Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 21 2025


Al Habib Capital Markets


  • The KSE-100 Index extended its bullish momentum from the previous session, reaching an intraday high of 168,414.13 before settling at 167,346.83, up by 1,103.93 points (0.66%). Renewed investor confidence, driven by reduced geopolitical concerns, improved macroeconomic indicators, and sustained buying in key sectors such as commercial banks, fertilizers, and oil & gas exploration, supported the rally. On the economic front, the IMF noted on Tuesday that economic activity in the Middle East, North Africa, and Pakistan has been “stronger than expected” this year. Top index incliners included, BAHL, FFC, MCB, OGDC & PPL, which collectively pulled the benchmark up by 830.55 points. KEL led volumes with 547.32 million shares; overall market turnover was 1,816.81 million shares.
Interloop Limited (ILP): Reinitiating with a BUY — Back in the Fast Lane – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • We reinitiate coverage on Interloop Limited (ILP) with a ‘BUY’ recommendation. ILP is one of Pakistan’s largest textile exporters and a global leader in socks, supplying renowned brands such as Nike, Adidas, Puma, and H&M. Our positive stance reflects ILP’s strong export driven earnings trajectory, expected recovery in apparel and denim margins, and robust expansion pipeline across the Denim and Yarn segments following the completion of Hosiery Plant 6.
  • Our DCF based target price for ILP is PKR 108/share by June 2026, representing an upside of 38% from the last closing price of PKR 80.6/share. The stock also offers a dividend yield of 4%. Overall, ILP offers a compelling risk reward profile, supported by strong fundamentals, diversified export relationships, and strategic growth initiatives. With a 38% upside to our target price and ongoing expansion in high margin segments, ILP is well positioned to sustain its leadership in global textile exports while delivering attractive shareholder returns.
Technical Outlook: KSE-100 testing resistance at the 30-DMA – By JS Research

Nov 4 2025


JS Global Capital


  • KSE-100 index showed positive movement to close at the 162,803 level, up 1,171 points. Volumes stood at 949mn shares versus 953mn shares traded previously. The index is expected to face resistance between 163,490 and 163,940 levels where a break above the said range will target 165,828 and 168,414 levels, respectively. However, any downside will find support within 160,830-161,900 range. The RSI and the Stochastic Oscillator are moving up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below the 50-DMA at 159,566 level. The support and resistance are at 161,819 and 163,861 levels, respectively.
Morning News: Pakistan sets three-year economic plan targeting 5.7% growth – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The federal government has set ambitious economic targets for the next three years, aiming to raise the GDP growth rate to between 4.2% and 5.7%. Other targets include increasing the size of the national economy to PKR 162,513bn, boosting exports by more than USD 10bn, and increasing remittances to a record USD 44.8bn.
  • Exposing the Power Division’s claims of reforms in the power sector, the Asian Development Bank (ADB) has observed that weak regulatory frameworks and governance issues — including lack of transparency and poor performance — continue to prevent power distribution companies (Discos) from accessing commercial borrowing.
Morning News: $636b worth of gold reserves found in Tarbela – By Vector Research

Nov 4 2025


Vector Securities


  • Gold reserves worth $636 billion have been discovered at Tarbela and a briefing on these reserves has been given to the chief of army staff, who responded positively. This revelation was made by Hanif Gohar, Chairman of Air Karachi. He said that the gold reserves found in Tarbela were sufficient to pay off the country's foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Council (SIFC) and the State Bank of Pakistan (SBP) governor. (ET)
  • Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has ruled out any contingency plan in terms of implementing new taxation measures despite a revenue shortfall of Rs 275 billion during the July-October (2025-26) period. FBR’s shortfall in tax collection stood at Rs 275 billion during the first four months of 2025-26, but noted that no emergency tax measures would be required this year. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research

