Morning News: Repatriation of profits jumps 86 percent in Q1 – By Alpha-Akseer Research

Oct 22 2025


Alpha Capital


  • Repatriation of profits and dividends by the foreign investors sharply rose by 86 percent in the first quarter of this fiscal year (FY26) mainly due to improved earnings.
  • The International Monetary Fund (IMF) has warned that severe flooding in Pakistan during the third quarter of 2025 may have more adverse effects on growth, inflation, and the current account than currently estimated, although these impacts remain highly uncertain.
  • The country’s business community has expressed concern following the announcement of uniform Fuel Charges Adjustment (FCA) of August 2025 across the country after inclusion of KE’s generation data.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, as selling pressure persisted, with the index remaining volatile throughout the session. Trading volumes decreased to 322mn shares today as compared to 353mn shares in the previous session. Today, the KSE-100 index lost 1,521 points to close at 161,282 level, down by -0.93% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Cement sectors were the major laggards in today's session, cumulatively shedding 1164 points from the index.
Pakistan Market Wrap: KSE-100 closes at 161,282 down 1,521 points – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The equity market started off positively but was unable to keep up the momentum. The KSE-100 Index reached an intraday high of 163,385 and a low of 161,159, before settling at 161,282 — a drop of 1,521 points. Market participation remained muted, with total trade volumes of 318.7 million shares and a traded value of around PKR 25 billion.
  • Key drag-factors in the decline included MARI (-2.3%, -147 points), MCB (-2.3%, -128 points), BAHL (-2.2%, -123 points), LUCK (-1.6%, -122 points) and HBL (-1.7%, -110 points). On the activity side, KEL and BOP led the volume charts, trading 70.6 million and 39 million shares respectively.
Pakistan Automobiles: INDU to keep the throne in the auto arena – By AKD Research

Nov 4 2025


AKD Securities


  • INDU’s continues to benefit from strong volumetric growth, diversified product portfolio, extensive dealership network, higher localization, strong brand equity, high presence in rural areas, and superior cash-conversion cycle. Moreover, higher localization would shield against currency devaluation and provide edge over new entrants. We reiterate our ‘Buy’ stance on INDU, with Jun’26 target price of PkR3,681/sh with forward dividend yield of 9.3%, led by sustained earnings, higher-than-anticipated volumetric and margins.
  • Accelerating beyond industry growth: We anticipate sustained volumetric growth primarily supported by i) rising income of farmers (with 50% of sales coming from rural areas), ii) strong brand equity, iii) the company’s extensive dealership network, being the largest in the country with 57 3S dealerships, and iv) strong parent book to be leveraged in case of absence of customer advances. Underpinned by the company’s recent performance, where INDU recorded a 61%YoY rise in volumes during FY25, significantly outperforming the industry’s 43%YoY growth in Passenger cars and LCVs, even amid the entry of multiple new competitors into the market. Against this backdrop, we project volumes to grow at an annual rate of 14% through FY28, reaching 49k units. Subsequently, we expect the company’s revenue to grow at a CAGR of 15.3%, up to FY28. Where, we forecast overall market to expand to 222k units by FY28, driven by i) moderation in prices, ii) increasing model availability, iii) improving per capita income, and iv) lowest per-capita vehicle penetration in the region.
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 Market Wrap: KSE-100 closes at 161,282 down 1,521 points – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The equity market started off positively but was unable to keep up the momentum. The KSE-100 Index reached an intraday high of 163,385 and a low of 161,159, before settling at 161,282 — a drop of 1,521 points. Market participation remained muted, with total trade volumes of 318.7 million shares and a traded value of around PKR 25 billion.
  • Key drag-factors in the decline included MARI (-2.3%, -147 points), MCB (-2.3%, -128 points), BAHL (-2.2%, -123 points), LUCK (-1.6%, -122 points) and HBL (-1.7%, -110 points). On the activity side, KEL and BOP led the volume charts, trading 70.6 million and 39 million shares 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.
Pakistan Market Wrap: KSE-100 closes at 161,632 up 4,899 points – By Alpha-Akseer Research

Oct 31 2025


Alpha Capital


  • The equity market opened on a positive note and maintained its bullish momentum throughout the session. The KSE-100 Index touched an intraday high of 162,194 and a low of 158,196, before closing at 161,632, gaining 4,899 points. Market activity improved notably, with total volumes reaching 405 million shares and a traded value of approximately PKR 31 billion.
  • Major contributors to the index’s rise included UBL (6.7%, 671 points), MEBL (6.7%, 406 points), FFC (2.8%, 361 points), BAHL (5.6%, 264 points), and HBL (4.9%, 262 points). On the activity front, KEL and BOP dominated the volume charts, trading 85.1 million and 76.5 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 156,733 down 1,732 points – By Alpha-Akseer Research

