Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 1 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to a intraday high of 168,246.22 points before settling at a closing level of 168,062, up 1,384.50 points (0.83%). The bullish sentiment was underpinned by strong investor interest across key sectors, particularly automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies and OMCs. On the macro front, Pakistan’s headline inflation came in at 6.1% YoY for November 2025, slightly above the Ministry of Finance’s projected range of 5–6%, reflecting persistent cost pressures.
  • Meanwhile, Finance Minister Muhammad Aurangzeb noted that recent climate-induced disruptions, including widespread flooding, are expected to shave approximately 0.5% off Pakistan’s GDP growth, underscoring the economy’s heightened exposure to extreme weather events. Among major contributors HUBC, OGDC, LUCK, MARI, & MCB, which collectively added 621.75 points to the benchmark index. FNEL led volumes with 70.035 million shares; as overall market participation reached 735.52 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 8 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to a intraday high of 168,755.18 points before settling at a closing level of 168,303, up 1,217.66 points (0.73%). The bullish sentiment was underpinned by strong investor interest across key sectors, particularly Fertilizer, Technology and communication, commercial banks, Cement, oil and gas exploration companies and OMCs. On the macro front, the IMF Executive Board is scheduled to convene today to review Pakistan’s Second Review under the 37-month EFF as well as the First Review of the 28-month RSF a key event that may shape near-term macroeconomic expectations.
  • Meanwhile, concerns re-emerged on the external account side, as Pakistan’s continued import tariff rationalization paired with further reductions anticipated under the National Tariff Policy 2025-30 is expected to place additional pressure on the already elevated trade deficit. Among major contributors FFC, SYS, NBP, PTC, & DGKC, which collectively added 845.68 points to the benchmark index. PTC led volumes with 60.90 million shares; as overall market participation reached 783.08 million shares.
Pakistan Market Wrap: Bullish Start to the Week as IMF Review Lifts Investor Sentiment – By HMFS Research

Dec 8 2025


HMFS Research


  • The KSE-100 Index opened the week on a strong footing, gained over 1,600 points intraday as sentiment improved ahead of the IMF Executive Board meeting scheduled for today to approve the disbursement under the USD 1.2bn review. Over the weekend, the newly concluded Free Trade Agreement (FTA) between Pakistan and the Gulf Cooperation Council (GCC) emerged as a key development at the 23rd Doha Forum. The market maintained strong momentum throughout the session, driven by value buying. At the end of the day, the bourse settled at 168,303 level, up by 1,218 points. Trading activity remained moderate, with 328mn shares traded on KSE-100, while the broader market recorded 781mn shares. PTC (61mn), BNL (52mn), and KEL (47mn) led the volumes.
  • Going forward, market sentiment is expected to remain bullish on the back of the IMF review. If the review is successfully concluded, the tranche is likely to be disbursed within a few days, supporting continued optimism throughout the week. Further, tomorrow’s meeting with the Economic Co-ordination Committee (ECC) to discuss an 11-point agenda including talking about the circular debt plan for FY26 and electricity purchase agreement with Iran, among others, would shape the market accordingly. Investors are advised to stay attuned to these meetings, track key economic developments, and remain focused on fundamentally strong stocks with sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Dec 8 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, supported by improved liquidity in the market. Trading volumes increased to 328mn shares today as compared to 226mn shares in the previous session. Today, the KSE-100 index gained 1,218 points to close at 168,303 level, up by 0.73% DoD. Fertilizer, Technology & Communication, and Cement sectors were the major contributors in today's session, cumulatively adding 793 points to the index.
Shifa International Hospitals Ltd (SHFA): Expansion phase resumes; earnings strengthen – By JS Research

Dec 8 2025


JS Global Capital


  • Shifa International Hospitals Ltd (SHFA) held its analyst briefing to review its FY25 performance and outline the growth trajectory ahead. The company posted earnings of Rs2.3bn for the year, a 71% increase YoY, taking EPS to Rs36.84.
  • Management explained that the group has completed its consolidation phase and has now entered a new cycle of expansion.
  • The ongoing projects include Shifa National Hospital Faisalabad (Pvt.) Ltd (SNHF), Shifa Medical Centre Islamabad (Pvt.) Ltd (SMCI) and SIHT (Pvt.) Ltd, each intended to strengthen the group’s presence across key cities.
  • The upcoming SNHF facility is expected to begin operations by 4QFY26. Management anticipates the hospital will reach break-even within three years and turn profitable in the fourth year, with net margins projected at 7 to 8%.
Pakistan Refinery Limited (PRL): Engulfing Bull on weekly chart – By JS Research

Dec 8 2025


JS Global Capital


  • PRL is picking up momentum as the interim resistance lies within 38-39 range where a break above that will confirm the start of a bullish move. An Engulfing Bull has occurred on weekly chart with the MACD Buy signal. Also, the PRL is trading above key averages keeping the trend bullish. The short term target is expected at 45.7 which may later rise to 52.5 which is defined as the medium term target for PRL. The said levels will provide a return of 21% and 39% from the current close. The short term risk is defined below 33.8 (200-DMA), while a fall below 30.1 will invalidate the above view.
Technical Outlook: KSE-100: Bullish session amid improved volumes – By AKD Research

