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.
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 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 Advances on Exploration Momentum and Strengthening Investment Climate – By HMFS Research

Nov 14 2025


HMFS Research


  • The KSE-100 Index extended its upward trajectory on the Pakistan Stock Exchange today, supported by renewed optimism stemming from developments in the oil and gas sector. Fresh exploration successes and the award of new drilling bids strengthened confidence in a sector that carries meaningful weight on the benchmark, drawing active interest from market participants and lifting overall sentiment. Additional support came from growing foreign investment prospects, with a U.S.-based company expressing interest in Pakistan’s gold and mineral mining assets—an encouraging signal for capital inflows into the broader commodities space. Meanwhile, expectations surrounding the likely release of the IMF’s USD 1.2bn tranche added stability and reinforced the positive tone of the session.
  • Against this backdrop, the KSE-100 closed at 161,935, gaining 1,278 points. The Banking and E&P sectors remained the primary drivers, pushing the index confidently into the green. Trading activity reflected a moderate session, with 240mn shares traded on the KSE-100 and 672mn shares transacted across the broader market. Volume leaders for the day included PACE (52mn), FNEL (38mn), and BOP (37mn). Looking ahead, the market continues to track geopolitical developments, which have shown signs of easing but still present underlying risks. The anticipated rise in petroleum product prices may introduce some near-term caution. However, improving macroeconomic indicators provide a constructive foundation for sustained momentum. Investors are encouraged to remain attentive to evolving trends and focus on fundamentally strong stocks positioned for long-term growth.
Pakistan Market Wrap: PSX Extends Gains as Stability Returns; Cement Sector Drives Market Recovery – By HMFS Research

Nov 13 2025


HMFS Research


  • The Pakistan Stock Exchange witnessed a strong rebound today, extending gains as investor sentiment improved significantly. Following a volatile phase earlier in the week, the benchmark KSE-100 Index surged by 2,474 points to close at the 160,657 level, after touching an intraday high of nearly 2,761 points. The rally was fueled by easing political and geopolitical tensions, which helped restore investor confidence and renewed optimism in the market.
  • The Cement sector led the rally amid expectations of improved earnings momentum, contributing substantially to overall market strength. Broader participation was also observed across cyclical stocks, with investors actively taking fresh positions in fundamentally strong names following yesterday’s partial recovery. Trading activity remained moderate, with 255mn shares changing hands on the KSE-100 Index and 796mn shares on the broader All-Share Index. The most actively traded scrips included BML (112mn), DSL (49mn), and FNEL (40mn). With optimism returning to the market, we advise investors to remain selectively positioned in value-driven and fundamentally sound stocks, while keeping a close watch on political and economic developments that could influence market direction.
Pakistan Market Wrap: Pakistan Stock Exchange Suffers Sharp Sell-off Amid Renewed Geopolitical Tensions – By HMFS Research

Nov 11 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) witnessed a sharp downturn today, as the benchmark KSE-100 Index plunged over 3,700 points, marking one of the steepest single-day declines in recent sessions. The sell-off came amid renewed geopolitical tensions and a fragile domestic security environment, prompting investors to adopt a distinctly risk-averse stance. Selling pressure persisted throughout the session, dragging the benchmark to an intra-day low of 157,766, before closing marginally higher at 157,871, down 3,668 points for the day. Volumes remained steady, with 291mn shares changing hands on the KSE-100 Index and 835mn on the broader All-Share Index. The most actively traded scrips included FNEL (77mn), KEL (67mn), and WTL (47mn). The sharp reversal came on the heels of Monday’s rally, as political and security developments took center stage once again.
  • A day after the Senate passed “The Constitution (Twenty-Seventh Amendment) Bill, 2025”, added an element of political uncertainty to the trading floor. Investor sentiment was further undermined following a blast in Islamabad, intensifying concerns over the domestic security outlook. Going forward, market sentiment is expected to remain largely cautious, with investors likely to seek clarity on both the evolving political landscape and security situation, alongside monitoring external cues. Investors are advised to exercise prudence in short-term positioning, focusing on fundamentally resilient names with stable earnings visibility and opportunities.
Pakistan Petroleum Limited (PPL): Corporate Briefing Session Insights – By HMFS Research

Nov 11 2025


HMFS Research


  • Pakistan Petroleum Limited (PPL) conducted its corporate briefing session, outlining operational highlights, strategic developments, and future growth priorities. The management emphasized stability in core operations, progress on international ventures, and diversification into minerals as key pillars for sustaining long-term value.
  • PPL’s portfolio remains extensive, comprising 21 producing fields (nine operated and twelve partner-operated) and 46 exploratory blocks (twenty-five operated). The company contributes nearly 19% of the country’s total gas production (~3.8 BCFD in FY25) and 16% of local oil output (~406,000 bpd), reaffirming its leading role in Pakistan’s E&P landscape.
Morning News: Govt awaits IMF nod to unveil first industrial policy – By HMFS Research

