Morning News: Government mulls fuel levy hike to aid gas sector – By Alpha-Akseer Research

Jan 7 2026


Alpha Capital


  • The government plans on increasing tax rates on petroleum products to contain more than PKR 3tn circular debt in the gas sector instead of changing the gas tariff as determined by the Oil & Gas Regula tory Authority (Ogra).
  • The provinces of Punjab, Khyber Pakhtunkhwa and Balochistan have decided to engage private companies for the procurement of wheat for their respective strategic reserves.
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.
Pakistan Market Wrap: KSE-100 closes at 185,058 up 883 points – By Alpha-Akseer Research

Feb 2 2026


Alpha Capital


  • The equity market commenced trading on a firm footing and sustained its positive momentum throughout the session. The KSE-100 Index fluctuated between 182,792 and an intraday high of 185,612, before closing at 185,058, registering a gain of 883 points. Total volumes on the main board stood at 213.8 million shares, translating into a turnover of PKR 28.5 billion.
  • Index gains were predominantly supported by UBL (1.7%, 248 points), ENGROH (2.5%, 214 points), SYS (3.2%, 147 points), FATIMA (7.9%, 144 points), and SAZEW (9.2%, 141 points). On the volume front, KEL and BOP remained in the spotlight, recording traded volumes of 37.9 million and 28.8 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 184,174 up 1,836 points – By Alpha-Akseer Research

Jan 30 2026


Alpha Capital


  • The equity market opened on a positive note and maintained strong momentum throughout the session. The KSE-100 Index traded in a range of 182,347 to an intraday high of 186,620 before settling at 184,174, marking a gain of 1,836 points. Total traded volume on the main board amounted to 343.9 million shares, with a turnover of PKR 37.4 billion.
  • Index performance was largely driven by ENGROH (3.1%, 253 points), LUCK (3.6%, 249 points), UBL (1.7%, 235 points), MEBL (2.4%, 175 points), and MARI (2.6%, 146 points). In terms of volume, KEL and BOP led activity, posting volumes of 81.4 million and 28.3 million shares, respectively.
Pakistan Economy: Jan-26 Inflation Expected at 6.0% YoY – By Alpha-Akseer Research

Jan 30 2026


Alpha Capital


  • The National Consumer Price Index (NCPI) is projected to increase by 6.0% YoY in Jan-26. The monthly inflation is estimated at 0.54% MoM, primarily driven by higher food prices. Given the prevailing policy rate of 10.5%, the real interest rate is estimated at approximately 4.5%.
  • For FY26, average inflation is expected to settle at 6.5%. However, inflationary pressures are projected to intensify in the coming months with Jun-26 reading likely to peak in the 9-10% range, largely reflecting the base effect. As these effects fade, inflation is expected to converge towards the SBP’s medium-term target range of 5-7%.
Pakistan Market Wrap: KSE-100 closes at 182,338 down 6,042 points – By Alpha-Akseer Research

Jan 29 2026


Alpha Capital


  • The equity market opened in positive territory but failed to maintain momentum. The KSE-100 Index moved within a range of 181,961 to an intraday high of 188,923 before closing at 182,338, down 6,042 points. Total volumes on the main board stood at 407.1 million shares, with a traded value of PKR 51.9 billion.
  • Stocks that pushed the index down included FFC (-9.9%, -1,902 points), UBL (-2.8%, -413 points), ENGROH (-4.3%, -370 points), OGDC (-3.5%, -257 points), and HUBC (-2.8%, -214 points). On the volume side, KEL and BOP dominated trading activity, recording volumes of 104.2 million and 30.1 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 188,203 down 385 points – By Alpha-Akseer Research