Nov 3 2025


Vector Securities


  • Evening Note.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 3 2025


Al Habib Capital Markets


  • The KSE-100 Index extended its bullish momentum from the previous session, reaching an intraday high of 162,803.15 before settling at 161,631.73, up by 1,171.42 points (0.72%).
  • Investor confidence strengthened amid easing rollover week pressure and a calmer political environment. Sustained buying interest across key sectors including Automobile Assemblers, Cement, Commercial Banks, Fertilizer, Oil & Gas Exploration, OMCs, Power Generation, and Refinery fueled the market’s upward momentum. On the macroeconomic front, Pakistan’s headline inflation for October 2025 came in at 6.2% YoY, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday, slightly above the Ministry of Finance’s projected range of 5–6%. Major contributors to the index included FFC, ENGRO, NBP, HUBC, and TRG, collectively adding 1,131.47 points to the benchmark. HASCOL led the volume chart with 119.51 million shares traded, while overall market turnover stood at 947.85 million shares.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Nov 3 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, with momentum supported by easing rollover week pressure and a relatively stable political backdrop. Trading volumes decreased to 353mn shares today as compared to 409mn shares in the previous session. Today, the KSE-100 index gained 1,171 points to close at 162,803 level, up by 0.72% DoD. Fertilizer, Power Generation & Distribution, and Oil & Gas Exploration Companies sectors were the major contributors in today's session, cumulatively adding 751 points to the index.
Pakistan Markets: TEL and TNTPL achieve project completion; HUBC and FFC to be beneficiaries – By AKD Research

Nov 3 2025


AKD Securities


  • Hub Power Company (HUBC) has announced that lenders of Thar Energy Limited (TEL) and ThalNova Power Thar (TN) have formally declared Project Completion Date (PCD) for both 330MW Thar-based coal IPPs as of Oct 31, 2025. With PCD achieved, both projects are now eligible to commence dividend payouts, HUBC holds 60% in TEL and 38.3% in TN. Notably, TEL achieved COD in Oct'22, while TNTPL reached COD in Feb'23, compared to the targeted COD date of Mar'21 for both plants.
  • Notably, we have already incorporated gross dividend assumptions of ~PkR3.0/5.0 per share for both TEL and TNTPL in FY26/27E.
Pakistan Economy: Geo-politics outweigh fundamentals – By JS Research

Nov 3 2025


JS Global Capital


  • The KSE-100 Index corrected 7% from its recent peak, closing 2.3% lower MoM – its first decline after five months of MoM gains. Profit-taking by insurance companies, mutual funds, and foreign investors led to net selling of US$104mn amid geopolitical unrest. Notably, border tensions with Afghanistan weighed on sentiment, though markets recovered slightly following a ceasefire. Despite strong corporate results and IMF Staff level agreement, external political concerns overshadowed the positive developments. Top gainers included AKBL (+16%), ABL (+8%), ILP (+7%), and FFC (+6%), while trading volumes rose 7% MoM in Oct-2025.
  • Oil prices (WTI) fell to a 5month low in October, closing at US$61/bbl, being the 3rd consecutive monthly decline. The drop was driven by supply-side concerns as OPEC members increased output and US production reached record levels. Meanwhile, the PKR/US$ appreciated by 0.1% MoM, closing at 280.91 – a 6 month high on the back of strong inflows. We believe the continuation of such trend could help in easing pressure on import bill and inflation.
Technical Outlook: KSE-100: Rebounds amidst good volumes – By AKD Research

Nov 3 2025


AKD Securities


  • The index opened on a positive note and maintained strong bullish momentum throughout the session. It hit an intraday high of 5,461 points before ending with a substantial gain of 4,899 points at 161,632. Market activity improved modestly, with trading volumes rising by 8% compared to the previous session. A large bullish candle formed on the chart, indicating strong upward sentiment as the index closed significantly above its opening level reinforcing the strength of underlying support. Over the last 10 trading sessions, the index has recorded 3 positive and 7 negative closings, resulting in a net of 4 negative sessions.
  • Technically, the immediate support is seen at 161,100 and a breach below this could extend the decline toward 160,700 and 159,700. Conversely, resistance is expected around 161,800, followed by 162,500 and 163,100. It is recommended to accumulate positions near support zone with risk defined closing below it.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 3 2025


Al Habib Capital Markets


  • The KSE-100 Index extended its bullish momentum from the previous session, reaching an intraday high of 162,803.15 before settling at 161,631.73, up by 1,171.42 points (0.72%).
  • Investor confidence strengthened amid easing rollover week pressure and a calmer political environment. Sustained buying interest across key sectors including Automobile Assemblers, Cement, Commercial Banks, Fertilizer, Oil & Gas Exploration, OMCs, Power Generation, and Refinery fueled the market’s upward momentum. On the macroeconomic front, Pakistan’s headline inflation for October 2025 came in at 6.2% YoY, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday, slightly above the Ministry of Finance’s projected range of 5–6%. Major contributors to the index included FFC, ENGRO, NBP, HUBC, and TRG, collectively adding 1,131.47 points to the benchmark. HASCOL led the volume chart with 119.51 million shares traded, while overall market turnover stood at 947.85 million shares.
National Consumer Price Index (NCPI): CPI for Oct’25 to clock in at 5.2% YoY – By AHCML Research

