KseAlert | Power Generation & Distribution: Nov’25 generation down 19%MoM / up 0.2%YoY

Oil Marketing Companies (OMC): OMC sales up 6% YoY and down 5% MoM in Dec 2025;1HFY26 sales up 2% YoY – By Topline Research

Jan 2 2026

Topline Securities

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.35mn tons in Dec 2025, up 6% YoY and down 5% MoM.

The YoY increase is due to economic recovery, lower inflation, and control of smuggling, whereas the MoM decrease in sales is attributable to the strike by transporters. To highlight, Transporters went on a nationwide strike on Dec 08, 2025 which continued for 10 days.

This takes total sales for 1HFY26 to 8.2mn tons, reflecting a 2% YoY increase compared to 8.02mn tons in 1HFY25.

Pakistan Fertilizers: Pakistan’s Urea sales for Dec 2025 at all time high of 1,356k tons; Inventory at 0.31mn tons – By Topline Research

Jan 2 2026

Topline Securities

Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from company/dealers through higher discounts offerings. This takes 2025 urea offtakes to 6.73mn tons, up 2% YoY compared to 6.57mn tons in 2024, respectively. To note, in 11M2025, urea sales was down 4%.

As per our checks, EFERT has maintained discount around Rs400/bag during the month of Dec 2025. However, this discount was rolled back to Rs150 /bag at the start of the new year. Similarly, FFC also offered discount of Rs 150–200 per bag during the same period.

Technical Outlook: KSE-100; Upside to continue – By JS Research

Jan 2 2026

JS Global Capital

The KSE-100 index showed positive movement to close at 176,355 level, up 2,301 points. Volumes stood at 1,403mn shares versus 957mn shares traded previously. The index is expected to revisit yesterday's high of 176,658 where a break above that will continue the uptrend towards 180,500 level. However, any downside will find support between 174,430 and 175,820 levels, respectively. The RSI and the MACD have moved up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below 174,437 level. The support and resistance are at 174,976 and 177,197 levels, respectively.

Morning News: Oil edges higher following biggest annual loss since 2020 - By Shajar Research

Jan 2 2026

Shajar Capital

Oil prices edged up on the first day of trade in 2026 after last year posting their biggest annual loss since 2020, as Ukrainian drones targeted Russian oil facilities and a U.S. blockade pressured Venezuela's exports. (Reuters)

Stocks kicked off the new year on a positive note, with Asian shares and US equity-index futures advancing, while precious metals rebounded after a soft finish to 2025. (Bloomberg)

Morning News: Urgent need to fast-track govt’s ambitious economic reforms: PM - By Alpha-Akseer Research

Jan 2 2026

Alpha Capital

In a forceful kick-off to 2026, Prime Minister Shehbaz Sharif on Thursday directed that ministries take immediate and decisive action, underscoring the urgent need to fast-track the government’s ambitious economic reforms aimed at steering the country’s faltering economy back on track.

In a bold move to tackle the country’s crippling energy crisis, Prime Minister Shehbaz Sharif on Thurs day called for an urgent and aggressive push to explore and extract new oil and gas reserves, warning that continued reliance on costly petroleum imports is unsustainable.

Morning News: T-bills attract $20m in net foreign inflows - By Vector Research

Jan 2 2026

Vector Securities

Pakistan’s short-term local government bonds saw net foreign inflows of $20 million in December, compared with $42.2 million in outflows recorded in the previous month. Overseas investors poured $77.29 million in treasury bills as of December 25 but divested $57.27 million, data from the State Bank of Pakistan showed on Thursday. (The News)

Pakistan will benefit from a technical assistance approved by the Asian Development Bank (ADB) that will support member countries in systematically shaping future sustainable transport investments. (Dawn)

Morning News: Inflation in Pakistan clocks in at 5.6% in December 2025: - By HMFS Research

Jan 2 2026

HMFS Research

Pakistan’s headline inflation clocked in at 5.6% on a year-on-year (YoY) basis in December 2025, showed Pakistan Bureau of Statistics (PBS) data on Thursday, a reading in line with the Ministry of Finance estimate of 5.5-6.5%. The consumer price index (CPI) was recorded at 6.1% in November 2025. The CPI stood at 4.1% in December 2024. On a month-on-month basis, it decreased by 0.4% in December 2025, as compared to an increase of 0.4% in the previous month and an increase of 0.1% in December 2024. This takes the 6MFY26 inflation reading at 5.15% against 7.22% in 6MFY25.

