Technical Outlook: KSE-100 Surges to Record High, Eyes Trendline Resistance at 188,997 – By HMFS Research

Jan 9 2026


HMFS Research


  • The KSE-100 index continued its bullish momentum, closing the week at a historic high of 184,409.67, marking a robust gain of +5,374.74 points (+3%) on a weekly basis. This upward trajectory reflects sustained investor confidence and strong institutional participation.
  • Technically, the index is now approaching a key trendline resistance near 188,997, as highlighted in the attached chart. This level may act as a short-term hurdle, potentially triggering profit-taking or consolidation.
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: 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.
Morning News: GDP seen growing 3.5pc in 2026 – By HMFS Research

Jan 12 2026


HMFS Research


  • Pakistan’s economy is expected to expand by a modest 3.5 per cent in 2026, as implementation of the reform programme under the IMF remains robust, with economic recovery on track, says the ‘World Economic Situation and Prospects 2026’ published by the United Nations.
  • The report, released by the United Nations Department of Social Affairs (DESA) and made available to Dawn on Friday, notes that the current account posted a surplus for the FY25, the fiscal primary balance exceeded targets, inflation remained contained, and external buffers strengthened. However, adverse shocks like the recent floods pose significant threats to economic and development progress, increasing risk to economic growth, fiscal consolidation and poverty reduction efforts, the report fears.
Pakistan Market Wrap: KSE-100 Reprices on Profit-Taking – By HMFS Research

Jan 9 2026


HMFS Research


  • The market extended its corrective phase as investors continued to lock in gains following the recent sharp rally. Selling pressure remained broad-based, with pronounced weakness in index-heavy names exerting downward pressure on the benchmark throughout the session. The index experienced heightened volatility, shedding up to 1,842 points intraday, reflecting cautious sentiment and aggressive profit-booking at elevated levels. Despite intermittent recovery attempts, the lack of sustained buying interest led the index to close at 184,410 level, down 1,133 points.
  • Trading activity remained robust, with 393mn shares exchanged in the KSE-100, while volumes on the All-Share Index stood at 1.0bn shares. Active participation was seen in FFL (76mn shares), HASCOL (68mn shares), and MDTL (56mn shares). Going forward, the market is likely to remain volatile amid ongoing profit-taking and elevated geopolitical tensions, which could intermittently weigh on investor sentiment. While these factors may limit near-term upside, selective buying interest may emerge on further corrections, particularly in fundamentally strong names, as broader macro developments and policy-related expectations continue to provide underlying support. Investors are advised to remain cautious, maintain disciplined positioning, and utilize market pullbacks for strategic accumulation.
Technical Outlook: KSE-100 Surges to Record High, Eyes Trendline Resistance at 188,997 – By HMFS Research

Jan 9 2026


HMFS Research


  • The KSE-100 index continued its bullish momentum, closing the week at a historic high of 184,409.67, marking a robust gain of +5,374.74 points (+3%) on a weekly basis. This upward trajectory reflects sustained investor confidence and strong institutional participation.
  • Technically, the index is now approaching a key trendline resistance near 188,997, as highlighted in the attached chart. This level may act as a short-term hurdle, potentially triggering profit-taking or consolidation.
Pakistan Market Wrap: PSX Records Volatile Session, Closes Lower on Profit Booking – By HMFS Research

Jan 8 2026


HMFS Research


  • Following an uninterrupted bullish rally over the past few sessions, the market underwent a profit-taking today, closing in negative territory. Trading commenced on a weak footing, with the benchmark index slipping sharply in early hours. Sentiment improved by midday as renewed buying interest lifted the index to an intra-day high of 187,905 level, marking the highest intra-day level ever recorded in PSX history. However, the rebound proved short-lived, as selling pressure resurfaced and intensified during the final trading hour. Consequently, the index reversed course and touched an intra-day low of 185,199 level, closing down 975.70 points.
  • Trading activity remained strong, with 576mn shares exchanged in the KSE-100 and 1.4bn shares recorded on the All-Share Index. Volume leaders included AGHA (132mn shares), PAEL (76mn shares), and HASCOL (60mn shares). Going forward, the market is expected to maintain a positive bias, supported by developments such as Pakistan–Saudi discussions on converting USD 2bn of loans into a JF-17 deal and the inauguration of the Karachi Port Trust ferry terminal to boost the blue economy. However, uncertainty remains inherent to the market, with a correction already evident amid elevated valuations. Ongoing geopolitical tensions also pose downside risks and could trigger volatility if conditions worsen. Therefore, investors are advised to remain vigilant, book profits selectively, and utilize market dips as entry opportunities.
Morning News: Pakistan, Saudi in talks on JF-17 jets-for-loans deal: Reuters report – By HMFS Research

