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.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 8 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to a intraday high of 168,755.18 points before settling at a closing level of 168,303, up 1,217.66 points (0.73%). The bullish sentiment was underpinned by strong investor interest across key sectors, particularly Fertilizer, Technology and communication, commercial banks, Cement, oil and gas exploration companies and OMCs. On the macro front, the IMF Executive Board is scheduled to convene today to review Pakistan’s Second Review under the 37-month EFF as well as the First Review of the 28-month RSF a key event that may shape near-term macroeconomic expectations.
  • Meanwhile, concerns re-emerged on the external account side, as Pakistan’s continued import tariff rationalization paired with further reductions anticipated under the National Tariff Policy 2025-30 is expected to place additional pressure on the already elevated trade deficit. Among major contributors FFC, SYS, NBP, PTC, & DGKC, which collectively added 845.68 points to the benchmark index. PTC led volumes with 60.90 million shares; as overall market participation reached 783.08 million shares.
Pakistan Market Wrap: Bullish Start to the Week as IMF Review Lifts Investor Sentiment – By HMFS Research

Dec 8 2025


HMFS Research


  • The KSE-100 Index opened the week on a strong footing, gained over 1,600 points intraday as sentiment improved ahead of the IMF Executive Board meeting scheduled for today to approve the disbursement under the USD 1.2bn review. Over the weekend, the newly concluded Free Trade Agreement (FTA) between Pakistan and the Gulf Cooperation Council (GCC) emerged as a key development at the 23rd Doha Forum. The market maintained strong momentum throughout the session, driven by value buying. At the end of the day, the bourse settled at 168,303 level, up by 1,218 points. Trading activity remained moderate, with 328mn shares traded on KSE-100, while the broader market recorded 781mn shares. PTC (61mn), BNL (52mn), and KEL (47mn) led the volumes.
  • Going forward, market sentiment is expected to remain bullish on the back of the IMF review. If the review is successfully concluded, the tranche is likely to be disbursed within a few days, supporting continued optimism throughout the week. Further, tomorrow’s meeting with the Economic Co-ordination Committee (ECC) to discuss an 11-point agenda including talking about the circular debt plan for FY26 and electricity purchase agreement with Iran, among others, would shape the market accordingly. Investors are advised to stay attuned to these meetings, track key economic developments, and remain focused on fundamentally strong stocks with sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Dec 8 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, supported by improved liquidity in the market. Trading volumes increased to 328mn shares today as compared to 226mn shares in the previous session. Today, the KSE-100 index gained 1,218 points to close at 168,303 level, up by 0.73% DoD. Fertilizer, Technology & Communication, and Cement sectors were the major contributors in today's session, cumulatively adding 793 points to the index.
Shifa International Hospitals Ltd (SHFA): Expansion phase resumes; earnings strengthen – By JS Research

Dec 8 2025


JS Global Capital


  • Shifa International Hospitals Ltd (SHFA) held its analyst briefing to review its FY25 performance and outline the growth trajectory ahead. The company posted earnings of Rs2.3bn for the year, a 71% increase YoY, taking EPS to Rs36.84.
  • Management explained that the group has completed its consolidation phase and has now entered a new cycle of expansion.
  • The ongoing projects include Shifa National Hospital Faisalabad (Pvt.) Ltd (SNHF), Shifa Medical Centre Islamabad (Pvt.) Ltd (SMCI) and SIHT (Pvt.) Ltd, each intended to strengthen the group’s presence across key cities.
  • The upcoming SNHF facility is expected to begin operations by 4QFY26. Management anticipates the hospital will reach break-even within three years and turn profitable in the fourth year, with net margins projected at 7 to 8%.
Pakistan Refinery Limited (PRL): Engulfing Bull on weekly chart – By JS Research

Dec 8 2025


JS Global Capital


  • PRL is picking up momentum as the interim resistance lies within 38-39 range where a break above that will confirm the start of a bullish move. An Engulfing Bull has occurred on weekly chart with the MACD Buy signal. Also, the PRL is trading above key averages keeping the trend bullish. The short term target is expected at 45.7 which may later rise to 52.5 which is defined as the medium term target for PRL. The said levels will provide a return of 21% and 39% from the current close. The short term risk is defined below 33.8 (200-DMA), while a fall below 30.1 will invalidate the above view.
Technical Outlook: KSE-100: Bullish session amid improved volumes – By AKD Research

