Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 4 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile trading session today, climbing to an intraday high of 163,384.95 before settling at 161,281.76, down -1,521.39 points (-0.93%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including Commercial Banks, Fertilizer, Oil & Gas Exploration and Cement. On the macro front, the Federal Board of Revenue (FBR) Chairman ruled out the introduction of any contingency taxation measures despite a revenue shortfall of Rs 275 billion during the first four months (July–October) of FY26, signaling the government’s intent to maintain fiscal discipline. Top drags to index included ENGROH, MARI, BAHL, MCB, & TRG, which collectively pulled the benchmark down by -543.71 points. WTL led volumes with 78.87 million shares; overall market turnover was 899.41 million shares.
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.
Technical Outlook: KSE-100: Low volumes given little price action – By AKD Research

Dec 5 2025


AKD Securities


  • The index started the day on a strong note but became volatile as trading progressed, hitting an intraday high of 672 points and a low of 259 points. It ultimately closed with a modest gain of 138 points at 166,284. Market participation declined, with trading volumes falling by 35% compared to the previous session. Over the past 10 sessions, the market has seen 4 positive closes and 6 negative closes, resulting in a net of 2 negative sessions. Volume indicators show moderate inflows into the Index, reflecting a slightly bullish tone. Trend forecasting oscillators remain bullish and have maintained this stance for the past six sessions.
  • Technically, the immediate support is seen at 165,800 and a breach below this could extend the decline toward 165,200 and 164,500. Conversely, resistance is expected around 166,800, followed by 167,500 and 168,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Morning News: Japan’s investment in Pakistan crosses USD1.3bn mark: envoy – By Vector Research

Dec 5 2025


Vector Securities


  • Japan’s investment in Pakistan has crossed USD 1.3 billion, the Japanese Ambassador Akamatsu Shuichi said on Tuesday, highlighting over seven decades of diplomatic and economic relations between the two nations. (BR)
  • In a major development on economic front, Kingdom of Saudi Arabia (KSA) has extended term for USD3.0 billion deposit placed with Pakistan for another year. (BR)
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.
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.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 4 2025


Al Habib Capital Markets


  • The KSE-100 Index remained volatile, touching an intraday high of 166,837 before closing 138 points higher (+0.08%) at 166,284. Market sentiment improved by the following key developments, The Saudi Arabia Fund for Development extended the USD 3.0 billion deposit for another year, Pakistan’s external debt-to-GDP ratio dropped to 26% in FY25, the long-delayed NFC session finally began, and Pakistan and Kyrgyzstan signed 15 MoUs to boost bilateral cooperation. Top contributors included SRVI, PIOC, PTC, ENGROH, and PPL, collectively adding 287.87 points. LPL led the volumes with 108.92 million shares, while total market turnover stood at 607.79 million shares.
Pakistan Market: Pakistan Listed Consumer Comp Sheet – By Topline Research

Dec 4 2025


Topline Securities


  • Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x. Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 4 2025


Al Habib Capital Markets


  • The KSE-100 Index remained volatile, touching an intraday high of 166,837 before closing 138 points higher (+0.08%) at 166,284. Market sentiment improved by the following key developments, The Saudi Arabia Fund for Development extended the USD 3.0 billion deposit for another year, Pakistan’s external debt-to-GDP ratio dropped to 26% in FY25, the long-delayed NFC session finally began, and Pakistan and Kyrgyzstan signed 15 MoUs to boost bilateral cooperation. Top contributors included SRVI, PIOC, PTC, ENGROH, and PPL, collectively adding 287.87 points. LPL led the volumes with 108.92 million shares, while total market turnover stood at 607.79 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 1 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 168,246.22 points before settling at a closing level of 168,062, up 1,384.50 points (0.83%). The bullish sentiment was underpinned by strong investor interest across key sectors, particularly automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies and OMCs. On the macro front, Pakistan’s headline inflation came in at 6.1% YoY for November 2025, slightly above the Ministry of Finance’s projected range of 5–6%, reflecting persistent cost pressures.
  • Meanwhile, Finance Minister Muhammad Aurangzeb noted that recent climate-induced disruptions, including widespread flooding, are expected to shave approximately 0.5% off Pakistan’s GDP growth, underscoring the economy’s heightened exposure to extreme weather events. Among major contributors HUBC, OGDC, LUCK, MARI, & MCB, which collectively added 621.75 points to the benchmark index. FNEL led volumes with 70.035 million shares; as overall market participation reached 735.52 million shares.
Morning News: Govt to share list of 250 Pakistani business houses with Egypt – By AHCML Research

