BOP (184mn) emerged as the top volume leaders for the session. Looking ahead, favourable macroeconomic indicators, coupled with the anticipated IMF tranche disbursement, are expected to sustain the market’s positive trajectory. Moreover, the ongoing quarterly earnings season may attract investors toward value-oriented and fundamentally strong stocks. That said, intermittent profit-taking cannot be ruled out as the index consolidates at higher levels. Investors are advised to remain vigilant, monitor market dynamics closely, and focus on stocks offering long-term growth potential.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 17 2025


Al Habib Capital Markets


  • The KSE-100 Index witnessed another session of heightened volatility, touching an intraday high of 165,031 before settling at 163,806, down -638.51 points (-0.39%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery.
  • On economic front, The State Bank of Pakistan’s FY25 Annual Report highlights that prudent monetary and fiscal policies, along with IMF support and favorable global conditions, strengthened macroeconomic stability, reducing inflation to an eight-year low, achieving a current account surplus, and cutting the fiscal deficit to a nine-year low. Among key index movers, MARI, UBL, HBL, POL, & ENGROH, cumulatively dragged the benchmark down by -380.52 points. WTL led volumes with 891.36 million shares; overall market turnover was 1,978.65 million shares
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Oct 17 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, exhibiting volatility throughout the session, primarily due to the absence of any significant positive triggers. Trading volumes decreased to 500mn shares today as compared to 1390mn shares in the previous session. Today, the KSE-100 index lost 639 points to close at 163,806 level, down by -0.39% DoD. Oil & Gas Exploration Companies, Commercial Banks, and Power Generation & Distribution sectors were the major laggards in today's session, cumulatively shedding 497 points from the index.             
Pakistan Market Wrap: Volatility Persists: KSE-100 Slips 1,300 Points – By HMFS Research

Oct 17 2025


HMFS Research


  • The market remained volatile today, trading largely in the red as sentiment oscillated between optimism and caution. The downside was primarily driven by escalating Pakistan–Afghanistan geopolitical tensions, which unsettled investors and triggered broad-based profit-taking. Further pressure emerged after Finance Minister highlighted that recent floods affecting vast agricultural areas could weigh on economic growth this year, amplifying concerns over near-term fundamentals. Consequently, the KSE-100 Index extended its decline, closing 639 points lower at 163,806 level, marking a sharp correction on the last trading session.
  • The KSE-100 index recorded 500mn shares traded, while overall market volumes surged to 1.98bn shares. WTL (891mn), KEL (263mn), and BOP (84mn) emerged as the day’s top volume leaders. Looking ahead, market fundamentals remain robust, underpinned by improving macroeconomic indicators, the anticipated IMF inflow, and ongoing bilateral engagements with key partners. The onset of the quarterly results season is also expected to provide fresh upward momentum to the index. While intermittent volatility and profit-taking may emerge—particularly if geopolitical tensions intensify—the overall sentiment remains constructive. Investors are advised to maintain a balanced and fundamentals-driven approach, focusing on companies with resilient earnings and sustainable growth prospects, while staying mindful of short-term market shifts.
Pakistan Market Wrap: KSE-100 closes at 163,806 down 639points – By Alpha-Akseer Research

Oct 17 2025


Alpha Capital


  • The equity market began the session on a strong note but experienced volatility throughout the day. The KSE-100 Index touched an intraday high of 165,031 and a low of 163,118 before settling at 163,806, marking a decline of 639 points. Trading activity remained robust, with a total volume of 550.4 million shares and a traded value of approximately PKR 22 billion.
  • Major contributors to the index’s decline included MARI (-1.5%, -91 points), UBL (-0.7%, -78 points), HBL (-1.3%, -77 points), POL (-2.4%, -68 points), and ENGROH (-0.9%, -67 points). On the volume front, KEL and BOP led the activity with 262.7 million and 84.2 million shares traded, respectively.
Pakistan Cements: Demand uptick to catalyse further rerating – By Insight Research

Oct 17 2025


Insight Securities


  • Pakistan cement sector has rallied 33% FYTD vs. KSE100’s 32% return. Despite utilization hovering at a depressed level of ~45%, sector’s profitability and stock performance have remained robust. Historically, sector valuations have moved closely in tandem with demand cycles, with P/E multiple stretching towards 10x during boom cycles and contracting to 5x in period of subdued demand. Unlike previous cycles where weak demand triggered price wars and subsequent compressed valuations, cement players have observed strict pricing discipline during current cycle.
  • With political and economic stability, deleveraged balance sheet, lower interest rates and no major capacity additions in short run, the sector appears well positioned to sustain its upward momentum, while any improvement in demand outlook remains a key upside trigger.
Pakistan Fertilizers: Fertilizer off-take down 45%MoM – By Taurus Research

