Technical Outlook: KSE-100: Range bound trade continues – By AKD Research

Nov 26 2025


AKD Securities


  • The index opened higher but remained volatile throughout the session, marking an intraday high of 836 points and a low of 707 points. It eventually slipped by 292 points, closing at 161,692. Market activity improved slightly, with trading volumes rising 5% from the previous session. Over the last 10 sessions, the Index has seen an even split 5 positive and 5 negative closings. The KSE100 finished 35.0% below the upper Bollinger Band, while the Bands remain 37.63% narrower than usual, indicating reduced volatility. The MACD stays bullish as it continues to trade above its signal line, with the bullish crossover occurring 5 sessions ago. Since the crossover, the Index has gained 0.47% and has traded between 163,818 and 160,584.
  • Technically, the immediate support is seen at 161,200 and a breach below this could extend the decline toward 160,500 and 159,800. Conversely, resistance is expected around 162,500, followed by 163,100 and 163,500. It is recommended to accumulate positions on weakness with risk defined below support zone.
Pakistan Market Wrap: Value Buying Drives Strong Gains Amid Improved Macro Sentiment – By HMFS Research

Nov 28 2025


HMFS Research


  • The KSE-100 index extended its bullish momentum today as investors continued to engage in value buying, shrugging off concerns stemming from the IMF’s recent commentary on governance issues. With the USD 1.2bn tranche still expected to be disbursed in December, market confidence held firm. Adding to the positive sentiment, the Securities and Investment Facilitation Council (SIFC) unveiled a roadmap to improve the business environment through a substantial reduction in the corporate tax rate, reinforcing the upward trajectory of the bourse.
  • The E&P and IT sectors led the rally, pushing the benchmark to close at the level 166,678—up 1,304 points from the previous session. Trading activity remained healthy, with 296mn shares exchanged on the KSE-100 and 590mn across the broader market. Key volume leaders included SSGC (39mn), BOP (34mn), and WTL (33mn). Looking ahead, the index is expected to retain its bullish undertone, supported by improving macroeconomic indicators and optimism around the anticipated IMF tranche. That said, phases of profit-taking may emerge as part of normal market cycles. Investors are advised to stay vigilant, closely track evolving developments, and prioritize fundamentally sound stocks with long-term growth potential.
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: The benchmark index closed on a positive note – By IIS Research

Nov 28 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, gaining momentum as the session progressed, supported by improved liquidity. Trading volumes increased to 296mn shares today as compared to 174mn shares in the previous session. Today, the KSE-100 index gained 1,304 points to close at 166,678 level, up by 0.79% DoD. Commercial Banks, Cement, and Oil & Gas Exploration Companies sectors were the major contributors in today's session, cumulatively adding 804 points to the index.
Dolmen City REIT (DCR): FY25 Analyst Briefing takeaways – By AKD Research

Nov 28 2025


AKD Securities


  • To recall, company reported revenue of PkR5.9bn in FY25, compared to PkR5.2bn in SPLY, up 14%YoY, primarily driven by occupancy level. Along with, company reported earnings of PkR4.9bn (EPS: PkR2.21) in FY25 vs. PkR4.5bn (EPS: Pk2.03) in SPLY, up 9%YoY.
  • In 1QFY26, company reported revenue of PkR1.6bn, up 14%YoY, due to afore mentioned factor. Earning stood at PkR1.4bn (EPS: PkR0.62), compared to PkR1.1bn (EPS: PkR0.50) in SPLY, up 24%YOY.
  • Company’s rental revenue mix comprise of Rental Income and Revenue-Sharing, which represent ~90% and 10% respectively.
Gillette Pakistan Limited (GLPL): Corporate Briefing Notes – By Chase Research

Nov 28 2025



  • Gillette Pakistan Limited (GLPL) reported loss per share of PKR 0.81 for FY25, compared to earnings per share of PKR 3.18 in FY24. Furthermore, in 1QFY26, the company reported loss per share of PKR 3.53, compared to earnings per share of PKR 0.12 in the same period last year (SPLY).
  • The Procter & Gamble Company has decided to discontinue its direct business operations in Pakistan as part of its broader global restructuring program, which includes strategic decisions related to portfolio optimization.
Pakistan Economy: Inflation Risk Real or Just a Fear? – By Alpha-Akseer Research

