Nishat Mills Limited (NML): Corporate Briefing Key Takeaways – By Topline Research

Nov 27 2025


Topline Securities


  • Nishat Mills (NML) conducted its corporate briefing session today, where the management discussed financial performance and the future outlook of the company.
  • Management mentioned that margins are getting competitive in Europe as countries with higher tariff from USA i.e. Bangladesh are now rotating to Europe.
  • Future plans include further investment in renewable energy, with 38MW of solar already installed and an additional 4MW under planning, alongside proposed investments in a 45TP steam boiler and battery-storage infrastructure. The company also plans to expand its open-end yarn capacity by adding 3,000 rotors, taking the total to 13,000. Construction is underway for a workwear garments unit, commissioned in FY25, with a pilot project set up to fully utilize its potential. In addition, the company is investing in Nishat Sutas Dairy Limited, where up to Rs5bn has been approved, and Rs3.9bn has been invested as of June 2025.
Nishat Mills Limited (NML): Corporate Briefing Key Takeaways – By Topline Research

Nov 27 2025


Topline Securities


  • Nishat Mills (NML) conducted its corporate briefing session today, where the management discussed financial performance and the future outlook of the company.
  • Management mentioned that margins are getting competitive in Europe as countries with higher tariff from USA i.e. Bangladesh are now rotating to Europe.
  • Future plans include further investment in renewable energy, with 38MW of solar already installed and an additional 4MW under planning, alongside proposed investments in a 45TP steam boiler and battery-storage infrastructure. The company also plans to expand its open-end yarn capacity by adding 3,000 rotors, taking the total to 13,000. Construction is underway for a workwear garments unit, commissioned in FY25, with a pilot project set up to fully utilize its potential. In addition, the company is investing in Nishat Sutas Dairy Limited, where up to Rs5bn has been approved, and Rs3.9bn has been invested as of June 2025.
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.
Nishat Mills Limited (NML): Corporate Briefing Key Takeaways – By Topline Research

Nov 27 2025


Topline Securities


  • Nishat Mills (NML) conducted its corporate briefing session today, where the management discussed financial performance and the future outlook of the company.
  • Management mentioned that margins are getting competitive in Europe as countries with higher tariff from USA i.e. Bangladesh are now rotating to Europe.
  • Future plans include further investment in renewable energy, with 38MW of solar already installed and an additional 4MW under planning, alongside proposed investments in a 45TP steam boiler and battery-storage infrastructure. The company also plans to expand its open-end yarn capacity by adding 3,000 rotors, taking the total to 13,000. Construction is underway for a workwear garments unit, commissioned in FY25, with a pilot project set up to fully utilize its potential. In addition, the company is investing in Nishat Sutas Dairy Limited, where up to Rs5bn has been approved, and Rs3.9bn has been invested as of June 2025.
Pakistan Economy: Pakistan Inflation to clock in at 6.5-7.0% in Nov 2025 – By Topline Research

Nov 27 2025


Topline Securities


  • Pakistan’s Consumer Price Index (CPI) for Nov 2025 is expected to clock in at 6.5-7.0% YoY compared to 6.25% in Oct 2025 and 4.86% in Nov 2024. On a MoM basis, inflation for Nov 2025 is projected at +0.8%.
  • The MoM increase was driven by a rise of 1.52% food prices due to aftereffects of floods and closure of Afghan Border in the country, affecting food supplies.
  • Key contributors to food inflation are Onions (59%), Chicken (16%), Meat (15%) and fresh vegetables (12%). However, Tomatoes were down significantly by 56% mainly due to a surge seen last month, which off set the major rise in other segments.
Local Mobile Phones: Local Manufacturing/Assembly of Mobile Phones down 23% MoM in Oct-25 – By Topline Research

Nov 25 2025


Topline Securities


  • As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.
  • According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.
Millat Tractors Limited (MTL): Corporate Briefing Key Takeaways – By Topline Research

