Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 13 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 160,945 points before settling at a closing level of 160,657, up 2,473.55 points (1.56%). The rally was driven by strong buying in Cement, fertilizer & Oil & Gas Exploration and Production stocks, with sentiment further buoyed by news of IMF's updated website that included Pakistan on its Executive Board agenda on December 08, 2025.
  • However, on the economic front, The Ministry of Planning, Development and Special Initiatives has authorized Rs 330.43 billion (33 percent) for development projects under the Public Sector Development Programme (PSDP) 2025-26 against Rs 1 trillion budgeted allocation during July-October, while the actual expenditures stood at Rs 75.97 billion. Top contributors to the index included FFC, LUCK, MLCF, DGKC, and MARI collectively adding 1,310.81 points. Trading volume was led by BML with 112.16 million shares, while overall market turnover stood at 797.18 million shares.
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)
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: 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: Evening Chronicle – By AHCML Research

Nov 14 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 162,119 points before settling at a closing level of 161,935, up 1,277.70 points (0.80%). The rally was driven by strong buying in Commercial Bank, Cement, Fertilizer, and Oil & Gas Exploration stocks. The announcement from OGDC regarding the commencement of oil production from Pasakhi, along with PPL's new gas discovery in the Sawan Field and MLCF's acquisition of PIOC, supported the respective sectors. Furthermore, Pakistan’s foreign exchange reserves continued their positive momentum, climbing to USD19, which also supported the positive market sentiment. Top contributors to the index included HBL, UBL, MLCF, OGDC, and PPL collectively adding 604.25 points. Trading volume was led by PACE with 51.75 million shares, while overall market turnover stood at 673.45 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 13 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 160,945 points before settling at a closing level of 160,657, up 2,473.55 points (1.56%). The rally was driven by strong buying in Cement, fertilizer & Oil & Gas Exploration and Production stocks, with sentiment further buoyed by news of IMF's updated website that included Pakistan on its Executive Board agenda on December 08, 2025.
  • However, on the economic front, The Ministry of Planning, Development and Special Initiatives has authorized Rs 330.43 billion (33 percent) for development projects under the Public Sector Development Programme (PSDP) 2025-26 against Rs 1 trillion budgeted allocation during July-October, while the actual expenditures stood at Rs 75.97 billion. Top contributors to the index included FFC, LUCK, MLCF, DGKC, and MARI collectively adding 1,310.81 points. Trading volume was led by BML with 112.16 million shares, while overall market turnover stood at 797.18 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 10 2025


Al Habib Capital Markets


  • The KSE-100 Index staged a strong rebound after several sessions of heavy selling, climbing to an intraday high of 161,881 before closing at 161,538, up by 1,945.50 points (1.22%). Investor sentiment strengthened amid improving macroeconomic conditions, fueling broad-based buying across major sectors including Fertilizer, Cement, and Oil & Gas Exploration Companies.
  • On the macro front, workers’ remittances stood at USD 3.4 billion in October 2025, while Pakistan recorded a budget surplus of Rs 2.1 trillion (1.6% of GDP) during 1QFY26 (July–September), reflecting prudent fiscal management. Among major contributors, ENGROH, FFC, EFERT, OGDC, and PPL collectively added +1,243.43 points to the benchmark index. In terms of activity, FNEL dominated the volumes chart with 73.7 million shares, as overall market participation reached 783.29 million shares.
Pakistan Fertilizers: ECC Approves Indigenous Gas Allocation for Fertilizer Sector – By AHCML Research

Nov 10 2025


Al Habib Capital Markets


  • The ECC's decision has a broadly positive and stabilizing impact on the fertilizer sector, primarily by securing a long-term supply of affordable indigenous gas, which is the primary raw material for urea production. The move aims to ensure domestic food security, reduce reliance on imports, and control the government's subsidy burden.
  • Three RLNG-Dependent Plants (Fatima Fertilizer, Agritech, FFC Port Qasim): These plants, which were previously running on expensive and often subsidized RLNG, will now receive a dedicated allocation of indigenous gas from Mari's new Ghazij/Shawal reservoir. This guarantees their operational continuity for the foreseeable future.
Maple Leaf Cement Factory Limited (MLCF): Corporate Briefing 2025 Highlights – By AHCML Research

Nov 10 2025


Al Habib Capital Markets


  • Maple Leaf Cement Factory Limited (MLCF) held its analyst briefing today to discuss the company’s FY25 financial performance, operational updates, and future outlook. The management provided detailed insights into the challenges faced during the year, strategic initiatives undertaken, and growth opportunities moving forward.
  • Novacare, a 99.99%-owned subsidiary of MLCF, is developing its flagship hospital in DHA Phase 5, Islamabad. The project represents a total investment of USD100mn, financed through a balanced 50:50 debt-to-equity structure. The facility is designed to commence operations with a 250-bed capacity, with a built-in provision for future expansion to 450 beds, and is projected for completion by the end of 2026. To strengthen its financial and operational foundation, Novacare has attracted interest from a reputed foreign equity partner, which is slated to acquire a 20% stake in the venture. The project's design is being led by HKS Inc., a premier U.S.-based healthcare architecture firm. Furthermore, a strategic clinical affiliation has been established with the Imperial College Healthcare NHS Trust in London. This partnership is intended to ensure the implementation of world-class standards in facility planning, medical services, technology, and staff training. A key operational benefit will be the facilitation of integrated patient care, including teleconsultations, second opinions, and coordinated international treatment pathways between Pakistan and the UK.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 6 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced another volatile trading session today, climbing to an intraday high of 160,591 before settling at 159,097, down -481.41 points (-0.30%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including commercial banks, oil and gas exploration companies, and cement. On macro economic front, Pakistan's central bank launches 'InvestPak' portal to digitise investment in government securities. Meanwhile, Germany pledges over 131$mn in new assistance for Pakistan. Top drags to index included UBL, MEBL, OGDC, MLCF, & ENGROH, which collectively pulled the benchmark down by -285.73 points. BML led volumes with 93.02 million shares; overall market turnover was 30446.56 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 5 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced another volatile trading session today, climbing to an intraday high of 162,052.45 before settling at 159,578.19, down -1,703.58 points (-1.06%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery.
  • In sectoral developments, Finance Minister stated on Wednesday that the government is moving toward deregulating the sugar and wheat sectors while addressing members of the Federation of Pakistan Chambers of Commerce and Industry, highlighting efforts to promote efficiency and market-driven mechanisms within the commodity space. Top drags to index included FFC, ENGROH, LUCK, MEBL, & SYS, which collectively pulled the benchmark down by -902.58 points. KEL led volumes with 100.03 million shares; overall market turnover was 860.26 million shares.
Morning News: EV bike makers urge govt to revisit sales tax hike decision – By AHCML Research

Nov 5 2025


Al Habib Capital Markets


  • Local electric vehicle and bike manufacturers, on Tuesday, expressed serious concerns over the recent increase in the sales tax on EV bikes from 1 percent to 18 percent, urging the government to review the decision.
  • The Ministry of Commerce has supported a proposal to establish a dedicated Minerals Division, similar to the Petroleum Division, for specialized oversight and efficient coordination between the federal and provincial governments through the Council of Common Interests (CCI)