In a bold move to tackle the country’s crippling energy crisis, Prime Minister Shehbaz Sharif on Thursday called for an urgent and aggressive push to explore and extract new oil and gas reserves, warning that continued reliance on costly petroleum imports is unsustainable. harif made it clear that Pakistan must shift its focus towards domestic energy production or risk deeper economic challenges. “We can no longer afford to rely on expensive imports,” he stated, underscoring the need for swift action. He also called for a digital overhaul of the oil and gas supply chain, from importation to the end consumer, highlighting how this will not only increase efficiency but also tackle the rampant smuggling of petroleum products. The meeting was briefed on recent developments in the oil and gas sector, with officials highlighting a significant discovery by the Oil and Gas Development Company Ltd. (OGDCL), with an estimated 4,100 barrels of oil set to be extracted daily.

Pakistan Market Wrap: Evening Note – By Vector Research

Jan 1 2026

Vector Securities

Evening Note.

Pakistan Market Wrap: New Year, New Highs: Bulls Carry Momentum into 2026 – By HMFS Research

Jan 1 2026

HMFS Research

The KSE-100 Index scaled fresh highs at the start of the new calendar year, extending its bullish run as the benchmark touched an intra-day peak of 176,658. Momentum remained firmly intact throughout the session, underpinned by easing inflationary pressures—December 2025 CPI came in at 5.6%—alongside a reduction in petroleum prices, which collectively supported risk appetite across equities. The index ultimately closed at 176,355, marking a solid gain of 2,301 points for the day. Sectoral leadership came from Banking and E&P stocks, which provided the bulk of the upward thrust.

Market participation was notably strong, with volumes rising to 799mn shares on the KSE-100 and 1.40bn shares across the broader market. Activity was concentrated in KEL (373mn), PIBTL (140mn), and BOP (55mn). Looking ahead, the government’s reform-driven policy framework is anticipated to enhance economic resilience, underpinning investor confidence and supporting equity market expansion. While the prevailing trend remains constructive, elevated valuations at current levels may invite intermittent profit-taking. Nonetheless, sustained interest from investors seeking strategic positioning suggests the market’s broader trajectory remains intact. Investors are advised to remain composed amid short-term fluctuations and focus on fundamentally strong names with long-term growth visibility.

Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 1 2026

Al Habib Capital Markets

The benchmark KSE-100 Index posted a strong rebound, surging to an intraday high of 176,658.38 before closing at an all-time high of 176,355.49 and registering a gain of 2,301.17 points (1.32%). The rally was driven by broad- based buying, led primarily by Commercial Banks and Oil & Gas stocks, alongside selective strength in cement, fertilizer, and power sectors.

Positive sentiment prevailed on the eve of the new year, with fresh fund allocations for investment plans contributing to the momentum. On the macroeconomic front, headline inflation eased to 5.6%YoY in Dec’25, within the Ministry of Finance’s projected range, while the FBR’s provisional tax collection for the 1HFY26 stood at PKR 6,154 billion, falling short of the target by PKR 336 billion. In terms of index contribution, UBL, OGDC, ENGRO, HBL, and MEBL emerged as key drivers, collectively adding 1,086.27 points to the benchmark. On the volumes front, KEL led activity with 372.71 million shares, while overall market turnover stood at 1,399.85 million shares, reflecting healthy participation

Pakistan Economy: Dec’25 NCPI eases to 5.6%YoY/-0.4%MoM – By Taurus Research

Jan 1 2026

Taurus Securities

Headline inflation for Dec’25 clocks-in at 5.6%YoY/-0.4%MoM, in line with expectations amid significant correction in food prices. Wherein, MoM prices for perishable food items posted a drop of 17.74% driven by the sharp correction in prices for Potatoes ( 17.9%MoM), Onions (-32.9%MoM), Tomatoes (-45.2%MoM) & Fresh Vegetables (-21.3%MoM) as the supply situation improved. Overall, food inflation was down 2.2%MoM.

