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): 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 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.
Morning News: OPEC+ Poised to Keep Pumping Despite Rising Oversupply Fears – By IIS Research

Nov 18 2025


Ismail Iqbal Securities


  • OPEC+ will probably continue with its production ramp-up next year regardless of where prices are going, according to traders who believe the expected oversupply in crude will not be large enough to discourage OPEC+ from boosting output.
  • The current account deficit sharply rose by 256 percent in the first four months of this fiscal year (FY26), driven mainly by a rise in the goods import bill.
  • Pakistan’s information technology sector posted a record-breaking performance in October 2025, with monthly IT exports reaching an all-time high of USD386 million.
Pakistan Petroleum Limited (PPL): Corporate Briefing Session Insights – By HMFS Research

Nov 11 2025


HMFS Research


  • Pakistan Petroleum Limited (PPL) conducted its corporate briefing session, outlining operational highlights, strategic developments, and future growth priorities. The management emphasized stability in core operations, progress on international ventures, and diversification into minerals as key pillars for sustaining long-term value.
  • PPL’s portfolio remains extensive, comprising 21 producing fields (nine operated and twelve partner-operated) and 46 exploratory blocks (twenty-five operated). The company contributes nearly 19% of the country’s total gas production (~3.8 BCFD in FY25) and 16% of local oil output (~406,000 bpd), reaffirming its leading role in Pakistan’s E&P landscape.
Waves Home Appliances Limited (WAVESAPP): 9MCY25 & CY24 Corporate Briefing Takeaways – By Taurus Research

Nov 5 2025


Taurus Securities


  • Waves Home Appliances Limited (WAVESAPP) is a subsidiary of Waves Corporation Limited (WAVES). The principal activity of the business is manufacturing domestic consumer appliances. WAVESAPP produces deep freezers, coolers, refrigerators, air conditioners, washing machines, microwaves, water dispensers and heaters, geysers, and cooking ranges.
  • The Management noted that they will be relaunching certain discontinued products such as air conditioners in the coming year. They also noted that WAVES is still the market leader in the deep freezers segment.
Pakistan Market Wrap: Evening Note – By Vector Research

Feb 3 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note opening high early in the session, with momentum further supported by record monthly exports of USD 3.06bn. Trading volumes increased to 390mn shares today as compared to 216mn shares in the previous session. Today, the KSE-100 index gained 1,843 points to close at 186,901 level, up by 1.00% DoD. Banks, Fertilizer, and Technology sectors were the major contributors in today's session, cumulatively adding 1242 points to the index.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) KSE-100 Index extended its upward momentum, hitting an intraday high of 187,519 before closing at 186,901, up 1,843 points (+1.00%). The rally was driven by broad-based buying in Commercial Banks, Fertilizer, Technology, Pharmaceuticals, and Textile composite sectors. Sentiment was further supported by strengthened trade and investment cooperation between Pakistan and Uzbekistan, Moreover, hopes of a de-escalation in US-Iran tensions. In terms of index contribution FFC, UBL, ENGROH, MEBL, and SYS collectively added 734.81 points. On the volume front, KEL led trading with 99.51 million shares, while total market turnover stood at 846.50 million shares.
Interloop Limited (ILP): Result Preview 2QFY26 – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • Interloop Ltd (ILP) is scheduled to announce its financial results for 2QFY26 on February 4, 2026. Interloop Ltd (ILP) reports robust 2QFY26 results with PAT surging 124% YoY to PKR2,580mn, driven by strong sales growth, improved gross margins, and a significant reduction in finance costs. However, PAT declined 7.8% QoQ due to gross margin compression from lower international textile prices and adverse currency movements, which outweighed a sequential sales increase and led to declines in operating and pre-tax profit.
  • We reiterate our Buy recommendation with Target Price of PKR115 per share, reflecting confidence in the company's continued execution and growth prospects.
Oil & Gas Development Company Limited (OGDC): 2QFY26 Result Preview – By Taurus Research

Feb 3 2026


Taurus Securities


  • 2QFY26 EPS: PKR 8.56; 2QFY26 PAT down 4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 98.9Bn, down 2%YoY. Royalty expenses are expected to be recorded at ~PKR 10.9Bn, down 6%YoY supporting profitability.
  • Additionally, EPS for 2QFY26 is expected to arrive at PKR 8.56, down 11%YoY and 4%QoQ, mainly due to elevated exploration and operating expenses arising from dry well outcomes at Jakhro North-1 and Khatian-1, along with the ongoing drilling and seismic activities, which continue to weigh on profitability.
Oil Marketing Companies: OMC sales up 10% YoY and 12% MoM in Jan 2026; 7MFY26 sales up 3% YoY – By Topline Research

