Pakistan Market Wrap: KSE-100 closes at 174,054 down 418 points – By Alpha-Akseer Research

Dec 31 2025


Alpha Capital


  • The equity market opened strongly in positive territory but failed to maintain its early momentum. The KSE-100 Index recorded an intraday high of 175,233 and a low of 173,564 before settling at 174,054, down 418 points for the session. Market activity remained moderate, with total traded volume at 413.5 million shares and an estimated turnover of PKR 33 billion.
  • The index’s decline was primarily driven by LUCK (-2.5%, -184 points), FFC (-1%, -165 points), NBP (-1.6%, -69 points), DGKC (-3.7%, -65 points), and CHCC (-4.6%, -59 points). In terms of volumes, KEL and PIBTL led market activity with traded volumes of 96 million and 47.5 million shares, respectively.
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
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.
Pakistan Market Wrap: KSE-100 closes at 174,054 down 418 points – By Alpha-Akseer Research

Dec 31 2025


Alpha Capital


  • The equity market opened strongly in positive territory but failed to maintain its early momentum. The KSE-100 Index recorded an intraday high of 175,233 and a low of 173,564 before settling at 174,054, down 418 points for the session. Market activity remained moderate, with total traded volume at 413.5 million shares and an estimated turnover of PKR 33 billion.
  • The index’s decline was primarily driven by LUCK (-2.5%, -184 points), FFC (-1%, -165 points), NBP (-1.6%, -69 points), DGKC (-3.7%, -65 points), and CHCC (-4.6%, -59 points). In terms of volumes, KEL and PIBTL led market activity with traded volumes of 96 million and 47.5 million shares, respectively.
Morning News: Two key initiatives worth USD 304.5mn signed with ADB – By Alpha-Akseer Research

Dec 31 2025


Alpha Capital


  • Pakistan and the Asian Development Bank (ADB) on Tuesday signed two major climate resilience initiatives amounting to USD 304.5mn.
  • Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal on Tuesday said that the country’s Gross Domestic Product (GDP) grew by 3.71 percent in the first quarter of the 2025-26 financial year which is 2.15 percent increase during the same period of 2024-25.
Pakistan Market Wrap: KSE-100 closes at 174,473 up 576 points – By Alpha-Akseer Research

Dec 30 2025


Alpha Capital


  • The equity market opened on a strong positive note and sustained bullish momentum throughout the trading session. The KSE-100 Index touched an intraday high of 174,805 and a low of 174,121 before closing at 174,473, marking a gain of 576 points. Market participation improved, with total traded volume reaching 414.6 million shares and an estimated traded value of PKR 35.2 billion.
  • The index’s upward movement was primarily driven by OGDC (2.6%, 157 points), UBL (1.1%, 142 points), PPL (2.2%, 115 points), PSO (2.3%, 85 points), and HUBC (1%, 67 points). In terms of volumes, FFL and UNITY led market activity with traded volumes of 54.4 million and 49.2 million shares, respectively.
Morning News: Pakistan, UAE agree to boost trade and economic ties - By Alpha-Akseer Research

Dec 29 2025


Alpha Capital


  • In a key diplomatic development, Pakistan and the United Arab Emirates (UAE) on Friday reaffirmed their commitment to further strengthening bilateral relations, with a particular focus on trade, eco nomic development, and regional stability.
  • The All Pakistan Textile Mills Association (APTMA) has sought a temporary waiver of the levy on Captive Power Plants (CPPs) during the winter months to enable mills to utilize their gas-based captive power plants to maintain essential operations.
Pakistan Market Wrap: KSE-100 closes at 172,401 up 1,571 points – By Alpha-Akseer Research

Dec 26 2025


Alpha Capital


  • The equity market opened firmly in positive territory and maintained bullish momentum throughout the session. The KSE-100 Index recorded an intraday high of 172,583 and a low of 171,146, before settling at 172,401, registering a gain of 1,571 points. Trading activity remained moderate, with total volumes of 342.2 million shares and an approximate traded value of PKR 28.7 billion.
  • The index’s upward movement was primarily driven by ENGROH (4.6%, 342 points), PPL (2.9%, 145 points), SYS (2.2%, 110 points), NBP (2.5%, 103 points), and MLCF (4.0%, 75 points). In terms of volumes, BOP and KEL led market activity with traded volumes of 78 million and 33 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 170,830 down 244 points – By Alpha-Akseer Research

Dec 24 2025


Alpha Capital


  • The equity market opened on a positive note but was unable to maintain its early gains. The KSE-100 Index touched an intraday high of 171,587 and a low of 170,641 before closing at 170,830, down 244 points. Market participation remained modest, with total traded volume at 319 million shares and an estimated turnover of PKR 19.8 billion.
  • Major contributors to the market’s decline included LUCK (-3.7%, -281 points), ENGROH (-1.1%, -81 points), KOHC (-7.1%, -68 points), SYS (-1.1%, -56 points), and RMPL (-9.7%, -37 points). On the volume front, PIBTL and BOP dominated trading activity, recording volumes of 62 million and 61 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 171,204 down 200 points – By Alpha-Akseer Research

Dec 22 2025


Alpha Capital


  • The equity market opened strongly but was unable to maintain its upward momentum. The KSE-100 Index touched an intraday high of 172,168 and a low of 170,859 before closing at 171,204, down 200 points. Trading activity remained slightly muted, with total volume clocking in at 326 million shares and an estimated traded value of PKR 20.4 billion.
  • Scrips that pushed the market down included HBL (-1.3%, -84 points), UBL (-0.7%, -84 points), FFC (-0.3%, -58 points), PSO (-1%, -36 points), and CHCC (-2.7%, -36 points). In terms of volume, KEL and TPLRF1 led trading activity, with volumes of 112.7 million and 49.3 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 171,404 down 556 points – By Alpha-Akseer Research

Dec 19 2025


Alpha Capital


  • The equity market opened on a strong footing but failed to sustain its momentum throughout the session. The KSE-100 Index reached an intraday high of 172,675 and a low of 171,149 before closing at 171,404, marking a decline of 556 points. Market activity remained slightly subdued, with total traded volume standing at 325 million shares and an estimated traded value of PKR 29.8 billion.
  • Scrips that pushed the market down included FFC (-0.7%, -116 points), HBL (-1.5%, -98 points), MLCF (-4%, -79 points), BAFL (-2.2%, -59 points), and ENGROH (-0.7%, -55 points). In terms of volume, KEL and HUMNL led trading activity, with volumes of 115.5 million and 22.9 million shares, respectively.
  • Profit-taking activity persisted in E&Ps, OMCs, Cements, Fertilizers, and the Power sector, while mixed sentiment was observed in banking stocks.
Engro Polymer & Chemicals Limited (EPCL): Reversal Structure Unfolds – By Alpha-Akseer Research

Dec 19 2025


Alpha Capital


  • EPCL (LDCP 35.77) price has confirmed a bullish reversal by breaking above the long-term falling wedge resistance near 34.50-35.00. The wedge’s measured move projects an upside target toward 51.47-53.00, the former level being the 38.2% retracement for the overall bear trend. The 35.00 zone now acts as key support, where pullbacks may offer accumulation opportunities. A close below 31.00 would negate the breakout and defines downside risk.