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.
Kohat Cement Company Limited (KOHC): FY25 Analyst Briefing Takeaways – By Foundation Research

Nov 11 2025


Foundation Securities


  • Kohat Cement Company Limited (KOHC PA) held its 1QFY26 analyst briefing today to discuss financial/operational performance and outlook of the company.
  • Kohat Cement Company Limited (KOHC PA) profitability clocked in at PKR 2.9Bn (EPS: PKR 3.20/sh) in 1QFY26 vs. PKR 3.4Bn (EPS: PKR 3.74/sh) during 1QFY25. In FY25, KOHC profitability was reported at PKR 11.6Bn (EPS: PKR 12.59/sh) as compared to PKR 8.9Bn (EPS: PKR 9.67/sh) in FY24.
  • In 1QFY26, local retention prices settled at PKR 14.6k/ton vs. cost incurred of PKR 9.6k/ton. However retention prices in FY25 stood at PKR 16.1k/ton vs. PKR 14.9k/ton in the year prior. Recently prices have increased which would offset impact of surge in coal prices thereby gross margins will sustain.
Fauji Fertilizer Company Limited (FFC): Acquiring of 25% in FFBL Power Company Limited (FPCL) – By Topline Research

Nov 11 2025


Topline Securities


  • As per company notice, Fauji Fertilizer Company Limited (FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL Power Company (FPCL) (25% of the paid capital) from the Parent Company Fauji Foundation. Post this acquisition, total ownership of FFC in FPCL will increase to 100%.
  • For this purpose, swap ratio has been calculated as per valuation report which translates 1 share of FFC against a consideration of 13.49 shares of FPCL.
  • FFC will issue 15,914,566 ordinary shares at a par value of Rs10 per share, representing approximately 1.1% of the company’s paid-up share capital before the issue. The issuance will result in minimal dilution for existing shareholders.
Pakistan Market Wrap: Pakistan Stock Exchange Suffers Sharp Sell-off Amid Renewed Geopolitical Tensions – By HMFS Research

Nov 11 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) witnessed a sharp downturn today, as the benchmark KSE-100 Index plunged over 3,700 points, marking one of the steepest single-day declines in recent sessions. The sell-off came amid renewed geopolitical tensions and a fragile domestic security environment, prompting investors to adopt a distinctly risk-averse stance. Selling pressure persisted throughout the session, dragging the benchmark to an intra-day low of 157,766, before closing marginally higher at 157,871, down 3,668 points for the day. Volumes remained steady, with 291mn shares changing hands on the KSE-100 Index and 835mn on the broader All-Share Index. The most actively traded scrips included FNEL (77mn), KEL (67mn), and WTL (47mn). The sharp reversal came on the heels of Monday’s rally, as political and security developments took center stage once again.
  • A day after the Senate passed “The Constitution (Twenty-Seventh Amendment) Bill, 2025”, added an element of political uncertainty to the trading floor. Investor sentiment was further undermined following a blast in Islamabad, intensifying concerns over the domestic security outlook. Going forward, market sentiment is expected to remain largely cautious, with investors likely to seek clarity on both the evolving political landscape and security situation, alongside monitoring external cues. Investors are advised to exercise prudence in short-term positioning, focusing on fundamentally resilient names with stable earnings visibility and opportunities.
Pakistan Market Wrap: The benchmark index closed on a negative note today – By IIS Research

Nov 11 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note today, weighed down by heightened geopolitical tensions and a bomb blast incident in Islamabad. The compromised security environment hurt investor sentiment, leading to aggressive profit-taking and dampening market momentum. Trading volumes increased to 291mn shares today as compared to 225mn shares in the previous session. Today, the KSE-100 index lost 3,668 points to close at 157,871 level, down by -2.27% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Cement sectors were the major laggards in today's session, cumulatively shedding 1721 points from the index.
Pakistan Market Wrap: KSE-100 closes at 157,871 down 3,668 points – By Alpha-Akseer Research

