Morning News: Pakistan, China advance cross-border ETF plan – By Vector Research

Nov 13 2025


Vector Securities


  • Pakistan Stock Exchange (PSX) CEO Farrukh H Sabzwari highlighted the Pakistan-China cross-border Exchange-Traded Fund (ETF) initiative as one of the most promising developments in the country's capital market. "These agreements will enable us to take the next step toward the joint launch of cross-border ETFs," he said, noting that groundwork for the collaboration had already been laid. (ET)
  • The International Monetary Fund (IMF) has scheduled a meeting of its executive board on Dec 8 to approve immediate disbursement of $1.2 billion to Pakistan under two concurrent programmes. Pakistan and the IMF reached a Staff-Level Agreement (SLA) on the second review of the $7bn Extended Fund Facility (EFF) and the first review of the $1.4bn Resilience and Sustainability Fund (RSF) on Oct 14. Under the SLA, Pakistan will receive $1bn in disbursements under the EFF and $200m under the RSF. The $1.2bn disbursement is expected to land in Pakistan’s account on Dec 9, bringing total disbursements under the two arrangements to about $3.3bn. (Dawn)
Descon Oxychem Limited (DOL): FY25 Corporate Analyst Briefing – By JS Research

Nov 17 2025


JS Global Capital


  • Descon Oxychem Limited (DOL) held its corporate briefing to review FY25 performance and share its outlook. The company posted an FY25 EPS of Rs4.91, reflecting a 69% YoY increase, primarily due to a 10ppt increase in gross margins during the year. We present key takeaways from the session.
  • The company’s topline grew 5% YoY in FY25, driven by higher Hydrogen Peroxide volumes, which reached 42k MT in FY25 (up 4% YoY), with the plant operating at full capacity.
  • On the cost side, power consumption improved to 532 kWh/ MT from 583 kWh/MT due to better plant efficiency. Combined with lower RLNG prices and other cost optimizations, this resulted in a 10ppt YoY expansion in gross margins to 30% in FY25.
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.
Pakistan Market Wrap: View from the Desk – By JS Research

Nov 17 2025


JS Global Capital


  • The KSE-100 closed at 161,687, down248 points, after swinging in a volatile intraday range after showing an intraday high of 163,602 The decline largely stemmed from profit-taking following recent strong gains, combined with investor caution around macro risks and possible policy headwinds. Looking ahead, the market could remain choppy, while liquidity and reform momentum may support further gains, geopolitical uncertainty and inflation pressures could trigger intermittent pullbacks.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 17 2025


Al Habib Capital Markets


  • The KSE-100 Index remained volatile, touching an intraday high of 163,602 before closing 248.01 points lower (-0.15%) at 161,687, driven by profit-taking. The negative sentiment was primarily triggered by economic data showing Pakistan’s current account deficit widened to USD733mn in the 4MFY26, a sharp increase from the USD206mn recorded in the same period last year.
  • This included a USD112mn deficit for the single month of Oct’25. Offsetting this slightly, the REER index appreciated to 103.95. The key drags on the index were LUCK, UBL, MARI, HUBC, and MLCF, which together subtracted 395.92 points. Market activity was led by KEL, with 296.2 million shares traded, contributing to a total market turnover of 1,214.43 million shares.
Pakistan Market Wrap: Rising Early, Recalibrating Late: The KSE-100’s Search for Direction – By HMFS Research

Nov 17 2025


HMFS Research


  • The KSE-100 index opened today’s session on a bullish note, supported by confidence delivered by the market participants. Upbeat sentiment was further reinforced by recent exploration discoveries in the E&P sector, helping the benchmark surge as high as 1,667 points during intraday trading. However, the momentum lost steam as fresh uncertainty emerged. News of a potential ban on Pakistan’s exports to Afghanistan weighed heavily on investor sentiment, given the exposure of several listed companies to that market. Adding to the cautious tone, October trade data revealed a current account deficit of USD 112mn, prompting a brief phase of profit-taking.
  • As a result, the index reversed its early gains and settled at 161,687 level, down 248 points by the close. Trading activity remained robust, with 521mn shares changing hands on the KSE-100 and 1.2bn shares traded across the broader market. The day’s top volume contributors included KEL (296mn), BECO (107mn), and TPLP (73mn). Looking ahead, market direction will be shaped by evolving economic developments, clarity on trade relations with Afghanistan, and the broader trajectory of external accounts. Even so, optimism remains supported by relatively attractive market valuations, which could pave the way for renewed value-driven accumulation. Investors are encouraged to stay alert to shifting dynamics and prioritize fundamentally strong stocks that offer resilient, long-term growth potential.
Pakistan Market Wrap: KSE-100 closes at 161,687 down 248 points – By Alpha-Akseer Research

