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): Engulfing Bull on weekly chart – By JS Research

Dec 8 2025


JS Global Capital


  • PRL is picking up momentum as the interim resistance lies within 38-39 range where a break above that will confirm the start of a bullish move. An Engulfing Bull has occurred on weekly chart with the MACD Buy signal. Also, the PRL is trading above key averages keeping the trend bullish. The short term target is expected at 45.7 which may later rise to 52.5 which is defined as the medium term target for PRL. The said levels will provide a return of 21% and 39% from the current close. The short term risk is defined below 33.8 (200-DMA), while a fall below 30.1 will invalidate the above view.
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.
Oil Marketing Companies (OMC): OMC sales up 6% YoY and down 5% MoM in Dec 2025;1HFY26 sales up 2% YoY – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.35mn tons in Dec 2025, up 6% YoY and down 5% MoM.
  • The YoY increase is due to economic recovery, lower inflation, and control of smuggling, whereas the MoM decrease in sales is attributable to the strike by transporters. To highlight, Transporters went on a nationwide strike on Dec 08, 2025 which continued for 10 days.
  • This takes total sales for 1HFY26 to 8.2mn tons, reflecting a 2% YoY increase compared to 8.02mn tons in 1HFY25.
Pakistan Fertilizers: Pakistan’s Urea sales for Dec 2025 at all time high of 1,356k tons; Inventory at 0.31mn tons – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from company/dealers through higher discounts offerings. This takes 2025 urea offtakes to 6.73mn tons, up 2% YoY compared to 6.57mn tons in 2024, respectively. To note, in 11M2025, urea sales was down 4%.
  • As per our checks, EFERT has maintained discount around Rs400/bag during the month of Dec 2025. However, this discount was rolled back to Rs150 /bag at the start of the new year. Similarly, FFC also offered discount of Rs 150–200 per bag during the same period.
Technical Outlook: KSE-100; Upside to continue – By JS Research

Jan 2 2026


JS Global Capital


  • The KSE-100 index showed positive movement to close at 176,355 level, up 2,301 points. Volumes stood at 1,403mn shares versus 957mn shares traded previously. The index is expected to revisit yesterday's high of 176,658 where a break above that will continue the uptrend towards 180,500 level. However, any downside will find support between 174,430 and 175,820 levels, respectively. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below 174,437 level. The support and resistance are at 174,976 and 177,197 levels, respectively.
Morning News: Oil edges higher following biggest annual loss since 2020 - By Shajar Research

Jan 2 2026


Shajar Capital


  • Oil prices edged up on the first day of trade in 2026 after last year posting their biggest annual loss since 2020, as Ukrainian drones targeted Russian oil facilities and a U.S. blockade pressured Venezuela's exports. (Reuters)
  • Stocks kicked off the new year on a positive note, with Asian shares and US equity-index futures advancing, while precious metals rebounded after a soft finish to 2025. (Bloomberg)
Morning News: Urgent need to fast-track govt’s ambitious economic reforms: PM - By Alpha-Akseer Research

Jan 2 2026


Alpha Capital


  • In a forceful kick-off to 2026, Prime Minister Shehbaz Sharif on Thursday directed that ministries take immediate and decisive action, underscoring the urgent need to fast-track the government’s ambitious economic reforms aimed at steering the country’s faltering economy back on track.
  • In a bold move to tackle the country’s crippling energy crisis, Prime Minister Shehbaz Sharif on Thurs day called for an urgent and aggressive push to explore and extract new oil and gas reserves, warning that continued reliance on costly petroleum imports is unsustainable.
Morning News: T-bills attract $20m in net foreign inflows - By Vector Research

Jan 2 2026


Vector Securities


  • Pakistan’s short-term local government bonds saw net foreign inflows of $20 million in December, compared with $42.2 million in outflows recorded in the previous month. Overseas investors poured $77.29 million in treasury bills as of December 25 but divested $57.27 million, data from the State Bank of Pakistan showed on Thursday. (The News)
  • Pakistan will benefit from a technical assistance approved by the Asian Development Bank (ADB) that will support member countries in systematically shaping future sustainable transport investments. (Dawn)
Morning News: Inflation in Pakistan clocks in at 5.6% in December 2025: - By HMFS Research

