Pakistan Petroleum Limited (PPL): Gaining momentum – By JS Research

Dec 1 2025


JS Global Capital


  • PPL is gaining momentum as we highlight the immediate resistance lies within 212-216 range where a break above that will start a new bullish move. The next target is expected at 238 which is 13% higher from the current close. For medium term investors we highlight the stock has potential to rise further towards 260- 150% retracement on the fall from 217 to a low of 129. The support is present between 192-194 range, while the risk is below 179 (200-DMA). To add support to the positive view: 1) PPL is trading above the key averages keeping the trend bullish, 2) Forming cup-handle formation on monthly chart and 3) MACD buy signal on weekly timeframe.
Pakistan Petroleum Limited (PPL): Earnings dip on higher opex and normalized taxation charge – By AKD Research

Feb 13 2026


AKD Securities


  • Pakistan Petroleum Limited (PPL) reported 2QFY26 financial results earlier today, with consolidated earnings clocking in at PkR20bn for the second quarter (EPS: PkR7.40), down 26% YoY — slightly below expectations. Alongside the result, company also announced a half-yearly cash dividend of PkR2.0/sh, taking cumu lative cash payout to PkR4.0/sh for the first half (payout ratio: 27%).
  • Net Sales stood at PkR61.8bn during 2QFY26, up 1%YoY. Regarding hydrocar bon production, PPL’s estimated oil and gas output clocked in at 11.1kbpd (up 4%YoY) and 554mmcfd (down 1%YoY) as per PPIS data.
Pakistan Petroleum Limited (PPL): 2QFY26 EPS down 26% YoY to Rs7.44/share – In line with expectations – By Topline Research

Feb 13 2026


Topline Securities


  • Pakistan Petroleum Limited (PPL) reported its 2QFY26 results, posting earnings of Rs20.3bn (EPS: Rs7.44), down 26% YoY while remaining largely flat on a QoQ basis (up 1%). The YoY decline is primarily driven by lower hydrocarbon production and weaker oil prices.
  • This brings 1HFY26 earnings to Rs40.4bn (EPS: 14.84), reflecting a 21% YoY decline.
  • The company reported net sales of Rs61.2bn, up 1% YoY and 8% QoQ. The QoQ growth is attributable to a slight recovery in oil and gas volumes.
Pakistan Petroleum Limited (PPL): Result Review – By IIS Research

Feb 13 2026


Ismail Iqbal Securities


  • Pakistan Petroleum Limited (PPL PA) reported 2QFY26 profit after tax of PKR 20.3bn (EPS: PKR 7.46), reflecting a 26% YoY decline and a modest 1% increase QoQ. The result was broadly in line with expectations. The result was accompanied by an interim cash dividend of PKR 2.0/share, taking 1HFY26 payout to PKR 4.0/share.
  • Revenue in 2QFY26 stood at PKR 61.2bn, registering a marginal 1% YoY increase and an 8% QoQ rise. The sequential growth was primarily led by higher oil sales, while gas production remained subdued due to continued curtailments. Operating expenses increased 32% YoY and 18% QoQ to PKR 16.1bn. Royalty and other levies remained flat YoY but rose 5% QoQ to PKR 9.0bn. Consequently, gross profit declined 9% YoY to PKR 36.1bn, though it improved 4% on a quarterly basis.
Pakistan Petroleum Limited (PPL): Earning Review – By Foundation Research

Feb 13 2026


Foundation Securities


  • Pakistan Petroleum Limited (PPL) standalone profitability clocked-in at PKR 20.3Bn (EPS PKR 7.5), ↓/↑ 26/1% YoY/QoQ, during 2QFY26 against profitability of PKR 27.3Bn (EPS PKR 10.0) in the same period last year. This cumulates into 1HFY26 profitability of PKR 40.4Bn (EPS PKR 14.8), down 21% YoY. PPL also announced an interim dividend of PKR 2.0/sh in 2QFY26, this bring 1H payout to PKR 4.0.
  • The result is lower than our expectations given higher than anticipated OPEX and higher than expected suppression in non-core income.
Pakistan Petroleum Limited (PPL): 2QFY26 Result Preview – By Taurus Research

