Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By IIS Research

Oct 14 2025


Ismail Iqbal Securities


  • The company reported a Net Profit of PKR 65.1 billion (EPS: PKR 54.25) for FY25, reflecting a 15.7% decline compared to PKR 77.3 billion (EPS: PKR 64.37) in FY24. The dip in profitability was primarily attributed to lower production volumes due to gas curtailment, adverse FX and price variances, and additional wellhead expenses.
  • The company reported total hydrocarbon sales of 39.13 MMBOE in FY25, showing a marginal 0.31% YoY increase from 39.01 MMBOE in FY24 marking the highest-ever annual output in its history. The uptick was supported by new production from Shewa, Ghazij, and Shawal fields, along with enhanced drilling activity, which helped offset the impact of gas curtailment at mature assets.
Mari Energies Limited (MARI): Fundamentals priced in, ambitions yet to materialize – By Insight Research

Oct 16 2025


Insight Securities


  • MARI has demonstrated commendable operational performance in recent years, underpinned by consistent reserve accretion with reserve growing at a 5-year CAGR of 11%. MARI’s reserve and resources (2P+2C) increased to an all time high of 952 MMBOE as of Jun’25, translating into a Reserve Replacement Ratio (RRR) of 278%.
  • Given the significant improvement in reserve base, sustained exploration efforts and company’s diversification into mining and cloud storage, we upgrade our stance to Hold, with a revised Dec’26 SOTP based target price of PKR725/sh. MARI’s diversification initiatives, however, remain in early stages and have been conservatively incorporated. Meanwhile, MARI continues to pursue an aggressive exploration strategy across new and existing blocks, which could unlock incremental value over the medium term.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By IIS Research

Oct 14 2025


Ismail Iqbal Securities


  • The company reported a Net Profit of PKR 65.1 billion (EPS: PKR 54.25) for FY25, reflecting a 15.7% decline compared to PKR 77.3 billion (EPS: PKR 64.37) in FY24. The dip in profitability was primarily attributed to lower production volumes due to gas curtailment, adverse FX and price variances, and additional wellhead expenses.
  • The company reported total hydrocarbon sales of 39.13 MMBOE in FY25, showing a marginal 0.31% YoY increase from 39.01 MMBOE in FY24 marking the highest-ever annual output in its history. The uptick was supported by new production from Shewa, Ghazij, and Shawal fields, along with enhanced drilling activity, which helped offset the impact of gas curtailment at mature assets.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By Chase Research

Oct 14 2025



  • Mari Energies Limited (MARI) reported earnings per share of PKR 54.25 for FY25, compared to PKR 64.37 in FY24. Furthermore, in 4QFY25, the company reported earnings per share of PKR 15.69, compared to earnings per share of PKR 21.37 in the same period last year (SPLY).
  • The company is working on Block 5 in partnership with ADNOC, where three discoveries are currently under development. The development plan has been approved by ADNOC, and production is targeted at approximately 25,000 barrels per day.
Pakistan Market Wrap: Bulls Lose Steam as Profit-Taking Dominates the Session – By HMFS Research

Oct 23 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) opened on a positive note, with the benchmark KSE-100 index gaining a modest 167 points in early trade. However, the initial momentum proved short-lived as profit-taking set in, pushing the index deep into the red zone. The market touched an intraday low of 2,158 points, reflecting investor caution ahead of the upcoming corporate results season. Global cues also weighed on sentiment, as weakness across international markets dampened risk appetite. Despite the volatility, the index managed to hold within a rangebound zone, ultimately closing the session at 164,590 points, down 1,963 points from the previous close. Trading activity remained robust, driven by investors capitalizing on elevated valuations to realize gains.
  • The KSE-100 index recorded 485mn shares traded, while total market volumes stood at 1.5bn shares. WTL (162mn), KEL (138mn) and TELE (91mn) emerged as volume leaders for the day. Looking ahead, the market is expected to remain rangebound in the near term, reflecting broader global volatility. Sentiment could, however, find support upon the anticipated approval of the IMF tranche and further strengthening of macroeconomic indicators. Moreover, the ongoing corporate earnings season may trigger selective buying in fundamentally strong scrips, particularly those expected to deliver resilient results. Investors are advised to adopt a cautious yet strategic stance, focusing on long-term growth stories while remaining vigilant amid short-term fluctuations.
Pakistan Market Wrap: KSE-100 closes at 164,590 down 1,963 points – By Alpha-Akseer Research