Dec 8 2025


AKD Securities


  • The index began the day on a strong footing and stayed bullish throughout the previous session, reaching an intraday high of 1,640 points. It eventually closed with a mild gain of 802 points at 167,086. Market participation strengthened, as trading volumes rose by 35% from the prior session. KSE100 is currently trading 21.4% above its 200-period moving average, indicating a continued upward trend. Volatility remains extremely low relative to the average over the last 10 sessions. Volume indicators show moderate inflows into the Index, reflecting a mildly bullish tone. Trend-forecasting oscillators also remain bullish and have maintained this stance for seven consecutive periods.
  • Technically, the immediate support is seen at 166,500 and a breach below this could extend the decline toward 165,800 and 165,100. Conversely, resistance is expected around 167,800, followed by 168,500 and 169,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Pakistan Market Wrap: View from the Desk – By JS Research

Dec 5 2025


JS Global Capital


  • PSX closed on a strong note as the KSE-100 Index gained 802 points to settle at 167,085, rebounding sharply after recent pressure. The index traded between166,369 and 167,923, showing resilience amid selective buying. Total volume stood at 687mn shares, indicating renewed investor participation. E&P and fertilizer sectors drove the rally, while sentiment remained supported by optimism over economic stability. The near-term outlook stays positive with potential testing of 168k resistance.
Pakistan Market Wrap: KSE-100 closes at 167,086 up 802 points – By Alpha-Akseer Research

Dec 5 2025


Alpha Capital


  • The equity market opened on a strong footing and maintained momentum throughout the session. The KSE-100 Index recorded an intraday high of 167,923 and a low of 166,370, eventually closing at 167,086, up 802 points. Trading activity improved, with 225.6 million shares changing hands and an estimated PKR 28.4 billion in value.
  • Key contributors to the index’s rise included FFC (1.1%, 175 points), PPL (3.2%, 153 points), OGDC (1.4%, 86 points), UBL (0.7%, 73 points), and SYS (1.4%, 64 points). On the volume front, PTC and CNERGY led the market with 26 million and 22.3 million shares traded, respectively.
Technical Outlook: KSE-100 Ends Week Strong, Maintains Bullish Trajectory – HMFS Research

Dec 5 2025


HMFS Research


  • The KSE-100 index concluded the week on a positive note, gaining +802 points (+0.48%) on Friday. Despite heightened volatility throughout the week, the index successfully held above the key support level of 166,024, as highlighted in our earlier chart-based analysis.
  • This resilience reinforces our technical outlook, with the market continuing to respect critical support zones amid fluctuating sentiment. The broader trend remains constructive, and we reiterate our year-end 2025 target of 176,336, implying a potential upside of 6% from current levels.
Pakistan Aluminium Beverage Cans Limited (PABC): Hit hardest by border closure; Reiterate Sell – By JS Research

Dec 5 2025


JS Global Capital


  • Despite several rounds of talks mediated by Qatar and Turkiye, as well as a recent brief dialogue in Saudi Arabia, there has been no progress toward resuming trade between Pakistan and Afghanistan. We are now incorporating a three-month border closure, which reduces our CY25E EPS estimate for Pakistan Aluminium Beverage Can (PABC) by 16% to Rs17.39 and lowers our target price to Rs124 (down 5%).
  • In its recent quarterly report, PABC highlighted its plans to construct a 1.3bn can plant in Afghanistan, with an expected project outlay of US$110mn and a construction timeline of 1.5–2 years. As Afghanistan is a landlocked country, the new project will depend on raw material imports through transit trade with Pakistan.
  • We are closely monitoring developments related to Pak–Afghan border issues and PABC’s investment plans, and will revisit our estimates for the company accordingly. In the meantime, we reiterate our Sell rating on PABC. Our sensitivity analysis suggests that every one-month export suspension implies a 5% negative impact on our CY26E EPS for the company.
Shifa International Hospitals Ltd (SHFA): Expansion phase resumes; earnings strengthen – By JS Research

