Morning News: Govt decides to fully deregulate sugar sector – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • In a significant policy shift, the government, in collaboration with the farming community and sugar industry representatives, has decided to fully deregulate the sugar sector, marking a key step in implementing structural reforms recommended by the International Monetary Fund (IMF).
  • Describing PIACL’s PKR 650bn debt as a “black hole,” the Public Accounts Committee (PAC) expressed concern over the Finance Division’s continued inability to develop a viable repayment strategy.
Automobile Assemblers: Pakistan Car sales in Dec 2025 up 35% YoY and down 14% MoM to 13,280 units – By Topline Research

Jan 12 2026


Topline Securities


  • Pakistan Car sales (as reported by PAMA) clocked in at 13,280 units in Dec 2025, reflecting a 35% YoY rise and 14% MoM decline. This took 1HFY26 sales to 88,322 units, a 46% YoY rise from 60,676 units in 1HFY25.
  • The yearly growth numbers are fueled by new entrants alongside lower interest, easing inflation, and improving macroeconomic sentiments.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 12 2026


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile session, hitting an intraday high of 184,439.06 before closing at 182,384.14, down 2,026 points (-1.10%) as profit-taking set in. Selling pressure was evident across key sectors, particularly Commercial Banks, Oil & Gas E&P, Technology & IT Services, and Fertilizer, as investors trimmed exposure at elevated valuations.
  • On the macro front, Prime Minister has said concerted efforts are being made to transform Pakistan into a regional hub for Information Technology. Separately, international Oil prices dipped on Monday, after Iran said it had “total control” following weekend violence, easing some concerns over supply from the OPEC producer, while investors also weighed efforts to resume oil exports from Venezuela. Among major laggards, SYS, UBL, MEBL, ENGROH and FFC, which cumulatively shaved -782.51 points off the benchmark. FFL led trading with 65.62 million shares, as total market turnover reached 1,055.68mn shares.
Pakistan Market Wrap: A Tactical Pause: Profit-Taking Dominates After Strong Upside – By HMFS Research

Jan 12 2026


HMFS Research


  • Profit-taking dominated trading at the Pakistan Stock Exchange, as investors moved to lock in gains following the recent sharp rally and elevated valuations. The selling pressure was further amplified by heightened international uncertainty and ongoing geopolitical tensions, which weighed on broader risk appetite. Despite these near-term headwinds, Pakistan’s underlying economic fundamentals remain relatively stable, supporting expectations of market sustainability over the medium to long term. The correction—widely viewed as overdue—was led by the Banking and Fertilizer sectors, which exerted the most pressure on the benchmark.
  • Although the KSE-100 briefly ventured into positive territory during the session, posting a marginal intra-day gain of 29 points, renewed selling interest dragged the index lower by close. The benchmark ultimately settled at 182,384, reflecting a decline of 2,026 points. Trading activity remained steady, with 419mn shares exchanged on the KSE-100 and approximately 1.1bn shares traded across the broader market. Volume leaders for the session included FFL (66mn), WTL (51mn), and HASCOL (47mn). Looking ahead, the market is likely to remain susceptible to profit-taking pressures, particularly amid lingering geopolitical concerns. However, any easing on this front—alongside expected defence engagements of Turkey and Pak-Saudi Arabia pact—could help restore confidence. Moreover, the upcoming corporate results season may act as a near-term catalyst, offering selective support to market momentum. Investors are advised to maintain a measured approach, avoid reactive trading, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: KSE-100 closes at 182,384 down 2,026 points – By Alpha-Akseer Research

Jan 12 2026


Alpha Capital


  • The equity market began the session on a subdued note and remained under pressure throughout the day. The KSE-100 Index touched an intraday high of 184,439 and a low of 182,304 before closing at 182,384, registering a decline of 2,026 points. Total traded volume on the main board amounted to 418.8 million shares, with a traded value of PKR 33.7 billion.
  • The downturn was largely attributed to selling in index-heavy stocks, particularly SYS (-3.6%, -178.4 points), UBL (-1.2%, -167 points), MEBL (-2.2%, -163 points), ENGROH (-1.9%, -155 points), and FFC (-0.7%, -120 points). On the volume front, FFL and BOP dominated trading activity, with volumes of 65.6 million and 45.6 million shares, respectively.
Pakistan Market Wrap: The benchmark index closed on a negative not – By IIS Research

Jan 12 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, with the session remaining volatile as profit taking emerged while investors locked in recent gains. Activity was also focused on stocks with automobile exposure, with trading shifting between scrips following the launch of new competitively priced vehicle variants. Trading volumes increased to 419mn shares today as compared to 393mn shares in the previous session. Today, the KSE-100 index lost 2,026 points to close at 182,384 level, down by -1.10% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Cement sectors were the major laggards in today's session, cumulatively shedding 1019 points from the index.
Pakistan Cements: Acquisitions and expansion; Implication for the sector – By Insight Research

