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: 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 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: Market Rebounds as Value Hunters Step In – By HMFS Research

Nov 26 2025


HMFS Research


  • The Pakistan Stock Exchange opened under pressure and extended its early weakness, with the KSE-100 Index slipping as much as 1,128 points intraday. However, attractive valuations prompted investors to step back in, driving a strong recovery through the session. The benchmark ultimately closed at 163,189 level, posting a 1,496-point gain as buying interest returned in fundamentally strong names. Volumes remained moderate, with the KSE-100 recording 235mn shares, while the All-Share Index posted 635mn shares. The most actively traded scrips were WTL (48mn shares), HUMNL (38mn shares), and DSL (35mn shares). Going forward, volatility may persist amid rollover activity, though selective accumulation is likely to continue as investors capitalize on the recent pullback. Even so, investors are advised to maintain vigilance and focus on fundamentally strong scrips with long-term growth prospects.
Pakistan Market Wrap: Bearish Undertone Deepens: KSE-100 Drops Amid Muted Participation – By HMFS Research

Nov 25 2025


HMFS Research


  • The Pakistan Stock Exchange extended its losing streak, delivering yet another session adrift in the red. The benchmark KSE-100 Index trended lower for most of the day, before a sharp late-session dip took the intraday loss to 707 points. A modest rebound into the close helped trim the damage, but the index still settled at 161,692 — down 292 points on the day. Investors largely stayed on the sidelines, with sentiment skewed bearish amid growing macro uncertainty and caution ahead of IMF-related developments.
  • Turnover remained subdued, reflecting a wait-and-see approach: volumes on the KSE-100 clocked in at 162mn shares, while the broader market posted 589mn shares. Major volume leaders included WTL (59mn), BML (46mn), and PTC (39mn). With rollover week underway, volatility is likely to persist, and additional bouts of pressure cannot be ruled out. Nonetheless, intermittent pockets of strength may emerge as company-specific flows and sectoral news draw selective value -buyers back into the market. For now, vigilance remains key — investors would be well-served to focus on fundamentally resilient names with clearer medium-term earnings visibility.
Pakistan Market Wrap: Subdued but Steady: PSX Balances Caution with Late-Session Recovery – By HMFS Research

Nov 24 2025


HMFS Research


  • The equity market opened on a cautious note today, with sentiment tilting bearish as investors opted for profit-taking amid rising uncertainty. The IMF’s recent remarks regarding governance vulnerabilities sparked concerns over the prospects of the upcoming tranche, prompting market participants to adopt a defensive stance. Despite the initial pressure, the index remained relatively resilient, touching an intraday low of 861 points before staging a modest recovery late in the session. The benchmark ultimately closed at 161,984, down a marginal 119 points, reflecting a subdued yet stable performance.
  • Trading activity remained muted, with 154mn shares exchanged on the KSE-100 and 489mn across the broader market. Top volume contributors for the day included PIAHCLA (63mn), BECO (35mn), and BML (33mn). Looking ahead, market direction will continue to depend on macroeconomic developments and clarity on the IMF program. With rollover week underway, further bouts of red sessions cannot be ruled out. Even so, company-specific updates and sectoral developments may lead selective value buying, helping to keep the index grounded. Investors are advised to maintain vigilance, monitor evolving dynamics, and focus on fundamentally strong scrips with long-term growth prospects.
Morning News: IMF opposes purchasing rule tweaks – By HMFS Research

Nov 24 2025


HMFS Research


  • The International Monetary Fund (IMF) has slammed federal and Punjab governments for amending public procurement rules to award contracts to state departments without bidding and observes that some of these firms are subletting the contracts to private companies in an opaque manner. The IMF has asked Pakistan to end preferences for state-owned enterprises (SOEs), including the provisions that allow direct contracting, within one year. Preferences, such as these, serve to disrupt competition, are vulnerable to abuse and increase the risk of corruption, it said in remarks on the government's procurement system.
  • Pakistan's tax-to-GDP ratio has remained stubbornly low at around 10% over the past five years, and a new IMF’s Governance and Corruption Report reveals the problem goes far deeper than collection efficiency. The report exposes a tax system plagued by excessive complexity, corruption vulnerabilities, and ad hoc policy-making that undermines revenue mobilization efforts. The report describes an "excessively complex" tax system that creates uncertainty, invites disputes, and enables corruption.
Pakistan Market Wrap: Profit-Taking Pauses the Rally, Fundamentals Keep Market Anchored – By HMFS Research

Nov 21 2025


HMFS Research


  • The equity market commenced the session on a bullish note, supported by investor confidence and value buying at attractive valuations. However, the momentum was short-lived as the KSE-100 Index slipped into negative territory, reaching an intra-day low of 1,083 points. The Fertilizer, E&P, and Cement sectors bore the brunt of the decline, reflecting selective profit-taking rather than broad based weakness. Despite the intraday pullback, no major negative developments were reported, suggesting the benchmark remains fundamentally supported. The approach of rollover week likely contributed to the subdued sentiment, as market participants adjusted their positions ahead of the period.
  • The index eventually settled at 162,103, down 834 points from the previous close. Trading volumes were moderate, with 255mn shares exchanged on the KSE-100 Index and 767mn shares traded across the broader market. Key volume leaders for the day included WTL (77mn), KEL (64mn), and BML (61mn). Looking ahead, the market is expected to remain volatile, oscillating between profit-taking at elevated levels and value-driven buying in fundamentally strong scrips. As rollover week progresses, intermittent downward pressure may persist. Investors are advised to stay vigilant, monitor market dynamics closely, and focus on stocks with solid long-term growth potential.
Morning News: SBP Forex Reserves Increase by USD 27 Million – By HMFS Research

