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 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.
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.
Pakistan Market Wrap: KSE-100 closes at 166,284 up 138 points – By Alpha-Akseer Research

Dec 4 2025


Alpha Capital


  • The equity market opened on a strong note but remained volatile throughout the session. The KSE-100 Index touched an intraday high of 166,837 and a low of 165,886 before closing at 166,284, up 138 points. Overall trading activity remained muted, with 167 million shares traded and an estimated PKR 17 billion in value.
  • The major stocks that contributed to the index’s gains included SRVI (10%, 126 points), PIOC (3.8%, 51 points), PTC (5%, 42 points), ENGROH (0.5%, 35 points), and PPL (0.7%, 34 points). PTC and KEL led the volume charts, trading 34.5 million and 15.3 million shares, respectively.
Morning News: Govt, oil sector in tracking system row – By Alpha-Akseer Research

Dec 4 2025


Alpha Capital


  • The government and oil industry have entered into a deadlock over the installation of auto tank gauging (ATG) system at petrol pumps to monitor the sale and purchase of petroleum products.
  • Prime Minister Shehbaz Sharif said on Wednesday that bidding for Pakistan International Airlines (PIA) would be held on December 23 with a live media broadcast.
  • The Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) has hailed the government’s new roadmap for accelerating Phase II of the China-Pakistan Economic Corridor (CPEC), calling it a decisive step towards high-tech industrialization and long-term economic renewal.
Pakistan Market Wrap: KSE-100 closes at 166,145 down 1,497 points – By Alpha-Akseer Research

Dec 3 2025


Alpha Capital


  • The equity market opened on a strong note but soon came under selling pressure. The KSE-100 Index touched an intraday high of 168,161 and a low of 166,115 before closing at 166,145—down 1,497 points. Trading activity remained healthy, with volumes of 257.9 million shares and an estimated traded value of PKR 36 billion.
  • The key drags on the index came from FFC (-2.3%, -407 points), MEBL (-2%, -146 points), HUBC (-1.6%, -119 points), ENGROH (-1.5%, -111 points), and UBL (-0.9%, -108 points). HUBC and TRG led the volume charts, trading 46.6 million and 33.2 million shares, respectively.
  • Profit-taking was mainly observed in the Banking, Cement, and Fertilizer sectors, while buying interest persisted in E&Ps.
Morning News: Turkiye, Pakistan forge energy cooperation – By Alpha-Akseer Research

Dec 3 2025


Alpha Capital


  • Pakistan and Turkiye on Tuesday signed five memorandum of understanding (MoUs) and deeds of assignment (DoAs) for oil and gas exploration and agreed to expand bilateral cooperation to mining and equity participation in the power sector.
  • Merchandise exports shrank by 15pc year-on-year in November, marking the fourth consecutive month of decline in the current fiscal year, Pakistan Bureau of Statistics (PBS) said on Tuesday.
Pakistan Market Wrap: KSE-100 closes at 167,642 down 420 points – By Alpha-Akseer Research

Dec 2 2025


Alpha Capital


  • The equity market opened on a strong footing but experienced profit-taking as the index moved higher. The KSE-100 Index recorded an intraday peak of 169,289 and a low of 167,446, eventually closing at 167,642—down 420 points. Overall trading activity remained robust, with volumes reaching 291 million shares and an estimated traded value of PKR 29 billion.
  • The major contributors to the index’s decline were FFC (-1%, -163 points), PPL (-2.3%, -112 points), HUBC (-1.5%, -108 points), SYS (-2.1%, 101 points), and ENGROH (-1.2%, -86 points). KEL and PIBTL dominated the volume charts with 40 million and 34.3 million shares traded, respectively.
Morning News: Inflation edges down to 6.1pc in November – By Alpha-Akseer Research

Dec 2 2025


Alpha Capital


  • Inflation edged lower in November to 6.1pc, official data showed on Monday, easing slightly after a jump last month and staying within the finance ministry’s projected range.
  • Sales of petroleum products fell sharply by 10pc in November this financial year, driven by declines in high-speed diesel (HSD), petrol and furnace oil (FO).
  • After months of uncertainty, Pakistan has finally approved the much-awaited Annual Delivery Plan (ADP) for 2026 with Qatar and the Italian trading firm ENI — clearing the way for diversion of 35 LNG cargoes to international market.
Pakistan Market Wrap: KSE-100 closes at 168,062 up 1,385 points – By Alpha-Akseer Research

Dec 1 2025


Alpha Capital


  • The equity market opened on a firm note and maintained its upward momentum throughout the session. The KSE-100 Index touched an intraday high of 687,246 and a low of 166,025, before closing at 168,062—an increase of 1,385 points. Trading activity remained healthy, with total volumes reaching 305.4 million shares and an estimated traded value of PKR 35 billion.
  • Key drivers of the index’s rise were HUBC (3.6%, 248 points), OGDC (2.2%, 129 points), LUCK (1.6%, 106 points), MARI (1.2%, 71 points), and MCB (1.3%, 67 points). PTC and BOP led the activity board with volumes of 40 million and 34.3 million shares, respectively.
Pakistan Economy: Inflation Risk Real or Just a Fear? – By Alpha-Akseer Research

Nov 28 2025


Alpha Capital


  • Pakistan is at a pivotal moment in determining the direction of its exchange rate. While the rupee has long been associated with inflationary spikes whenever devalued, the present macroeconomic context signals a limited inflationary transmission from PKR depreciation. Since domestic food prices have already adjusted by 26.5% beyond global benchmark, the scope for additional inflationary pressure from depreciation remains limited. In this environment, a carefully managed depreciation of the rupee could support export competitiveness, attract higher remittance inflows, and strengthen the external account, offering a strategic opportunity to devalue the currency without immediately destabilizing prices.
  • Domestic food inflation is already running well above the global index nearly 26.5% higher with a weight of 34.6% in the overall CPI basket. This elevated base reduces the risk of a sharp surge in prices from currency depreciation. In addition, food prices in Pakistan have historically been downward sticky, implying that they do not decline quickly even when global prices ease. In this context, external inflationary forces, such as PKR depreciation or an uptick in world food prices, are likely to have a limited pass-through effect on local food costs. Going forward, the World Bank is projecting a further decline in the global food price index by 6.1% in 2025 and 0.3% in 2026. As a result, the existing gap may widen further in Pakistan’s favor, providing additional cushion for the economy to absorb potential international price shocks or PKR depreciation without triggering significant domestic inflation.
Morning News: Manufacturing sector: SIFC identifies barriers to new investment – By Alpha-Akseer Research

Nov 28 2025


Alpha Capital


  • The National Coordinator of the Special Investment Facilitation Council (SIFC) Lt. Gen. Sarfraz Ahmed Thursday said that without abolishing Super Tax and reducing the tax rate, luring new investment in the manufacturing sector is not possible.
  • The Central Power Purchasing Agency–Guaranteed (CPPA-G) has revealed that industrial electricity consumption increased by 20 percent in October 2025 compared to the corresponding month of 2024.