Dec 8 2025


JS Global Capital


  • Shifa International Hospitals Ltd (SHFA) held its analyst briefing to review its FY25 performance and outline the growth trajectory ahead. The company posted earnings of Rs2.3bn for the year, a 71% increase YoY, taking EPS to Rs36.84.
  • Management explained that the group has completed its consolidation phase and has now entered a new cycle of expansion.
  • The ongoing projects include Shifa National Hospital Faisalabad (Pvt.) Ltd (SNHF), Shifa Medical Centre Islamabad (Pvt.) Ltd (SMCI) and SIHT (Pvt.) Ltd, each intended to strengthen the group’s presence across key cities.
  • The upcoming SNHF facility is expected to begin operations by 4QFY26. Management anticipates the hospital will reach break-even within three years and turn profitable in the fourth year, with net margins projected at 7 to 8%.
Pakistan Refinery Limited (PRL): Engulfing Bull on weekly chart – By JS Research

Dec 8 2025


JS Global Capital


  • PRL is picking up momentum as the interim resistance lies within 38-39 range where a break above that will confirm the start of a bullish move. An Engulfing Bull has occurred on weekly chart with the MACD Buy signal. Also, the PRL is trading above key averages keeping the trend bullish. The short term target is expected at 45.7 which may later rise to 52.5 which is defined as the medium term target for PRL. The said levels will provide a return of 21% and 39% from the current close. The short term risk is defined below 33.8 (200-DMA), while a fall below 30.1 will invalidate the above view.
Pakistan Market Wrap: View from the Desk – By JS Research

Dec 5 2025


JS Global Capital


  • PSX closed on a strong note as the KSE-100 Index gained 802 points to settle at 167,085, rebounding sharply after recent pressure. The index traded between166,369 and 167,923, showing resilience amid selective buying. Total volume stood at 687mn shares, indicating renewed investor participation. E&P and fertilizer sectors drove the rally, while sentiment remained supported by optimism over economic stability. The near-term outlook stays positive with potential testing of 168k resistance.
Pakistan Aluminium Beverage Cans Limited (PABC): Hit hardest by border closure; Reiterate Sell – By JS Research

Dec 5 2025


JS Global Capital


  • Despite several rounds of talks mediated by Qatar and Turkiye, as well as a recent brief dialogue in Saudi Arabia, there has been no progress toward resuming trade between Pakistan and Afghanistan. We are now incorporating a three-month border closure, which reduces our CY25E EPS estimate for Pakistan Aluminium Beverage Can (PABC) by 16% to Rs17.39 and lowers our target price to Rs124 (down 5%).
  • In its recent quarterly report, PABC highlighted its plans to construct a 1.3bn can plant in Afghanistan, with an expected project outlay of US$110mn and a construction timeline of 1.5–2 years. As Afghanistan is a landlocked country, the new project will depend on raw material imports through transit trade with Pakistan.
  • We are closely monitoring developments related to Pak–Afghan border issues and PABC’s investment plans, and will revisit our estimates for the company accordingly. In the meantime, we reiterate our Sell rating on PABC. Our sensitivity analysis suggests that every one-month export suspension implies a 5% negative impact on our CY26E EPS for the company.
Automobile Assemblers: Volumes rebound YoY despite MoM pullback – By JS Research

Dec 4 2025


JS Global Capital


  • We expect, the three major auto players including Indus Motor Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR) and Pak Suzuki Motor Company Ltd to post a cumulative growth of 50% YoY to ~13k units in Nov-2025. On a MoM basis, volumes are likely to decline by 10%, mainly due to drop in Pak Suzuki sales.
  • INDU and HCAR are expected to rise 75% and 135% YoY, respectively, while Pak Suzuki volumes are likely to increase 23% YoY (-11% MoM). Overall, auto sales for our sample companies are projected to post 46% YoY growth in 5MFY26, with broad-based strength across all three major OEMs.
  • Rising auto financing (+34% YoY in Oct-2025), alongside tighter IMF-driven restrictions on tax-free import schemes for overseas Pakistanis, are expected to support local assemblers. However, as average tariffs on imported cars gradually decline, the industry may face heightened competition in the long run.
Pakistan Fertilizers: Strong Urea sales likely in Nov-2025 – By JS Research