Nov 11 2025


Alpha Capital


  • The equity market opened on a weak note and continued to trade in negative territory throughout the session. The KSE-100 Index recorded an intraday high of 161,517 and a low of 157,766, before settling at 157,871 — down by 3,668 points. Overall market activity remained muted, with a total trading volume of 289.3 million shares and a traded value of approximately PKR 25.8 billion.
  • Key stocks contributing to the index’s decline included ENGROH (-3.5%, -264 points), OGDC (-3.9%, -220 points), HUBC (-3.0%, -198 points), NBP (-4.4%, -173 points), and MARI (-2.9%, -168 points). In terms of volumes, KEL and BOP dominated the activity with 66.8 million and 45.2 million shares traded, respectively.
Agriauto Industries Limited (AGIL): Corporate Briefing Notes – By Chase Research

Nov 11 2025



  • Agriauto Industries Limited recorded consolidated earnings per share of PKR 6.62 in FY25, as compared to loss per share of PKR 9.65 in FY24.
  • The company recorded net sales of PKR 11.9 Bn, up 39% from PKR 8.5 Bn in FY24. Along with this, it saw its gross margin expand from 5% in FY24 to 10% in FY25. As a result, gross profit surged 216% from PKR 389 Mn in FY24 to PKR 1.2 Bn in FY25.
Nishat Chunian Limited (NCL): Corporate Briefing Notes – By Chase Research

Nov 11 2025



  • NCL has reported standalone earnings per share of PKR 3.29 in FY25 (FY24: PKR 2.88). Furthermore, in 1QFY26 the company reported EPS of PKR 2.18 (1QFY25: PKR 0.15).
  • The company generated 63% of its sales from the domestic market and 37% from exports. Spinning remained the leading revenue contributor with a 57% share, followed by Home Textile at 27% and weaving at 16%, while a minor portion was contributed by external power sales.
The Organic Meat Company Limited (TOMCL): Corporate Briefing Notes – By Chase Research

Nov 11 2025



  • TOMCL has reported earnings per share of PKR 2.31 in FY25 (FY24: PKR 2.94). Furthermore, in 1QFY26 the company reported EPS of PKR 0.92 (1QFY25: PKR 1.01). The net profit margin has fallen predominantly because of the change in taxation. The effective tax rate has increased significantly.
  • Previously, under final fixed tax regime, where income tax was pegged at 1% on export turnover/proceeds. The effective tax rate was previously around 18.5% to 20%.
Pakistan Petroleum Limited (PPL): Corporate Briefing Session Insights – By HMFS Research

Nov 11 2025


HMFS Research


  • Pakistan Petroleum Limited (PPL) conducted its corporate briefing session, outlining operational highlights, strategic developments, and future growth priorities. The management emphasized stability in core operations, progress on international ventures, and diversification into minerals as key pillars for sustaining long-term value.
  • PPL’s portfolio remains extensive, comprising 21 producing fields (nine operated and twelve partner-operated) and 46 exploratory blocks (twenty-five operated). The company contributes nearly 19% of the country’s total gas production (~3.8 BCFD in FY25) and 16% of local oil output (~406,000 bpd), reaffirming its leading role in Pakistan’s E&P landscape.
Meezan Bank Limited (MEBL): 9MCY25 Analyst Briefing Takeaways – By AKD Research

Nov 11 2025


AKD Securities


  • Bank’s profit for 9MCY25 stood at PkR67.2bn (EPS: PkR37.4), down 13%YoY, due to lower Net Spread Earned on the back of lower policy rate.
  • Return on financings, investments and placements fell to PkR312.1bn in 9MCY25, down 18%YoY from PkR378.3bn in 9MCY24, due to falling yields.
Pakistan Market Wrap: Pakistan Stock Exchange Suffers Sharp Sell-off Amid Renewed Geopolitical Tensions – By HMFS Research

