Pakistan Market Wrap: The benchmark index closed relatively flat after a volatile session – By IIS Research

Dec 17 2025


Ismail Iqbal Securities


  • The benchmark index closed relatively flat after a volatile session. The market opened in positive territory, but early gains were eroded as volatility picked up toward the close, with banking stocks providing some cushion to limit the downside. Trading volumes decreased to 435mn shares today as compared to 475mn shares in the previous session. Today, the KSE-100 index lost 133 points to close at 170,314 level, down by -0.08% DoD. Cement, Oil & Gas Exploration Companies, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 512 points from the index.
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 Market Wrap: The benchmark index closed on a positive note – By IIS Research

Jan 1 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, kicking off the year with a strong start. All sectors demonstrated robust performance, with significant market activity observed across the board, reflecting investor optimism and a broad-based rally in stocks. Trading volumes increased to 799mn shares today as compared to 414mn shares in the previous session. Today, the KSE-100 index gained 2,301 points to close at 176,355 level, up by 1.32% DoD. Commercial Banks, Oil & Gas Exploration Companies, and pharmaceuticals sectors were the major contributors in today's session, cumulatively adding 1610 points to the index.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Dec 30 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, registering a new all time high both intraday and at the close. The rally was largely driven by improved liquidity, with sentiment echoing past year end trends as investors positioned for a typical year end push. Trading volumes increased to 415mn shares today as compared to 360mn shares in the previous session. Today, the KSE-100 index gained 576 points to close at 174,473 level, up by 0.33% DoD. Oil & Gas Exploration Companies, Commercial Banks, and Oil & Gas Marketing Companies sectors were the major contributors in today's session, cumulatively adding 673 points to the index.
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: The benchmark index closed on a flat note – By IIS Research

Dec 23 2025


Ismail Iqbal Securities


  • The benchmark index closed on a flat note, with the absence of positive triggers keeping investors cautious and prompting a wait and see approach for a fresh catalyst. Trading volumes decreased to 239mn shares today as compared to 327mn shares in the previous session. Today, the KSE-100 index lost 130 points to close at 171,074 level, down by -0.08% DoD. Oil & Gas Exploration Companies, Fertilizer, and Oil & Gas Marketing Companies sectors were the major laggards in today's session, cumulatively shedding 209 points from the index.
Morning News: Gold prices hit record highs in global, local markets – By IIS Research

Dec 23 2025


Ismail Iqbal Securities


  • Gold prices climbed to historic highs on Monday in both international and domestic markets, driven by strong safe-haven demand and sustained buying momentum.
  • Pakistan and Iraq agreed to move ahead with practical steps to expand bilateral cooperation, including efforts to raise trade volumes and establish direct banking channels.
Pakistan Market Wrap: The benchmark index closed relatively flat after a volatile session – By IIS Research

Dec 17 2025


Ismail Iqbal Securities


  • The benchmark index closed relatively flat after a volatile session. The market opened in positive territory, but early gains were eroded as volatility picked up toward the close, with banking stocks providing some cushion to limit the downside. Trading volumes decreased to 435mn shares today as compared to 475mn shares in the previous session. Today, the KSE-100 index lost 133 points to close at 170,314 level, down by -0.08% DoD. Cement, Oil & Gas Exploration Companies, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 512 points from the index.
Pakistan Market Wrap: The benchmark index closed on a slightly negative note after a volatile session – By IIS Research

Dec 16 2025


Ismail Iqbal Securities


  • The benchmark index closed on a slightly negative note after a volatile session. The market opened on a positive footing and registered a new all time intraday high as investors initially celebrated the surprise rate cut; however, gains were eroded later in the session as volatility picked up toward the close. Trading volumes increased to 475mn shares today as compared to 410mn shares in the previous session. Today, the KSE-100 index lost 294 points to close at 170,447 level, down by -0.17% DoD. Oil & Gas Exploration Companies, Fertilizer, and Cement sectors were the major laggards in today's session, cumulatively shedding 551 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Dec 11 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, remaining volatile throughout the session. Early on, the index crossed its all-time intraday high before retreating, with choppiness persisting as the day progressed. Trading volumes increased to 656mn shares today as compared to 497mn shares in the previous session. Today, the KSE-100 index lost 877 points to close at 168,575 level, down by -0.52% DoD. Cement, Fertilizer, and Commercial Banks sectors were the major laggards in today's session, cumulatively shedding 868 points from the index.
Morning News: Oil drops as US reports fall in crude stocks – By IIS Research

Dec 11 2025


Ismail Iqbal Securities


  • Oil prices fell on Wednesday as the US government reported a smaller than expected draw in crude stocks last week, while investors watched for progress in Russia-Ukraine peace talks and awaited a decision on US interest rates.
  • The growth outlook for Pakistan has improved for both 2025 and 2026, as the prices of key food items have begun to stabilize following a sharp increase in the months immediately after the floods, said the Asian Development Bank (ADB).
Pak Qatar Family Takaful-IPO: A Compelling Entry upto PKR 17.8/share – By IIS Research

Dec 10 2025


Ismail Iqbal Securities


  • Pak-Qatar Family Takaful Limited (PQFTL) was incorporated in Pakistan as an unlisted public company on 15th March 2006 and was subsequently authorized by the Securities and Exchange Commission of Pakistan (SECP) on 16th August 2007 to transact life insurance (Family Takaful) business. Over the years, PQFTL has emerged as Pakistan’s first and largest dedicated Family Takaful operator, holding a 44% market share of the overall family takaful sector (including window takaful) and an impressive 90.47% share of the dedicated family takaful segment. The company has played a pioneering role in advancing Islamic insurance in Pakistan through product innovation like ‘Mahana Bachat Takaful Plan’ and a strong nationwide distribution network.
  • IPO intends to issue 50 million shares, representing 21.67% of its post-IPO capital, at Floor price PKR 14/share to the public. Arif Habib Limited has been appointed as Lead Manager and Book Runner. Successful bidders will receive 75% of the shares, with the remaining 25% available to retail investors. Unsubscribed retail shares will be distributed among successful bidders. The shares would be distributed in Dutch auction method with distribution on pro rata basis.