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.
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)
Morning News: Asian shares fall, gold claims new record as banking fears weigh – By Shajar Research

Oct 17 2025


Shajar Capital


  • Asian shares tracked Wall Street lower, bonds extended gains and gold hit a fresh record on Friday, with signs of credit stress at U.S. regional banks putting investors on edge. (Reuters)
  • Oil prices edged lower in early trade on Friday, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine. (Reuters)
Morning News: Macroeconomic stability in FY25 – By Spectrum Research

Oct 17 2025


Spectrum Securities


  • The State Bank of Pakistan (SBP) Thursday said a prudent monetary policy stance and continued fiscal consolidation strengthened macroeconomic stability in FY25. Moreover, favourable global commodity prices and IMF’s Extended Fund Facility (EFF) further supported improvement in overall macroeconomic conditions.
  • Pakistan is actively working to diversify its international trade settlement mechanisms and promote the use of local currencies.
Pakistan Market Wrap: KSE-100 Wavers Amid Profit-Taking and Volatility – By HMFS Research

Oct 16 2025


HMFS Research


  • The KSE-100 index witnessed a volatile trading session, oscillating between optimism and caution as investors weighed short-term gains against the broader economic outlook. The benchmark opened on a positive note, climbing 1,179 points intraday, driven by renewed optimism over the anticipated USD 1.2bn IMF tranche disbursement expected later this week. However, the bullish momentum faded as investors chose to book profits at higher levels, pulling the market into negative territory by the session’s close. The index ultimately settled at 164,445, down 1,242 points from the previous close. The Fertilizer and Technology sectors were the key laggards, exerting downward pressure on the benchmark.
  • Despite the correction, trading activity remained exceptionally strong, reflecting sustained investor engagement. The KSE-100 index recorded 1.39bn shares traded, while overall market volumes surged to 3.08bn shares, marking one of the highest turnover sessions in PSX history. KEL (1.02bn), WTL (953.71mn), and TELE (99.87mn) emerged as the day’s top volume leaders. Looking ahead, market fundamentals remain intact, supported by positive macroeconomic developments, including the expected IMF inflow and ongoing bilateral discussions with key allies. While intermittent volatility and short-term profit taking phases may persist, the underlying sentiment stays constructive. Investors are advised to adopt a balanced approach, focusing on fundamentally sound stocks with long-term growth potential while remaining attentive to near-term market dynamics.
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
Pakistan Market Wrap: KSE-100 closes at 166,174 down 1,579 points – By Alpha-Akseer Research

Oct 7 2025


Alpha Capital


  • The equity market opened on a mixed note and remained under pressure throughout the session. The KSE-100 Index touched an intraday high of 168,519 and a low of 165,997, ultimately settling at 166,174—marking a decline of 1,579 points. Total volume on the benchmark index reached 630 million shares, with an overall trading value of approximately PKR 41.7 billion.
  • Major draggers on the index included HUBC (-3.8%, -255 points), ENGROH (-2.7%, -219 points), LUCK (-3.1%, -214 points), UBL (-1.4%, -160 points), and MARI (-2.2%, -138 points). In terms of trading activity, PTC and BOP led the volumes with 180.6 million and 134.7 million shares exchanged, respectively.