Nov 11 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) witnessed a sharp downturn today, as the benchmark KSE-100 Index plunged over 3,700 points, marking one of the steepest single-day declines in recent sessions. The sell-off came amid renewed geopolitical tensions and a fragile domestic security environment, prompting investors to adopt a distinctly risk-averse stance. Selling pressure persisted throughout the session, dragging the benchmark to an intra-day low of 157,766, before closing marginally higher at 157,871, down 3,668 points for the day. Volumes remained steady, with 291mn shares changing hands on the KSE-100 Index and 835mn on the broader All-Share Index. The most actively traded scrips included FNEL (77mn), KEL (67mn), and WTL (47mn). The sharp reversal came on the heels of Monday’s rally, as political and security developments took center stage once again.
  • A day after the Senate passed “The Constitution (Twenty-Seventh Amendment) Bill, 2025”, added an element of political uncertainty to the trading floor. Investor sentiment was further undermined following a blast in Islamabad, intensifying concerns over the domestic security outlook. Going forward, market sentiment is expected to remain largely cautious, with investors likely to seek clarity on both the evolving political landscape and security situation, alongside monitoring external cues. Investors are advised to exercise prudence in short-term positioning, focusing on fundamentally resilient names with stable earnings visibility and opportunities.
Pakistan Petroleum Limited (PPL): Corporate Briefing Session Insights – By HMFS Research

Nov 11 2025


HMFS Research


  • Pakistan Petroleum Limited (PPL) conducted its corporate briefing session, outlining operational highlights, strategic developments, and future growth priorities. The management emphasized stability in core operations, progress on international ventures, and diversification into minerals as key pillars for sustaining long-term value.
  • PPL’s portfolio remains extensive, comprising 21 producing fields (nine operated and twelve partner-operated) and 46 exploratory blocks (twenty-five operated). The company contributes nearly 19% of the country’s total gas production (~3.8 BCFD in FY25) and 16% of local oil output (~406,000 bpd), reaffirming its leading role in Pakistan’s E&P landscape.
Morning News: Govt awaits IMF nod to unveil first industrial policy – By HMFS Research

Nov 10 2025


HMFS Research


  • The government has presented the country’s first National Industrial Policy (NIP) to the federal cabinet for approval, outlining major constraints to industrial growth and proposing reforms to revitalise the manufacturing sector. However, the Ministry of Finance has asked the Ministry of Industries and Production to first seek the IMF’s clearance for the incentives proposed under the new policy. The policy targets $60 billion in exports by 2030, GDP growth of 6pc and manufacturing growth of 8pc annually by the end of the decade. It aims to provide a roadmap for industrial competitiveness, job creation and export expansion. The NIP identifies a range of structural and policy-related challenges impeding industrial growth. These include macroeconomic instability, policy uncertainty, costly industrial land, excessive regulation, unreliable and expensive power supply, and limited access to long term credit.
  • The United States and Pakistan early on Saturday reaffirmed their commitment to strengthening bilateral ties between the two countries, with Islamabad’s envoy describing it as an effort to build an “economically entrenched strategic partnership“. The development came as S. Paul Kapur — who assumed charge as the US assistant secretary of state for South and Central Asian affairs on October 22 — met Pakistan’s Ambassador to the US Rizwan Saeed Sheikh at the State Department for what was described as a cordial and forward-looking exchange. “We discussed the ways and means of translating the resolve — expressed at the leadership level — of developing Pakistan–US ties into an economically entrenched strategic partnership, through sustained engagement in multiple domains of mutual interest,” he said in a post on social media platform X.
Pakistan Market Wrap: PSX Closes Higher as Investors Eye Policy Outcomes – By HMFS Research