Oct 17 2025


Taurus Securities


  • Total fertilizer off-take was down significantly i.e. 45%MoM in Sep’25 to 625,692 tons due to the impact of the flood devastation (late Aug’25-early Sep’25), poor farm economics as well as higher input costs which had dropped yields on the cash crops i.e. mainly wheat—likely to disrupt demand for the fertilizer products in the near-term. Elsewhere, the resumption of loan disbursement under the Kissan Card scheme and other incentive schemes may support some demand for Fertilizer products during the upcoming Rabi Season 2025-26.
  • On a YoY basis, total fertilizer off-take was up 6%YoY in Sep’25 on the back of the Government’s stance to provide incentives as well as increase in credit disbursements to the farmers to improve agronomic activities. 
Morning News: Pakistan, IMF mull raising tax rates on solar panels, internet – By Vector Research

Oct 17 2025


Vector Securities


  • Following the rejection of proposals to increase tax rates on fertilizer and pesticides, Pakistan and the International Monetary Fund (IMF) are considering alternative options — raising taxes on rooftop solar panels, internet services and other sectors — as contingency measures in case of a revenue shortfall. These identified contingency measures are expected to be part of the IMF’s second review report, to be released after the approval of a $1 billion tranche under the $7 billion Extended Fund Facility (EFF). The measures would only be triggered under two conditions: if the revenue shortfall for the first half (July-December) of the fiscal year exceeds projections, and if the Finance Ministry is unable to reduce its expenditures. (The News)
  • The International Monetary Fund (IMF) has forecast a gradual improvement in Pakistan’s fiscal indicators over the next five years, including a lower fiscal deficit and a reduced debt-to-GDP ratio. However, it has also warned of persistent revenue shortfalls and rising pension and health expenditures. (Dawn)
Pakistan Market Wrap: Bulls Regain Control as Optimism Returns to the Bourse – By Topline Research

Oct 20 2025


Topline Securities


  • The Pakistan Stock Exchange (PSX) witnessed a strong bullish rally on the KSE-100 index, as renewed optimism lifted investor sentiment across the board. The benchmark surged 2,615 points intraday, driven by improving geopolitical conditions and encouraging macroeconomic signals. Investor confidence strengthened as Pak–Afghan border tensions eased, following the peace talks held in Doha, while positive economic developments added further momentum. Additionally, the Finance Minister’s projection of 3.5–4% GDP growth for FY25— despite the challenges posed by recent monsoon floods—further reinforced market optimism.
  • Amid this upbeat sentiment, the benchmark KSE-100 Index gained 2,356 points over the previous close, settling at 166,242 level. Trading activity remained robust, with 704mn shares changing hands on the KSE-100 and 1.47bn shares traded in the broader market. KEL (229mn), WTL (223mn), and BOP (184mn) emerged as the top volume leaders for the session. Looking ahead, favourable macroeconomic indicators, coupled with the anticipated IMF tranche disbursement, are expected to sustain the market’s positive trajectory. Moreover, the ongoing quarterly earnings season may attract investors toward value-oriented and fundamentally strong stocks. That said, intermittent profit-taking cannot be ruled out as the index consolidates at higher levels. Investors are advised to remain vigilant, monitor market dynamics closely, and focus on stocks offering long-term growth potential.
Pakistan Textiles: Textile Exports down 2% YoY while up 3% MoM in Sep-2025 to US$1.6bn – By Topline Research

Oct 16 2025


Topline Securities


  • Pakistan Textile exports clocked in at US$1.6bn in Sep 2025, down 2% YoY while up 3% MoM. In 1QFY26 Textile Exports reach US$4.8bn up 6% from US$4.5bn in 1QFY25.
  • The 2% YoY decline in exports in Sep 2025 was primarily driven by a 25% YoY drop in cotton cloth exports, which fell to US$150mn from US$200mn in Sep 2024.
  • The 3% MoM increase in Sep 2025 exports was primarily driven by a 4% MoM rise in the value added segment, led by 4% growth in knitwear and 7% growth in bedwear.
Pakistan Economy: Pakistan and IMF reaches staff level agreement – By Topline Research