Elsewhere, performance of other segments arrived in muted as anticipated including some of the core segments also. Utilities were up slightly for the month. While Clothing, Education, Restaurants & Hotels and Miscellaneous segments were the main contributors to the increase in core inflation for the month.

Burshane LPG (Pakistan) Limited (BPL): FY25 Corporate Briefing Takeaways – By Taurus Research

Dec 31 2025

Taurus Securities

Burshane LPG (Pakistan) Limited (BPL) is among the pioneers in LPG marketing and distribution in Pakistan, incorporated in 1966. The Company consistently developed its countrywide distribution network, primarily focused on serving domestic users and delivering reliable services.

BPL's strategic goal was to establish itself as a leader among oil marketing companies by diversifying sales markets, ensuring reliable supplies, and improving operational efficiency. Management strategy, strengthened by principles of the circular economy, built a new BPL founded on efficiency, integration, and new technologies to differentiate the brand in a highly fragmented industry with over 250 licensed players.

Morning News: Pakistan, KSA discuss regional situation – By Taurus Research

Dec 31 2025

Taurus Securities

Pakistan and Saudi Arabia held high level discussions focusing on the evolving regional security and political environment. Both sides emphasized the importance of stability in the Middle East and South Asia, especially amid ongoing conflicts and diplomatic challenges. (BR)

The suspension of trade between Pakistan and Afghanistan has disproportionately affected the Afghan economy, deepening its economic challenges. (Dawn)

Allied Bank Limited (ABL): 9MCY25 Corporate Briefing Takeaways – By Taurus Research

Dec 30 2025

Taurus Securities

Allied Bank Limited (ABL) reported a sharp contraction in the balance sheet growth during 9MCY25, as net advances declined by 37% to PKR 658Bn compared to PKR 1,051Bn in CY24, significantly underperforming the industry, which recorded an ~18% decline. In contrast, net investments increased substantially, rising 80% to ~PKR 2,037Bn in 9MCY25 from PKR 1,130Bn in CY24, while industry investments grew by 22% over the same period. Consequently, total assets expanded by 13% to PKR 3,185Bn versus PKR 2,817Bn in CY24, outperforming the industry’s asset growth of 8%.

On the liabilities side, ABL’s borrowings increased by 29%, diverging from the broader banking sector, which recorded a 2% decline, while total liabilities grew by ~14% compared to an industry growth of 7%. Total deposits registered a 10% increase in 9MCY25.

Liven Pharma Limited (LIVEN): Corporate Briefing Takeaways – By Taurus Research

Dec 26 2025

Taurus Securities

Liven Pharma Limited was incorporated in Pakistan as a private Limited Company on October 21, 1991 and was converted into a public limited company on April 30, 1992. The principle activity of the Company is the manufacturing of pharmaceuticals and allied products.

In FY25, sales declined 48%YoY to PKR 127Mn from PKR 245Mn in the SPLY. Gross margins fell significantly by 11ppts, mainly driven by the transitional impact of post-merger integration and operational scaling. Similarly, administrative expenses increased significantly by 24xYoY while, finance costs went up by ~32xYoY.

Resultantly, LAT clocked in at PKR 584Mn compared to a profit of PKR 42Mn in the previous year; attributable to non-cash accounting adjustments from the reverse merger and deferred tax effects, with a minor impact from normal operational expenses. Consequently, LPS stood at PKR 8.37/sh.

Karam Ceramics Limited (KCL): Corporate Briefing Takeaways – By Taurus Research

Dec 26 2025

Taurus Securities

Karam Ceramics Limited (KCL) was incorporated in Pakistan as a public limited Company on April 8, 1979. The Company is engaged in manufacturing and sale of tiles with brand name is NOVA.