Oct 30 2025


Alpha Capital


  • The equity market opened on a positive note but failed to sustain its early momentum. The KSE-100 Index recorded an intraday high of 159,507 and a low of 156,328 before closing at 156,733, down by 1,732 points. Market participation remained muted, with total volumes at 368 million shares and a traded value of approximately PKR 28.1 billion.
  • Major contributors to the index’s decline included ENGROH (-8.4%, -643 points), BOP (-9.7%, -167 points), SYS (-3.1%, -141 points), UBL (-1.2%, -128 points), and MCB (-1.6%, -83 points). On the activity front, BOP and KEL dominated the volume charts, trading 75.5 million and 47.6 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 158,465 down 1,636 points – By Alpha-Akseer Research

Oct 29 2025


Alpha Capital


  • The equity market opened on a positive note but remained volatile throughout the trading session. The KSE-100 Index touched an intraday high of 160,690 and a low of 158,307, before settling at 158,465, down 1,636 points. Market participation remained subdued, with total volumes of 390.2 million shares and a traded value of approximately PKR 27.4 billion.
  • Major laggards dragging the index lower included LUCK (-2.3%, -154 points), UBL (-1.3%, -138 points), MARI (-2%, -118 points), MCB (-1.6%, -86 points), and EFERT (-1.9%, -81 points). In terms of activity, KEL and BOP led the volume charts, trading 93 million and 44 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 160,101 down 2,063 points – By Alpha-Akseer Research

Oct 28 2025


Alpha Capital


  • The equity market opened on a positive note but remained volatile throughout the session. The KSE-100 Index touched an intraday high of 163,381 and a low of 159,805 before closing at 160,101—down by 2,063 points. Market participation stayed muted, with total volumes standing at 370 million shares and a traded value of approximately PKR 23.5 billion.
  • Major laggards that weighed on the index included HUBC (-2.2%, -142 points), MEBL (-1.8%, -122 points), HBL (-1.9%, -114 points), OGDC (-1.9%, -106 points), and UBL (-0.9%, -101 points). In terms of activity, KEL and BOP topped the volume charts, trading 94.1 million and 60 million shares, respectively.
Morning News: PM launches RLNG supply for domestic consumers – By Alpha-Akseer Research

Oct 27 2025


Alpha Capital


  • Prime Minister Shehbaz Sharif has announced to finally open new gas connections for domestic consumers, marking an end to four-year ban on new gas connections, imposed in the year 2021, following acute gas shortage in the country.
  • Chinese high-tech agricultural machinery is all set to transform Punjab with the PKR 30 bn mechanization programme, launched to revolutionize farming in largest food-producing province.
Pakistan Market Wrap: KSE-100 closes at 164,590 down 1,963 points – By Alpha-Akseer Research

Oct 23 2025


Alpha Capital


  • The equity market began the session on a weak note and remained under pressure throughout the day. The KSE-100 Index recorded an intraday high of 166,720 and a low of 164,395, eventually closing at 164,590—down by 1,963 points. Overall trading activity was subdued, with total volumes standing at 484.4 million shares and a traded value of approximately PKR 31.2 billion.
  • Key laggards dragging the index lower included BAHL (-10%, -568 points), HMB (-5.9%, -120 points), LUCK (-1.8%, -120 points), HUBC (-1.6%, -109 points), and ENGRO (-1.4%, -102 points). In terms of volume, KEL and BOP led the activity chart, trading 138 million and 79 million shares, respectively.
Morning News: Govt sees a 3.5pc growth even after floods – By Alpha-Akseer Research

Oct 23 2025


Alpha Capital


  • Pakistan expects to receive USD 1.2bn from the IMF and achieve 3.5 percent economic growth this fiscal year, Finance Minister Muhammad Aurangzeb said, citing progress in reforms and global recognition of the country’s economic stability.
  • The power corridors of federal capital are abuzz with speculation that the Board of K-Electric may allow it to opt for international arbitration, after recent supply tariff determination by Nepra, which is expected to have financial impact of PKR 200bn per annum on the power utility company.
Pakistan Market Wrap: KSE-100 closes at 166,553 down 794 points – By Alpha-Akseer Research

Oct 22 2025


Alpha Capital


  • The equity market opened on a strong footing but failed to maintain its upward momentum. The KSE-100 Index touched an intraday high of 168,163 and a low of 166,231 before closing at 166,553, marking a decline of 794 points. Overall trading activity remained subdued, with a total volume of 727.6 million shares and a traded value of approximately PKR 39.7 billion.
  • Major draggers on the index included FFC (-2.1%, -295 points), UBL (-1.1%, -129 points), MCB (-1.5%, -79 points), HBL (-1.2%, -74 points), and FATIMA (-4.5%, -70 points). In terms of volume, KEL and BOP led the board, trading 241 million and 118.8 million shares, respectively.