Feb 3 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.
  • The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.
  • This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.
Lucky Cement Limited (LUCK): Analyst Briefing 2QFY26 Highlights – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • LUCK has held an analyst briefing yesterday to discuss its financial results and future outlook. Below are the key takeaways from the briefing.
  • Pakistan cement domestic demand grew 12.5% YoY in 1HFY26 and Lucky Cement 1HFY26 sales increased to 3.36mn tons vs. 2.98mn tons in 1HFY25.
  • Approximately 56 - 57% of Lucky Cement’s energy mix comes from renewables, comprising 89.3 MW of solar capacity (including a planned 15 MW addition by Mar’26) and 28.8 MW of wind power. The remaining renewable contribution is generated through WHR systems.
Lucky Cement Ltd (LUCK): Cost optimization initiatives continue; Buy – By JS Research

Feb 3 2026


JS Global Capital


  • Lucky Cement Ltd (LUCK) held its corporate briefing yesterday to discuss 1HFY26 results and outlook. To recall, LUCK reported standalone EPS of Rs15.86 for 1HFY26, up 68% YoY, driven by stronger core performance and higher dividend income from subsidiaries. On a consolidated basis, earnings increased 13% YoY to Rs30.45/ sh.
  • Management shared that UC 3.0 technology has been commissioned on two production lines at the Karachi plant at a cost of Rs3-3.5bn, with plans to expand it to the two remaining lines. The technology is expected to improve cost efficiency by reducing coal consumption per ton of clinker produced and allowing the use of lower-cost, high-sulphur coal, with an estimated payback of 5 to 7 years.
Commercial Banks: Flat Earnings; Payouts Intact – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • We preview the IIS Banking Universe’s 4QCY25 results, where aggregate earnings are expected to remain largely flat QoQ at PKR 100bn, while delivering a 16.5% YoY growth. Despite continued pressure on net interest margins amid a declining interest-rate environment, earnings remained resilient, supported by balance-sheet expansion, contained credit costs, and disciplined expense management.
  • Net interest income is expected to increase 3.6% QoQ to PKR 340.5bn and 11.7% YoY, even as reinvestment yields remained under pressure. Margin compression was partially offset by volumetric growth, with deposits rising 20% YoY and 5.7% QoQ, supporting earning asset expansion. An improving deposit mix further helped cushion margins. On a full-year basis, CY25E NII is projected to grow 15.4% YoY, reflecting the sector’s ability to navigate a softer rate cycle.
Commercial Banks: 4QCY25 Previews: Stable earnings; Payouts intact – By Insight Research

Feb 3 2026


Insight Securities


  • We estimate profitability of ISL coverage banks to inch up by 16% YoY, while same is expected to decline by 2% QoQ. The YoY increase is mainly driven by lower ETR for the quarter compared to SPLY, further aided by volumetric expansion. While, QoQ decline is attributable to slight moderation in NIMs. Net Interest Income of the sector is likely to decline as impact of lower policy rate translates into asset yields.
  • However, some of the impact is likely to offset by balance sheet expansion as deposits grew by ~2.7% QoQ. We estimate HBL/UBL/MCB/MEBL/BAFL to post EPS of PKR11.0/13.8/11.9/12.5/3.5, respectively. We expect dividend payouts to remain robust amid healthy profits and decent buffer on adequacy ratios and expect HBL/UBL/MCB/ MEBL/BAFL to announce DPS of PKR5.0/8.0/9.0/7.0/2.5, respectively.
Lucky Cement Ltd (LUCK): Cost optimization initiatives continue; Buy – By JS Research

Feb 3 2026


JS Global Capital


  • Lucky Cement Ltd (LUCK) held its corporate briefing yesterday to discuss 1HFY26 results and outlook. To recall, LUCK reported standalone EPS of Rs15.86 for 1HFY26, up 68% YoY, driven by stronger core performance and higher dividend income from subsidiaries. On a consolidated basis, earnings increased 13% YoY to Rs30.45/ sh.
  • Management shared that UC 3.0 technology has been commissioned on two production lines at the Karachi plant at a cost of Rs3-3.5bn, with plans to expand it to the two remaining lines. The technology is expected to improve cost efficiency by reducing coal consumption per ton of clinker produced and allowing the use of lower-cost, high-sulphur coal, with an estimated payback of 5 to 7 years.
Technical Outlook: KSE-100 expected to consolidate above 30-DMA – By JS Research

Feb 3 2026


JS Global Capital


  • The KSE-100 index extended the gain to close at 185,058 level, up 883 points. Volumes stood at 740mn shares versus 805mn shares traded previously. The index is expected to test resistance at yesterday's high of 185,612 where a break above that will resume the uptrend with 187,567 and 191,033 as the upside targets. However, any downside will find support between 181,990 and 182,800 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 183,363 and 186,182 levels, respectively.
Pakistan Economy: KSE-100 stays above 180k, highest monthly ADTO since Jun-08 – By JS Research