Jan 2 2026


HMFS Research


  • Pakistan’s headline inflation clocked in at 5.6% on a year-on-year (YoY) basis in December 2025, showed Pakistan Bureau of Statistics (PBS) data on Thursday, a reading in line with the Ministry of Finance estimate of 5.5-6.5%. The consumer price index (CPI) was recorded at 6.1% in November 2025. The CPI stood at 4.1% in December 2024. On a month-on-month basis, it decreased by 0.4% in December 2025, as compared to an increase of 0.4% in the previous month and an increase of 0.1% in December 2024. This takes the 6MFY26 inflation reading at 5.15% against 7.22% in 6MFY25.
  • In a bold move to tackle the country’s crippling energy crisis, Prime Minister Shehbaz Sharif on Thursday called for an urgent and aggressive push to explore and extract new oil and gas reserves, warning that continued reliance on costly petroleum imports is unsustainable. harif made it clear that Pakistan must shift its focus towards domestic energy production or risk deeper economic challenges. “We can no longer afford to rely on expensive imports,” he stated, underscoring the need for swift action. He also called for a digital overhaul of the oil and gas supply chain, from importation to the end consumer, highlighting how this will not only increase efficiency but also tackle the rampant smuggling of petroleum products. The meeting was briefed on recent developments in the oil and gas sector, with officials highlighting a significant discovery by the Oil and Gas Development Company Ltd. (OGDCL), with an estimated 4,100 barrels of oil set to be extracted daily.
Pakistan Market Wrap: Evening Note – By Vector Research

Jan 1 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: New Year, New Highs: Bulls Carry Momentum into 2026 – By HMFS Research

Jan 1 2026


HMFS Research


  • The KSE-100 Index scaled fresh highs at the start of the new calendar year, extending its bullish run as the benchmark touched an intra-day peak of 176,658. Momentum remained firmly intact throughout the session, underpinned by easing inflationary pressures—December 2025 CPI came in at 5.6%—alongside a reduction in petroleum prices, which collectively supported risk appetite across equities. The index ultimately closed at 176,355, marking a solid gain of 2,301 points for the day. Sectoral leadership came from Banking and E&P stocks, which provided the bulk of the upward thrust.
  • Market participation was notably strong, with volumes rising to 799mn shares on the KSE-100 and 1.40bn shares across the broader market. Activity was concentrated in KEL (373mn), PIBTL (140mn), and BOP (55mn). Looking ahead, the government’s reform-driven policy framework is anticipated to enhance economic resilience, underpinning investor confidence and supporting equity market expansion. While the prevailing trend remains constructive, elevated valuations at current levels may invite intermittent profit-taking. Nonetheless, sustained interest from investors seeking strategic positioning suggests the market’s broader trajectory remains intact. Investors are advised to remain composed amid short-term fluctuations and focus on fundamentally strong names with long-term growth visibility.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 1 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index posted a strong rebound, surging to an intraday high of 176,658.38 before closing at an all-time high of 176,355.49 and registering a gain of 2,301.17 points (1.32%). The rally was driven by broad- based buying, led primarily by Commercial Banks and Oil & Gas stocks, alongside selective strength in cement, fertilizer, and power sectors.
  • Positive sentiment prevailed on the eve of the new year, with fresh fund allocations for investment plans contributing to the momentum. On the macroeconomic front, headline inflation eased to 5.6%YoY in Dec’25, within the Ministry of Finance’s projected range, while the FBR’s provisional tax collection for the 1HFY26 stood at PKR 6,154 billion, falling short of the target by PKR 336 billion. In terms of index contribution, UBL, OGDC, ENGRO, HBL, and MEBL emerged as key drivers, collectively adding 1,086.27 points to the benchmark. On the volumes front, KEL led activity with 372.71 million shares, while overall market turnover stood at 1,399.85 million shares, reflecting healthy participation
Pakistan Telecommunication Company Ltd (PTC): Framing Tail Risk from – By Chase Research

Dec 31 2025



  • After the recent rally, near-term risk/reward looks more balanced, but the medium-term thesis still hinges on (1) sector consolidation translating into pricing hygiene and (2) QoS + integration synergies lifting willingness to pay.
  • Our published base case already assumes ARPU recovery continues: 2026 mobile ARPU of ~PKR 280/user/month, then ~15% CAGR from 2027–2030 to ~PKR 490 by 2030.
Bawany Air Products Limited (BAPL): Corporate Briefing Takeaways – By Chase Research

Dec 26 2025



  • Bawany Air Products Limited (BAPL) reported loss per share of PKR 7.2 for FY25, compared to loss per share of PKR 3.00 in FY24. Furthermore, in 1QFY25, the company reported loss per share of PKR 0.75, compared to loss per share of PKR 0.25 in the same period last year (SPLY).
  • The company is currently working on the acquisition of Alman Seyyam Sugar Mills Limited (located in D.I Khan) for a total consideration of PKR 12 billion.
  • The mill has a capacity of 20,000 tons and was previously non operational, as the prior owners lacked sufficient working capital to procure sugarcane during the crushing season.
Pakistan Economy: Macro-Monthly – By Chase Research

