Maple Leaf Cement Factory Limited (MLCF): Result Preview 1QFY26 – By AHCML Research

Oct 16 2025


Al Habib Capital Markets


  • Maple Leaf Cement is anticipated to report a PAT of PKR 2,589mn (EPS: PKR 2.47) for 1QFY26, reflecting an impressive 149% YoY increase.
  • Sales revenue for the quarter is expected to reach PKR 17,755mn, up 13% YoY, supported by higher retention prices and dispatches.
  • Gross margins are estimated at 34.09%, up 4.33 ppt YoY. primarily driven by lower fuel and coal prices as well as improved cost efficiencies.
Maple Leaf Cement Factory Limited (MLCF): Result Preview 1QFY26 – By AHCML Research

Oct 16 2025


Al Habib Capital Markets


  • Maple Leaf Cement is anticipated to report a PAT of PKR 2,589mn (EPS: PKR 2.47) for 1QFY26, reflecting an impressive 149% YoY increase.
  • Sales revenue for the quarter is expected to reach PKR 17,755mn, up 13% YoY, supported by higher retention prices and dispatches.
  • Gross margins are estimated at 34.09%, up 4.33 ppt YoY. primarily driven by lower fuel and coal prices as well as improved cost efficiencies.
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.
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: 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
Maple Leaf Cement Factory Limited (MLCF): Result Preview 1QFY26 – By AHCML Research

Oct 16 2025


Al Habib Capital Markets


  • Maple Leaf Cement is anticipated to report a PAT of PKR 2,589mn (EPS: PKR 2.47) for 1QFY26, reflecting an impressive 149% YoY increase.
  • Sales revenue for the quarter is expected to reach PKR 17,755mn, up 13% YoY, supported by higher retention prices and dispatches.
  • Gross margins are estimated at 34.09%, up 4.33 ppt YoY. primarily driven by lower fuel and coal prices as well as improved cost efficiencies.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 14 2025


Al Habib Capital Markets


  • The KSE-100 Index staged a strong rebound after a day of heavy selling, climbing to an intraday high of 165,866.77 before settling at 165,476.02, up by 7,032.60 points (4.44%). Investor sentiment improved, driven by easing geopolitical tensions, reduced domestic political noise, and growing optimism for a staff-level agreement between Pakistan and the IMF.
  • This followed a meeting between the finance minister and the IMF's Managing Director in Washington, prompting broad-based buying across sectors such as automobile assemblers, cement, commercial banks, and oil & gas exploration companies. Top index incliners included LUCK, UBL, SYS, ENGROH, & HUBC, which collectively pulled the benchmark up by 2,306.2 points. BOP led volumes with 100.72 million shares; overall market turnover was 1,176.98 million shares.
Morning News: Trump thanks PM, COAS for Gaza peace efforts – By AHCML Research

Oct 14 2025


Al Habib Capital Markets


  • US President Donald Trump especially thanked Prime Minister Shehbaz Sharif and “my favourite” Field Marshal Asim Munir on Monday for their efforts in achieving peace in Gaza, among many other world leaders.
  • The Board of the Private Power and Infrastructure Board (PPIB) has cast uncertainty over the future of around a dozen renewable energy projects — including hydropower and solar — due to both declared and undeclared reasons.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 9 2025


Al Habib Capital Markets


  • The KSE-100 Index underwent a highly volatile trading session, advancing to an intraday high of 166,729.97 before retreating sharply to close at 164,530.80, down -735.94 points (-0.45%). The decline was largely attributed to profit-taking activity, as investors opted to realize recent gains, thereby extending the previous session’s downward momentum. On the economic front, Pakistan and IMF reported substantial progress toward finalizing a Staff-Level Agreement following review discussions under the EFF and RSF, according to a statement issued by the Washington-based lender at the conclusion of its mission to the country. Top index decliners included HBL, UBL, NBP, SYS & BAFL, which collectively pulled the benchmark down by -640.39 points. KEL led volumes with 278.93 million shares; overall market turnover was 1,570.38 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 8 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced a turbulent session, climbing to an intraday peak of 166,947.19 before retreating sharply to close at 165,266.74, down -907.01 points (-0.55%). The market extended its downward trajectory, pressured by profit-taking from local institutions. Investor sentiment remained subdued amid mounting macroeconomic concerns, as economist Asad Ali Shah cautioned that Pakistan risks entering a prolonged phase of economic stagnation. The World Bank’s latest report echoed this sentiment, projecting a modest 2.6% growth for FY25-26 following four consecutive years of sluggish performance. Top index decliners included UBL, FFC, LUCK, MARI & BOP, which collectively pulled the benchmark down by -944.31 points. PTC led volumes with 114.32 million shares; overall market turnover was 1,274.69 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 7 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced a turbulent session, climbing to an intraday peak of 168,518.97 before retreating sharply to close at 166,173.74, down 1,578.66 points (-0.94%). The decline was primarily driven by profit-taking, as investors booked recent gains, extending the previous day’s downward trend. The market extended its previous day’s losses as profit-taking persisted, while broader sentiment remained cautious amid the World Bank’s projection of a modest 2.6% GDP growth for FY2025-26, citing flood-related disruptions and inflationary pressures. Meanwhile, Pakistan and Malaysia reaffirmed plans to deepen cooperation in trade, investment, defense, and the halal food sector during Prime Minister’s visit to Kuala Lumpur. Top index decliners included HUBC, ENGROH, LUCK, UBL & MARI, which collectively pulled the benchmark down by -986.05 points. PTC led volumes with 180.60 million shares; overall market turnover was 1,264.36 million shares.
Barkat Frisian Agro Limited (BFAGRO): A Monopoly in the Making - Poised for Multi-Year Growth Cycle – By AHCML Research

Oct 6 2025


Al Habib Capital Markets


  • Barkat Frisian Agro Limited (BFAGRO) presents a compelling investment opportunity as Pakistan's pioneering and sole producer of pasteurized egg products. The company stands at turning point, driven by strategic capacity expansion and vertical integration initiatives that are poised to accelerate growth and enhance profitability.
  • BFAGRO is strategically positioned to capitalize on Pakistan's underpenetrated processed egg market through its Faisalabad expansion project, increasing total capacity by 71% to 29,000 tons. The recently approved PKR690mn backward integration into poultry farming addresses critical supply chain vulnerabilities while creating substantial margin enhancement opportunities. The company's export momentum continues to accelerate, with international sales growth supported by established presence across Middle Eastern markets.
Morning News: Projects initiated prior to IMF deal: BoI brings SEZs under renewed Focus – By AHCML Research

Oct 6 2025


Al Habib Capital Markets


  • The The Board of Investment (BoI) has decided to push forward the development of Special Economic Zones (SEZs), including one with Iran, that were initiated before the International Monetary Fund (IMF) had imposed restrictions on the creation of new SEZs.
  • Pakistan has recorded the fastest decline in sovereign default risk, according to Bloomberg, and now stands second globally—behind only Türkiye.
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