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: 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.
Morning News: Oil extends gains after OPEC+ pauses Q1 output hikes – By IIS Research

Nov 3 2025


Ismail Iqbal Securities


  • Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut. Brent crude futures rose 47 cents, or 0.73%, to $65.24 a barrel by 2336 GMT after closing 7 cents higher on Friday. U.S. West Texas Intermediate crude was at $61.43 a barrel, up 45 cents, or 0.74%, after settling up 41 cents in the previous session.
  • 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 Rs162,513 billion, boosting exports by more than $10 billion, and increasing remittances to a record $44.82 billion.
Morning News: World Bank asks Pakistan to overhaul skewed trade pacts – By Vector Research

Nov 3 2025


Vector Securities


  • The World Bank has asked Pakistan to improve its skewed preferential trade agreements with 10 bilateral partners, ensure a market-determined and flexible exchange rate and push deeper reforms to lower energy and other input costs to turbocharge over three decades of declining exports for sustainable economic growth. (Dawn)
  • The Economic Affairs Division (EAD) has acknowledged that there is no transparent mechanism in place to ensure that loans obtained from the IMF are actually utilised for budgetary support or for maintaining the balance of payments. (BR)
Morning News: Oil extends gains after OPEC+ pauses Q1 output hikes – By Shajar Research

Nov 3 2025


Shajar Capital


  • Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut. (Reuters)
  • Asian stocks rose on Monday as investors weighed last week's megacap earnings showing significant spending on artificial intelligence, while the dollar held near a three-month high after hawkish comments from Federal Reserve policymakers. (Reuters)
Morning News: US signs 10-year defence pact with India: Pentagon chief – By HMFS Research

Nov 3 2025


HMFS Research


  • US Defence Secretary Pete Hegseth held talks on Friday with counterparts from China and India, among a series of face-to-face meetings at an ASEAN defence summit in Malaysia as Washington seeks to boost its influence and regional security ties. He also hailed as “a cornerstone for regional stability and deterrence” a new 10-year defence cooperation framework signed with Indian Defence Minister Rajnath Singh.
  • President Asif Ali Zardari will attend the Second World Summit for Social Development in Qatari capital Doha from November 4 to 6, being held under the auspices of the United Nations General Assembly. According to a statement issued from the President’s Secretariat on Sunday, the summit will bring together world leaders and policymakers to discuss ways of advancing social development, promoting decent work and employment opportunities, as well as strengthening inclusive safety nets.
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.
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: KSE-100 closes at 166,243 up 2,437 points – By Alpha-Akseer Research

Oct 20 2025


Alpha Capital


  • The equity market opened on a strong note and maintained its upward trajectory throughout the session. The KSE-100 Index recorded an intraday high of 166,421 and a low of 164,282, before closing at 166,243, reflecting a significant gain of 2,437 points. Trading activity remained vibrant, with a total volume of 703.7 million shares and a traded value of approximately PKR 36.4 billion.
  • Key contributors to the index’s rise included HBL (4.8%, 285 points), UBL (2.2%, 255 points), BOP (10%, 167 points), NBP (4.1%, 144 points), and AKBL (10%, 138 points). On the volume side, KEL and BOP dominated with 229.3 million and 184.4 million shares traded, respectively.
  • Following a healthy phase of correction and consolidation, the market has begun to regain positive momentum. While short-term volatility may persist, the medium- to long-term outlook remains positive, bolstered by the upcoming corporate earnings season. Robust dividend announcements, particularly from Banks and Fertilizer companies, are anticipated. Investors are advised to focus on fundamentally strong sectors—including E&Ps, OMCs, Fertilizers, and Banks—which offer a combination of attractive dividend yields and sustainable growth potential.