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.
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: 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: Market Shows Restraint Amid Volatile Intra-Day Swings – By HMFS Research

Dec 4 2025


HMFS Research


  • The Pakistan Stock Exchange witnessed a lackluster session today, as the benchmark KSE-100 Index opened on a positive note but soon slipped into negative territory amid early selling pressure. The market later regained momentum and climbed as much as 692 points during intra-day trade. Sentiment stabilized further after Saudi Arabia extended its USD 3bn deposit for Pakistan for one year, helping the index recover lost ground.
  • Ultimately, the KSE-100 closed at 166,284, posting a modest gain of 138 points. Trading activity remained subdued, with 168mn shares changing hands on the KSE-100, while the broader market recorded 607mn shares. LPL (109mn), PIAHCLA (38mn), and PTC (34mn) emerged as the top volume leaders. Looking ahead, market direction is expected to remain sensitive to macroeconomic developments, particularly external account indicators and the inflation trajectory. With volatility likely to persist, investors are advised to maintain caution and prioritize fundamentally resilient scrips amid short-term fluctuations.
Morning News: Debt-to-GDP ratio falls to 26pc: SBP governor – By HMFS Research

Dec 4 2025


HMFS Research


  • Governor State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday said Pakistan’s external debt burden has begun to ease, with the debt-to-GDP ratio falling from 31 percent to 26 percent. Speaking to the media at the Pakistan Women Entrepreneurship Day 2025 ceremony at SBP head office, he said this is the first meaningful improvement in several years. He added that Pakistan has not added to its external debt stock since 2022, breaking a long trend of steady annual increases. The Governor SBP noted that previously between 2015 and 2022 the external debt had been rising by an average of USD 6.4 billion every year. “The direction has changed. We’re now seeing stability instead of continuous accumulation,” he said. He added that the current account deficit will remain contained between zero and one percent of GDP this fiscal year, despite higher imports. He said the improvement reflects better discipline, stronger inflows and more balanced trade flows.
  • Finance Minister Muhammad Aurangzeb on Wednesday said the federal government will finalise an action plan by December 31 for the implementation of 15 priority recommendations of the International Monetary Fund (IMF) to improve governance to end corruption in various departments. The Finance Minister informed the National Assembly Standing Committee on Finance that the short-term and long-term recommendations would be implemented in a two to three-year period to control corruption in government departments. Terming the report an indictment of both the government and parliament, the Finance Minister read out all 15 major recommendations of the IMF from the report, commenting that most of them are implemented, or a lot of these recommendations are work in progress. Fifteen major recommendations of the IMF are related to different areas, including governance, taxation, corruption, regulatory and the rule of law.
Pakistan Market Wrap: Bulls Step Back, Leaving the Market in a Mild Retreat – By HMFS Research

Dec 3 2025


HMFS Research


  • Negative sentiment prevailed at the Pakistan Stock Exchange today, with the benchmark KSE-100 Index facing sustained selling pressure and shedding over 1,527 points during intra-day trading. Investors opted to lock in gains following the strong valuations achieved earlier in the week, triggering broad-based profit taking across key sectors. Fertilizer and banking stocks bore the brunt of the decline, contributing significantly to the downward movement, as the index ultimately closed at 166,145—down 1,497 points from the intraday high.
  • Trading activity remained moderate, with 259mn shares traded on the KSE-100 and 591mn shares exchanged across the broader market. WTL (79mn), HUBC (47mn), and TRG (33mn) emerged as the top volume leaders. Looking ahead, market direction will continue to hinge on evolving macroeconomic indicators. While November's inflation reading remained stable, the sharp rise in the trade deficit poses a downside risk to investor sentiment in the near term. Investors are advised to maintain vigilance, monitor key economic developments, and prioritize fundamentally resilient scrips that offer sustained long-term growth potential.
Pakistan Market Wrap: Bullish Start Fades as Trade Deficit Dampens Momentum – By HMFS Research

Dec 2 2025


HMFS Research


  • The KSE-100 index opened the session by extending its bullish streak, supported by signs of macroeconomic stability as November inflation eased to 6.1%, maintaining the steady trend observed in October. Additionally, continued foreign interest in Pakistan—particularly in the IT and E&P sectors—helped sustain early momentum, pushing the index to an intra-day high of 1,227 points. However, sentiment weakened as the session progressed, triggered by the release of November 2025 trade data, which revealed a 33% y/y surge in the trade deficit to USD 2.9bn. The deteriorating external account weighed heavily on investor confidence, ultimately driving the benchmark into negative territory.
  • The index closed at 167,642, down 420 points from the previous session. Trading activity remained healthy, with 292mn shares exchanged on the KSE-100 and 773mn shares across the broader market. Volume leaders for the day included WTL (169mn), KEL (41mn), and FNEL (37mn). Looking ahead, market direction will primarily depend on upcoming macroeconomic indicators, external account developments, and clarity on policy measures aimed at stabilizing the fiscal position. While broader sentiment remains supported by improving inflation dynamics and sector-specific growth prospects, bouts of volatility may persist as investors reassess external risks. Investors are advised to maintain a vigilant stance, focus on fundamentally robust scrips, and position portfolios for longterm resilience amid evolving economic conditions.
Pakistan Market Wrap: Momentum Rebuilds at the PSX as Markets Await IMF Clarity – By HMFS Research