Oct 23 2025


Alpha Capital


  • The equity market began the session on a weak note and remained under pressure throughout the day. The KSE-100 Index recorded an intraday high of 166,720 and a low of 164,395, eventually closing at 164,590—down by 1,963 points. Overall trading activity was subdued, with total volumes standing at 484.4 million shares and a traded value of approximately PKR 31.2 billion.
  • Key laggards dragging the index lower included BAHL (-10%, -568 points), HMB (-5.9%, -120 points), LUCK (-1.8%, -120 points), HUBC (-1.6%, -109 points), and ENGRO (-1.4%, -102 points). In terms of volume, KEL and BOP led the activity chart, trading 138 million and 79 million shares, respectively.
Agha Steel Industries Limited (AGHA): 1QFY26 Result Review – By Taurus Research

Oct 23 2025


Taurus Securities


  • 1QFY26 LPS: PKR 1.9; LAT: PKR 1.2Bn, down 43%QoQ – lower loss than expected.
  • AGHA’s net sales arrived at ~PKR 2.2Bn, down 17%QoQ due to lower construction demand; resulting in a decline of sales volume i.e. mainly in the South region. Gross loss hovered at 15% in 1QFY26, down 16ppts compared to the previous quarter. Albeit, higher cost of production and lower capacity utilization will keep the margins under pressure, going forward. Further, selling and admin expenses went up significantly by 3.0xQoQ and 29%QoQ in 1QFY26. Moreover, finance cost arrived at PKR 731Mn in 1QFY26, down 4%QoQ due to lower interest rates during the period. 1QFY26 LAT clocked-in at PKR 1.2Bn, down significantly by 43%QoQ. Lastly, the Company posted LPS of PKR 1.9 during the quarter.
Fauji Fertilizer Company Limited (FFC): 3QCY25 Result Review — Earnings declined on lower other income – By AKD Research

Oct 23 2025


AKD Securities


  • Fauji Fertilizer Company Ltd. (FFC) announced its 3QCY25 financial results, reporting standalone earnings of PkR19.2bn (EPS: PkR13.48), down 23%YoY from PkR24.8bn (EPS: PkR17.44) in SPLY. Earning came in slightly below our expectations due to lower-than anticipated margins. Alongside the result, FFC announced cash dividend of PkR9.5/sh.
  • Company’s revenue increased by 18%YoY to PkR127.3bn compared to PkR108.0bn in SPLY, primarily driven by 14%/11% YoY increase in urea and DAP offtakes to 834k and 253k tons, respectively.
  • We maintain our ‘Buy’ stance on FFC with a Jun’26 TP of PkR597/sh. Our liking on the scrip is due to: i) lower gas prices to FFC’s base plants, along with increasing DAP core margins, ii) consistent dividend income from power and banking subsidiaries, and iii) improvement in food business with increasing market penetration and cost efficiencies.
Bank Alfalah Limited (BAFL): 3QCY25 EPS clocks-in at PKR 3.9, DPS PKR 2.5 – By Foundation Research

Oct 23 2025


Foundation Securities


  • Bank Alfalah Limited (BAFL) announced its 3QCY25 results today reporting earnings of PKR 6.2Bn (EPS: PKR 3.9), ↓53/25% YoY/QoQ respectively. The result is lower than our expectations because of higher admin expenses primarily marketing. The bank also announced an interim dividend of PKR 2.5/sh. This takes 9MCY25 earnings to PKR 13.6/sh (↓36.3% YoY) and pay-out to PKR 7.5/sh.
  • Net Interest Income (NII) recorded a mild increase of 1% YoY in 3Q. As for 9MCY25, the increase was noted at 6.7%. Despite the sharp decline in interest rates over the past year, NII has delivered growth on the back of a more than 50% YoY decline in deposit costs, strong yield on advances and reduced borrowing costs.
  • Admin expenses for 3Q increased by a significant 49% YoY. As for 9M, admin expenses have recorded a 47% YoY jump. Primary reasons for the hefty YoY increase were greater compensation expenses (up 29% YoY) and marketing expenses (up 338% YoY). ETR for the quarter was recorded at 53.9% (9MCY25: 54.7%) in line with the rate applicable for banks post the continuation of 10% Super tax.
Pakistan Economy: Marginal growth recorded in Aug’25 – By Foundation Research