Jan 27 2026


Alpha Capital


  • The equity market opened on a strong footing but could not maintain momentum as profit-taking set in. The KSE-100 Index moved within a range of 187,538 to an intraday high of 189,521 before settling at 188,203, down 385 points. Total volumes on the main board stood at 341.6 million shares, with traded value amounting to PKR 40.2 billion.
  • Major contributors to the decline were ENGROH (-3.4%, -300 points), EFERT (-3.4%, -174 points), HUBC (-2.1%, -164 points), LUCK (-1.6%, -134 points), and MCB (-1.4%, -85 points). In terms of activity, KEL and BOP dominated volumes, recording traded volumes of 90.2 million and 36 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 188,588 down 579 points – By Alpha-Akseer Research

Jan 26 2026


Alpha Capital


  • The equity market opened on a strong note but failed to sustain higher levels as profit taking emerged. The KSE-100 Index traded in a range of 188,268 to an intraday high of 191,033 before closing at 188,588, registering a decline of 579 points. Total volumes on the main board stood at 447.9 million shares, while the total traded value amounted to PKR 43.5 billion.
  • Major laggards included MEBL (-1.9%, -144 points), ENGROH (-1.4%, -127 points), PIOC (-9%, -112 points), FATIMA (-4.5%, -87 points), and LUCK (-1.2%, -85 points). On the volume front, KEL and PIBTL led activity, with traded volumes of 172.8 million and 29 million shares, respectively.
Morning News: LESCO to increase authorized capital by 300% to Rs200bn – By Alpha-Akseer Research

Jan 26 2026


Alpha Capital


  • The Lahore Electric Supply Company (LESCO) has decided to increase its authorized capital by 300pc to PKR 200bn from PKR 50bn.
  • The new calendar year began with record foreign investment in domestic bonds, as inflows into treasury bills during the first 16 days of January crossed USD 114mn.
Pakistan Market Wrap: KSE-100 closes at 187,033 up 655 points – By Alpha-Akseer Research

Jan 22 2026


Alpha Capital


  • The equity market opened on a positive note and maintained its strength throughout the session. The KSE-100 Index moved within a range of 186,826 to an intraday high of 188,107 before closing at 187,688, registering a gain of 655 points. Trading activity on the main board totaled 460 million shares, with the overall traded value amounting to PKR 33.6 billion.
  • Stocks that supported the index included ENGROH (3.2%, 275 points), HUBC (1.4%, 109 points), EFERT (2%, 97 points), ATRL (7%, 83 points), and AICL (3.9%, 43 points) weighed on performance. On the volume front, KEL and CNERGY led activity, with traded volumes of 195.7 million and 33.1 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 181,456 down 1,113 points – By Alpha-Akseer Research

Jan 15 2026


Alpha Capital


  • The equity market opened on a positive note but failed to maintain momentum. The KSE-100 Index reached an intraday high of 183,718 and a low of 180,784 before closing at 181,456, registering a decline of 1,113 points. Total volumes on the main board stood at 279 million shares, with a traded value of PKR 31 billion.
  • The index’s decline was largely driven by selling pressure in key stocks, including UBL (-1.2%, -172 points), ENGROH (-1.8%, -146 points), SYS (-2.3%, -113 points), MCB (-1.6%, -99 points), and EFERT (-1.8%, -91 points). On the activity front, BOP and PTC led volumes with traded shares of 28.6 million and 19 million, respectively.
Pakistan Market Wrap: KSE-100 closes at 182,570 down 1,382 points – By Alpha-Akseer Research

Jan 14 2026


Alpha Capital


  • The equity market opened on a positive footing but remained volatile throughout the session, eventually closing in negative territory. The KSE-100 Index touched an intraday high of 184,727 and a low of 182,370 before settling at 182,570, posting a decline of 1,382 points. Total volumes on the main board stood at 443.3 million shares, with a traded value of PKR 48.9 billion.
  • The index's downturn was primarily driven by selling pressure in UBL (-2.1%, -300 points), MCB (-2.7%, -170 points), FFC (-1%, -164 points), LUCK (-2%, -151 points), and HUBC (-1.2%, -89 points). On the activity front, KEL and PIBTL dominated volumes, recording 56.3 million and 47.5 million shares, respectively.