Nov 28 2025


Alpha Capital


  • Pakistan is at a pivotal moment in determining the direction of its exchange rate. While the rupee has long been associated with inflationary spikes whenever devalued, the present macroeconomic context signals a limited inflationary transmission from PKR depreciation. Since domestic food prices have already adjusted by 26.5% beyond global benchmark, the scope for additional inflationary pressure from depreciation remains limited. In this environment, a carefully managed depreciation of the rupee could support export competitiveness, attract higher remittance inflows, and strengthen the external account, offering a strategic opportunity to devalue the currency without immediately destabilizing prices.
  • Domestic food inflation is already running well above the global index nearly 26.5% higher with a weight of 34.6% in the overall CPI basket. This elevated base reduces the risk of a sharp surge in prices from currency depreciation. In addition, food prices in Pakistan have historically been downward sticky, implying that they do not decline quickly even when global prices ease. In this context, external inflationary forces, such as PKR depreciation or an uptick in world food prices, are likely to have a limited pass-through effect on local food costs. Going forward, the World Bank is projecting a further decline in the global food price index by 6.1% in 2025 and 0.3% in 2026. As a result, the existing gap may widen further in Pakistan’s favor, providing additional cushion for the economy to absorb potential international price shocks or PKR depreciation without triggering significant domestic inflation.
Systems Limited (SYS): Sustained outperformance; Upside intact – By JS Research

Nov 28 2025


JS Global Capital


  • We reiterate our Buy stance on Systems Limited (SYS) after rolling our valuation forward from Jun-2026 to Dec-2026, we revise our target price upward to Rs185 (up 3%). The company is well positioned for sustained expansion, with a projected 5-year revenue CAGR of 25% anchoring our long-term view.
  • We trim our CY25E/CY26F EPS estimates by 7%/9% to Rs7.30/Rs10.04, primarily reflecting stronger rupee. Revenue growth & margins remained strong CYTD despite stable currency movement. For 9MCY25, SYS reported earnings of Rs2.8bn, with the MENA region accounting for nearly 59% of overall revenue. Gross margins rose to 29% in 3Q, supported by tighter cost controls and additional working days.
Technical Outlook: KSE-100: Breaks consolidation – By AKD Research

Nov 28 2025


AKD Securities


  • The index opened on a strong note and sustained its upward momentum throughout the session, reaching an intraday high of 2,423 points. It eventually closed with a solid gain of 2,185 points at 165,373. Market activity, however, slowed as trading volumes fell by 25% compared to the previous session. The Index had been struggling with a trend-line resistance, which it has now broken, signaling a potential new phase of higher highs. However, the breakout appears weak due to the lack of supporting volumes, which raises some concerns. The Index is currently trading 21.6% above its 200-period moving average, maintaining an overall uptrend. Volatility remains elevated relative to the average of the last 10 sessions, while trend indicators continue to reflect a bullish outlook.
  • Technically, the immediate support is seen at 164,800 and a breach below this could extend the decline toward 164,400 and 163,800. Conversely, resistance is expected around 165,850, followed by 166,400 and 167,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Morning News: Manufacturing sector: SIFC identifies barriers to new investment – By Alpha-Akseer Research

Nov 28 2025


Alpha Capital


  • The National Coordinator of the Special Investment Facilitation Council (SIFC) Lt. Gen. Sarfraz Ahmed Thursday said that without abolishing Super Tax and reducing the tax rate, luring new investment in the manufacturing sector is not possible.
  • The Central Power Purchasing Agency–Guaranteed (CPPA-G) has revealed that industrial electricity consumption increased by 20 percent in October 2025 compared to the corresponding month of 2024.
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.
Dolmen City REIT (DCR): FY25 Analyst Briefing takeaways – By AKD Research