Oct 23 2025


Foundation Securities


  • LSM output posted a modest recovery of 0.5% YoY (down 2.7% MoM) during Aug’25 supported by the rise in automobile production (up 130.7% YoY) given low base effect. Cumulatively, output enhanced by 4.4% YoY in 2MFY26 given robust demand amid improving macroeconomic environment.
  • The automobile sector performed well during Aug’25, up 130.7% YoY, with significant increase in the production of cars/jeeps by 184.1/75.8% YoY followed by L.C.V’s/trucks/buses by 97.1/137.5/5.8% YoY. Whereas, Motorcycle output rose 41.3% YoY. We expect auto volumes to remain upbeat going forward owing to attractive auto financing schemes, increasing product roll-outs, and revival of domestic demand amid receding interest rates. However, higher taxes and lower tariffs implemented in Budget FY26 would be a drag on growth.
The Searle Company Limited (SEARL): Result Review – By Taurus Research

Oct 23 2025


Taurus Securities


  • 1QFY26: – EPS: PKR 0.58, PAT: PKR 298Mn, down 30%YoY over the SPLY.
  • In 1QFY26, top-line is expected to arrive at PKR 7.2Bn as compared to PKR 7.6Bn, down 5%YoY. Whereas, expected to increase 9%QoQ mainly due to the seasonal shift, favorable sales mix and deregulation of non-essential drugs. Gross margins are expected to increase 3pptsYoY driven by higher prices of medicines following deregulation. However, administrative expenses are likely to surge on the back of higher costs amid plans for launch of new products.
AGP Limited (AGP): Result Review – By Taurus Research

Oct 23 2025


Taurus Securities


  • 3QCY25: – EPS: PKR 3.09, PAT: PKR 911Mn, up 25%YoY/43%QoQ over the SPLY.
  • In 3QCY25, AGP’s revenue is expected to clock-in at PKR 6.4Bn, reflecting a 6%YoY and 15%QoQ increase, driven by higher sales volumes amid a seasonal uptick, strong local sales of key brands and deregulation of non-essential drugs. Gross margins are expected to increase 1pptYoY and QoQ to ~60%, supported by higher medicine prices, improved operational efficiency and lower API prices.
Bank Al-Falah Limited (BAFL): 3QCY25 Result Review – By Taurus Research

Oct 23 2025


Taurus Securities


  • 3QCY25 EPS: PKR 4.0. 3QCY25 PAT down 52%YoY. 9MCY25 EPS: PKR 13.6; 9MCY25 PAT down 39%YoY over the SPLY. Additionally, BAFL also announced an interim dividend of PKR 2.5/sh. (9MCY25 DPS: PKR 7.5).
  • Net Interest Income (NII): Down 14%YoY/1%QoQ. This can be attributed to the unwinding of the Bank’s OMO positions as well as the sales of investments for booking capital gains, along with the decline in yields due to the re-pricing of assets.
  • Non-Markup Income (NMI): Down 14%YoY/23%QoQ. Largely due to the substantial QoQ decrease in capital gains and marginal uptick in fee income. However, income from foreign exchange activity was up 12% over the previous quarter.
Morning News: Oil prices extend gains as US sanctions Russia's Rosneft, Lukoil – By Shajar Research

Oct 23 2025


Shajar Capital


  • Oil prices rose by more than $1 per barrel on Thursday, extending gains from the previous session, after the United States imposed sanctions on Russian oil companies Rosneft (ROSN.MM), opens new tab and Lukoil (LKOH.MM), opens new tab over the Ukraine war. (Reuters)
  • Asian stocks fell for a second day on Thursday as lacklustre earnings reports from tech megacap stocks deepened a selloff on Wall Street, while U.S. sanctions against Russia and China revived fears around geopolitics. Oil prices surged. (Reuters)
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: 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: The benchmark index closed flat – By IIS Research

