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: Evening Note – By Vector Research

Feb 3 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note opening high early in the session, with momentum further supported by record monthly exports of USD 3.06bn. Trading volumes increased to 390mn shares today as compared to 216mn shares in the previous session. Today, the KSE-100 index gained 1,843 points to close at 186,901 level, up by 1.00% DoD. Banks, Fertilizer, and Technology sectors were the major contributors in today's session, cumulatively adding 1242 points to the index.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) KSE-100 Index extended its upward momentum, hitting an intraday high of 187,519 before closing at 186,901, up 1,843 points (+1.00%). The rally was driven by broad-based buying in Commercial Banks, Fertilizer, Technology, Pharmaceuticals, and Textile composite sectors. Sentiment was further supported by strengthened trade and investment cooperation between Pakistan and Uzbekistan, Moreover, hopes of a de-escalation in US-Iran tensions. In terms of index contribution FFC, UBL, ENGROH, MEBL, and SYS collectively added 734.81 points. On the volume front, KEL led trading with 99.51 million shares, while total market turnover stood at 846.50 million shares.
Interloop Limited (ILP): Result Preview 2QFY26 – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • Interloop Ltd (ILP) is scheduled to announce its financial results for 2QFY26 on February 4, 2026. Interloop Ltd (ILP) reports robust 2QFY26 results with PAT surging 124% YoY to PKR2,580mn, driven by strong sales growth, improved gross margins, and a significant reduction in finance costs. However, PAT declined 7.8% QoQ due to gross margin compression from lower international textile prices and adverse currency movements, which outweighed a sequential sales increase and led to declines in operating and pre-tax profit.
  • We reiterate our Buy recommendation with Target Price of PKR115 per share, reflecting confidence in the company's continued execution and growth prospects.
Oil & Gas Development Company Limited (OGDC): 2QFY26 Result Preview – By Taurus Research

Feb 3 2026


Taurus Securities


  • 2QFY26 EPS: PKR 8.56; 2QFY26 PAT down 4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 98.9Bn, down 2%YoY. Royalty expenses are expected to be recorded at ~PKR 10.9Bn, down 6%YoY supporting profitability.
  • Additionally, EPS for 2QFY26 is expected to arrive at PKR 8.56, down 11%YoY and 4%QoQ, mainly due to elevated exploration and operating expenses arising from dry well outcomes at Jakhro North-1 and Khatian-1, along with the ongoing drilling and seismic activities, which continue to weigh on profitability.
Oil Marketing Companies: OMC sales up 10% YoY and 12% MoM in Jan 2026; 7MFY26 sales up 3% YoY – By Topline Research

Feb 3 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.
  • The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.
  • This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.
Lucky Cement Limited (LUCK): Analyst Briefing 2QFY26 Highlights – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • LUCK has held an analyst briefing yesterday to discuss its financial results and future outlook. Below are the key takeaways from the briefing.
  • Pakistan cement domestic demand grew 12.5% YoY in 1HFY26 and Lucky Cement 1HFY26 sales increased to 3.36mn tons vs. 2.98mn tons in 1HFY25.
  • Approximately 56 - 57% of Lucky Cement’s energy mix comes from renewables, comprising 89.3 MW of solar capacity (including a planned 15 MW addition by Mar’26) and 28.8 MW of wind power. The remaining renewable contribution is generated through WHR systems.
Lucky Cement Ltd (LUCK): Cost optimization initiatives continue; Buy – By JS Research

Feb 3 2026


JS Global Capital


  • Lucky Cement Ltd (LUCK) held its corporate briefing yesterday to discuss 1HFY26 results and outlook. To recall, LUCK reported standalone EPS of Rs15.86 for 1HFY26, up 68% YoY, driven by stronger core performance and higher dividend income from subsidiaries. On a consolidated basis, earnings increased 13% YoY to Rs30.45/ sh.
  • Management shared that UC 3.0 technology has been commissioned on two production lines at the Karachi plant at a cost of Rs3-3.5bn, with plans to expand it to the two remaining lines. The technology is expected to improve cost efficiency by reducing coal consumption per ton of clinker produced and allowing the use of lower-cost, high-sulphur coal, with an estimated payback of 5 to 7 years.
Commercial Banks: Flat Earnings; Payouts Intact – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • We preview the IIS Banking Universe’s 4QCY25 results, where aggregate earnings are expected to remain largely flat QoQ at PKR 100bn, while delivering a 16.5% YoY growth. Despite continued pressure on net interest margins amid a declining interest-rate environment, earnings remained resilient, supported by balance-sheet expansion, contained credit costs, and disciplined expense management.
  • Net interest income is expected to increase 3.6% QoQ to PKR 340.5bn and 11.7% YoY, even as reinvestment yields remained under pressure. Margin compression was partially offset by volumetric growth, with deposits rising 20% YoY and 5.7% QoQ, supporting earning asset expansion. An improving deposit mix further helped cushion margins. On a full-year basis, CY25E NII is projected to grow 15.4% YoY, reflecting the sector’s ability to navigate a softer rate cycle.
Commercial Banks: 4QCY25 Previews: Stable earnings; Payouts intact – By Insight Research

