Mari Energies (MARI): Allocation of Gas from Mari Field – By Topline Research

Jan 8 2026


Topline Securities


  • Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices). The gas will be transported to consumers through Sui companies' network under the Third-Party Access (TPA) rules 2018 with applicable wheeling charges, in our view.
  • Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd. Until the completion of these developments, the gas supply will continue in its current form.
Mari Energies (MARI): Allocation of Gas from Mari Field – By Topline Research

Jan 8 2026


Topline Securities


  • Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices). The gas will be transported to consumers through Sui companies' network under the Third-Party Access (TPA) rules 2018 with applicable wheeling charges, in our view.
  • Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd. Until the completion of these developments, the gas supply will continue in its current form.
Morning News: Pakistan, China discuss $2.2bn maritime industrial complex at Port Qasim – By Vector Research

Dec 19 2025


Vector Securities


  • Pakistan and China discussed plans for a large maritime industrial complex at Port Qasim involving up to 2 billion euros ($2.2 billion) in investment on Thursday, as Islamabad seeks to modernize its ports and position itself as a regional trade and logistics hub, a government statement said. (The News)
  • Pakistan has signed a euro 60 million credit financing agreement with the European Investment Bank (EIB) to fund priority water and sanitation infrastructure projects across the country. (BR)
MARI Energies Limited (MARI): 1QFY26 EPS fell to PKR 13.0/sh down 19% YoY – By Foundation Research

Oct 30 2025


Foundation Securities


  • MARI Energies Limited (MARI) profitability clocked-in at PKR 15.6Bn, EPS of PKR 13.0/sh, (down 19/17% YoY/QoQ) in 1QFY26 as compared to profit of PKR 19.2Bn, EPS of PKR 16.0/sh in 1QFY25. The company skipped an interim dividend. The results are in line with our estimates.
  • Net sales of PKR 45.4Bn were recorded in 1QFY26, flat YoY/up 2% QoQ. The company booked a total royalty charge of PKR 11.3Bn, up 2.0x/8% YoY/QoQ. Surge in royalty charges is on the back of incremental well head expense. Opex remained under control and increased by a mere 4% YoY.
Mari Energies Limited (MARI): Fundamentals priced in, ambitions yet to materialize – By Insight Research

Oct 16 2025


Insight Securities


  • MARI has demonstrated commendable operational performance in recent years, underpinned by consistent reserve accretion with reserve growing at a 5-year CAGR of 11%. MARI’s reserve and resources (2P+2C) increased to an all time high of 952 MMBOE as of Jun’25, translating into a Reserve Replacement Ratio (RRR) of 278%.
  • Given the significant improvement in reserve base, sustained exploration efforts and company’s diversification into mining and cloud storage, we upgrade our stance to Hold, with a revised Dec’26 SOTP based target price of PKR725/sh. MARI’s diversification initiatives, however, remain in early stages and have been conservatively incorporated. Meanwhile, MARI continues to pursue an aggressive exploration strategy across new and existing blocks, which could unlock incremental value over the medium term.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By IIS Research

Oct 14 2025


Ismail Iqbal Securities


  • The company reported a Net Profit of PKR 65.1 billion (EPS: PKR 54.25) for FY25, reflecting a 15.7% decline compared to PKR 77.3 billion (EPS: PKR 64.37) in FY24. The dip in profitability was primarily attributed to lower production volumes due to gas curtailment, adverse FX and price variances, and additional wellhead expenses.
  • The company reported total hydrocarbon sales of 39.13 MMBOE in FY25, showing a marginal 0.31% YoY increase from 39.01 MMBOE in FY24 marking the highest-ever annual output in its history. The uptick was supported by new production from Shewa, Ghazij, and Shawal fields, along with enhanced drilling activity, which helped offset the impact of gas curtailment at mature assets.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By Chase Research

Oct 14 2025



  • Mari Energies Limited (MARI) reported earnings per share of PKR 54.25 for FY25, compared to PKR 64.37 in FY24. Furthermore, in 4QFY25, the company reported earnings per share of PKR 15.69, compared to earnings per share of PKR 21.37 in the same period last year (SPLY).
  • The company is working on Block 5 in partnership with ADNOC, where three discoveries are currently under development. The development plan has been approved by ADNOC, and production is targeted at approximately 25,000 barrels per day.
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)
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.
Mari Energies (MARI): Allocation of Gas from Mari Field – By Topline Research

Jan 8 2026


Topline Securities


  • Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices). The gas will be transported to consumers through Sui companies' network under the Third-Party Access (TPA) rules 2018 with applicable wheeling charges, in our view.
  • Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd. Until the completion of these developments, the gas supply will continue in its current form.
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.
Pakistan Economy: Pakistan GDP grew 3.7% in 1QFY26 – By Topline Research

Dec 31 2025


Topline Securities


  • National Accounts Committee (NAC) released GDP estimates for 1QFY26, showing growth of 3.7% YoY which is highest first quarter growth in 4 years and higher than last 8 years average 1Q growth of 3.3%. While the committee has also revised up FY25 growth estimates marginally to 3.09% from earlier 3.04%.
  • The growth estimates of 1Q are higher than our expectations mainly due to 8-year high 1Q industrial growth of 9.4%, thanks to 25% growth in electricity, gas and water supply sectors and 21% growth in construction sector.
Pakistan Market: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25 – By Topline Research

Dec 29 2025


Topline Securities


  • As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.
  • The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.
  • Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.
Pakistan Technology: IT Exports in Nov-25 up by 14% YoY to record US$356mn – By Topline Research

Dec 17 2025


Topline Securities


  • Pakistan recorded monthly IT exports of US$356mn in Nov-25, up 14% YoY but down 8% MoM. These monthly IT exports in Nov-25 are higher than the last 12-month average of US$337mn.
  • YoY growth in IT exports during the month is due to (1) IT export companies growing client base globally, especially in the GCC region, (2) relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35% to 50% in the Exporters’ Specialized Foreign Currency Accounts, (3) allowance of equity investment abroad through these foreign currency accounts and (4) stability in PKR encouraging IT exporters to bring higher portion of profits back to Pakistan.
Pakistan Economy: SBP reduced policy rate by 50bps – By Topline Research

Dec 15 2025


Topline Securities


  • Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) has reduced policy rate by 50bps to 10.50% in today’s meeting. This came as a surprise in our view as majority of the participants were expecting rates to remain unchanged.
  • As per MPC statement, Inflation averaged within the target range of 5–7% during 5MFY26. Alongside the strengthening of economic activity, the MPC noted the available space to reduce the policy rate to support sustainable economic growth. To note, SBP expects GDP growth for FY26 to remain in upper half of the projected range of 3.25%-4.25%.
Pakistan Economy: Monetary Policy Survey – By Topline Research

Dec 9 2025


Topline Securities


  • State Bank of Pakistan (SBP) is scheduled to hold last Monetary Policy Committee (MPC) meeting of this calendar year 2025 on Dec 15, 2025. Majority of the market participants are expecting no change in interest rate. Similarly, we also expect status quo in upcoming monetary policy meeting.
  • In a Poll conducted by Topline Securities, 70% of the market participant expect interest rate to remain unchanged. This is almost like last poll result where 72% were expecting rate to remain unchanged.
Pakistan Market: Pakistan Listed Consumer Comp Sheet – By Topline Research

Dec 4 2025


Topline Securities


  • Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x. Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.
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