Dec 8 2025


AKD Securities


  • The index began the day on a strong footing and stayed bullish throughout the previous session, reaching an intraday high of 1,640 points. It eventually closed with a mild gain of 802 points at 167,086. Market participation strengthened, as trading volumes rose by 35% from the prior session. KSE100 is currently trading 21.4% above its 200-period moving average, indicating a continued upward trend. Volatility remains extremely low relative to the average over the last 10 sessions. Volume indicators show moderate inflows into the Index, reflecting a mildly bullish tone. Trend-forecasting oscillators also remain bullish and have maintained this stance for seven consecutive periods.
  • Technically, the immediate support is seen at 166,500 and a breach below this could extend the decline toward 165,800 and 165,100. Conversely, resistance is expected around 167,800, followed by 168,500 and 169,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Pakistan Market Wrap: View from the Desk – By JS Research

Dec 5 2025


JS Global Capital


  • PSX closed on a strong note as the KSE-100 Index gained 802 points to settle at 167,085, rebounding sharply after recent pressure. The index traded between166,369 and 167,923, showing resilience amid selective buying. Total volume stood at 687mn shares, indicating renewed investor participation. E&P and fertilizer sectors drove the rally, while sentiment remained supported by optimism over economic stability. The near-term outlook stays positive with potential testing of 168k resistance.
Pakistan Market Wrap: KSE-100 closes at 167,086 up 802 points – By Alpha-Akseer Research

Dec 5 2025


Alpha Capital


  • The equity market opened on a strong footing and maintained momentum throughout the session. The KSE-100 Index recorded an intraday high of 167,923 and a low of 166,370, eventually closing at 167,086, up 802 points. Trading activity improved, with 225.6 million shares changing hands and an estimated PKR 28.4 billion in value.
  • Key contributors to the index’s rise included FFC (1.1%, 175 points), PPL (3.2%, 153 points), OGDC (1.4%, 86 points), UBL (0.7%, 73 points), and SYS (1.4%, 64 points). On the volume front, PTC and CNERGY led the market with 26 million and 22.3 million shares traded, respectively.
Technical Outlook: KSE-100 Ends Week Strong, Maintains Bullish Trajectory – HMFS Research

Dec 5 2025


HMFS Research


  • The KSE-100 index concluded the week on a positive note, gaining +802 points (+0.48%) on Friday. Despite heightened volatility throughout the week, the index successfully held above the key support level of 166,024, as highlighted in our earlier chart-based analysis.
  • This resilience reinforces our technical outlook, with the market continuing to respect critical support zones amid fluctuating sentiment. The broader trend remains constructive, and we reiterate our year-end 2025 target of 176,336, implying a potential upside of 6% from current levels.
Pakistan Aluminium Beverage Cans Limited (PABC): Hit hardest by border closure; Reiterate Sell – By JS Research

Dec 5 2025


JS Global Capital


  • Despite several rounds of talks mediated by Qatar and Turkiye, as well as a recent brief dialogue in Saudi Arabia, there has been no progress toward resuming trade between Pakistan and Afghanistan. We are now incorporating a three-month border closure, which reduces our CY25E EPS estimate for Pakistan Aluminium Beverage Can (PABC) by 16% to Rs17.39 and lowers our target price to Rs124 (down 5%).
  • In its recent quarterly report, PABC highlighted its plans to construct a 1.3bn can plant in Afghanistan, with an expected project outlay of US$110mn and a construction timeline of 1.5–2 years. As Afghanistan is a landlocked country, the new project will depend on raw material imports through transit trade with Pakistan.
  • We are closely monitoring developments related to Pak–Afghan border issues and PABC’s investment plans, and will revisit our estimates for the company accordingly. In the meantime, we reiterate our Sell rating on PABC. Our sensitivity analysis suggests that every one-month export suspension implies a 5% negative impact on our CY26E EPS for the company.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 8 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to a intraday high of 168,755.18 points before settling at a closing level of 168,303, up 1,217.66 points (0.73%). The bullish sentiment was underpinned by strong investor interest across key sectors, particularly Fertilizer, Technology and communication, commercial banks, Cement, oil and gas exploration companies and OMCs. On the macro front, the IMF Executive Board is scheduled to convene today to review Pakistan’s Second Review under the 37-month EFF as well as the First Review of the 28-month RSF a key event that may shape near-term macroeconomic expectations.
  • Meanwhile, concerns re-emerged on the external account side, as Pakistan’s continued import tariff rationalization paired with further reductions anticipated under the National Tariff Policy 2025-30 is expected to place additional pressure on the already elevated trade deficit. Among major contributors FFC, SYS, NBP, PTC, & DGKC, which collectively added 845.68 points to the benchmark index. PTC led volumes with 60.90 million shares; as overall market participation reached 783.08 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 4 2025