Nov 18 2025


Topline Securities


  • Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the outlook of the company.
  • Management believes Belarus tractors will be a new addition that will bring healthy competition. This is not their first entry into the market, as they have entered several times before. MTL, however, has a strong market position and does not expect any negative impact.
  • We maintain our SELL call on MTL as company trades at FY26E/27F PE of 18.1x/12.5x.
Oil & Gas Exploration: Qatar cargo diversion to help lift volumes – By Topline Research

Nov 13 2025


Topline Securities


  • According to news reports, Pakistan is considering deferring 2-3 RLNG cargoes per month (29 in a year) from Qatar under its existing take-or-pay contracts for 9 cargoes per month to address the current gas surplus issues in the country. Pakistan has signed 2 long-term RLNG agreements with Qatar; the first agreement is for 15-year supply contract for 5 cargoes a month at a pricing slope of 13.37% of Brent and the second is a 10-year contract for the supply of 4 cargoes per month at a pricing slope of 10.20% of Brent.
  • Current gas supply situation in country: Currently Pakistan’s indigenous gas supply stands at 2,770 mmcfd, based on the last six months avg, while RLNG imports average 936 mmcfd, taking the total supply to an average of 3,707 mmcfd. Meanwhile, over the last 2 months, total supply has averaged 3,600mmcfd (Indigenous: 2,792 mmcfd).
Fauji Fertilizer Company Limited (FFC): Acquiring of 25% in FFBL Power Company Limited (FPCL) – By Topline Research

Nov 11 2025


Topline Securities


  • As per company notice, Fauji Fertilizer Company Limited (FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL Power Company (FPCL) (25% of the paid capital) from the Parent Company Fauji Foundation. Post this acquisition, total ownership of FFC in FPCL will increase to 100%.
  • For this purpose, swap ratio has been calculated as per valuation report which translates 1 share of FFC against a consideration of 13.49 shares of FPCL.
  • FFC will issue 15,914,566 ordinary shares at a par value of Rs10 per share, representing approximately 1.1% of the company’s paid-up share capital before the issue. The issuance will result in minimal dilution for existing shareholders.
Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Nov 10 2025


Topline Securities


  • Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.
  • Bank’s deposit growth remained at 24% YoY in Sep-25. Wherein, current account ratio improved to 49% in Sep-25 vs. 47% in Sep-24. Overall, CASA deposit grew by 28% YoY while CASA mix improved to 94% in Sep-25. Bank’s market share in total industry deposit remained at 9% and deposit growth CAGR since inception remained at 33%.
Pakistan Cements: Listed Cement Comp Sheet – By Topline Research

Oct 31 2025


Topline Securities


  • The Pakistan cement sector is currently trading at an EV/ton of US$47.6, while on FY26E EV/EBITDA basis, it is valued at 5.7x. Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$28.6 and EV/EBITDA of 2.8x. Kohat Cement (KOHC) is valued at EV/ton of US$31.6and EV/EBITDA of 3.1x. Maple Leaf Cement (MLCF) is trading at EV/ton of US$34.2 and FY26E EV/EBITDA of 3.0x. In addition, LUCK, PIOC, CHCC, GWLC, ACPL and FECTC are also trading below the industry average EV/ton. Overall, the sector trades at FY26 P/E of 9.5x, P/S of 1.6x, and P/B of 1.7x.
Pak Elektron (PAEL): 9M2025 EPS at Rs3.3, up 64% YoY – By Topline Research

Oct 30 2025


Topline Securities


  • Pak Elektron Limited (PAEL) announced its 3Q2025 result wherein it posted earnings of Rs681mn (EPS of Rs0.74) up by 52% YoY but down 60% QoQ. The result came in line with our expectations.
  • Earnings rose 52% YoY in 3Q2025, mainly on the back of improved gross margins.
  • In 9M2025, earnings rose by 64% YoY to Rs3.05bn, mainly driven by a 13% YoY increase in revenue, improved gross margins and decline in finance cost. The revenue growth stemmed from higher volumetric sales in the Appliance division in 1H2025.
Lucky Cement (LUCK): 1QFY26 EPS at Rs15.0, up by 23% YoY & 12% QoQ – By Topline Research

Oct 28 2025


Topline Securities


  • Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.
  • Alongside the result, the company did not announce any cash dividend, in-line with our expectations.
  • On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.
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