Pakistan Markets: Selling pressure dominated the market – By JS Research

Oct 10 2025


JS Global Capital


  • The KSE-100 Index corrected 3.5% WoW to 163,098 as profit-taking was observed, after extended bull-run of 5 weeks having positive closings. Among the major sectors, Oil & Gas exploration and production (E&Ps), Cement, and Banking posted negative returns of 5.5%, 4.6%, and 3.4%, respectively. Average daily volumes also declined by 9% WoW to 1,357mn shares. During the week, the IMF concluded its visit to Pakistan for the second review of the ongoing US$7bn EFF program, alongside the first review under the Resilience & Sustainability Facility (RSF).
  • Issues related to flood-related fiscal adjustments, other fiscal slippages, and certain other matters will be under discussion during policy level talks in the coming days. Meanwhile, Pakistan reported an 11% YoY growth in remittances, which stood at US$3.2bn in Sep-2025. Cumulatively, remittances reached US$9.5bn (+8% YoY) during 1QFY26. On the privatization front, the process for PIA has entered its final stages, with bidding and key negotiations expected to conclude by year-end. Additionally, the government is moving forward with the privatization of DISCOs to align with IMF reform commitments. Lastly, SBP reserves inched up by US$20mn WoW to US$14.4bn.
Technical Outlook: KSE-100: Surges amidst good volumes – By AKD Research

Oct 22 2025


AKD Securities


  • The Index started the session on a strong bullish trajectory and maintained its upward momentum throughout the day. It reached an intra day high of 2,171 points before settling with notable gains of 1,104 points at 167,347. Market activity improved significantly, with trading volumes increasing by 43% compared to the previous session. Over the last 50 trading sessions, the index has recorded 22 positive and 28 negative closings, resulting in a net of 6 negative closings. KSE100 opened with an upside gap on normal volume, suggesting the potential formation of a Runaway Gap, typically indicating trend continuation. Price movement during the session remained limited, as reflected by the narrow difference between opening and closing levels. The daily Parabolic SAR (Stop & Reverse) indicator currently appears below the index, reinforcing the ongoing bullish sentiment.
  • From a technical standpoint, immediate support lies at 167,000, and a breakdown below this level could trigger further weakness towards 166,400 and 165,500. On the upside, resistance is expected around 167,800, followed by 168,500 and 168,900. Traders are advised to trade with a cautious approach and accumulate positions on weakness.
Morning News: Stocks mostly flat but earnings a positive; gold drops 5% - By Shajar Research

Oct 22 2025


Shajar Capital


  • Major stock indexes were mostly near flat on Tuesday, with upbeat results and forecasts from top U.S. companies providing some support, while gold prices dropped more than 5% as investors took profits after a recent rally. (Reuters)
  • US President Donald Trump on Monday said he told Indian Prime Minister Narendra Modi that war with Pakistan must be avoided, highlighting that he has prevented multiple conflicts using diplomacy and trade leverage. (The News)
Morning News: Repatriation of profits jumps 86 percent in Q1 – By Alpha-Akseer Research

Oct 22 2025


Alpha Capital


  • Repatriation of profits and dividends by the foreign investors sharply rose by 86 percent in the first quarter of this fiscal year (FY26) mainly due to improved earnings.
  • The International Monetary Fund (IMF) has warned that severe flooding in Pakistan during the third quarter of 2025 may have more adverse effects on growth, inflation, and the current account than currently estimated, although these impacts remain highly uncertain.
  • The country’s business community has expressed concern following the announcement of uniform Fuel Charges Adjustment (FCA) of August 2025 across the country after inclusion of KE’s generation data.
Pakistan Market Wrap: Momentum Builds as Economic Stability Fuels Market Gains – By HMFS Research

Oct 21 2025


HMFS Research


  • Bullish momentum carried through at the Pakistan Stock Exchange (PSX) on Tuesday, as the benchmark KSE-100 Index surged over 2,172 points during intraday trading amid renewed investor optimism. Buying interest was pronounced across key sectors including banks, fertilizers, and energy, buoyed by improving macro indicators and institutional participation. Sentiment was further lifted by the government’s successful Staff-Level Agreement (SLA) with the IMF, anticipation ahead of the ongoing results season, and news of the first privatization move — the sell-off of First Women Bank. The index eventually settled around the 167,346 level, closing up by nearly 1,103 points.
  • Turnover remained robust, with volumes of ~1bn shares on the KSE-100 Index and ~1.81bn shares on the All-Share Index. Actively traded names included KEL (547mn), WTL (260mn), and BOP (128mn). Adding to the positive backdrop, Pakistan recorded a current account surplus of USD 110mn in September, reversing the previous month’s deficit of USD 325mn — a development that further reinforced confidence in external sector stability. We expect near-term momentum to persist as investors position ahead of major corporate earnings. That said, intermittent profit-taking cannot be ruled out after the recent rally. We advise clients to maintain exposure in fundamentally strong blue-chip names, while selectively realizing gains in overbought counters.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 21 2025


