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.
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.
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.
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: KSE-100 closes at 165,373 up 2,185points – By Alpha-Akseer Research

Nov 27 2025


Alpha Capital


  • The equity market opened on a strong note and maintained its positive momentum throughout the session. The KSE-100 Index touched an intraday high of 165,611 and a low of 163,509 before closing at 165,373—up 2,185 points. Total traded volume stood at 174.6 million shares, with an estimated traded value of PKR 22.5 billion.
  • Key contributors to the index’s rise included MEBL (4.4%, 286 points), LUCK (3.4%, 223 points), PPL (3.5%, 157 points), OGDC (2.6%, 146 points), and ENGROH (1.9%, 130 points). BOP and HUMNL dominated trading activity, posting volumes of 15.3 million and 13.9 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 163,189 up 1,496 points – By Alpha-Akseer Research

Nov 26 2025


Alpha Capital


  • The equity market opened on a positive note, dipped earlier in the session, but regained momentum later. The KSE-100 Index hit an intraday high of 163,397 and a low of 160,565 before settling at 163,189—up 1,496 points. Total traded volume reached 234.2 million shares, with an estimated traded value of PKR 21.6 billion.
  • Major stocks that boosted the index included FFC (3.2%, 532 points), MEBL (2.5%, 160 points), HBL (2.5%, 146 points), NBP (3.5%, 126 points), and OGDC (1.7%, 93 points). In terms of activity, HUMNL and BOP led the volumes with 38.1 million and 31.8 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 161,984 down 119 points – By Alpha-Akseer Research

Nov 24 2025


Alpha Capital


  • The equity market opened on a positive note but was unable to sustain early gains. The KSE-100 Index touched an intraday high of 162,385 and a low of 161,241, eventually closing at 161,984—down 119 points. Total traded volume reached 154 million shares, with an estimated traded value of PKR 15.2 billion.
  • Key draggers on the index included MARI (-1.5%, -87 points), OGDC (-1.3%, -71 points), MEBL (-1.1%, -68 points), POL (-2.4%, -67 points), and PPL (-1.2%, -53 points). On the activity front, KEL and CNERGY led volumes with 28.8 million and 16.9 million shares, respectively.
Morning News: Food imports jump to USD 3bn – By Alpha-Akseer Research

Nov 24 2025


Alpha Capital


  • Pakistan’s food import bill soared to USD 3.075bn in the first four months of the current fiscal year, marking a sharp 31.38 per cent increase from USD 2.340bn in the same period last year.
  • The International Monetary Fund (IMF) has expressed serious concern over the absence of an internal audit mechanism and weak constitutional and parliamentary audit supervision in Pakistan, warning that these gaps pose major fiduciary risks to public funds estimated at about PKR 40tn at the federal level and even higher in the provinces.
Morning News: Struggling PIA, Govt says 75pc shares to be privatised – By Alpha-Akseer Research

Nov 21 2025


Alpha Capital


  • In a high-stakes move that could either salvage or seal the fate of the country’s ailing national airline, Prime Minister Shehbaz Sharif was informed on Thursday of the imminent privatisation of Pakistan International Airlines (PIA), with an astonishing 75 percent of the flag carrier’s shares set to be sold off to private buyers.
  • Deputy Prime Minister and Foreign Minister Senator Ishaq Dar on Thursday highlighting Pakistan’s attractive investment prospects across key sectors like agriculture, textiles, housing, and information technology, urged leading European companies to seize these opportunities by making investments in the country.
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.
Morning News: 5-year textile, apparel policy draft finalized – By Alpha-Akseer Research

Nov 14 2025


Alpha Capital


  • The Ministry of Commerce has reportedly finalised a draft of the five-year (2025-30) Textile and Apparel Policy for submission to the Economic Coordination Committee (ECC) of the Cabinet.
  • The Executive Board of the International Monetary Fund (IMF) is scheduled to meet on December 8 to consider “Pakistan’s Second Review for the 37-month Extended Arrangement under the Extended Fund Facility (EFF)”
Pakistan Market Wrap: KSE-100 closes at 160,657 up 2,474 points – By Alpha-Akseer Research

Nov 13 2025


Alpha Capital


  • The equity market opened on a positive note and sustained its upward trajectory throughout the session. The KSE-100 Index recorded an intraday high of 160,945 and a low of 158,971, before closing at 160,657 — up by 2,474 points. Despite the gains, overall activity remained relatively muted, with a total trading volume of 253 million shares and a traded value of around PKR 25 billion.
  • Key contributors to the index’s advance included FFC (4.1%, 547 points), LUCK (5.6%, 319 points), MARI (2.9%, 144 points), MLCF (10%, 130 points), and FCCL (9.8%, 130 points). In terms of volume, BOP and KEL dominated the activity, trading 40 million and 37 million shares, respectively.