Technical Outlook: KSE-100: Approaching towards 50-SMA – By AKD Research

Nov 14 2025


AKD Securities


  • The index opened on a positive note and maintained strong upward momentum throughout the session, hitting an intraday high of 2,761 points. It ultimately posted a substantial gain of 2,474 points to close at 160,657. Market participation strengthened, with trading volumes rising 17% from the previous session. The KSE100 remains 20.3% above its 200-period moving average, reinforcing its ongoing uptrend. Cur rent volatility is lower than the 10-session average, but conditions suggest a likelihood of increased volatility and sharper swings ahead. Volume indicators show a neutral stance, with buying and selling activity occurring at a relatively balanced pace.
  • Technically, the immediate support is seen at 160,100 and a breach below this could extend the decline toward 159,600 and 158,800. Conversely, resistance is expected around 160,900, followed by 161,900 and 162,500. It is recommended to trade with a cautious approach and accumulate positions on weakness with risk defined below support zone.
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)
Technical Outlook: KSE-100: Approaching towards 50-SMA – By AKD Research

Nov 14 2025


AKD Securities


  • The index opened on a positive note and maintained strong upward momentum throughout the session, hitting an intraday high of 2,761 points. It ultimately posted a substantial gain of 2,474 points to close at 160,657. Market participation strengthened, with trading volumes rising 17% from the previous session. The KSE100 remains 20.3% above its 200-period moving average, reinforcing its ongoing uptrend. Cur rent volatility is lower than the 10-session average, but conditions suggest a likelihood of increased volatility and sharper swings ahead. Volume indicators show a neutral stance, with buying and selling activity occurring at a relatively balanced pace.
  • Technically, the immediate support is seen at 160,100 and a breach below this could extend the decline toward 159,600 and 158,800. Conversely, resistance is expected around 160,900, followed by 161,900 and 162,500. It is recommended to trade with a cautious approach and accumulate positions on weakness with risk defined below support zone.
Nishat Chunian Limited (NCL): FY25 Analyst Briefing Takeaways – By AKD Research

Nov 12 2025


AKD Securities


  • Company recorded revenue of PkR86bn in FY25, reflecting a 3% YoY decline mainly due to weaker export demand from China. Within this, the weaving, home textiles, and spinning divisions posted sales of PkR13.6bn/23.0bn/48.5bn, representing a 19% YoY increase, 3% YoY increase, and 12% YoY decline, respectively.
  • NCL’s NPAT for FY25 stands at PkR789mn (EPS: PkR3.29) compared to PkR692mn (EPS: PkR2.88) in FY24. The improvement in profitability is primarily attributed to decline in finance and distribution costs.
The Organic Meat Company Ltd. (TOMCL): FY25 Analyst Briefing Takeaways – By AKD Research

Nov 12 2025


AKD Securities


  • Company posted revenue of PkR14.0bn in FY25, compared to PkR11.8bn in SPLY, up 19%YoY. The said growth in topline can be attributed to the increase in capacity and introduction of new products in the sales mix.
  • Earnings for the year clocked in at PkR430mn (EPS: PkR2.76), compared to PkR497mn (EPS: PkR3.35) in FY24. The said decline in earnings was primarily attributable to gross margin attrition during FY25.
  • Notably, gross margins declined to 9.1%, primarily due to higher throughput and increasing energy costs.
Meezan Bank Limited (MEBL): 9MCY25 Analyst Briefing Takeaways – By AKD Research

Nov 11 2025


AKD Securities


  • Bank’s profit for 9MCY25 stood at PkR67.2bn (EPS: PkR37.4), down 13%YoY, due to lower Net Spread Earned on the back of lower policy rate.
  • Return on financings, investments and placements fell to PkR312.1bn in 9MCY25, down 18%YoY from PkR378.3bn in 9MCY24, due to falling yields.
Pioneer Cement Limited (PIOC): FY25 & 1QFY26 Analyst Briefing Takeaways – By AKD Research

Nov 11 2025


AKD Securities


  • Company reported profitability of PkR4.9bn (EPS: PkR21.47) in FY25, a 5.8% YoY decline from PkR5.2bn (EPS: PkR22.79) in SPLY, given contraction in gross margins.
  • For 1QFY26, earnings increased 25%YoY to PkR1.3bn (EPS: PkR5.6) com pared to PkR1.0bn (EPS: PkR4.5) in SPLY, primarily due to 57%YoY reduction in finance cost given declining financing rates and debt levels.
Technical Outlook: KSE-100: Sustains above 50-SMA – By AKD Research