Jan 27 2026


Taurus Securities


  • 2QFY26 EPS: PKR 7.41; 2QFY26 PAT up 0.4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 58.7n, down 3%YoY. Royalty expenses are expected to be recorded at ~PKR 8.9Bn, down 1%YoY, while exploration expenditure is expected to decline by 87%YoY supporting profitability.
  • 2QFY26 EPS is expected to arrive at PKR 7.41, down 26%YoY, primarily attributable to a one-time benefit in other income during 2QFY25 from the reversal of an impairment loss in PPLA. Hence, other income is expected to decline by 76%YoY in 2QFY26.
Morning News: Oil prices gain on Iran supply disruption concerns – By Shajar Research

Jan 13 2026


Shajar Capital


  • Oil prices edged higher on Tuesday, as heightened concerns surrounding Iran and potential supply disruptions outweighed the prospect of increased crude supply from Venezuela. (Reuters)
  • Asian shares climbed to a record, buoyed by optimism over earnings and regional economic growth as investors broadened their focus beyond US markets. (Bloomberg)
Morning News: Pakistan nears $1.5 billion deal to supply weapons, jets to Sudan, sources say – By Vector Research

Jan 12 2026


Vector Securities


  • Pakistan is in the final phases of striking a $1.5-billion deal to supply weapons and jets to Sudan, a former top air force official and three sources said, promising a major boost for Sudan's army, battling the paramilitary Rapid Support Forces. (Reuters)
  • Turkey is seeking to join the defense alliance between Saudi Arabia and nuclear-armed Pakistan, according to people familiar with the matter, paving the way for a new security alignment that could shift the balance of power in the Middle East and beyond. (Bloomberg)
Morning News: Critical minerals push opens door for Pakistan in US supply chains – By Vector Research

Dec 30 2025


Vector Securities


  • Pakistan is emerging as a potential beneficiary of the global scramble for critical minerals, as rising US interest in antimony draws fresh attention to the country’s underdeveloped mining sector, according to a report by the Financial Times. (The News)
  • Pakistan government raised record Rs2 trillion through domestic Sukuk issuances in 2025, marking the highest annual volume since the introduction of Islamic bonds in 2008. (BR)
Morning News: Oil falls $1 on supply glut: - By HMFS Research

Dec 29 2025


HMFS Research


  • Oil prices fell by more than $1 a barrel on Friday as investors weighed a looming global supply glut and a reduced war risk premium, amid hopes of a Ukraine peace deal ahead of talks this weekend between Ukrainian President Volodymyr Zelensky and US President Donald Trump. Brent crude futures fell $1.03 or 1.65pc to $61.21 per barrel by 11:42am EDT (1642 GMT). US West Texas Intermediate (WTI) crude fell $1.05 or 1.8pc to $57.30.
  • Amid improving fiscal space, the International Monetary Fund (IMF) has projected a declining Public Sector Development Programme (PSDP), rising defence spending and generally stabilising interest payments from the current year onwards through the fiscal year 2030. IMF projections show that interest payments for the last fiscal year (FY25) were originally estimated at 7.7 per cent of GDP but ended at 7.8pc. For the current year, the Fund has revised its estimate to 6.5pc of GDP from 6.7pc in view of lower policy rates. Based on detailed interactions with the government as part of the second review of its $7 billion Extended Fund Facility, the IMF said the PSDP expenditure, originally estimated at 0.9pc of GDP in FY25, had been contained to 0.7pc to make up for the revenue shortfalls. The PSDP has been estimated to stay unchanged at 0.7pc for the current year. Conversely, the size of defence expenditure would make a comeback both in absolute terms and as a share of the national economy.
Morning News: Oil rises as market weighs Venezuela supply risks – By IIS Research

