Pakistan Market Wrap: KSE-100 closes at 158,443 down 4,655points – By Alpha-Akseer Research

Oct 13 2025


Alpha Capital


  • The equity market opened on a weaker footing and remained under pressure throughout the trading session. The KSE-100 Index touched an intraday high of 161,988 and a low of 157,678, eventually closing at 158,443—down by 4,655 points. Total trading volume on the benchmark index reached 684 million shares, while the overall market capitalization stood at approximately PKR 49.5 billion.
  • Key contributors to the index’s decline included BAHL (-5.2%, -279 points), ENGROH (-3.3%, -258 points), LUCK (-3.8%, -250 points), OGDC (-4.2%, -241 points), and MARI (-4%, -234 points). In terms of volume, KEL and BOP led the activity, recording trades of 196.8 million and 97 million shares, respectively.
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.
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: 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: 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 Market Wrap: KSE-100 closes at 165,686 up 210 points – By Alpha-Akseer Research

Oct 15 2025


Alpha Capital


  • The equity market opened the session on a strong note but experienced volatility throughout the day. The KSE-100 Index touched an intraday high of 167,562 and a low of 165,357 before settling at 165,686—marking a gain of 210 points. Total trading volume on the KSE-100 Index stood at 893 million shares, with the overall traded value estimated around PKR 56 billion.
  • Key contributors to the index's upward movement included FFC (1.1%, 149 points), MEBL (2%, 137 points), MARI (1.9%, 117 points), BAFL (3.5%, 94 points), and PSEL (10%, 78 points). In terms of trading activity, KEL and BOP dominated with volumes of 383 million and 142 million shares, respectively.
Morning News: RDA inflows reach USD 11.1bn – By Alpha-Akseer Research

Oct 15 2025


Alpha Capital


  • The Roshan Digital Account (RDA) received funds amounting to USD 11.1bn by the end of September 2025, according to the State Bank of Pakistan (SBP). Meanwhile, the government raised PKR 506.7bn in the recent Pakistan Investment Bonds (PIB) auction, surpassing its target of PKR 450bn.
  • Consumers of Discos and K-Electric are to bear additional financial burden of about PKR 2 per unit for the August 2025 under the monthly tariff adjustment mechanism.
Pakistan Market Wrap: KSE-100 closes at 165,476 up 7,033 points – By Alpha-Akseer Research

Oct 14 2025


Alpha Capital


  • The equity market commenced the session on a strong note and maintained its positive momentum throughout the day. The KSE-100 Index recorded an intraday high of 165,867 and a low of 165,476, ultimately closing at 165,476—reflecting a remarkable gain of 7,033 points. Total trading volume on the KSE-100 Index reached 586.6 million shares, with the overall traded value estimated at approximately PKR 44.8 billion.
  • Major contributors to the index's rally included LUCK (8.3%, 527 points), UBL (4.6%, 509 points), SYS (10%, 480 points), ENGROH (5.7%, 428 points), and HUBC (5.8%, 362 points). On the volume front, BOP and PTC led the activity with 100.7 million and 79.8 million shares traded, respectively.
Pakistan Market Wrap: KSE-100 closes at 158,443 down 4,655points – By Alpha-Akseer Research

Oct 13 2025


Alpha Capital


  • The equity market opened on a weaker footing and remained under pressure throughout the trading session. The KSE-100 Index touched an intraday high of 161,988 and a low of 157,678, eventually closing at 158,443—down by 4,655 points. Total trading volume on the benchmark index reached 684 million shares, while the overall market capitalization stood at approximately PKR 49.5 billion.
  • Key contributors to the index’s decline included BAHL (-5.2%, -279 points), ENGROH (-3.3%, -258 points), LUCK (-3.8%, -250 points), OGDC (-4.2%, -241 points), and MARI (-4%, -234 points). In terms of volume, KEL and BOP led the activity, recording trades of 196.8 million and 97 million shares, respectively.
Morning News: Major headway made towards IMF deal – By Alpha-Akseer Research

Oct 10 2025


Alpha Capital


  • The International Monetary Fund and Pakistani authorities have made significant headway towards a staff-level agreement on the second review of the 37-month Extended Fund Facility (EFF) and the first review of the 28-month Resilience and Sustainability Facility (RSF), though talks will continue in the coming days to resolve remaining policy differences.
  • Jameel Ahmad, Governor State Bank of Pakistan (SBP), Thursday said achieving inclusive economic growth requires durable macroeconomic stability that uplifts communities and secures prosperity for all.
Pakistan Market Wrap: KSE-100 closes at 164,531 down 736 points – By Alpha-Akseer Research

Oct 9 2025


Alpha Capital


  • The equity market opened on a mixed note and remained volatile throughout the session. The KSE-100 Index touched an intraday high of 166,730 and a low of 164,307, ultimately settling at 163,531—down 736 points. The benchmark index saw a total trading volume of 698.5 million shares, with overall market turnover reaching approximately PKR 37 billion.
  • Major contributors to the index's decline included HBL (-3.1%, -193 points), UBL (-1.3%, -143 points), NBP (-3.8%, -137 points), SYS (-1.7%, -86 points), and BAFL (-3%, -82 points). On the volume front, K-Electric (KEL) and Pakistan Telecommunication Company (PTC) led the activity, with 279 million and 120 million shares traded, respectively.
Morning News: IMF likely to stipulate new steps – By Alpha-Akseer Research

Oct 8 2025


Alpha Capital


  • The International Monetary Fund (IMF) may propose new contingency revenue measures in case a shortfall in tax collection of the Federal Board of Revenue (FBR) continues in the second quarter of 2025-26.
  • A high-level delegation from Acumen Board, led by its Founder and Chief Executive Officer, Jacqueline Novogratz, accompanied by Poul Carsten Stendevad, President and Chief Investment Officer, and Dr Ayesha Khan, Chief Executive Officer, Acumen Pakistan