In FY25, the Company’s sales fell ~57% YoY to PKR 584Mn compared to PKR 1,348Mn in FY24, driven by a sustained decline in the construction activities, reducing demand for tiles during the period. Whereas gross losses remains persisted due to a combination of escalating operational costs and decreased production efficiency. Consequently, loss after tax (LAT) grew ~69%YoY to PKR 728Mn, mainly due to lower demand and aggressive competition from the Chinese manufacturers, the Company’s manufacturing plants operated below optimal capacity, limiting the ability to overcome fixed costs over a larger production volume, which further eroded profitability, resulting in an LPS of PKR 50.05/share.

Pakistan Economy: Dec’25 NCPI to drop to 5.8%YoY/down 0.3%MoM – By Taurus Research

Dec 24 2025

Taurus Securities

We expect headline inflation for Dec’25 to drop to 5.8%YoY, registering a MoM decline of 0.3% on the back of falling food inflation and muted performance of other segments. Accordingly, FY26 TD NCPI is expected to touchdown at 5.14%YoY.

To note we anticipate food inflation (35% weight) to clock-in at 1.32% for the month. Wherein, the MoM drop is attributable mainly to a sharp correction in prices for Tomatoes (-40%), On ions (-16%), Potatoes (-11%) and Sugar (-8%), respectively. How ever, slight uptick in prices for Wheat, Chicken and Eggs was observed. While, prices for other food items are likely to remain flat for the month—reflecting stable supply situation in the country.

Pakistan Textiles: Nov’25 Textile exports down 3%YoY/12%MoM – By Taurus Research

Dec 19 2025

Taurus Securities

Nov’25 textile exports were down 3%YoY arriving at USD 1.4Bn as compared to USD 1.5Bn in the SPLY. The decrease was mainly attributed to the decline in cotton yarn, cotton cloth, yarn, knit wear, bed wear, towels, tents & canvas and made up articles by 26%YoY, 10%YoY, 35%YoY, 5%YoY, 3%YoY, 6%YoY, 30%YoY and 10%YoY, respectively. Whereas, on a monthly basis textile exports declined significantly by 12%MoM from USD 1.6Bn, which was primarily due to the decline in the exports of raw cot ton, cotton cloth, yarn, tents & canvas, made up articles and value-added textile products.

Moreover, basic textile exports totaled USD 185Mn, down 16% YoY, mainly due to decline in the exports of cotton yarn, cotton cloth & yarn. Wherein, value added exports remained stable YoY. While, other textiles increased 1%YoY.

Pakistan Economy: Nov’25 CA posts a surplus of USD 100Mn – By Taurus Research

Dec 17 2025

Taurus Securities

Current Account (CA) for Nov’25 arrived in at a surplus of USD 100Mn, as against a deficit of USD 291Mn in Oct’25. Cumulatively, 5MFY26 CAD stood at USD 812Mn, up 2.6x over the SPLY. Improved performance of CA in Nov’25 can be attributed to: i) 11%MoM decrease in the trade deficit; and ii) 41%MoM decrease in the services deficit, respectively. Overall, balance on goods & services fell 13%MoM, pushing the CA into a surplus.

During the month, both goods imports and exports registered a decline of 12% and 14%, respectively. Wherein, exports suffered mainly due to a 19%MoM plunge in exports of value-added textiles as per SBP released data. Other manufacturing exports also reflected a MoM decrease of 23% attributable to lower demand, including the impact of closure of border with Afghanistan.

Power Generation & Distribution: Nov’25 generation down 19%MoM / up 0.2%YoY – By Taurus Research

Dec 17 2025

Taurus Securities

Power generation in Nov’25 stood at 8,050 GWh, seeing a slight YoY increase but fell 19% MoM, mainly due to a seasonal slowdown driven by lower electricity consumption owing to the commencement of winters.

Power generation during 5MFY26 stood at 58,869GWh, compared to 58,840GWh in the SPLY, reflecting a marginal increase. This improvement indicates stable demand and consistent generation levels across both the periods.