Al Habib Capital Markets


  • The KSE-100 Index remained volatile, touching an intraday high of 166,837 before closing 138 points higher (+0.08%) at 166,284. Market sentiment improved by the following key developments, The Saudi Arabia Fund for Development extended the USD 3.0 billion deposit for another year, Pakistan’s external debt-to-GDP ratio dropped to 26% in FY25, the long-delayed NFC session finally began, and Pakistan and Kyrgyzstan signed 15 MoUs to boost bilateral cooperation. Top contributors included SRVI, PIOC, PTC, ENGROH, and PPL, collectively adding 287.87 points. LPL led the volumes with 108.92 million shares, while total market turnover stood at 607.79 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 1 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to a intraday high of 168,246.22 points before settling at a closing level of 168,062, up 1,384.50 points (0.83%). The bullish sentiment was underpinned by strong investor interest across key sectors, particularly automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies and OMCs. On the macro front, Pakistan’s headline inflation came in at 6.1% YoY for November 2025, slightly above the Ministry of Finance’s projected range of 5–6%, reflecting persistent cost pressures.
  • Meanwhile, Finance Minister Muhammad Aurangzeb noted that recent climate-induced disruptions, including widespread flooding, are expected to shave approximately 0.5% off Pakistan’s GDP growth, underscoring the economy’s heightened exposure to extreme weather events. Among major contributors HUBC, OGDC, LUCK, MARI, & MCB, which collectively added 621.75 points to the benchmark index. FNEL led volumes with 70.035 million shares; as overall market participation reached 735.52 million shares.
Morning News: Govt to share list of 250 Pakistani business houses with Egypt – By AHCML Research

Dec 1 2025


Al Habib Capital Markets


  • Deputy Prime Minister and Foreign Minister Ishaq Dar said on Sunday that Pakistan will share a list of 250 leading Pakistani business houses with Egypt to boost bilateral commercial engagement.
  • The business community has welcomed the decision of government to abolish the Export Development Surcharge imposed on export-oriented industries, terming it a step in the right direction towards support to export growth receipts, while urging the government to continue the facilitation to exporters for enhancing the competitiveness of Pakistani products in the global markets.
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: 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: Evening Chronicle – By AHCML Research

Nov 25 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced another volatile trading session today, climbing to an intraday high of 162,820 before settling at 161,692, down -291.59 points (-0.18%). Investor sentiment remained restrained amid the ongoing rollover week, with profit-taking exerting pressure as market participants reduced exposure across key sectors, including Oil & Gas Exploration & Production, Commercial Banks, Power & Energy, and Oil & Gas Marketing Companies. On the economic front, the government has announced the immediate withdrawal of the 0.25% Export Development Surcharge (EDS) on exports offering long- awaited relief to exporters and enhancing Pakistan’s competitiveness in international markets. Top drags to index included ENGROH, PPL, NBP, BAHL, & HUBC, which collectively pulled the benchmark down by -302.69 points. WTL led volumes with 59.20 million shares; overall market turnover was 590.54 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 20 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to an intraday high of 163,818 points before settling at a closing level of 162,937, up 710.65 points (0.44%). The upward momentum was fueled by robust buying interest in automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs, power generation and refinery. On the economic front.
  • The robust 4.08% growth in LSM along with the ADB has approved loans totaling USD330mn to Pakistan for the second power transmission strengthening project, has bolstered investor confidence. Among major contributors MARI, HUBC, OGDC, PPL, & SYS, which collectively added 476.29 points to the benchmark index. BML led volumes with 103.99 million shares; as overall market participation reached 725.87 million shares.
Morning News: Pakistan’s large-scale manufacturing rebounds with 4.08% growth in Q1 FY2025-26 – By AHCML Research

Nov 20 2025


Al Habib Capital Markets


  • The Large-Scale Manufacturing (LSM) sector showed signs of recovery as it registered a growth of 4.08 percent in the first quarter of the financial year 2025-26. According to indices, the LSM industries showed a growth of 4.08 percent during the July-September period compared to the same period of last year.
  • The Economic Coordination Committee (ECC) of the Cabinet has reportedly approved two types of arbitration for the dispute resolution between Port Qasim Authority (PQA) and Pakistan International Bulk Terminal (PIBT) on export cargoes of copper, gold commodities including minerals, metals and other natural earth commodities, sources in Ministry of Maritime Affairs (MoMA) told Business Recorder.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 18 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced another volatile trading session today, climbing to an intraday high of 162,345 before settling at 160,935.13, down -752.05 points (-0.47%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including automobile assemblers, cement, commercial banks, fertiliser and oil and gas exploration companies. On macro economic front, Pakistan’s business confidence weakened in Q4 2025 as firms reported softer current conditions and lower expectations due to rising inflation and continued power shortages.
  • While political sentiment remained steady, overall confidence is still stronger than late 2024, though Gallup warns that stability lacks due to weak economic growth. Top drags to index included ENGROH, MEBL, BAHL, UBL, & KTML, which collectively pulled the benchmark down by -414.51 points. WTL led volumes with 459.32 million shares; overall market turnover was 1,545.93 million shares.