Dec 3 2025


JS Global Capital


  • As per the provisional figures, Urea off-take during the month of Nov-2025 is likely to post a significant growth of 25% YoY, clocking in at 817k tons. On the other hand, DAP off-take is likely to be down 14% YoY for the month. Cumulatively, Urea industry off-take to clock in at 5.4mn tons in 11MCY25, down 4% YoY.
  • Specifically, FFC is expected to report sales volume of 387k tons, up 37% YoY which includes 77k tons of granular Urea. EFERT, on the other hand, is likely to report sales of 269k tons (+39%YoY). While FATIMA is likely to report a volume of 125k tons, flattish on a YoY basis.
  • Continuation of discounts on Urea remained intact during the month, with FFC offering discount of up to Rs100/bag and EFERT’s discount of up to Rs350/bag. Inventory levels likely to drop to 1.15mn tons as of Nov-2025, which we expect to drop further to 0.8-0.9mn tons by the end of CY25 led by higher demand during Dec-2025 as well as turnaround at FFC plant-II.
Oil Marketing Companies (OMC): 10% YoY decline in Nov-2025 sales – By JS Research

Dec 2 2025


JS Global Capital


  • OMC sales volume clocked in at 1.4mn tons, down 10% on a YoY basis during Nov-2025. On a product-wise basis, Motor Spirit (MS) volume dropped 9% YoY, Hi-Speed Diesel (HSD) volume decreased 13% YoY, whereas Furnace Oil (FO) sales dropped 32% YoY during the month. Cumulatively, OMC sales volumes recorded a 1% YoY growth during 5MFY26.
  • PSO’s market share has stabilized recently, rising to 45% in Nov-2025, its highest level in nearly a year versus the 41–43% range over the past 10 months.
  • We estimate PDL collection for 5MFY26 to be around Rs642bn. We believe that with elevated rates of levy for MS & HSD, the annual target is likely to be achieved at sticky volumes.
Pakistan Economy: Taking 11MCY25 gains to 45% YoY – By JS Research

Dec 1 2025


JS Global Capital


  • Lack of triggers and ongoing unrest between Pakistan and Afghanistan kept KSE-100 performance restricted in Nov-2025, with the index posting 3% MoM gains. Foreign investors remained net sellers, while individuals and banks were net buyers. PIOC (+64% MoM) and MLCF (+10%) were among the best performers, following MLCF’s announcement of its intention to acquire 58% stake in PIOC. FFC also gained 20% MoM on its inclusion in the KMI-30 Index. Conversely, PABC was the worst-performing stock, losing 15% MoM due to its more than 50% revenue exposure to Afghanistan.
  • In its quarterly review, MSCI added MEBL, BOP, and AKBL to the MSCI Frontier Market Index (MSCI FM), along with 11 additions and one deletion in the MSCI FM Small Caps Index, bringing the total count of Pakistani constituents to 106.
Pakistan Petroleum Limited (PPL): Gaining momentum – By JS Research

Dec 1 2025


JS Global Capital


  • PPL is gaining momentum as we highlight the immediate resistance lies within 212-216 range where a break above that will start a new bullish move. The next target is expected at 238 which is 13% higher from the current close. For medium term investors we highlight the stock has potential to rise further towards 260- 150% retracement on the fall from 217 to a low of 129. The support is present between 192-194 range, while the risk is below 179 (200-DMA). To add support to the positive view: 1) PPL is trading above the key averages keeping the trend bullish, 2) Forming cup-handle formation on monthly chart and 3) MACD buy signal on weekly timeframe.
Technical Outlook: KSE-100 moving towards the all-time high level – By JS Research

Dec 1 2025


JS Global Capital


  • Bullish momentum continued as KSE-100 index gained 1,304 points to close at 166,678 level. Volumes stood at 592mn shares versus 498mn shares traded previously. If the gain continues, the initial target will be at 168,414 which may later rise to the all-time high at 169,989 level. However, any downside will find support at Friday's low of 165,753 where a fall below that will target the 50-DMA standing at 162,618. The RSI and the MACD have continued to rise, supporting a positive view. We recommend investors to 'Buy on dips', keeping stoploss below 165,753 level. The support and resistance are at 165,952 and 167,204 levels, respectively.