Jan 12 2026


Insight Securities


  • The cement sector remains in the spotlight following recent industry acquisitions, as major players are focusing on consolidation. While, new capacity expansion has been announced by one manufacturer, at a time when industry capacity utilization is already below psychological threshold of 60%. Encouragingly, demand indicators have begun to show signs of recovery, with local cement dispatches posting a growth of 13% during 6MFY26. Nevertheless, domestic consumption remains below FY22 levels, highlighting the substantial demand potential. The key uncertainty, however, revolves around the timing and magnitude of this demand recovery.
  • The announcement of capacity expansion in the northern region has reignited concerns around the possibility of a price war. We believe such risks remain remote at this stage, despite sub optimal utilization levels. This view is supported by the industry’s strong pricing discipline, which has remained intact since last three years, despite utilization level standing below 60%, in contrast to earlier cycles. Furthermore, ongoing consolidation has materially enhanced the industry structure, as reflected in the market share of the top five manufacturers, which increased from ~54% in FY17 to ~65% in FY22, and is now expected to rise further to ~76% following recent acquisitions and post capacity addition. Given this backdrop, we continue to prefer cement manufacturers with strong balance sheets, lower leverage and diversified revenue streams, which are better positioned to navigate near term volatility.
Technical Outlook: KSE-100; Indicators are overbought – By JS Research

Jan 12 2026


JS Global Capital


  • The KSE-100 index extended the decline to close at 184,410 level, down 1,133 points DoD. Volumes stood at 1,034mn shares versus 1,434mn shares traded previously. If the decline continues, the next target will be at 182,427 which may be extended to 179,043 level. However, any upside will face resistance in the range of 184,760-186,180 levels, respectively. Though, a break above that will resume the uptrend towards 188,870 level. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. We recommend investors to stay cautious at current level. The support and resistance are at 183,347 and 185,826 levels, respectively.
Morning News: Urgent reforms proposed to avert another IMF loan – By Alpha-Akseer Research

Jan 12 2026


Alpha Capital


  • A body constituted by the prime minister and led by Minister for Planning Ahsan Iqbal has called for urgent reforms to improve the ease of doing business and for a serious restructuring and rationalization of tariffs — both energy prices and trade duties — to more than double exports to over $60 billion within three years.
Morning News: Turkey Said to Seek Membership of Saudi-Pakistan Defense Pact – By Shajar Research

Jan 12 2026


Shajar Capital


  • Turkey is seeking to join the defense alliance between Saudi Arabia and nuclear-armed Pakistan, according to people familiar with the matter, paving the way for a new security alignment that could shift the balance of power in the Middle East and beyond. (Bloomberg)
  • The air force chiefs of Pakistan and Bangladesh held talks on a potential pact covering the sale of JF 17 Thunder fighter jets to Dhaka, Pakistan's military said, as Islamabad widens its arms supply ambitions and beefs up ties with Bangladesh. (Reuters)
Morning News: Pakistan nears $1.5 billion deal to supply weapons, jets to Sudan, sources say – By Vector Research

Jan 12 2026


Vector Securities


  • Pakistan is in the final phases of striking a $1.5-billion deal to supply weapons and jets to Sudan, a former top air force official and three sources said, promising a major boost for Sudan's army, battling the paramilitary Rapid Support Forces. (Reuters)
  • Turkey is seeking to join the defense alliance between Saudi Arabia and nuclear-armed Pakistan, according to people familiar with the matter, paving the way for a new security alignment that could shift the balance of power in the Middle East and beyond. (Bloomberg)
Pakistan Market Wrap: KSE-100 closes at 182,384 down 2,026 points – By Alpha-Akseer Research

Jan 12 2026


Alpha Capital


  • The equity market began the session on a subdued note and remained under pressure throughout the day. The KSE-100 Index touched an intraday high of 184,439 and a low of 182,304 before closing at 182,384, registering a decline of 2,026 points. Total traded volume on the main board amounted to 418.8 million shares, with a traded value of PKR 33.7 billion.
  • The downturn was largely attributed to selling in index-heavy stocks, particularly SYS (-3.6%, -178.4 points), UBL (-1.2%, -167 points), MEBL (-2.2%, -163 points), ENGROH (-1.9%, -155 points), and FFC (-0.7%, -120 points). On the volume front, FFL and BOP dominated trading activity, with volumes of 65.6 million and 45.6 million shares, respectively.
Morning News: Urgent reforms proposed to avert another IMF loan – By Alpha-Akseer Research

Jan 12 2026


Alpha Capital


  • A body constituted by the prime minister and led by Minister for Planning Ahsan Iqbal has called for urgent reforms to improve the ease of doing business and for a serious restructuring and rationalization of tariffs — both energy prices and trade duties — to more than double exports to over $60 billion within three years.
Pakistan Market Wrap: KSE-100 closes at 184,410 down 1,133 points – By Alpha-Akseer Research