Nov 11 2025


AKD Securities


  • The index opened on a positive note and maintained its upward trend throughout the session, hitting an intraday high of 2,286 points. It ultimately settled with a strong gain of 1,946 points at 161,538. Market participation improved slightly, with traded volumes rising by 4% compared to the previous session. KSE-100 closed 41.6% above the lower Bollinger Band, while the bands themselves are currently 6.32% wider than their typical range, indicating elevated volatility. Over the last 10 trading sessions, the index has recorded 3 advances and 7 de clines, resulting in a net of 4 negative closes. Meanwhile, the RSI stands at 50.52, reflecting a neutral momentum position.
  • Technically, the immediate support is seen at 161,000 and a breach below this could extend the decline toward 160,600 and 159,900. Conversely, resistance is expected around 161,800, followed by 162,500 and 163,100. It is recommended to trade with a cautious approach and accumulate positions on weakness with risk defined below support zone.
Fast Cables Limited (FCL): held its analyst briefing earlier today to brief investors about FY25 results and future outlook – By AKD Research

Nov 7 2025


AKD Securities


  • FCL reported revenue of PkR31.9bn in FY25, down 11%YoY, due to subdued domestic demand, slower public projects, and heightened competition across segments. Net profit stood at PkR1.3bn (EPS: PkR2.03), down 33%YoY.
  • Gross margins compressed to 16.9% (vs. 18.7% in FY24), due to weaker pricing power and commodity price volatility, with copper and aluminum prices up ~10%YoY.
  • Established in 1985, FCL operates 6,000+ cable SKUs, has a nationwide network of 350+ dealers, and various global certifications systems. It operates two CCV lines, along with Aluminum and Alloy manufacturing facilities.
Technical Outlook: KSE-100: Remains under pressure – By AKD Research

Nov 6 2025


AKD Securities


  • The index started the session on a positive footing but experienced volatility throughout the day. It posted an intraday high of 771 points and a low of 2,065 points before finishing with a steep decline of 1,704 points at 159,578. Market participation saw a slight uptick, with trading volumes rising by 4% compared to the previous session. Over the last 10 sessions, the market has recorded 1 positive closing and 9 negative closings, indicating persistent downside pressure. The RSI is currently at 45.49, reflecting a mildly weak momentum. Additionally, the daily Parabolic SAR appears above the current index level, signaling the potential for continued downward pressure. The index also closed below the 50-day SMA, suggesting that price action may move sideways in the near term.
  • Technically, the immediate support is seen at 159,400 and a breach below this could extend the decline toward 158,700 and 157,200. Conversely, resistance is expected around 160,500, followed by 161,200 and 162,000. It is recommended to trade with a cautious approach and accumulate positions on weakness with risk defined below support zone.
Waves Home Appliances Ltd. (WAVESAPP): CY24 and 9MCY25 Analyst Briefing takeaways – By AKD Research

Nov 5 2025


AKD Securities


  • To recall, company posted net revenue of PkR3.2bn in CY24 compared to PkR4.2bn in SPLY, down 24%YoY. In 9MCY25, topline clocked in at PkR2.8bn, vs. PkR2.5bn in SPLY, up 11%YoY, primarily driven by demand recovery.
  • Company reported earnings of PkR153mn (EPS: PkR0.57) during CY24, compared to PkR116mn (EPS: PkR0.43) in SPLY, up 32%YoY. During 9MCY25, earnings clocked in at PkR262mn (EPS: PkR0.98), compared to PkR68mn (EPS: PkR0.26) in SPLY, up 3.8xYoY. This increase was primarily driven by other income.
  • Appliance demand is steadily moving toward larger, more premium products, driving value-based topline growth even as overall volumes remain relatively stable.
Waves Corporation Limited (WAVES): CY24 and 9MCY25 Analyst Briefing takeaways – By AKD Research

Nov 5 2025


AKD Securities


  • To recall, company posted net revenue of PkR3.9bn in CY24 compared to PkR5.2bn in SPLY, down 24%YoY. In 9MCY25, topline clocked in at PkR3.5bn, vs. PkR3.1bn in SPLY, up 15%YoY, primarily driven by demand recovery.
  • Company reported earnings of PkR1.1bn (EPS: PkR3.9) during CY24, compared to PkR257mn (EPS: PkR0.91) in SPLY, up 4.2xYoY. During 9MCY25, earnings clocked in at PkR648mn (EPS: PkR2.30), compared to PkR282mn (EPS: PkR1.00) in SPLY, up 2.3xYoY. This increase was primarily driven by other income.