Al Habib Capital Markets


  • The KSE-100 Index extended its bullish momentum from the previous session, reaching an intraday high of 168,414.13 before settling at 167,346.83, up by 1,103.93 points (0.66%). Renewed investor confidence, driven by reduced geopolitical concerns, improved macroeconomic indicators, and sustained buying in key sectors such as commercial banks, fertilizers, and oil & gas exploration, supported the rally. On the economic front, the IMF noted on Tuesday that economic activity in the Middle East, North Africa, and Pakistan has been “stronger than expected” this year. Top index incliners included, BAHL, FFC, MCB, OGDC & PPL, which collectively pulled the benchmark up by 830.55 points. KEL led volumes with 547.32 million shares; overall market turnover was 1,816.81 million shares.
National Foods Limited (NATF): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 21 2025


AKD Securities


  • Company has two operating segments i.e. its core business and retail (cash and carry). The first encompasses NATF's traditional food and food-related products, while the latter centers on its acquisition of A1 Cash & Carry, a Canadian retail chain.
  • In FY25, NATF reported consolidated earnings of PkR4.4bn (EPS: PkR14.9), against PkR2.8bn in FY24, up 58%YoY, primarily due to operational efficiencies created by the Faisalabad plant.
  • Both the retail segment and the core business delivered growth, with company’s net sales increasing from PkR37bn to PkR45bn, up 19%YoY, while the retail segment also saw a 22%YoY increase in revenue.
National Foods Limited (NATF): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • National Foods Limited (NATF) reported earnings per share of PKR 13.65 for FY25 (FY24: 5.44). Furthermore, in 4QFY25, the company reported earnings per share of PKR 1.40 (4QFY24: 1.23).
  • Gross margins improved in 1QFY26 to 38% from average of 36% in FY25 primarily due to pricing factor and cost efficiencies associated with the Faisalabad plant. Management is confident that this margin is sustainable for the rest of FY26.
  • In the overall portfolio mix, the Faisalabad plant contributes around 70%. While Karachi plant caters the southern part of the country and exports. A critical distribution hub has been set in Canada to serve customers and improve speed to the market.
Pakistan Refinery Limited (PRL): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • Pakistan Refinery Limited (PRL) reported loss per share of PKR 7.40 for FY25, compared to earnings per share of PKR 6.45 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 1.61, compared to loss per share of PKR 3.73 in the same period last year (SPLY).
  • During FY25, the company produced 796k tons of HSD and 300k tons of MS. Crude sourcing relied primarily on the Middle East roughly 70% from ADNOC, 20% from Aramco, and 10% local crude.
  • Capacity utilization remained around 80–85%. Management highlighted that increasing utilization further would require running heavier crude, which would alter yields by increasing furnace oil production. Given the record MS and HSD output this year, management aims to improve efficiency and sustain higher production.
Pakistan Refinery Limited (PRL): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Oct 21 2025


Taurus Securities


  • The management of PRL held a corporate briefing session for the results of FY25 and 1QFY26– discussing the achievement of highest ever HSD production i.e. 796,261 MT in FY25 which had minimized overall losses. Further, the Company also achieved highest ever average daily production of MS amounting to 833 MT (7,447 barrels) during FY25. Regarding the update on ongoing Refinery Expansion & Upgrade project (REUP), the management told that EPC-F bids have been received and under evaluation (to be materialized in 1 year) and then major work will be started.
  • In case of crude imports, the Company procured ~70%, 20% and 10% crude from Dubai, Aramco and local channel, respectively during 1QFY26. The current utilization stood at 80-85%. The Company procured a bulk of Bonny crude (Nigerian crude) during FY25 and in 1QFY26 as it is the reason for increase in HSD production due to low sulfur content in it.
  • The current custom duties of crude, HSD and MS are 5%, 10% (2.5% in escrow account) and 10%, respectively. Overall crude average purchase price in FY25 was USD 75/bbl. Moreover, average freight/barrel in FY25 amounted to USD 1.3-1.5. Whereas, average operating/conversion cost in FY25 was USD 3.5/bbl. The management also shared average energy cost per barrel for FY25 which was USD 1/bbl. Total energy requirement per day was PKR 3.5-4 per Megawatt in FY25. As per the management, the average payment cycle from bill of lading to payment (suppliers) is 30 days. The management also highlighted that the IPPs didn’t purchase furnace oil (FO) from the refineries since the imposition of levies on FO.
Engro Fertilizers Limited (EFERT): Unfavourable dynamics weigh on earnings – By JS Research