Jan 9 2026


Alpha Capital


  • The equity market opened the session on a strong positive footing; however, selling pressure emerged in the latter half, leading to a correction. The KSE-100 Index reached an intraday high of 186,180 and a low of 183,701 before settling at 184,410, down 1,133 points. Total market volume stood at 393.5 million shares, with a traded value of PKR 36.7 billion.
  • The decline was primarily driven by weakness in index-heavy stocks, notably HUBC (-2%, -149 points), LUCK (-1.9%, -143 points), ENGROH (-1.1%, -90 points), NBP (-1.6%, -75 points), and EFERT (-1.4%, -73 points). In terms of volumes, FFL and BOP led market activity, recording traded volumes of 75.6 million and 36.8 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 185,543 down 976 points – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • The equity market began the session on a strong positive note but experienced a  correction during the latter part of the day. The KSE-100 Index touched an intraday high of 187,905 and a low of 185,199 before closing at 185,543, registering a decline of 976 points. Market activity remained healthy, with total traded volumes of 575 million shares and a traded value of PKR 70.3 billion.
  • The downturn was largely attributed to selling pressure in index-heavy stocks, including ENGROH (-3.6%, -315 points), UBL (-1.7%, -247 points), MEBL (-2.7%, -205 points), SYS (-2.3%, -117 points), and PPL (-1.8%, -102 points). On the volumes front, PAEL and KEL dominated trading activity, with volumes of 76.3 million and 52.4 million shares, respectively.
Morning News: Govt decides to fully deregulate sugar sector – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • In a significant policy shift, the government, in collaboration with the farming community and sugar industry representatives, has decided to fully deregulate the sugar sector, marking a key step in implementing structural reforms recommended by the International Monetary Fund (IMF).
  • Describing PIACL’s PKR 650bn debt as a “black hole,” the Public Accounts Committee (PAC) expressed concern over the Finance Division’s continued inability to develop a viable repayment strategy.
Pakistan Market Wrap: KSE-100 closes at 186,519 up 1,457 points – By Alpha-Akseer Research

Jan 7 2026


Alpha Capital


  • The equity market opened the session with strong positive momentum and continued to advance steadily throughout the day. The KSE-100 Index reached an intraday high of 187,015 and a low of 184,897, before settling at 186,519, marking a solid gain of 1,457 points. Trading activity remained robust, with total volumes clocking in at 569.5 million shares and an estimated turnover of PKR 66.1 billion.
  • The rally was primarily driven by significant contributions from HUBC (4.2%, 296 points), PPL (2.6%, 142 points), ENGROH (1.6%, 135 points), MCB (2.1%, 127 points), and MEBL (1.3%, 94 points). On the volume front, KEL and BOP led market participation, recording traded volumes of 77.9 million and 54.5 million shares, respectively.
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: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The benchmark index closed on a high note, once again posting fresh all time highs both intraday and at market close, as CY26 began on a strong footing. Liquidity driven buying, continued asset class conversion, and upbeat investor sentiment kept the rally firmly intact. Trading volumes decreased to 597mn shares today as compared to 632mn shares in the previous session. Today, the KSE-100 index gained 2,654 points to close at 185,062 level, up by 1.45% DoD. Commercial Banks, Cement, and Technology & Communication sectors were the major contributors in today's session, cumulatively adding 2330 points to the index.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The equity market began the session on a strong positive footing and sustained its upward momentum throughout the day. The KSE-100 Index recorded an intraday high of 185,481 and a low of 181,182, ultimately closing at 185,062, reflecting a robust gain of 2,654 points. Market activity remained healthy, with total traded volume reaching 596.4 million shares and an estimated turnover of PKR 67.7 billion.
  • The index’s advance was largely supported by notable gains in MCB (7.9%, 451 points), UBL (3.1%, 446 points), MEBL (5%, 358 points), HBL (4.9%, 338 points), and LUCK (4.2%, 306 points). In terms of volumes, KEL and BOP dominated trading activity, registering volumes of 109.6 million and 79.9 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 182,408 up 3,373 points – By Alpha-Akseer Research

Jan 5 2026


Alpha Capital


  • The equity market opened on a strong positive note and maintained its momentum throughout the trading session. The KSE-100 Index touched an intraday high of 183,964 and a low of 179,535 before closing at 182,408, marking a gain of 3,373 points for the day. Market participation remained robust, with total volumes reaching 633.1 million shares and an estimated turnover of PKR 63.2 billion.
  • The rally in the index was driven primarily by gains in UBL (5.1%, 709 points), HBL (5%, 331 points), ENGROH (3.4%, 276 points), MCB (3.3%, 181 points), and EFERT (3.6%, 179 points). On the volume front, BOP and PIBTL led trading activity, with volumes of 95.5 million and 79.7 million shares, respectively.