Nov 7 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) opened on a positive note on Friday, with the benchmark KSE-100 Index gaining over 1,000 points during the second half of the trading session. Buying interest was observed in banks and E&P scrips, allowing the benchmark to trade in the green for most of the session. In a key development, the Economic Coordination Committee (ECC) convened to deliberate on a high-stakes economic agenda — including approval of a PKR 659.6bn government guarantee for power-sector financing, tariff rationalisation for nuclear plants, and a new gas pricing framework for fertiliser manufacturers.
  • At close, the index settled at 159,592.9, up 496 points, with volumes at 217mn on the KSE-100 and 768mn on the All-Share Index. The most actively traded scrips were FNEL, BML, and PACE. Going forward, market momentum will likely hinge on the outcome of the ECC decisions and their implications for the energy and fertiliser sectors. With corporate earnings season largely behind and monetary policy expected to remain steady in the near term, investor sentiment may stay range-bound in the short run, punctuated by selective sectoral rallies. We advise investors to maintain a balanced stance, and keep overall exposure measured until greater clarity emerges on fiscal measures and policy direction.
Pakistan Market Wrap: Persistent Profit-Taking Deepens Market Slide Amid Geopolitical Concerns – By HMFS Research

Nov 5 2025


HMFS Research


  • Following a sharp correction in the previous session, the KSE-100 Index extended its decline as persistent profit-taking and escalating geopolitical tensions continued to weigh on investor sentiment. The benchmark index plunged by 2,000 points intraday as investors remained cautious. Sustained selling pressure kept market momentum subdued, particularly across cyclical sectors, as participants awaited clarity on both geopolitical and macroeconomic fronts. The KSE-100 Index ultimately closed at 159,578, down by 1,704 points from the previous session’s close.
  • Trading activity remained moderate, mirroring the restrained tone of the previous day, with 333mn shares traded on the KSE-100 Index and 859mn shares exchanged in the broader market. Looking ahead, market direction is expected to remain sensitive to developments along the borders and evolving geopolitical narratives. However, optimism persists over Pakistan’s “Blue Economy” initiative, which continues to attract long-term investor interest with its projected USD 100bn potential by 2047. While intermittent bouts of profit-taking are likely to continue as part of normal market cycles, investors are advised to adopt a cautious approach, focusing on fundamentally robust stocks capable of withstanding short-term volatility.
Pakistan Market Wrap: Profit-Taking Pulls Back the Bulls as Geopolitical Pressures Weigh on Sentiment – By HMFS Research

Nov 4 2025


HMFS Research


  • After a strong rally in the previous session, the KSE-100 Index witnessed a wave of profit-taking as investors opted to lock in gains, leading the benchmark to plunge 1,644 points during intraday trading. The momentum faltered amid a resurgence of geopolitical tensions, which dampened market sentiment and triggered cautious activity across key sectors. Adding to the pressure, October’s CPI inflation was reported at 6.2%, slightly denting investor confidence as concerns resurfaced over potential implications for monetary stability and consumption trends.
  • The KSE-100 Index ultimately closed at 161,282, down by 1,521 points from the previous session’s close. Trading activity remained moderate, reflecting a restrained investor stance, with 322mn shares traded on the KSE-100 Index and 898mn shares exchanged in the broader market. The day’s volume leaders included WTL (79mn), TELE (77mn), and KEL (72mn). Looking ahead, market direction is expected to remain contingent on the stability of border conditions and the evolving geopolitical landscape. However, optimism continues to brew around Pakistan’s “Blue Economy” initiative, a transformative long-term plan aimed at unlocking an estimated USD 100bn potential by 2047 through marine and coastal economic development. Should progress materialize on this front, it could serve as a catalyst for sustained market optimism in the coming months. That said, intermittent profit-taking phases remain a natural part of market cycles. Investors are advised to maintain a prudent approach, monitor evolving dynamics, and focus on fundamentally strong stocks offering long-term growth potential.
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: Peace Pact Ignites Rally: KSE-100 Snaps Seven-Day Losing Streak – By HMFS Research