Dec 26 2025


Ismail Iqbal Securities


  • Oil prices climbed on Friday after the U.S. ordered increased economic pressure on Venezuelan oil shipments and carried out airstrikes against Islamic State militants in northwest Nigeria at the request of Nigeria's government. Brent crude futures rose 24 cents, or 0.4%, to $62.48 per barrel by 0114 GMT. U.S. West Texas Intermediate (WTI) crude was up 23 cents, also 0.4%, at $58.58.
  • Pakistan and the Asian Development Bank (ADB) signed two major initiatives — a power transmission strengthening project and an accelerating state-owned enterprise (SOE) transformation program totaling $730 million that would relieve overloading of existing transmission lines and improve operational efficiency.
Pakistan Market Wrap: KSE-100Dips as Investors Lock Profits Amid Global Tensions – By HMFS Research

Feb 19 2026


HMFS Research


  • The KSE-100 index endured intense selling pressure today as investors aggressively moved to lock in gains, resulting in a sharp and broad-based correction across the equity market. The benchmark plunged to an intra-day low of 7,206 points, with heavyweights from the fertilizer, banking, and E&P sectors leading the downturn. Escalating geopolitical tensions between the US and Iran dampened investor sentiment, triggering widespread profit-taking and amplifying volatility. By the close of the session, the index settled at 172,170, marking a record decline of 6,683 points (down 3.74%) from the previous day’s close.
  • Trading activity remained relatively moderate, with volumes recorded at 229mn shares on the KSE-100 index and 540mn shares in the overall market. The day’s volume leaders included WTL (84mn), KEL (62mn), and TSBLR1 (46mn). Going forward, market direction is likely to remain contingent upon geopolitical developments and evolving domestic economic indicators. Additionally, forthcoming result announcements from blue-chip companies could provide selective support to the benchmark. In this environment, investors are advised to remain vigilant, carefully assess market dynamics, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • The benchmark index closed on a sharply negative note, declining from the outset amid global uncertainty and rising oil prices, which weighed on investor sentiment. Trading volumes decreased to 229mn shares today as compared to 425mn shares in the previous session. Today, the KSE-100 index lost 6,683 points to close at 172,170 level, down by -3.74% DoD. Banks, Cement, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 3506 points from the index.
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research

Feb 19 2026


Topline Securities


  • We reiterate our BUY stance on Oil and Gas Development Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a total return of 48% (including dividend yield of 5%). The stock was highlighted as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then, OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
  • This is despite a recent correction of 12.1% in the stock price over the last one month, amid concerns surrounding the Reko Diq project, which we believe have overplayed.
Pakistan Market Wrap: KSE-100 closes at 172,170 down 6,683 points – By Alpha-Akseer Research

Feb 19 2026


Alpha Capital


  • The equity market commenced the session on a negative footing and remained under sustained selling pressure throughout the day. The KSE-100 Index witnessed significant intraday volatility, fluctuating between 171,647 and 179,280 before settling at 172,170—down 6,683 points at close. Total traded volume on the main board reached 215.5 million shares, with an aggregate value of PKR 21.2 billion.
  • Key contributors to the index decline included FFC (-3.3%, - 539 points), ENGROH (-3.8%, -350 points), UBL (-2.4%, -347 points), OGDC (-4.7%, -302 points), and PPL (-5.5%, -298 points). On the activity front, KEL and BOP dominated volumes, with 58.8 million and 28.1 million shares traded, respectively.
Faysal Bank Ltd (FABL): 4QCY25 Result Review – By AKD Research