Dec 1 2025


HMFS Research


  • The market kicked off the week on a strong note, staging a swift recovery from an early dip as investor sentiment firmed and participation improved. Momentum built steadily through the session, with the index climbing almost linearly and registering an intraday high of 1,569 points. By the close, the KSE-100 had settled at 168,062, up 1,385 points. Today’s bullish tone was supported by easing inflation, which came in at 6.1% in November, slightly lower than October’s 6.2%, reinforcing expectations of continued monetary stability, alongside positive geopolitical developments, as Pakistan and Egypt signaled deeper defence and security cooperation, helping lift broader market sentiment.
  • Value-oriented interest dominated the tape, particularly across the power and E&P sectors, both of which provided meaningful support to the day’s bullish trend. Volumes also reflected healthy risk appetite, with turnover at 307mn shares on the KSE-100 and 734mn shares on the All-Share Index. FNEL (70mn), BECO (43mn), and WTL (42mn) emerged as the most actively traded names. Going forward, the current level provides a steady reference point, but the durability of this upswing will depend less on index positioning and more on the macro narrative—particularly clarity on the IMF program. For investors, staggered accumulation remains a prudent approach—especailly within fundamentally stronger sectors where earnings visibility is improving.
Morning News: Egypt, Pakistan take big step forward – By HMFS Research

Dec 1 2025


HMFS Research


  • Deputy Prime Minister and Foreign Minister Ishaq Dar said on Sunday that Pakistan will share a list of 250 leading Pakistani business houses with Egypt to boost bilateral commercial engagement. Speaking at a joint press conference alongside Egyptian Foreign Minister Dr Badr Ahmed Mohamed Abdelatty, Dar said both sides held “very focused” discussions on strengthening business-to business cooperation. At present, the volume of trade between Pakistan and Egypt stands at approximately $300 million, he said.
  • OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows down its push to regain market share amid fears of a looming supply glut. The meeting of OPEC+, which pumps half of the world’s oil, comes during a fresh US effort to broker a peace deal between Russia and Ukraine, which could add to oil supply if sanctions on Russia are eased.
Pakistan Market Wrap: Value Buying Drives Strong Gains Amid Improved Macro Sentiment – By HMFS Research

Nov 28 2025


HMFS Research


  • The KSE-100 index extended its bullish momentum today as investors continued to engage in value buying, shrugging off concerns stemming from the IMF’s recent commentary on governance issues. With the USD 1.2bn tranche still expected to be disbursed in December, market confidence held firm. Adding to the positive sentiment, the Securities and Investment Facilitation Council (SIFC) unveiled a roadmap to improve the business environment through a substantial reduction in the corporate tax rate, reinforcing the upward trajectory of the bourse.
  • The E&P and IT sectors led the rally, pushing the benchmark to close at the level 166,678—up 1,304 points from the previous session. Trading activity remained healthy, with 296mn shares exchanged on the KSE-100 and 590mn across the broader market. Key volume leaders included SSGC (39mn), BOP (34mn), and WTL (33mn). Looking ahead, the index is expected to retain its bullish undertone, supported by improving macroeconomic indicators and optimism around the anticipated IMF tranche. That said, phases of profit-taking may emerge as part of normal market cycles. Investors are advised to stay vigilant, closely track evolving developments, and prioritize fundamentally sound stocks with long-term growth potential.
Pakistan Market Wrap: Market Rebounds as Value Hunters Step In – By HMFS Research

Nov 26 2025


HMFS Research


  • The Pakistan Stock Exchange opened under pressure and extended its early weakness, with the KSE-100 Index slipping as much as 1,128 points intraday. However, attractive valuations prompted investors to step back in, driving a strong recovery through the session. The benchmark ultimately closed at 163,189 level, posting a 1,496-point gain as buying interest returned in fundamentally strong names. Volumes remained moderate, with the KSE-100 recording 235mn shares, while the All-Share Index posted 635mn shares. The most actively traded scrips were WTL (48mn shares), HUMNL (38mn shares), and DSL (35mn shares). Going forward, volatility may persist amid rollover activity, though selective accumulation is likely to continue as investors capitalize on the recent pullback. Even so, investors are advised to maintain vigilance and focus on fundamentally strong scrips with long-term growth prospects.
Pakistan Market Wrap: Bearish Undertone Deepens: KSE-100 Drops Amid Muted Participation – By HMFS Research

Nov 25 2025


HMFS Research


  • The Pakistan Stock Exchange extended its losing streak, delivering yet another session adrift in the red. The benchmark KSE-100 Index trended lower for most of the day, before a sharp late-session dip took the intraday loss to 707 points. A modest rebound into the close helped trim the damage, but the index still settled at 161,692 — down 292 points on the day. Investors largely stayed on the sidelines, with sentiment skewed bearish amid growing macro uncertainty and caution ahead of IMF-related developments.
  • Turnover remained subdued, reflecting a wait-and-see approach: volumes on the KSE-100 clocked in at 162mn shares, while the broader market posted 589mn shares. Major volume leaders included WTL (59mn), BML (46mn), and PTC (39mn). With rollover week underway, volatility is likely to persist, and additional bouts of pressure cannot be ruled out. Nonetheless, intermittent pockets of strength may emerge as company-specific flows and sectoral news draw selective value -buyers back into the market. For now, vigilance remains key — investors would be well-served to focus on fundamentally resilient names with clearer medium-term earnings visibility.