Oct 21 2025


JS Global Capital


  • Engro Fertilizers Ltd. (EFERT) has underperformed the KSE-100 index by 38% CYTD, mainly led by the unfavorable business dynamics that has adversely impacted the company throughout the year. To recall, the company posted earnings of Rs14bn, down 21% YoY led by the slowdown in sales volume, ongoing discounts, and higher financial charges.
  • The company’s Urea inventory remained elevated, currently hovering around 550k tons owing to subdued local demand. This led to discount offerings in the range of Rs250-325/bag in the outgoing quarter which are still in place. The management in its recently held corporate briefing session apprised that industry’s inventory levels are likely to remain at 1mn tons by year end.
Engro Fertilizers Limited (EFERT): Unfavourable dynamics weigh on earnings – By JS Research

Oct 21 2025


JS Global Capital


  • Engro Fertilizers Ltd. (EFERT) has underperformed the KSE-100 index by 38% CYTD, mainly led by the unfavorable business dynamics that has adversely impacted the company throughout the year. To recall, the company posted earnings of Rs14bn, down 21% YoY led by the slowdown in sales volume, ongoing discounts, and higher financial charges.
  • The company’s Urea inventory remained elevated, currently hovering around 550k tons owing to subdued local demand. This led to discount offerings in the range of Rs250-325/bag in the outgoing quarter which are still in place. The management in its recently held corporate briefing session apprised that industry’s inventory levels are likely to remain at 1mn tons by year end.
Lucky Cement Ltd (LUCK): 1QFY26 result previews – By JS Research

Oct 16 2025


JS Global Capital


  • We present 1QFY26 earnings expectations for Maple Leaf Cement Factory Ltd (MLCF) and Lucky Cement Ltd (LUCK).
  • MLCF is expected to post standalone EPS of Rs2.36 in 1QFY26, reflecting a 2.4x YoY increase, driven by a 17% rise in domestic dispatches, a 5.5ppt improvement in gross margins, and a substantial reduction in finance costs. On a consolidated basis, EPS is projected at Rs2.67, up 2.1x YoY.
  • LUCK, on the other hand, is expected to post 17% YoY growth in standalone profitability in 1QFY26, with EPS estimated at Rs5.25/share, supported by a 10% increase in dispatches and a 2.4ppt YoY improvement in gross margins amid lower coal prices and continued cost efficiencies. On a consolidated basis, EPS is projected at Rs14.65, reflecting a 20% YoY increase.
Maple Leaf Cement Factory Ltd (MLCF): 1QFY26 result previews – By JS Research

Oct 16 2025


JS Global Capital


  • We present 1QFY26 earnings expectations for Maple Leaf Cement Factory Ltd (MLCF) and Lucky Cement Ltd (LUCK).
  • MLCF is expected to post standalone EPS of Rs2.36 in 1QFY26, reflecting a 2.4x YoY increase, driven by a 17% rise in domestic dispatches, a 5.5ppt improvement in gross margins, and a substantial reduction in finance costs. On a consolidated basis, EPS is projected at Rs2.67, up 2.1x YoY.
  • LUCK, on the other hand, is expected to post 17% YoY growth in standalone profitability in 1QFY26, with EPS estimated at Rs5.25/share, supported by a 10% increase in dispatches and a 2.4ppt YoY improvement in gross margins amid lower coal prices and continued cost efficiencies. On a consolidated basis, EPS is projected at Rs14.65, reflecting a 20% YoY increase.
Tariq Glass Industries Limited (TGL): FY25 Corporate Analyst Briefing – By JS Research

Oct 15 2025


JS Global Capital


  • Tariq Glass Industries Limited (TGL) conducted its corporate briefing today to discuss the FY25 results and outlook. To recall, TGL announced FY25 EPS of Rs27.75, reflecting a 9% YoY increase. The company announced a cash dividend of Rs4/sh alongside the results. We present key takeaways from the briefing session.
  • TGL reported a 9% YoY increase in net earnings during FY25, mainly due to improved pricing, recovery in margins and 31% YoY decline in financial charges. We highlight, TGL recorded Rs915mn one-time gain led by the acquisition of Baluchistan Glass (BGL) last year, thus excluding the impact of this, the recurring PBT is up 37% YoY in FY25.
  • During the year, MMM Holding (50% owned by TGL) converted its long-term debt given to BGL, into equity thus increasing its stake in the company to 94% from 84% and thereby increasing TGL’s indirect stake to 47% from 42% earlier.
Atlas Battery Limited (ATBA): Corporate analyst briefing takeaways – By JS Research