Feb 19 2026


AKD Securities


  • Faysal Bank Ltd (FABL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR6.7bn (EPS: PkR4.4) for the quarter, up 105%YoY/34% QoQ. The result is above our expectations due to higher than anticipated gain on sale of securities. In addition to the result, bank announced a final cash payout of PkR2.0/ sh, below our expectations of PkR2.5/sh, taking CY25 cash payout to PkR6.5/sh.
  • Net spread earned was recorded at PkR17.6bn in 4QCY25, down by 13%YoY/1% QoQ due to reduction in yields along with impact of MDR introduction on saving accounts.
D.G. Khan Cement Company Limited (DGKC): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • D.G. Khan Cement Company Limited is scheduled to announce its 2QFY26 results on 23 February 2026 and is expected to report a PAT of PKR 2,652 million (EPS: PKR 6.05), down 2.5% YoY.
  • Quarterly sales are projected at PKR 19,932mn, down 8.1% YoY, mainly due to lower exports after the Afghan border closure.
Attock Cement Pakistan Limited (ACPL): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • Attock Cement Pakistan Limited is scheduled to announce its 2QFY26 results on 23 February, 2026 and is expected to report a PAT of PKR 1,027 million (EPS: PKR 7.48), up 76.8% YoY, driven by higher retention prices, volumetric growth, and the addition of a 4.8MW wind mill.
  • Sales revenue for the quarter is expected to reach PKR 11,622 mn, up 30.20% YoY.
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Technical Outlook: KSE-100 expected to test resistance at the 50-DMA – By JS Research

Feb 19 2026


JS Global Capital


  • KSE-100 index showed sharp recovery to close at 178,853 level, up 5,703 points DoD. Volumes stood at 698mn shares versus 716mn shares traded previously. The index is expected to test resistance at 179,699 (50-DMA) where a break above that will target the 30-DMA currently at 184,064 level. However, any downside will find support between 175,800 and 177,385 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. Investors are recommended to 'Buy on dips', with risk defined below 175,796 level. The support and resistance are at 175,796 and 180,442 levels, respectively.
Morning News: IT exports rise 20pc in 7MFY26 – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • Information technology (IT) exports surged 20 per cent year-on year (YoY) to reach $2.6 billion in the first seven months of FY26, according to a Topline Research report issued on Wednesday.
  • Foreign Direct Investment (FDI) in Pakistan fell sharply 51 percent during the first seven months of the current fiscal year (FY26).
Technical Outlook: KSE-100 expected to test resistance at the 50-DMA – By JS Research

Feb 19 2026


JS Global Capital


  • KSE-100 index showed sharp recovery to close at 178,853 level, up 5,703 points DoD. Volumes stood at 698mn shares versus 716mn shares traded previously. The index is expected to test resistance at 179,699 (50-DMA) where a break above that will target the 30-DMA currently at 184,064 level. However, any downside will find support between 175,800 and 177,385 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. Investors are recommended to 'Buy on dips', with risk defined below 175,796 level. The support and resistance are at 175,796 and 180,442 levels, respectively.
LSE Ventures Ltd (LSEVL): 1HFY26 Corporate Analyst Briefing – By JS Research

Feb 18 2026


JS Global Capital


  • LSE Ventures Ltd (LSEVL) held its corporate briefing yesterday to discuss its financial outlook and recent results. To recall, the company reported EPS of Rs2.86 in 1HFY26, supported by other income of Rs836mn, primarily driven by gains associated with the listing of PACRA.
  • The company expects two key IPOs in 2026, with LSE SPAC 1 Limited expected to be completed before Mar-2026, followed by the listing of Pakistan GasPort Limited.
Technical Outlook: KSE-100 entering the key support range – By JS Research

Feb 18 2026


JS Global Capital


  • Bears continued to dominate the session as KSE-100 index extended the decline to close at 173,150 level, down 1,304 points DoD. Volumes stood at 716mn shares versus 773mn shares traded previously. The index is likely to test support at 171,693 (yesterday's low) where a fall below will target 169,584. However, any upside will face resistance between 173,650 and 176,150 levels, followed by 179,488 (50-DMA). The Stochastic Oscillator is oversold and the RSI is reaching the oversold region indicating limited downside risk. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 171,185 and 175,623 levels, respectively.
Technical Outlook: KSE-100 fall below the 50-DMA; cautious – By JS Research

Feb 17 2026


JS Global Capital


  • The KSE-100 index witnessed another negative session to close at 174,454 level, down 5,150 points. Volumes stood at 773mn shares versus 709mn shares traded previously. The index is expected to test support at 173,574 (yesterday's low) where a fall below will target 172,382 level. However, any upside will face resistance within 176,000-178,425 range, followed by the 50-DMA at 179,366 level. The RSI and the MACD are moving down, supporting a bearish view. We recommend investors to stay cautious at current level. The support and resistance are at 172,029 and 178,424 levels, respectively.
Pakistan Cements: 2QFY26 result previews – By JS Research