Feb 3 2026


Insight Securities


  • We estimate profitability of ISL coverage banks to inch up by 16% YoY, while same is expected to decline by 2% QoQ. The YoY increase is mainly driven by lower ETR for the quarter compared to SPLY, further aided by volumetric expansion. While, QoQ decline is attributable to slight moderation in NIMs. Net Interest Income of the sector is likely to decline as impact of lower policy rate translates into asset yields.
  • However, some of the impact is likely to offset by balance sheet expansion as deposits grew by ~2.7% QoQ. We estimate HBL/UBL/MCB/MEBL/BAFL to post EPS of PKR11.0/13.8/11.9/12.5/3.5, respectively. We expect dividend payouts to remain robust amid healthy profits and decent buffer on adequacy ratios and expect HBL/UBL/MCB/ MEBL/BAFL to announce DPS of PKR5.0/8.0/9.0/7.0/2.5, respectively.
Morning News: Oil Steadies After Four-Day Rally with Focus on Iran Meeting – By Spectrum Research

Jan 14 2026


Spectrum Securities


  • Oil steadied after the biggest four-day gain in more than six months, as US officials planned to discuss Iran during a White House meeting.
  • The Securities and Exchange Commission of Pakistan (SECP) on Tuesday proposed 183 major amendments in the Companies Act, 2017 to reduce regulatory burden on companies and improve the ease of doing business in Pakistan by streamlining the process of regulatory compliances.
Morning News: Oil Edges Higher with Ukraine Talks and China’s Pledge in Focus - By Spectrum Research

Dec 29 2025


Spectrum Securities


  • Oil tricked higher as US-led talks to end the war in Ukraine failed to yield a breakthrough, and China vowed to support growth next year.
  • Russia has almost doubled exports of liquefied petroleum gas in the January - November period to ex-Soviet republics in Central Asia and Afghanistan to 1.016 million metric tons, industry sources told Reuters on Friday.
  • The Federal Board of Revenue (FBR) has conveyed to the Inland Revenue officials that the amount of reward for meritorious services shall not be more than 24 salaries during the financial year in the case of each employee.
Morning News: Oil Heads for Weekly Surge on Venezuela Blockade, Nigeria Strike – By Spectrum Research

Dec 26 2025


Spectrum Securities


  • Oil headed for the biggest weekly gain since late October, as traders tracked a partial US blockade of crude shipments from Venezuela and a military strike by Washington against a militant group in Nigeria.
  • Pakistan’s power sector has been at the crossroads for a while, facing an array of challenges, and grappling with a mix of financial, operational as well as policy issues. Escalating capacity payments only add to the worries.
Morning News: Oil Falls Below $55 on Signs of Surplus and Ukraine Peace Talks – By Spectrum Research

Dec 17 2025


Spectrum Securities


  • West Texas Intermediate oil fell below $55 a barrel for the first time since February 2021 on signs that supply is outpacing demand. Signs of weakness are proliferating across the supply side of the oil market, with Middle Eastern crude prices entering a bearish pattern known as contango.
  • The demand side looks similarly fragile, with elevated premiums for fuels like gasoline and diesel relative to crude easing and weak job growth in the US signaling a potential slowdown in demand.
Morning News: Oil Rises from Lowest Since October on Broader Market Optimism – By Spectrum Research

Dec 12 2025


Spectrum Securities


  • Oil rallied from its lowest close in almost two months, buoyed by bullishness in broader financial markets.
  • The tax machinery on Thursday told Prime Minister Shehbaz Sharif that it may miss the first half-year's downward revised target by Rs560 billion without support from the office of the attorney general, amid a warning by the Ministry of Finance about the implications of a huge revenue shortfall for government expenditure.
Morning News: Pakistan tells Afghanistan: Act against TTP or no trade – By Spectrum Research

Nov 17 2025


Spectrum Securities


  • The Foreign Office on Friday made it clear that no meaningful trade or economic engagement with Afghanistan can take place as long as the Afghan Taliban regime continues to harbour and support terrorist groups targeting Pakistan.
  • Oil prices fell in early Asian trade on Monday, erasing last week's gains, as loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack.
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.
Morning News: Tighten fiscal, monetary policies, IMF tells Pakistan – By Spectrum Research

Oct 16 2025


Spectrum Securities


  • With the signing of a Staff Level Agreement (SLA), the IMF has asked Pakistan to continue tightening the fiscal and monetary policies as well as reducing intervention in commodity markets.
  • The International Monetary Fund (IMF) has projected an increase of 0.4 percent in Pakistan’s government net debt, increasing from 65.3 percent of GDP in 2025 to 65.7 percent in 2026. According to the IMF report “Fiscal Monitor, Spending Smarter: How Efficient and Well-Allocated Public Spending Can Boost Economic Growth,” the gross debt for the Pakistani government is projected to decrease from 71.6 percent of GDP in 2025 to 71.3 percent in 2026. The Fund has projected a decline in government expenditure from 21.1 percent of GDP in 2025 to 20.4 percent in 2026. The government revenue is projected at 16.2 percent of GDP for 2026, against 15.7 percent for 2025and 12.7 percent during the same period of 2024. The Fund has projected the government’s primary balance at 2.5 percent for 2026 against 2.4 percent in 2025. Further, the government’s overall balance is projected at - 4.1 percent for 2026 against - 5.3 percent in 2025.
Morning News: Oil Holds Sharp Drop with Focus on Gaza Plan and Global Supply – By Spectrum Research

Oct 10 2025


Spectrum Securities


  • Oil held the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply.
  • In a striking courtroom admission, Supreme Court Justice Jamal Khan Mandokhail conceded on Thursday that all 24 judges of the country’s top court, whether “willingly or unwillingly,” have accepted the controversial 26th Constitutional Amendment.