Oct 31 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) witnessed a strong rebound today as renewed optimism swept through the market following reports that Pakistan and Afghanistan have agreed to extend the ceasefire during the Istanbul peace talks. The breakthrough eased geopolitical tensions, restoring investor confidence after a week of sustained pressure. The KSE-100 Index surged by 4,900 points (+3%), closing at the 161,631 level, effectively snapping a seven-day losing streak. The rally reflected broad-based buying, with investors seizing opportunities across key sectors that had seen steep corrections in recent sessions.
  • Trading activity remained robust, underscoring the renewed participation, with 408mn shares traded on the KSE-100 Index and 951mn shares exchanged in the overall market. WTL (98mn), KEL (85mn), and BOP (78mn) led the day’s trading charts as volume leaders. Looking ahead, the market’s trajectory will hinge on the sustainability of the ceasefire and the stability of regional relations. If peace prevails, bullish momentum is likely to persist, supported by improved investor sentiment and undervalued market levels. However, any flare-up in geopolitical tensions could swiftly temper the rally. Investors are advised to remain prudent, capitalize on short-term gains where appropriate, and maintain positions in fundamentally strong scrips that offer long-term growth potential.
Pakistan Market Wrap: Cautious Optimism Dampened by Geopolitical Disruptions – By HMFS Research

Oct 30 2025


HMFS Research


  • The KSE-100 index continued its recent volatile trajectory, opening the session on a bullish note as investors engaged in value buying across fundamentally strong yet undervalued scrips. The benchmark surged by 1,042 points in early trading, reflecting short-lived optimism. However, sentiment soon turned cautious as reports of escalating geopolitical tensions and the U.S. decision to reduce tariffs on Chinese goods to 47% weighed on market confidence. The development is expected to indirectly impact Pakistan’s export competitiveness in the U.S. market, prompting a wave of profit-taking and risk aversion among investors. Consequently, the index plunged by 2,137 points intraday before partially recovering to close at 156,733 points, down 1,732 points from the previous close.
  • Trading activity remained moderate, with 378mn shares exchanged on the KSE100 index and 847mn shares traded across the broader market. BOP (84mn), WTL (50mn), and KEL (48mn) emerged as the volume leaders for the day. Looking ahead, market direction will hinge on macroeconomic and geopolitical developments. A de-escalation in border tensions could trigger a buying resurgence, while ongoing economic improvements are likely to lend stability in the near term. As the rollover week concludes and a new month commences, improved liquidity and sentiment could provide upward momentum on the bourse. Investors are advised to exercise vigilance, remain selective, and focus on fundamentally robust stocks with strong long-term growth prospects.
Pakistan Market Wrap: Selling Pressure Deepens Amid Geopolitical Uncertainty – By HMFS Research

Oct 29 2025


HMFS Research


  • Selling persisted at the Pakistan Stock Exchange (PSX) as investor sentiment remained fragile following the inconclusive talks between Islamabad and Kabul, which failed to yield any diplomatic breakthrough. The benchmark KSE-100 Index lost momentum early in the session, eventually closing 1,636 points lower at 158,465, after oscillating between an intraday high of 160,690 and a low of 158,307, marking an overall swing of nearly 2,383 points. Market activity remained robust, with 390mn shares traded on the benchmark index and 950mn shares across the broader market.
  • Among the most actively traded names were KEL (93mn), HASCOL (54mn), and WTL (51mn). Adding to the day’s lackluster mood was the State Bank’s decision to keep the policy rate unchanged, which offered little support to equities, as investors looked past the announcement despite its optimistic undertone on growth and post-flood recovery. Going forward, market direction is likely to hinge on the evolution of regional tensions and upcoming IMF tranche, external flows and inflation dynamics. We advise investors to maintain a selective stance, focusing on fundamentally resilient names with strong balance sheets and defensive earnings profiles until clarity emerges on the geopolitical and policy fronts.