Nov 21 2025


HMFS Research


  • Pakistan's Forex Reserves increased by USD 14.30 Million or 0.07% and the total liquid foreign reserves held by the country stood at USD 19,738.20 Million on Nov 14, 2025. According to data published by the State Bank of Pakistan (SBP) its reserves increased by USD 26.90 Million. While net reserves held by Commercial banks decreased by USD 12.60 Million during the week.
  • The International Monetary Fund (IMF) has revealed the scale of elite capture across Pakistan’s most influential sectors, warning that entrenched interests in key sectors, including sugar, real estate, agriculture and energy, continue to undermine the country’s reform trajectory. The Technical Assistance Report, Pakistan Governance and Corruption Diagnostic Assessment, singles out the sugar industry as a textbook example of how the intertwined relationship between economic elites and state regulators combines to capture public benefits at a deep cost to the overall public. “Sugar mill owners, many of whom hold government positions, have ensured highly ‘recommended’ prices for sugarcane and protective tariffs, keeping their operations profitable at the expense of competitiveness,” said the IMF.
Pakistan Market Wrap: PSX Extends Gains on Industrial Recovery and Strategic Corporate Moves – By HMFS Research

Nov 20 2025


HMFS Research


  • Buying interest remained firmly in play at the Pakistan Stock Exchange (PSX) today, with the benchmark KSE-100 Index advancing by over 700 points at 162,937 level as investors extended the recent rally. Positive momentum held through the entire session, driving the index to an intra-day peak of 163,818 level before settling comfortably in the green. On the macro front, confidence was further supported by encouraging economic data, as Pakistan’s Large-Scale Manufacturing (LSM) sector posted a 4.08% y/y expansion in the 1QFY26. In corporate developments, Ghani Chemical Industries Limited (GCIL) drew notable investor attention after announcing a PKR 14bn joint venture with Mari Energies Limited.
  • The partnership—positioned at the intersection of energy and industrial chemicals—signals a strategic push toward diversification and value creation. Market participation remained steady, with volumes clocking in at 208mn shares on the KSE-100 and 725mn shares on the All-Share Index. Among the most active names for the day were BML (104mn), WTL (71mn), and FNEL (38mn). Going forward, we expect market performance to remain sensitive to macro indicators, including inflation prints, policy rate changes, and foreign inflow dynamics, while corporate earnings visibility will play an increasingly central role in guiding sentiment. For investors, a selective accumulation strategy remains prudent, with a preference for fundamentally strong sectors, while maintaining discipline around valuations as the index approaches new highs.
Pakistan Market Wrap: Retail-Driven Momentum Pushes PSX Higher; Market Closes Strong – By HMFS Research

Nov 19 2025


HMFS Research


  • The PSX sustained a strong bullish momentum today, with the benchmark index surging as much as 1,800 points intraday before closing at 162,226, up 1,291 points. The rally was largely driven by renewed buying interest, as the recent cooling-off phase allowed investors to accumulate positions at attractive levels— resulting in a robust value-driven session. Adding to the positive sentiment, Bloomberg highlights that retail investors remain a key driver of the market’s surge, with the KSE-100 Index advancing nearly 40% in 2025.
  • This reflects a clear shift in investor behaviour, as individual participants increasingly opt for equity exposure—propelling the market to new bullish rally and strengthening the ongoing upward momentum. Market activity remained strong, with 362mn shares traded on the benchmark index and a notable 1.03bn shares across the broader market. WTL (160mn), BML (112mn), and BECO (79mn) led the volume board as the day’s standout performers. Looking ahead, market direction will hinge on global developments and the pace of domestic economic stabilization. While valuations still offer selective opportunities, intermittent profit-taking is likely. Investors should remain attentive to shifts in sentiment and continue focusing on fundamentally sound names positioned for sustained long-term growth.
Morning News: Structural reforms under sharper focus, Aurangzeb tells Dialog delegation – By HMFS Research

Nov 19 2025


HMFS Research


  • Federal Minister for Finance and Revenue, Muhammad Aurangzeb, on Tuesday stressed the government’s focus on structural reforms, including taxation, energy sector restructuring, and privatisation of state-owned enterprises, governance reforms, and federal expenditure rationalisation. The minister also highlighted Pakistan’s economic reform momentum in meeting with a high-level delegation representing ‘Dialog’, a global leadership platform founded by Peter Thiel and Auren Hoffman.
  • Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has announced the launch of standardised bunkering operations at Karachi Port for the first time in Pakistan's history. Bunkering is the fueling of ships for propulsion and onboard use, involving the storage, transfer and management of marine fuels like oil and gas. Proper bunkering ensures safe, efficient and environmentally compliant refueling, enabling smooth maritime transport and global shipping operations.