Oct 31 2025


Al Habib Capital Markets


  • Inflation for Oct’25 is likely to come in at 5.2% YoY, compared to same 5.6% YoY in Sep’25 and 7.2% YoY in the same period last year. On a monthly basis, CPI is expected to clock in at 1.4% MoM, Headline inflation for Oct’25 is expected to increase, primarily driven by a sharp increase in food prices, which make up 35% of the CPI basket. Food inflation is projected at 1.0%MoM due to significant increase in the key food items, moreover Housing Index also adjusted in the current month inflation. The ongoing flood in the country, along with reforms in the energy sector such as increases in gas and power tariffs, are expected to fuel inflation going forward.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 27 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced another volatile trading session today, rising to an intraday high of 163,571 before closing at 162,164, down by -1,140.32 points (-0.70%). Market sentiment remained subdued during the session, as profit-taking dominated trading activity with investors opting to book gains across key sectors, including Oil & gas exploration, Commercial Banks, Information Technology, and Cement.
  • On the macro front, the State Bank of Pakistan’s Monetary Policy Committee (MPC), in line with market expectations, kept the policy rate unchanged at 11% in its latest announcement, signaling a wait-and-see approach amid evolving inflation and external sector dynamics. Top drags to index included PSO, LUCK, UBL, MARI, & PPL, which collectively pulled the benchmark down by -505.27 points. WTL led volumes with 164.29 million shares; overall market turnover was 1,006.69 million shares.
Oil & Gas Development Company Limited (OGDC): Result Preview 1QFY26 – By AHCML Research

Oct 27 2025


Al Habib Capital Markets


  • Oil & Gas Development Company Limited is anticipated to report a PAT of PKR 37,340mn (EPS: PKR 8.7) for 1QFY26, reflecting decline of 9% YoY.
  • Net sales for the quarter are expected to reach PKR 92,792mn, down 12% YoY, due to the lower Oil and Production along with decline in the Arab light crude oil prices.
  • Gross margins are estimated at 56%, down 9pps YoY up 15pps QoQ.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 22 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile trading session today, climbing to an intraday high of 168,163 before settling at 166,553, down -793.56 points (-0.47%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including Fertilizer, Commercial Banks, Power generation and Cement. On the economic front, the International Monetary Fund cautioned that severe flooding in Pakistan during the third quarter of 2025 could exert greater-than-expected pressure on growth, inflation, and the current account, though the extent of these effects remains uncertain. Top drags to index included FFC, UBL, MCB, HBL, &FATIMA, which collectively pulled the benchmark down by 648.04 points. KEL led volumes with 241.02 million shares; overall market turnover was 1,568.82 million shares
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Oct 21 2025


Al Habib Capital Markets


  • The KSE-100 Index extended its bullish momentum from the previous session, reaching an intraday high of 168,414.13 before settling at 167,346.83, up by 1,103.93 points (0.66%). Renewed investor confidence, driven by reduced geopolitical concerns, improved macroeconomic indicators, and sustained buying in key sectors such as commercial banks, fertilizers, and oil & gas exploration, supported the rally. On the economic front, the IMF noted on Tuesday that economic activity in the Middle East, North Africa, and Pakistan has been “stronger than expected” this year. Top index incliners included, BAHL, FFC, MCB, OGDC & PPL, which collectively pulled the benchmark up by 830.55 points. KEL led volumes with 547.32 million shares; overall market turnover was 1,816.81 million shares.
Morning News: PRAL, PSW blamed for big import data gap – By AHCML Research

Oct 21 2025


Al Habib Capital Markets


  • The Ministry of Commerce and the PBS informed the National Assembly Standing Committee on Commerce on Monday that two entities under the FBR. Pakistan Revenue Automation Limited (PRAL) and PSW were responsible for a discrepancy of USD11 billion in import data reported last year.
  • Prime Minister Shehbaz Sharif on Monday directed authorities to expedite the formal registration of cottage industries and Small and Medium Enterprises (SMEs), as part of a wider push to revitalize the industrial sector and improve access to finance.
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.