Oct 15 2025


Topline Securities


  • Pakistan and IMF have reached a Staff Level Agreement (SLA) for the Second Review for the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and a first review of the new 28-month Arrangement Under the Resilience and Sustainability Facility (RSF) on Oct 14, 2025.
  • Pakistan has managed to get this agreement within 6 days of the completion of IMF team visit to Pakistan from Sep 24 to Oct 08, 2025 and there seems to be no strings attached to board approval for the second consecutive review i.e. completion of any prior actions or seeking financing assurances etc. In the past we have seen conditions like confirmation of necessary financing assurance from Pakistan’s development and bilateral partners linked with board approval (Jul 2024 staff level agreement condition) and some other conditions in recent staff level agreements of Bangladesh and Sri Lanka.
Commercial Banks: Banks earnings to increase 2% YoY and 3% QoQ in 3Q2025 – By Topline Research

Oct 13 2025


Topline Securities


  • Topline Banking Universe is likely to post an earnings increase of 2% YoY due to higher interest income coupled with lower provisioning charge in 3Q2025 which is largely offset by 4% YoY decline expected in Non-Interest Income. Similarly, earnings are up by 3% QoQ due to higher taxation charged in 2Q2025.
  • NII of the banks in the Universe is likely to increase by 6% YoY to Rs330bn due to increase in volumetric growth. Non-Interest Income of the Topline Universe is also likely to post a decline of 4% YoY in 3Q2025, mainly due to lower expected Capital Gains.
  • We maintain market weight stance on banking sector where Bank Alfalah (BAFL), Habib Bank (HBL), and MCB remains our top picks.
Pakistan Automobiles: Pakistan Car sales in Sep 2025 up 67% YoY and 22% MoM to 17,174 units – By Topline Research

Oct 10 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,174 units in Sep 2025, reflecting a 67% YoY and 22% MoM rise.
  • YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.
  • This took 1QFY26 sales to 42,267 units a 53% YoY rise from 27,585 units in 1QFY25.
National Bank of Pakistan (NBP): Management Meeting Takeaways – By Topline Research

Oct 8 2025


Topline Securities


  • We had a management meeting with the senior management of National Bank CEO, Mr. Rehmat Ali Hasnie and CFO, Mr. Abdul Wahid Sethi on the recent financial results and outlook.
  • Regarding the Shariah conversion of all banks, the banks stated that they are well on their way to starting the transformation and have already submitted their plans. However, the government and the central bank will need to resolve certain issues, particularly those related to making government securities investments Shariah compliant. The structure of bank balance sheets shows that a significant portion of their assets consists of government securities. Therefore, the conversion process will largely depend on resolving this matter.
  • Regarding dividends, management noted that the bank holds a very strong capital position, with a Capital Adequacy Ratio (CAR) of 27%. Excessive availability of capital and accumulation may effect ROE hence bank have sufficient liquidity for dividend payouts in the coming years while robust profitability may continue to enhance equity and CAR. To highlight, Banks regulatory requirement for CAR has increased to 14%.
The Hub Power Company (HUBC): Management Meeting Takeaways – By Topline Research

Oct 7 2025


Topline Securities


  • We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results and outlook.
  • Regarding the recent power circular debt resolution, the company stated that they are not aware of any talks made on the waiver of the late payment surcharge. They further mentioned that any discussions on this matter will take place at the government-to-government (G2G) level, as these are CPEC-related plants, and the relevant forum for such discussions is the JCC.
  • Management stated that due to the government’s focus on this area and timely release of the planned subsidies, the Company’s recoveries have improved, particularly for its coal-fired power plants. This is one reason for reduction in the Company’s finance cost along with lower interest rate.
The Searle Company Limited (SEARL): Result Review – By Topline Research

Oct 6 2025


Topline Securities


  • Searle Company (SEARL) announced its 4QFY25 result today, where the company recorded unconsolidated profit of Rs165mn (EPS of Rs0.32) vs. a loss of Rs3,442mn in 4QFY24. The same is down by 46% QoQ due to higher tax charge recorded in this quarter. Earning is lower than our expectation due to lower than estimated sales.
  • This takes full year FY25 earnings to Rs434mn (EPS of Rs0.85) vs loss of Rs3,331mn in FY24. To highlight, company has recorded impairment loss on investment on subsidiary of Rs927mn in FY25, we exclude this impact, EPS would have been Rs1.9 in FY25.
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