Oil & Gas Exploration: From caution to conviction – By Insight Research

Nov 26 2025


Insight Securities


  • After several years of stagnation and structural inefficiencies, Pakistan’s upstream oil and gas sector is poised for a long awaited inflection point. The government’s renewed focus on energy sector reforms, particularly pass through of energy tariffs along with emphasis on clearance of accumulated circular debt, has begun to restore optimism across the E&P chain. With meaningful progress visible on both policy and fiscal fronts, the market’s perception of the E&P sector is gradually shifting from caution to conviction.
  • At the same time, companies are taking proactive steps to sustain and enhance production level. Leading E&P companies are ramping up exploration activity, acquiring new blocks and accelerating drillings to secure long term output stability. This is reflected in the sector’s reserves with leading listed E&P companies achieving a reserve replacement ratio of over 100% in FY25.
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.
Roshan Packages Limited (RPL): Analyst briefing takeaways – By Insight Research

Nov 26 2025


Insight Securities


  • RPL posted topline of PKR9.7bn in FY25 vs. PKR10.3bn in SPLY, down by ~6% YoY. Similarly, company’s PAT fell by ~33% YoY mainly due to inflationary pressure and demand contraction. In 1QFY26, company’s revenue recorded an increase of ~28% YoY.
  • Regarding lower gross margins, management mentioned that due to subdued demand company is unable to pass on the inflationary pressure. However, company is focused on increasing its market share.
Oil & Gas Exploration: From caution to conviction – By Insight Research

Nov 26 2025


Insight Securities


  • After several years of stagnation and structural inefficiencies, Pakistan’s upstream oil and gas sector is poised for a long awaited inflection point. The government’s renewed focus on energy sector reforms, particularly pass through of energy tariffs along with emphasis on clearance of accumulated circular debt, has begun to restore optimism across the E&P chain. With meaningful progress visible on both policy and fiscal fronts, the market’s perception of the E&P sector is gradually shifting from caution to conviction.
  • At the same time, companies are taking proactive steps to sustain and enhance production level. Leading E&P companies are ramping up exploration activity, acquiring new blocks and accelerating drillings to secure long term output stability. This is reflected in the sector’s reserves with leading listed E&P companies achieving a reserve replacement ratio of over 100% in FY25.
Fauji Fertilizer Company (FFC): Strong earnings with shariah push – By Insight Research

Nov 12 2025


Insight Securities


  • FFC has delivered capital gain of ~29% during CYTD, supported by robust profitability despite weak agronomic conditions. The company’s earnings have been boosted by dividend income from its subsidiaries and associates, generating steady dividend income. Along with this, significant cash reserves also contributes to bottom line by generating other income. The said trend is expected to continue, driven by recurring dividend inflows and an anticipated recovery in offtakes.
  • The combination of robust cashflow generation and strong balance sheet provides FFC with the flexibility to pursue growth opportunities. Company is exploring the feasibility of a Thar coal gasification project, which, if materialized, would provide a reliable and cost-effective feedstock source and potentially enable urea exports. Additionally, the proposed gas supply from Mari Gas Field to FFC’s Port Qasim plant could reduce feedstock costs and enhance margins going forward.
Maple Leaf Cement Factory Limited (MLCF): Analyst briefing takeaways – By Insight Research

Nov 7 2025


Insight Securities


  • Maple Leaf Cement Pakistan has conducted its analyst briefing to discuss its financial result and outlook. We have summarized following key takeaways from the briefing.
  • According to the management, company’s retention price stood at PKR15,195/ton in 1QFY26.
  • Regarding demand outlook, management expect a double digit growth in FY26. To note, local demand increased by 18.8% in 4MFY25.
Hub Power Company Limited (HUBC): 1QFY26 EPS clocked in at PKR9.0 – By Insight Research