Nov 10 2025


HMFS Research


  • The government has presented the country’s first National Industrial Policy (NIP) to the federal cabinet for approval, outlining major constraints to industrial growth and proposing reforms to revitalise the manufacturing sector. However, the Ministry of Finance has asked the Ministry of Industries and Production to first seek the IMF’s clearance for the incentives proposed under the new policy. The policy targets $60 billion in exports by 2030, GDP growth of 6pc and manufacturing growth of 8pc annually by the end of the decade. It aims to provide a roadmap for industrial competitiveness, job creation and export expansion. The NIP identifies a range of structural and policy-related challenges impeding industrial growth. These include macroeconomic instability, policy uncertainty, costly industrial land, excessive regulation, unreliable and expensive power supply, and limited access to long term credit.
  • The United States and Pakistan early on Saturday reaffirmed their commitment to strengthening bilateral ties between the two countries, with Islamabad’s envoy describing it as an effort to build an “economically entrenched strategic partnership“. The development came as S. Paul Kapur — who assumed charge as the US assistant secretary of state for South and Central Asian affairs on October 22 — met Pakistan’s Ambassador to the US Rizwan Saeed Sheikh at the State Department for what was described as a cordial and forward-looking exchange. “We discussed the ways and means of translating the resolve — expressed at the leadership level — of developing Pakistan–US ties into an economically entrenched strategic partnership, through sustained engagement in multiple domains of mutual interest,” he said in a post on social media platform X.
Pakistan Market Wrap: PSX Closes Higher as Investors Eye Policy Outcomes – By HMFS Research

Nov 7 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) opened on a positive note on Friday, with the benchmark KSE-100 Index gaining over 1,000 points during the second half of the trading session. Buying interest was observed in banks and E&P scrips, allowing the benchmark to trade in the green for most of the session. In a key development, the Economic Coordination Committee (ECC) convened to deliberate on a high-stakes economic agenda — including approval of a PKR 659.6bn government guarantee for power-sector financing, tariff rationalisation for nuclear plants, and a new gas pricing framework for fertiliser manufacturers.
  • At close, the index settled at 159,592.9, up 496 points, with volumes at 217mn on the KSE-100 and 768mn on the All-Share Index. The most actively traded scrips were FNEL, BML, and PACE. Going forward, market momentum will likely hinge on the outcome of the ECC decisions and their implications for the energy and fertiliser sectors. With corporate earnings season largely behind and monetary policy expected to remain steady in the near term, investor sentiment may stay range-bound in the short run, punctuated by selective sectoral rallies. We advise investors to maintain a balanced stance, and keep overall exposure measured until greater clarity emerges on fiscal measures and policy direction.
Pakistan Market Wrap: Persistent Profit-Taking Deepens Market Slide Amid Geopolitical Concerns – By HMFS Research

Nov 5 2025


HMFS Research


  • Following a sharp correction in the previous session, the KSE-100 Index extended its decline as persistent profit-taking and escalating geopolitical tensions continued to weigh on investor sentiment. The benchmark index plunged by 2,000 points intraday as investors remained cautious. Sustained selling pressure kept market momentum subdued, particularly across cyclical sectors, as participants awaited clarity on both geopolitical and macroeconomic fronts. The KSE-100 Index ultimately closed at 159,578, down by 1,704 points from the previous session’s close.
  • Trading activity remained moderate, mirroring the restrained tone of the previous day, with 333mn shares traded on the KSE-100 Index and 859mn shares exchanged in the broader market. Looking ahead, market direction is expected to remain sensitive to developments along the borders and evolving geopolitical narratives. However, optimism persists over Pakistan’s “Blue Economy” initiative, which continues to attract long-term investor interest with its projected USD 100bn potential by 2047. While intermittent bouts of profit-taking are likely to continue as part of normal market cycles, investors are advised to adopt a cautious approach, focusing on fundamentally robust stocks capable of withstanding short-term volatility.
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.
Morning News: US signs 10-year defence pact with India: Pentagon chief – By HMFS Research

Nov 3 2025


HMFS Research


  • US Defence Secretary Pete Hegseth held talks on Friday with counterparts from China and India, among a series of face-to-face meetings at an ASEAN defence summit in Malaysia as Washington seeks to boost its influence and regional security ties. He also hailed as “a cornerstone for regional stability and deterrence” a new 10-year defence cooperation framework signed with Indian Defence Minister Rajnath Singh.
  • President Asif Ali Zardari will attend the Second World Summit for Social Development in Qatari capital Doha from November 4 to 6, being held under the auspices of the United Nations General Assembly. According to a statement issued from the President’s Secretariat on Sunday, the summit will bring together world leaders and policymakers to discuss ways of advancing social development, promoting decent work and employment opportunities, as well as strengthening inclusive safety nets.