Feb 12 2026


JS Global Capital


  • We present 2QFY26 earnings expectations for D.G. Khan Cement Ltd (DGKC), Cherat Cement Ltd (CHCC), and Kohat Cement Ltd (KOHC).
  • We expect DGKC to report EPS of Rs6.98 in 2QFY26E, up 13% YoY, supported by improved margins on the back of softer coal prices and a significant reduction in financial charges amid aggressive deleveraging and monetary easing.
  • In contrast, CHCC and KOHC are expected to witness earnings decline of 20% and 22% YoY in 2QFY26E, with EPS projected at Rs9.4 and Rs2.91, respectively, primarily due to margin compression amid lower YoY retention prices in the North and relatively higher coal costs owing to the Afghan border closure.
Pakistan Economy: Sequential dip likely for Banks – By JS Research

Feb 11 2026


JS Global Capital


  • We preview 4QCY25 results for Pakistan banks which are expected to broadly report YoY decline in core income due to NIMs contraction amid declining yields.
  • Quarterly profits are likely to face pressure from weaker core income and declining asset yields, though non-interest income should offer partial support. Dividend policies for 4QCY25 are expected to be maintained.
Technical Outlook: KSE-100; 30-DMA to restrict upside – By JS Research

Feb 11 2026


JS Global Capital


  • KSE-100 index witnessed a volatile session to close at 182,154 level, down 187 points. Volumes stood at 1,062mn shares versus 931mn shares traded previously. The index is expected to test support at 181,499 (yesterday's low) where a fall below that will target the 50-DMA at 178,377 level. However, any upside will face resistance at the 30-DMA that is currently at 184,123 level. A break above that will cause the uptrend to resume. The RSI and the MACD are moving down, supporting a negative view. We recommend investors to stay cautious on the higher side. The support and resistance are at 181,363 and 183,080 levels, respectively.
Pakistan Market Wrap: View from the Desk – By JS Research

Feb 10 2026


JS Global Capital


  • The KSE-100 Index witnessed a volatile session today, losing 187 points to close at 182,153 level. Investor sentiment was ignited by the State Bank of Pakistan’s upward revision of the FY26 GDP growth forecast to arrange of 3.75% – 4.75%, coupled with robust January remittance inflows of US$ 3.5 billion. Declining inflation and easing monetary policy suggest further upside, though the index may face technical resistance near the 185,000mark.
Pakistan Economy: 7MFY26 Remittances clock in at US$23.2bn; +11% YoY – By JS Research

Feb 10 2026


JS Global Capital


  • Pakistan recorded monthly remittance inflow of US$3.5bn in Jan-2026, reflecting a 15% YoY increase. Cumulatively, during 7MFY26, overseas Pakistanis remitted US$23.2bn, marking an 11% YoY growth.
  • UAE remittances have regained momentum in recent months, with their share at 20% in Jan-2026 from a low of 17% in 1HFY24. Combined inflows from KSA and the UAE accounted for 41% of total remittances in Jan-2026, although KSA inflows recorded a slight dip during the month.
  • Remittances have played a pivotal role in stabilizing Pakistan’s external account, consistently offsetting the trade deficit. Their role has become even more important as external pressures resurface.
AGP Limited (AGP): At record high – By JS Research

Feb 10 2026


JS Global Capital


  • AGP is gaining momentum as it has closed at its all-time high level. The nearest resistance is at 247 as a break above that will target 272 in the short term. Though, we believe, the stock has potential to rise towards 328 in the medium term which is a return of 40% from current rate. The support is present at 206, while the key risk is defined below the 200-DMA that is currently at 196 level. Meanwhile, a bullish candle on daily and monthly chart with MACD Buy signal adds support to the bullish view. Also, the stock is trading above the key averages keeping the overall trend bullish.
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