Oct 30 2025


Insight Securities


  • HUBC has announced its 1QFY26 results wherein the company has posted consolidated PAT of PKR11.6bn (EPS: PKR9.0) vs. PKR19.1bn (EPS: PKR14.7), down by 39% YoY. The result is inline with our expectations.
  • Revenue of the company decreased by 46% YoY, to clock in at PKR17.4bn in 1QFY26, due to termination of base plant and tariff renegotiation of NEL plant. While on QoQ basis, same is down by 7%.
  • Share of profit from associates increased by 4% YoY to clock in at PKR10.8bn.
Pakistan Economy: Oct’25 CPI likely to clock in at 5.8% - By Insight Research

Oct 29 2025


Insight Securities


  • Headline inflation is estimated at ~5.8% for Oct’25, compared to ~7.2% in SPLY and ~5.6% in preceding month. On MoM basis, inflation is expected to inch up by ~1.4%, primarily driven by a ~2.2% increase in food prices coupled with 1.8% increase in housing index. The increase in food index is mainly led by higher prices of wheat, onion and tomato. While increase in housing index is attributable to quarterly adjustment in house rent coupled with higher FCA.
  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Tomato (63.9↑%), Onions (15.7↑%), Wheat flour (6.8%↑), Eggs (5.4%↑) & Fresh vegetables (2.3%↑). On the flip side, prices of the following items eased off during the month, Chicken (23.4%↓), Fresh fruits (12.9%↓), Pulse gram (3.9%↓), Potatoes (3.1%↓) & Pulse moong (1.2%↓).
HUB Power Company Limited (HUBC): 1QCY26 EPS to arrive at PKR8.7 – By Insight Research

Oct 29 2025


Insight Securities


  • We expect HUB power company limited to post EPS of PKR8.7/sh in 1QFY26 vs. EPS of PKR14.7/sh in SPLY and PKR9.2/sh in preceding quarter, down by 41%/5% YoY/QoQ.
  • In1QFY26, power generation clocked in at 40,933 kwh in 1QFY26 vs. 40,546 kwh in 1QFY25, up by 1% YoY. The increase in power generation is attributable to low base effect, shift of captive power consumers to grid amid grid levy and reduction in power tariff.
Pakistan Petroleum Limited (PPL): 1QFY26 EPS clocked in at PKR7.38 – Below expectation - By Insight Research

Oct 29 2025


Insight Securities


  • In 1QFY26, revenue Increased 10% QoQ, mainly attributable to increase in oil and gas production coupled with higher oil prices.
  • Exploration expense clocked in at PKR633mn, down by 84% QoQ possibly attributable to some reversal, however, we await further clarity on this front.
  • Admin expenses clocked in at PKR1.5bn, down by ~18% QoQ.
Attock Petroleum Limited (APL): 1QFY26 EPS clocked in at PKR30.6 – By Insight Research

Oct 28 2025


Insight Securities


  • Attock Petroleum Limited (APL) has announced its 1QFY26 result wherein company posted PAT of ~PKR3.8bn (EPS: PKR30.6) vs. PAT of ~PKR2.3bn (EPS: PKR19.1) in SPLY, up by 60% YoY. The result came above our expectations due to higher than estimated gross margins.
  • Topline of the company recorded an increase of 4% YoY amid improved offtakes coupled with higher petroleum product prices. However, same is down by 8% QoQ attributable to volumetric sales during the quarter. To highlight, company posted overall volumetric sales 327k MT (↓1%/↓17% YoY/QoQ) with retail sales standing at 313k MT (↑9%/↓10% YoY/QoQ).
Indus Motor Company Limited (INDU): 1QFY26 EPS clocked in at PKR85.5 – Above expectation – By Insight Research

Oct 28 2025


Insight Securities


  • INDU has announced its 1QFY26 result, wherein company has posted PAT of PKR6.7bn (EPS: PKR85.5) vs. PAT of PKR5.1bn (EPS: PKR64.8) in SPLY. The result is above our expectation mainly due to higher than estimated gross margins.
  • During 1QFY26, revenue witnessed an increase of ~48% YoY to clock in at PKR61.7bn, primarily due to higher volumetric sales.