Nov 17 2025


Alpha Capital


  • The equity market opened on a positive note but failed to sustain gains at higher levels. The KSE-100 Index touched an intraday high of 163,602 and a low of 161,482, before settling at 161,687 — down 248 points. Overall activity on the KSE-100 amounted to 253 million shares, with a traded value of roughly PKR 25 billion.
  • Major draggers on the index included LUCK (-2.2%, -146 points), UBL (-0.7%, -78 points), MARI (-1.1%, -64 points), HUBC (-0.9%, -56 points) and MLCF (-3%, -51 points). In terms of volume, KEL and PIBTL led the market with 296 million and 35.9 million shares traded, respectively.
Dynea Pakistan Limited (DYNO): Corporate Briefing Takeaways – By Chase Research

Nov 17 2025



  • DYNO has reported earnings per share of PKR 45.97 in FY25 (FY24: PKR 63.14). Furthermore, in 1QFY26 the company reported EPS of PKR 10.13 (EPS 1QFY25: PKR 8.05).
  • Exports to Afghanistan rose to 44% in FY25 to approximately PKR 1 billion. After the border closure, the export to Afghanistan is completely closed. The company is seeking other routes and other markets for exports.
Morning News: Barrick Mining considers splitting into two entities, sources say – By Vector Research

Nov 17 2025


Vector Securities


  • The board of Canada's Barrick Mining (ABX.TO), opens new tab has raised the possibility of splitting the company into two separate entities, one focused on North America and the other on Africa and Asia, four sources familiar with the company's thinking told. (Reuters)
  • Pakistan and Jordan on Saturday reaffirmed their resolve to deepen bilateral cooperation, with both sides expressing a strong desire to broaden engagement across economic, trade, investment, health, science and technology, education and defence sectors. (BR)
Technical Outlook: KSE-100: Resistance test at the 30-DMA – By JS Research

Nov 17 2025


JS Global Capital


  • The KSE-100 index extended the gain to close at 161,935 level, up 1,278 points DoD. Volumes stood at 673mn shares versus 797mn shares traded previously. The index is expected to test resistance at the 30-DMA that is currently at 162,478 level. A break above that will target the recent high at 163,935 level. However, any downside will find support at the 50-DMA standing at 161,321. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below 50-DMA. The support and resistance are at 161,112 and 162,439 levels, respectively.
Morning News: Oil falls after loadings resume at key Russian export hub – By Shajar Research

Nov 17 2025


Shajar Capital


  • Oil prices fell in early Asian trade on Monday, erasing last week's gains, as loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack. (Reuters)
  • Asian shares fluctuated at the start of the week, with US economic data and earnings from AI bellwether Nvidia Corp. expected to shape the market narrative. (Bloomberg)
Morning News: Barrick Mining considers splitting into two entities, sources say – By Vector Research

Nov 17 2025


Vector Securities


  • The board of Canada's Barrick Mining (ABX.TO), opens new tab has raised the possibility of splitting the company into two separate entities, one focused on North America and the other on Africa and Asia, four sources familiar with the company's thinking told. (Reuters)
  • Pakistan and Jordan on Saturday reaffirmed their resolve to deepen bilateral cooperation, with both sides expressing a strong desire to broaden engagement across economic, trade, investment, health, science and technology, education and defence sectors. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research

Nov 14 2025


Vector Securities


  • Evening Note.
Morning News: Pakistan, China advance cross-border ETF plan – By Vector Research

Nov 13 2025


Vector Securities


  • Pakistan Stock Exchange (PSX) CEO Farrukh H Sabzwari highlighted the Pakistan-China cross-border Exchange-Traded Fund (ETF) initiative as one of the most promising developments in the country's capital market. "These agreements will enable us to take the next step toward the joint launch of cross-border ETFs," he said, noting that groundwork for the collaboration had already been laid. (ET)
  • The International Monetary Fund (IMF) has scheduled a meeting of its executive board on Dec 8 to approve immediate disbursement of $1.2 billion to Pakistan under two concurrent programmes. Pakistan and the IMF reached a Staff-Level Agreement (SLA) on the second review of the $7bn Extended Fund Facility (EFF) and the first review of the $1.4bn Resilience and Sustainability Fund (RSF) on Oct 14. Under the SLA, Pakistan will receive $1bn in disbursements under the EFF and $200m under the RSF. The $1.2bn disbursement is expected to land in Pakistan’s account on Dec 9, bringing total disbursements under the two arrangements to about $3.3bn. (Dawn)
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)