Oct 15 2025


JS Global Capital


  • The company reported a topline of around Rs35bn in FY25, reflecting a 15% YoY decline. The drop is primarily led by a 10% decrease in Atlas Maintenance-Free Battery (AMB) sales volume in the replacement market and a consumer shift from heavy to medium-sized batteries, which carry lower realizations.
  • Accordingly, the management highlighted that the shift in sales mix from heavy to medium-sized batteries has also impacted margins, as gross margins declined 3ppt YoY to 11% in FY25. Going forward, margins are expected to remain under pressure unless heavy battery demand improves.
Technical Outlook: KSE-100; Resuming the uptrend – By JS Research

Oct 15 2025


JS Global Capital


  • KSE-100 index witnessed a sharp recovery to close at 165,476 level, up 7,033 points DoD. Volumes stood at 1,180mn shares versus 1,366mn shares traded previously. The index is expected to test resistance at 165,869 where a break above that will target 167,354, followed by the all-time high at 169,989. However, any downside will find support between 162,240 and 164,050 levels, respectively. The RSI and the Stochastic Oscillator have reversed, supporting a positive view. We recommend investors to 'Buy on dips', keeping stoploss below 162,243 level. The support and resistance are at 162,243 and 167,288 levels, respectively.
Pakistan Aluminium Beverage Cans Limited (PABC): Seasonal dip in 3Q earnings; Reiterate Sell – By JS Research

Oct 13 2025


JS Global Capital


  • We expect PABC to report 13% YoY jump in EPS for 3QCY25 to Rs5.33, taking 9MCY25E EPS to Rs16.10 (+30% YoY). Increase in earnings is primarily led by recovery in domestic sales as well as exports ahead of upcoming regional expansions.
  • We reiterate our Sell rating for PABC, premised on strong run-up in the stock price, expected decline in earnings from CY27E onwards owing to the normalization of taxes and weaker exports outlook from upcoming expansions in Central Asia. Our revised TP of Rs130, implies 14% downside in the stock price from current levels.
  • With ~50% of PABC’s revenues contributed by exports to Afghanistan, the company’s sales and earnings remain exposed to the risk of cross-border tensions between the two countries.
Technical Outlook: KSE-100 entering the support range – By JS Research

Oct 13 2025


JS Global Capital


  • Bears continued to dominate the session as KSE-100 index declined by 1,433 points to close at 163,098 level. Volumes stood at 1,397mn shares versus 1,570mn shares traded previously. The index is expected to test support between 162,110 and 162,420 levels as a fall below that will continue the downtrend with 157,246 as the next target. However, any upside will face resistance in the range of 163,590-165,270 level. The RSI and the MACD are heading down, supporting a corrective view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 161,918 and 164,770 levels, respectively.
Pakistan Markets: Selling pressure dominated the market – By JS Research

Oct 10 2025


JS Global Capital


  • The KSE-100 Index corrected 3.5% WoW to 163,098 as profit-taking was observed, after extended bull-run of 5 weeks having positive closings. Among the major sectors, Oil & Gas exploration and production (E&Ps), Cement, and Banking posted negative returns of 5.5%, 4.6%, and 3.4%, respectively. Average daily volumes also declined by 9% WoW to 1,357mn shares. During the week, the IMF concluded its visit to Pakistan for the second review of the ongoing US$7bn EFF program, alongside the first review under the Resilience & Sustainability Facility (RSF).
  • Issues related to flood-related fiscal adjustments, other fiscal slippages, and certain other matters will be under discussion during policy level talks in the coming days. Meanwhile, Pakistan reported an 11% YoY growth in remittances, which stood at US$3.2bn in Sep-2025. Cumulatively, remittances reached US$9.5bn (+8% YoY) during 1QFY26. On the privatization front, the process for PIA has entered its final stages, with bidding and key negotiations expected to conclude by year-end. Additionally, the government is moving forward with the privatization of DISCOs to align with IMF reform commitments. Lastly, SBP reserves inched up by US$20mn WoW to US$14.4bn.
Pakistan Market Wrap: View from the Desk – By JS Research

Oct 9 2025


JS Global Capital


  • Amid persistent profit-taking and a lack of fresh positive triggers, the benchmark index ended the day in negative territory after a session of significant volatility. Trading activity intensified, with volume climbing to 1,570mn shares from yesterday's 1,275mn. The KSE-100 declined by 736 points (0.45%) to close at 164,531, with the Banking, Power, and Oil & Gas sectors contributing the most to the losses.