Nov 28 2025


AKD Securities


  • To recall, company reported revenue of PkR5.9bn in FY25, compared to PkR5.2bn in SPLY, up 14%YoY, primarily driven by occupancy level. Along with, company reported earnings of PkR4.9bn (EPS: PkR2.21) in FY25 vs. PkR4.5bn (EPS: Pk2.03) in SPLY, up 9%YoY.
  • In 1QFY26, company reported revenue of PkR1.6bn, up 14%YoY, due to afore mentioned factor. Earning stood at PkR1.4bn (EPS: PkR0.62), compared to PkR1.1bn (EPS: PkR0.50) in SPLY, up 24%YOY.
  • Company’s rental revenue mix comprise of Rental Income and Revenue-Sharing, which represent ~90% and 10% respectively.
Technical Outlook: KSE-100: Breaks consolidation – By AKD Research

Nov 28 2025


AKD Securities


  • The index opened on a strong note and sustained its upward momentum throughout the session, reaching an intraday high of 2,423 points. It eventually closed with a solid gain of 2,185 points at 165,373. Market activity, however, slowed as trading volumes fell by 25% compared to the previous session. The Index had been struggling with a trend-line resistance, which it has now broken, signaling a potential new phase of higher highs. However, the breakout appears weak due to the lack of supporting volumes, which raises some concerns. The Index is currently trading 21.6% above its 200-period moving average, maintaining an overall uptrend. Volatility remains elevated relative to the average of the last 10 sessions, while trend indicators continue to reflect a bullish outlook.
  • Technically, the immediate support is seen at 164,800 and a breach below this could extend the decline toward 164,400 and 163,800. Conversely, resistance is expected around 165,850, followed by 166,400 and 167,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Faces a bullish trading session – By AKD Research

Nov 27 2025


AKD Securities


  • The index opened on a positive note but traded with volatility throughout the session, hitting an intraday high of 1,705 points and a low of 1,128 points. It ultimately advanced by 1,496 points to close at 163,189. Market activity strengthened, with trading volumes jumping 45% from the previous session. KSE100 closed 17.1% below the upper Bollinger Band, while the Bands remain 37.37% narrower than usual. RSI stands at 55.26, indicating momentum above the neutral level. The MACD stays in bullish mode, trading above its signal line after crossing it six sessions ago. Since then, the Index has gained 1.40% and moved within a range of 163,818 to 160,565.
  • Technically, the immediate support is seen at 162,800 and a breach below this could extend the decline toward 162,400 and 161,800. Conversely, resistance is expected around 163,500, followed by 164,000 and 164,500. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Range bound trade continues – By AKD Research

Nov 26 2025


AKD Securities


  • The index opened higher but remained volatile throughout the session, marking an intraday high of 836 points and a low of 707 points. It eventually slipped by 292 points, closing at 161,692. Market activity improved slightly, with trading volumes rising 5% from the previous session. Over the last 10 sessions, the Index has seen an even split 5 positive and 5 negative closings. The KSE100 finished 35.0% below the upper Bollinger Band, while the Bands remain 37.63% narrower than usual, indicating reduced volatility. The MACD stays bullish as it continues to trade above its signal line, with the bullish crossover occurring 5 sessions ago. Since the crossover, the Index has gained 0.47% and has traded between 163,818 and 160,584.
  • Technically, the immediate support is seen at 161,200 and a breach below this could extend the decline toward 160,500 and 159,800. Conversely, resistance is expected around 162,500, followed by 163,100 and 163,500. It is recommended to accumulate positions on weakness with risk defined below support zone.
At-Tahur Limited (PREMA): FY25 Analyst Briefing takeaways – By AKD Research

Nov 25 2025


AKD Securities


  • To recall, company’s profitability increased by 50%YoY to PkR528mn (EPS: PkR1.6) in FY25, compared to PkR353mn (EPS: PkR1.0) in the SPLY, primarily due to improved gross margins.
  • Revenue stood at PkR5.7bn in FY25, down 3%YoY from PkR5.8bn in SPLY, as company shifted its focus toward value-added products. Gross margins im proved to 44.5% in FY25 from 41.2% in SPLY, supported by increasing mix of value-added offerings.
  • Management apprised that PREMA holds the largest market share in pack aged pasteurized milk, estimated at 60–65%.
AGP Limited (AGP): 9MCY25 Analyst Briefing takeaways – By AKD Research