Jan 8 2026


HMFS Research


  • Pakistan and Saudi Arabia are in talks to convert about $2 billion of Saudi loans into a JF-17 fighter jet deal, two Pakistani sources said, deepening military cooperation months after the two nations signed a mutual defence pact last year. One of the sources said the discussions were limited to the provision of JF-17 Thunder fighter jets, the light combat aircraft jointly developed by Pakistan and China and produced in Pakistan, while the second said the jets were the primary option among others under discussion.
  • The National Electric Power Regulatory Authority (Nepra) has reduced the national average uniform electricity tariff by 62 paise per unit for the next six months, effective January 1. The regulator has determined separate consumer-end tariffs for each distribution company (ex-Wapda Discos) in view of their differing revenue requirements and permitted levels of transmission and distribution (T&D) losses. For CY26, the national average tariff has been set at Rs33.38 per kWh, down from Rs34.00 per kWh in 2025-26.
Pakistan Market Wrap: Momentum Pushes KSE-100 to Fresh Intraday Highs – By HMFS Research

Jan 7 2026


HMFS Research


  • The equity market sustained its bullish trajectory on Wednesday, with the benchmark index crossing the 187,000-point mark intraday for the first time, reflecting continued strength in investor sentiment. The rally was led by index heavy sectors, supported by expectations of improved corporate earnings alongside a positive macro signal, as Pakistan reported GDP growth of 3.71% in 1QFY26—up 215bps y/y—reinforcing confidence in the economic recovery. While some intraday consolidation was observed at higher levels, buying interest remained broad-based, allowing the index to close firmly in positive territory.
  • By close, the benchmark settled at 186,519, up 1,457 points, with trading activity remaining robust as 570mn shares were exchanged in the KSE-100, while 1.3bn shares were recorded on the All-Share Index. On the volume front, activity was led by KEL (78mn shares), HASCOL (59mn shares), and BOP (55mn shares). Looking ahead, momentum remains supported by improving earnings visibility and a constructive macro backdrop; however, elevated index levels warrant greater selectivity. We expect near-term activity to be more stock-specific, with any consolidation viewed as healthy so long as liquidity remains supportive. Investors are advised to remain vigilant and adopt a selective approach, focusing on stocks with strong fundamentals and sustainable long-term growth potential.
Pakistan Market Wrap: A New Summit for the KSE-100 Amid Broad-Based Optimism – By HMFS Research

Jan 5 2026


HMFS Research


  • The KSE-100 Index extended its strong bullish trajectory, scaling fresh highs during the session as investor confidence remained firmly anchored to supportive economic cues. The benchmark touched an intra-day peak of 183,964, driven by improving domestic indicators, a decline in global oil prices—positive for both inflation dynamics and overall economic stability—and renewed optimism following USD 2bn investment commitments from Azerbaijan. The index remained firmly in positive territory throughout the session, ultimately closing at 182,408, marking a gain of 3,373 points.
  • Market participation was robust, with 633mn shares traded on the KSE-100 and 1.38bn shares across the broader market. Volume leadership was seen in BOP (95mn), PIBTL (80mn), and KEL (75mn). Going forward, the prevailing momentum is expected to remain supportive of the benchmark, underpinned by constructive economic developments and improving investor sentiment. That said, elevated valuations may invite intermittent profit-taking, a natural feature of such sharp rallies. In this backdrop, investors are advised to maintain a disciplined approach, closely monitor market dynamics, and focus on fundamentally strong stocks with longterm growth potential.
Technical Outlook: Bulls Take Charge: KSE-100 Climbs +3.85% in First Week of 2026 – By HMFS Research

Jan 2 2026


HMFS Research


  • The KSE-100 Index commenced the new year on a strong note, closing the first week of 2026 at 179,034.93 points. This marks a robust gain of 6,634.20 points, or +3.85%, reflecting renewed investor confidence and a resurgence of bullish sentiment.
  • Following a prolonged consolidation phase during November and December, where the market traded within a narrow range, the bulls have gradually regained momentum. This breakout aligns with expectations that the new calendar year would bring fresh liquidity, improved sentiment, and a strategic repositioning by institutional investors.
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.