Dec 24 2025



  • In Nov-25, total imports of the country increased by 15% YoY to clock in at USD4.7bn. On MoM basis the total imports decreased by 12%.
  • Pakistan's exports clocked in at USD2.2bn in Nov’25, down by 19% YoY, compared to USD2.7bn in same period last year. On MoM basis the total exports decreased by 14%.
  • Pakistan's total textile exports decreased by 19% MoM and 5.4% YoY in Nov’25.
Dawood Lawrencepur Limited (DLL): Corporate Briefing Notes – By Chase Research

Dec 3 2025



  • Dawood Lawrencepur Limited (DLL) reported consolidated earnings per share of PKR 131.93 for CY24, compared to loss per share of PKR 1.92 in CY23. Furthermore, in 3QCY25, the company reported earnings per share of PKR 51.26, compared to earnings per share of PKR 4.35 in the same period last year (SPLY).
  • The Company’s equity portfolio stood at PKR 5.8 billion and delivered a strong 47.1% return, outperforming the market benchmark, which returned 43.7% over the same period.
  • The wind power project at Gharo, which is a subsidiary of the Company, continued to perform reliably, maintaining availability of 99.03%.
Gillette Pakistan Limited (GLPL): Corporate Briefing Notes – By Chase Research

Nov 28 2025



  • Gillette Pakistan Limited (GLPL) reported loss per share of PKR 0.81 for FY25, compared to earnings per share of PKR 3.18 in FY24. Furthermore, in 1QFY26, the company reported loss per share of PKR 3.53, compared to earnings per share of PKR 0.12 in the same period last year (SPLY).
  • The Procter & Gamble Company has decided to discontinue its direct business operations in Pakistan as part of its broader global restructuring program, which includes strategic decisions related to portfolio optimization.
Service Global Footwear Limited (SGF): Corporate Briefing Notes – By Chase Research

Nov 18 2025



  • Service Global Footwear Limited recorded earnings per share of PKR 5.34 in CY24, as compared to earnings per share of PKR 5.75 in FY24.
  • The company recorded net sales of PKR 17.4 Bn, up 15% from PKR 15.1 Bn in CY23. During this period gross margin contracted from 22% in Cy23 to 17% in CY24. As a result, the company saw its gross profit decrease from PKR 3.3 Bn in CY23 to PKR 2.9 Bn in CY24.
Crescent Fibres Limited (CFL): Corporate Briefing Notes – By Chase Research

Nov 18 2025



  • CFL has reported loss per share of PKR 62.47 in FY25 (LPS FY24: PKR 61.08). Furthermore, in 1QFY26 the company reported LPS of PKR 6.27 (LPS 1QFY25: PKR 7.77).
  • The management noted that the FY25 was not favorable for the textile industry. Key challenges faced by the company and the industry include economic slowdown post-COVID, high interest rates, high power prices, uneven variation in raw material prices, and general economic uncertainty. These factors led to significant losses across the industry.
Millat Tractors Limited (MTL): Corporate Briefing Notes – By Chase Research

Nov 18 2025



  • Millat Tractors Limited (MTL) reported consolidated earnings per share of PKR 32.82 for FY25, compared to PKR 55.46 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 2.92, compared to earnings per share of PKR 2.43 in the same period last year (SPLY).
  • MTL primarily manufactures Massey Ferguson–branded farm tractors ranging from 50 to 85 Horse Power (HP), including both two wheel and four wheel drive models. The company recently introduced the MF 375 SE and has achieved an overall localization level of about 90%.
Dynea Pakistan Limited (DYNO): Corporate Briefing Takeaways – By Chase Research

Nov 17 2025



  • DYNO has reported earnings per share of PKR 45.97 in FY25 (FY24: PKR 63.14). Furthermore, in 1QFY26 the company reported EPS of PKR 10.13 (EPS 1QFY25: PKR 8.05).
  • Exports to Afghanistan rose to 44% in FY25 to approximately PKR 1 billion. After the border closure, the export to Afghanistan is completely closed. The company is seeking other routes and other markets for exports.
Aisha Steel Mills Limited (ASL): Corporate Briefing Notes – By Chase Research

Nov 13 2025



  • ASL has reported loss per share of PKR 1.55 in FY25 (LPS FY24: PKR 0.26). Furthermore, in 1QFY26 the company reported EPS of PKR 0.07 (LPS 1QFY25: PKR 0.93).
  • ASL ended in a loss of PKR 1.3 billion in FY25. This loss was primarily due to low volume, which prevented sufficient gross margin generation to cover costs.
  • Capacity utilization stood at 25%. The company expects to achieve 30-35% utilization by the end of FY26. This roughly translates to 210,000 – 245,000 tons of production. The company is aiming to produce similar volumes that it would sell.
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