Nov 25 2025


AKD Securities


  • In 9MCY25, the company posted topline of PkR20.3bn, up 15%YoY from 9MCY24, driven by both volumetric and value growth.
  • The company’s growth outpaced the industry, which reported value growth of 15.4% and a volumetric decline of 0.1%.
  • AGP recorded earnings of PkR2.9bn (EPS: PkR8.92) for 9MCY25, up 80%YoY, supported by higher margins and lower finance cost.
AgriTech Ltd (AGL): 9MCY25 Analyst Briefing takeaways – By AKD Research

Nov 25 2025


AKD Securities


  • To recall, company reported profitability of PkR2.2bn (EPS: PkR3.7) compared to a loss of PkR2.1bn (LPS: PkR3.5) in SPLY, primarily due to a one-off gain of PkR4.0bn on the conversion of preference shares and reversal of written-down liabilities.
  • In 9MCY25, company recorded sales of PkR23.6bn, up 24%YoY compared to PkR19.0bn in SPLY, driven by higher urea and phosphate offtakes.
  • Urea offtakes increased by 33%YoY to 259k tons in 9MCY25, compared to an industry decline of 8%YoY. Consequently, AGL’s market share rose to 6% from 5% in SPLY.
Technical Outlook: KSE-100: Low volumes witnessed – By AKD Research

Nov 25 2025


AKD Securities


  • The index opened higher but traded remained volatile throughout the session, recording an intraday peak of 282 points and a low of 862 points. It eventually slipped by 119 points to close at 161,984. Market participation weakened, as trading volumes dropped by 39% from the prior session. The KSE100 remains 19.8% above its 200-period moving average. Volatility is elevated compared to the average of the past 10 sessions. Volume indicators show balanced inflows and outflows, suggesting a neutral tone. Trend-based oscillators provide mixed signals, offering no clear direction, while the index continues to trade below the declining trend line highlighted on the chart.
  • Technically, the immediate support is seen at 161,800 and a breach below this could extend the decline toward 161,200 and 160,500. Conversely, resistance is expected around 162,500, followed by 163,100 and 163,500. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Range bound activity likely – By AKD Research

Nov 24 2025


AKD Securities


  • The index opened on a positive note but remained volatile throughout the trading session, hitting an intraday high of 421 points and a low of 1,083 points. It eventually closed with a decline of 834 points at 162,103. Market participation strengthened, with trading volumes rising by 22% compared to the previous session. The KSE100 finished 28.1% below the upper Bollinger Band, while the Bands themselves are 37.70% narrower than usual, indicating reduced volatility. The Index faced resistance from the declining trend line and ended the day near its 5-day SMA. Among momentum indicators, the RSI is at 52.30, slightly above neutral, and the MACD histogram remains above the signal line.
  • Technically, the immediate support is seen at 161,800 and a breach below this could extend the decline toward 161,200 and 160,500. Conversely, resistance is expected around 163,000, followed by 163,500 and 164,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Hovering around 30-SMA – By AKD Research

Nov 20 2025


AKD Securities


  • The index opened on a strong footing and continued its upward momentum throughout the session, reaching an intraday high of 1,807 points. It closed the day with a solid gain of 1,291 points at 162,226. Market participation improved, as trading volumes rose by 19% com pared to the previous session. The Index is trading 20.6% above its 200-period moving average. Volatility remains elevated relative to the average of the last 10 sessions. Volume indicators show a neutral stance, with buying and selling pressure relatively balanced. A bullish divergence has emerged on the RSI, which has made a new 14-period high even though the Index itself has not.
  • Technically, the immediate support is seen at 161,800 and a breach below this could extend the decline toward 161,400 and 160,800. Conversely, resistance is expected around 162,700, followed by 163,500 and 164,000. It is recommended to accumulate positions on weakness with risk defined below support zone.