Dec 1 2025


Al Habib Capital Markets


  • 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.
  • The business community has welcomed the decision of government to abolish the Export Development Surcharge imposed on export-oriented industries, terming it a step in the right direction towards support to export growth receipts, while urging the government to continue the facilitation to exporters for enhancing the competitiveness of Pakistani products in the global markets.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 28 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum despite the ongoing rollover week, surging to a intraday high of 167,005 points before settling at a closing level of 166,678, up 1,304.38 points (0.79%). The bullish sentiment was underpinned by strong investor interest across key sectors, particularly Technology & Communications, Oil & Gas Exploration & Production, Cement, and Commercial Banks. On the economic front, expectations of a reduction in domestic petroleum prices from December 1, 2025 driven by softer international crude and refined product prices further supported market sentiment. Concurrently.
  • The government, through SIFC, plans to abolish the super tax and cut the corporate tax rate to 25% a move expected to boost PSX-listed companies, attract investment, and support export led growth, though its execution hinges on IMF commitments and the upcoming finance bill. Among major contributors SYS, PPL, HUBC, OGDC, & LUCK, which collectively added 608.81 points to the benchmark index. SSGC led volumes with 39.182 million shares; as overall market participation reached 592.75 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 27 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum despite the ongoing rollover week, surging to a intraday high of 165,611 points before settling at a closing level of 165,373, up 2,184.78 points (1.34%). The upward momentum was fueled by robust buying interest in commercial banks, cement, fertilizer, oil and gas exploration companies, OMCs, power generation and refinery.
  • On the economic front, addressing the Pakistan Business Council’s Dialogue on the Economy 2025, the Finance Minister projected GDP growth of 3.5% for the current year, with expectations of 4% growth over the next two to three years. He further highlighted the potential for 6–7% medium-term growth, contingent upon continued reforms and sustained momentum in agriculture, manufacturing, and services sectors. Meanwhile, Pakistan’s annual fuel oil exports reached an all-time high this year, with volumes expected to remain steady or trend higher next year. Among major contributors MEBL, LUCK, PPL, OGDC, & ENGROH, which collectively added 941.96 points to the benchmark index. DSL led volumes with 48.39 million shares; as overall market participation reached 498.36 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 25 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced another volatile trading session today, climbing to an intraday high of 162,820 before settling at 161,692, down -291.59 points (-0.18%). Investor sentiment remained restrained amid the ongoing rollover week, with profit-taking exerting pressure as market participants reduced exposure across key sectors, including Oil & Gas Exploration & Production, Commercial Banks, Power & Energy, and Oil & Gas Marketing Companies. On the economic front, the government has announced the immediate withdrawal of the 0.25% Export Development Surcharge (EDS) on exports offering long- awaited relief to exporters and enhancing Pakistan’s competitiveness in international markets. Top drags to index included ENGROH, PPL, NBP, BAHL, & HUBC, which collectively pulled the benchmark down by -302.69 points. WTL led volumes with 59.20 million shares; overall market turnover was 590.54 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 20 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to an intraday high of 163,818 points before settling at a closing level of 162,937, up 710.65 points (0.44%). The upward momentum was fueled by robust buying interest in automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs, power generation and refinery. On the economic front.
  • The robust 4.08% growth in LSM along with the ADB has approved loans totaling USD330mn to Pakistan for the second power transmission strengthening project, has bolstered investor confidence. Among major contributors MARI, HUBC, OGDC, PPL, & SYS, which collectively added 476.29 points to the benchmark index. BML led volumes with 103.99 million shares; as overall market participation reached 725.87 million shares.
Morning News: Pakistan’s large-scale manufacturing rebounds with 4.08% growth in Q1 FY2025-26 – By AHCML Research

Nov 20 2025


Al Habib Capital Markets


  • The Large-Scale Manufacturing (LSM) sector showed signs of recovery as it registered a growth of 4.08 percent in the first quarter of the financial year 2025-26. According to indices, the LSM industries showed a growth of 4.08 percent during the July-September period compared to the same period of last year.
  • The Economic Coordination Committee (ECC) of the Cabinet has reportedly approved two types of arbitration for the dispute resolution between Port Qasim Authority (PQA) and Pakistan International Bulk Terminal (PIBT) on export cargoes of copper, gold commodities including minerals, metals and other natural earth commodities, sources in Ministry of Maritime Affairs (MoMA) told Business Recorder.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 18 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced another volatile trading session today, climbing to an intraday high of 162,345 before settling at 160,935.13, down -752.05 points (-0.47%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including automobile assemblers, cement, commercial banks, fertiliser and oil and gas exploration companies. On macro economic front, Pakistan’s business confidence weakened in Q4 2025 as firms reported softer current conditions and lower expectations due to rising inflation and continued power shortages.
  • While political sentiment remained steady, overall confidence is still stronger than late 2024, though Gallup warns that stability lacks due to weak economic growth. Top drags to index included ENGROH, MEBL, BAHL, UBL, & KTML, which collectively pulled the benchmark down by -414.51 points. WTL led volumes with 459.32 million shares; overall market turnover was 1,545.93 million shares.
Pakistan Economy: Pakistan’s Current Account swells to USD733mn in 4MFY26 – By AHCML Research

Nov 17 2025


Al Habib Capital Markets


  • Pakistan's external sector shows significant strain, with the current account deficit widening to USD733mn in 4MFY26, over 3.5 times the USD206mn deficit of 4MFY25. This deterioration stems from a surging import bill of USD20.72bn (up 10% YoY), which far outpaced export earnings of USD10.63bn (up 2% YoY). While remittances grew 9% YoY to USD12.96bn, providing essential support, they were insufficient to offset the growing trade imbalance. Urgent policy measures are needed to curb imports and boost exports to restore external stability.
  • The current account deteriorated sharply across all periods. On yearly basis, it shifted from a USD296mn surplus in Oct’24 to a USD112mn deficit in Oct’25, a USD408mn negative swing. On Monthly basis, it reversed from an USD83mn surplus in Sep’25 to a USD112mn deficit in Oct’25, worsening by USD195mn. Cumulatively, the 4MFY26 deficit reached USD733mn, significantly higher than the USD206mn in 4MFY25, highlighting persistent external vulnerabilities.