Oct 15 2025


Ismail Iqbal Securities


  • The benchmark index closed flat after a volatile start. The market gained momentum mid session, surging over 2,000 points intraday; however, profit taking toward the end erased those gains, bringing the index back to square one. Trading volumes increased to 894mn shares today as compared to 587mn shares in the previous session. Today, the KSE-100 index gained 210 points to close at 165,686 level, up by 0.13% DoD. Commercial Banks, Power Generation & Distribution, and Oil & Gas Marketing Companies sectors were the major contributors in today's session, cumulatively adding 576 points to the index.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By IIS Research

Oct 14 2025


Ismail Iqbal Securities


  • The company reported a Net Profit of PKR 65.1 billion (EPS: PKR 54.25) for FY25, reflecting a 15.7% decline compared to PKR 77.3 billion (EPS: PKR 64.37) in FY24. The dip in profitability was primarily attributed to lower production volumes due to gas curtailment, adverse FX and price variances, and additional wellhead expenses.
  • The company reported total hydrocarbon sales of 39.13 MMBOE in FY25, showing a marginal 0.31% YoY increase from 39.01 MMBOE in FY24 marking the highest-ever annual output in its history. The uptick was supported by new production from Shewa, Ghazij, and Shawal fields, along with enhanced drilling activity, which helped offset the impact of gas curtailment at mature assets.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Oct 13 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, under pressure and displaying volatility amid geopolitical uncertainty and, to a lesser extent, local political unrest. Trading volumes increased to 686mn shares today as compared to 608mn shares in the previous session. Today, the KSE-100 index lost 4,655 points to close at 158,443 level, down by -2.85% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Cement sectors were the major laggards in today's session, cumulatively shedding 2566 points from the index.
Morning News: $30b gap found in import records – By IIS Research

Oct 13 2025


Ismail Iqbal Securities


  • The federal government booked $321 billion in imports during the past five years, $30 billion more than import payments cleared by the central bank through banking channels in the same period, underscoring the urgent need to reconcile the huge discrepancy.
  • The International Monetary Fund (IMF) has asked Pakistan to address vulnerabilities in top 10 government entities that are at the "highest risk" of indulging in corrupt practices and also recommended merit-based appointments of heads in key oversight bodies.
Morning News: Oil little changed amid fading risk premium after Gaza deal – By IIS Research

Oct 10 2025


Ismail Iqbal Securities


  • Oil prices were little changed in early Asian trade on Friday after falling more than 1% in the previous session, as the market's war risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza. Brent crude futures were up 9 cents, or 0.1%, at $65.31 a barrel by 0044 GMT. U.S. West Texas Intermediate crude rose 12 cents, or 0.2%, to $61.63.
  • 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.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Oct 8 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, remaining volatile throughout the session as profit taking from the last two sessions continued. Trading volumes decreased to 555mn shares today as compared to 630mn shares in the previous session. Today, the KSE-100 index lost 907 points to close at 165,267 level, down by -0.55% DoD. Commercial Banks, Cement, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 921 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Oct 7 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, remaining volatile throughout the session as profit taking from yesterday continued, compounded by the absence of any significant market triggers Trading volumes increased to 630mn shares today as compared to 624mn shares in the previous session. Today, the KSE-100 index lost 1,579 points to close at 166,174 level, down by -0.94% DoD. Oil & Gas Exploration Companies, Cement, and Power Generation & Distribution sectors were the major laggards in today's session, cumulatively shedding 1052 points from the index.
Pakistan Market Wrap: Daily Roundup - The benchmark index closed on a high note – By IIS Research

Oct 3 2025


Ismail Iqbal Securities


  • The benchmark index closed on a high note, hitting an all time high both intraday and at close, supported by ample liquidity in the market. However, some profit taking emerged toward the end of the session. Trading volumes increased to 831mn shares today as compared to 776mn shares in the previous session. Today, the KSE-100 index gained 500 points to close at 168,990 level, up by 0.30% DoD. Fertilizer, Automobile Assembler, and Power Generation & Distribution sectors were the major contributors in today's session, cumulatively adding 754 points to the index.
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