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)
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.
Morning News: 27th Amendment bill approved by joint parliamentary body – By Vector Research

Nov 10 2025


Vector Securities


  • The joint parliamentary committee on Law and Justice has given its nod to The Constitution (Twenty-seventh Amendment) Bill, 2025, which will be tabled in the Senate today (Monday) for consideration and approval. (BR)
  • Mahir Binici, the IMF Resident Representative for Pakistan, has said that Pakistan needs to increase its tax-to-GDP ratio to 15 percent to overcome its economic and climate change challenges. He said, the narrow tax and export base, inefficient energy sector, and the loss-making state-owned enterprises (SoEs) are the biggest hurdles holding back Pakistan’s growth. However, he said Pakistan’s newly approved USD 1.4 billion arrangement under the Resilience and Sustainability Facility (RSF) will play a vital role in strengthening the country’s economic resilience and capacity to withstand environmental shocks. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research

Nov 6 2025


Vector Securities


  • Evening Note.
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.
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: IMF condition: Tax Policy Office activated – By Vector Research

Oct 27 2025


Vector Securities


  • The federal government has implemented another condition of the International Monetary Fund (IMF) by amending the powers of the Federal Board of Revenue (FBR). Under the new arrangement, the FBR will now only be responsible for tax collection, while tax policy formulation will no longer fall under its jurisdiction. According to sources, the government has activated the Tax Policy Office within the Ministry of Finance. Following this change, the FBR will serve solely as a tax collection agency, whereas the newly established office will handle all matters related to tax policy formulation. (ET)
  • Prime Minister Shehbaz Sharif is leading a high-level delegation to Riyadh — from Monday (today) till Wednesday (29th Oct) — to participate in the Ninth Edition of the Future Investment Initiative (FII9). “During his stay, the PM will engage with the Saudi leadership to explore avenues for enhanced cooperation in the trade, investment, energy, and human resource sectors. The discussions will also cover regional and global issues of mutual interest and concern,” the statement added. The FII9 will convene global leaders, investors, policymakers, and innovators, the press release said. (BR)
Morning News: Pakistan, IMF mull raising tax rates on solar panels, internet – By Vector Research

Oct 17 2025


Vector Securities


  • Following the rejection of proposals to increase tax rates on fertilizer and pesticides, Pakistan and the International Monetary Fund (IMF) are considering alternative options — raising taxes on rooftop solar panels, internet services and other sectors — as contingency measures in case of a revenue shortfall. These identified contingency measures are expected to be part of the IMF’s second review report, to be released after the approval of a $1 billion tranche under the $7 billion Extended Fund Facility (EFF). The measures would only be triggered under two conditions: if the revenue shortfall for the first half (July-December) of the fiscal year exceeds projections, and if the Finance Ministry is unable to reduce its expenditures. (The News)
  • The International Monetary Fund (IMF) has forecast a gradual improvement in Pakistan’s fiscal indicators over the next five years, including a lower fiscal deficit and a reduced debt-to-GDP ratio. However, it has also warned of persistent revenue shortfalls and rising pension and health expenditures. (Dawn)
Morning News: IMF projects 3.6pc growth vs 4.2pc govt target – By Vector Research

Oct 15 2025


Vector Securities


  • The International Monetary Fund (IMF) has projected Pakistan’s GDP growth rate at 3.6 percent during the 2025-26 fiscal year against the government target of 4.2 percent. The Fund, however, clarified that its projections do not yet reflect the impact of the 2025 monsoon floods, as the impact of the disaster has yet to be assessed. (BR)
  • Without accounting for the yet-to-be-finalised losses from the recent floods, the International Monetary Fund (IMF) on Tuesday estimated Pakistan’s economic growth rate at 3.6 per cent for the current fiscal year, along with higher inflation and widening current account deficit. The Fund’s growth projection — following its recent two-week review of Pakistan’s economy — is notably higher than the 2.6pc GDP growth and 7.2pc inflation projected by the World Bank earlier this month, which were based on its own estimates of flood-related damages. (Dawn)
Pakistan Market Wrap: Evening Note – By Vector Research

Oct 14 2025


Vector Securities


  • Evening note.
Morning News: Details of IMF programmes reviewed – By Vector Research

Oct 14 2025


Vector Securities


  • An official of the Debt Management Office said Pakistan’s external debt and liabilities have reached USD 92.2 billion till August 31, 2025. The official said that the medium and long term loans share in the external debt amounts to USD 89.1 billion in the external portfolio. The share of multilateral loans in the external debt is USD 42.58 billion and bilateral debt USD 21.82 billion. (BR)
  • Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday urged American investors to explore Pakistan’s energy, mineral, agriculture, and IT markets, reaffirming commitment to favourable US-Pakistan tariff arrangements. (The News)