Feb 2 2026


JS Global Capital


  • Fresh inflows continue to re-rate KSE100, rallying to a new high of 189k during the month of Jan-2026. However, escalating tensions between the US and Iran led to some correction towards the end of the month, closing the market at 184k, still implying decent monthly return of 5.8%. Average trading volumes were up 25% MoM in terms of shares traded while in terms of value (US$224mn) recorded the highest levels seen since Jun-2008. Banks rallied during the month as SBP maintained policy rate and reduced CRR by 100bps to 5%, whereas FFC corrected 13% from its high on weaker than expected earnings and dividend announcement. Mutual funds, corporates and retailers recorded a combined net inflow of US$194mn, comfortably absorbing the net outflow by foreigners, banks and insurance companies.
  • Secondary market T-bill yields fell to single digits on rate-cut expectations for the first time in four years, but later reversed after the central bank kept the policy rate unchanged at 10.5%. In its MPC meeting, SBP cited sticky core inflation, a wide trade deficit, and stronger-than-expected domestic growth as reasons for maintaining the status quo. Banking stocks remained favored, as stable rates support sustainable yields, while a CRR cut improves the availability of income generating assets.
Technical Outlook: KSE-100; Consolidation expected above 30-DMA – By JS Research

Feb 2 2026


JS Global Capital


  • The KSE-100 index showed positive movement to close at 184,174 level, up 1,836 points DoD. Volumes stood at 805mn shares versus 933mn shares traded previously. The index is trading above the 30-DMA which will provide support at 181,536 level. However, a fall below that will target the 50-DMA at 175,829. Meanwhile, any upside will face resistance between 184,380 and 186,620 levels, respectively. The indicators are mixed, signaling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 182,141 and 186,414 levels, respectively.
Interloop Limited (ILP): Earnings recovery to extend into 2QFY26; Buy – By JS Research

Jan 30 2026


JS Global Capital


  • Interloop Ltd (ILP) is scheduled to announce its 2QFY26 results on 4th Feb 2026. We expect the company to post an EPS of Rs1.49 for 2QFY26E, reflecting a 1.8x YoY increase, taking 1HFY26E EPS to Rs3.49 (+3.6x higher YoY).
  • Our estimates incorporate a gradual decline in Apparel segment’s operating losses, expected increase in Hosiery segment revenues from capacity addition completed earlier this year, YoY expansion in margins and 35% YoY drop in financial charges.
Technical Outlook: KSE-100 reaching the 30-DMA support – By JS Research

Jan 30 2026


JS Global Capital


  • The KSE-100 index showed negative movement to close at 182,338 level, down 6,042 points DoD. Volumes stood at 933mn shares versus 954mn shares traded previously. The index is reaching the 30-DMA support currently at 181,129 level. However, a fall below this level will target the 50-DMA at 175,404 level. Meanwhile, any upside will face resistance between 184,400 and 186,850 levels, respectively. The RSI and the MACD are heading down, supporting a negative view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 179,891 and 186,854 levels, respectively.
Pakistan Economy: Jan-2026: CPI likely to arrive at 5.7% - By JS Research

Jan 29 2026


JS Global Capital


  • Pakistan's Consumer Price Index (CPI) is expected to clock in at 5.7% for Jan-2026. For 7MFY26E, average inflation is likely to clock in at ~5.2%, compared to 6.6% during same period last year.
  • We expect food inflation to clock in at 4.7% YoY; on MoM basis, an 80bp increase is expected, driven by increase in wheat, chicken and fresh vegetable prices.
  • State Bank of Pakistan (SBP) maintained the policy rate at 10.5% in the recent MPC meeting, citing risks from sticky core inflation, wide trade deficit, and better than anticipated domestic growth, reducing the need for monetary easing.
Technical Outlook: KSE-100 expected to trade in a range – By JS Research

Jan 29 2026


JS Global Capital


  • Range bound activity continued as KSE-100 closed the session at 188,380 level, up 178 points DoD. Volumes stood at 954mn shares versus 749mn shares traded previously. The current pattern suggests further consolidation ahead. Meanwhile, a fall below 188,180 (yesterday's low) will initiate a corrective trend with 187,044 and 184,579 as the downside targets. However, any upside will face resistance between 188,580 and 189,190 levels, followed by 191,033. The RSI has improved, while the MACD is heading down signaling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 187,978 and 188,983 levels, respectively.
Pakistan Market Wrap: Evening Note – By JS Research

Jan 28 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: View from the Desk – By JS Research

Jan 28 2026


JS Global Capital


  • Buying interest in oil stocks kept sentiment positive at the PSX today, with the benchmark KSE-100 Index closing up 177 points at 188,380. Key oil & gas stocks - PPL, PSO, and OGDC - remained in the limelight, driving the index to an intraday high of 189,183 points (+981). However, profit-taking emerged at higher levels as investors preferred to stay cautious amid ongoing tensions in the Middle East.
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