Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 14 2026

Al Habib Capital Markets

• The KSE-100 Index experienced a volatile session, hitting an intraday high of 184,726.60 before closing at 182,569.81, down 1,382 points (-0.75%) as profit-taking set in. Selling pressure was evident across key sectors, particularly Commercial Banks, accounting for nearly half of total index losses, while cement and fertilizer names also saw heavy selling. Power and telecom sectors contributed to broader downside, showing risk-off sentiment across cyclical and defensive sectors alike.

• On the macro front, the World Bank projects Pakistan’s GDP growth at 3% in FY25–26, rising to 3.4% in FY26–27, supported by agricultural recovery and post-flood reconstruction. However, the current account deficit is expected to widen in FY26–27 due to rising import demand and normalization of remittances. Among major laggards, UBL, MCB, FFC, LUCK and HUBC, which cumulatively shaved -897.26 points off the benchmark. KEL led trading with 56.27 million shares, as total market turnover reached 1,031.36 million shares.

Pakistan Market Wrap: Correction Persists Amid Geopolitical Overhangs – By HMFS Research

Jan 14 2026

HMFS Research

• The KSE-100 Index remained under correction phase, extending its decline amid heightened geopolitical tensions that continued to weigh on investor sentiment. The cautious environment dragged the benchmark to close at 182,570, marking a decline of 1,382 points from the previous session. Despite the broader weakness, improving domestic economic fundamentals and the anticipation of upcoming corporate earnings provided selective support, with pockets of buying observed across specific sectors. Trading activity remained steady, with 444mn shares exchanged on the KSE-100 Index and 1.03bn shares traded in the broader market.

• Volume leadership was dominated by KEL (56mn), WTL (56mn), and PIBTL (48mn), reflecting sustained participation despite the corrective phase. While near-term sentiment remains sensitive to geopolitical developments, potential strategic tailwinds are emerging. Prospective defence agreements with Turkey, possible defence exports to Indonesia, and advancing discussions around a minerals partnership with Saudi Arabia could strengthen foreign inflows and reinforce investor confidence, providing upside catalysts for the equity market. However, any further escalation in global or regional tensions may prolong profit taking activity. In this environment, investors are advised to maintain a vigilant and disciplined approach, focusing on fundamentally strong stocks that offer durable long-term growth potential.

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.

Pakistan Cement: Profitability to drop 5% YoY in 2QFY26 – By Foundation Research

Jan 14 2026

Foundation Securities

• FSL Cement universe profitability is forecasted to slide 5% YoY in 2QFY26 despite uptick in domestic sales and easing coal prices. This suppression in the profitability is mainly accredited to (1) normalization of gross margins, (2) higher energy cost, (3) lower exports due to Afghan border closure along with 23% YoY dip in South exports, and (4) weak prices (down 6% YoY).

• On a quarterly basis, profitability is estimated to recede 19% QoQ in 2QFY26 owing to (1) weak domestic prices in North, (2) shift in energy mix, (3) slump in exports by 21% QoQ, and (4) attrition in other income.

Pakistan Textiles: Cotton arrivals flat YoY; remain short of target – By JS Research

Jan 14 2026

JS Global Capital

• Pakistan Cotton Ginner’s Association (PCGA) reported flat YoY cotton production at 5.43mn bales as of Dec-2025. At the current run-rate, we expect the annual output to remain close to last year’s level of 7mn bales, implying a ~30% shortfall from the govt target of 10mn bales for FY26.

• Sindh province reported a 3.6% YoY growth in cotton arrivals while output is down 4.4% YoY in Punjab, primarily reflecting loss of crop from floods.

Technical Outlook: KSE-100 likely to resume uptrend – By JS Research

Jan 14 2026

JS Global Capital

• KSE-100 index after making a low of 180,590 recovered to close at 183,952, up 1,567 points DoD. Volumes stood at 1,037mn shares versus 1,059mn shares traded previously. The index is expected to re-test resistance at 184,305 (yesterday's high) where a break above that will target 185,111 and 186,340 levels, respectively. However, any downside will find support between 181,590 and 182,950 levels. The momentum indicators are mixed, signaling no clear trading view. We recommend investors to 'Buy on dips', with risk defined below the 180,590 level. The support and resistance are at 181,593 and 185,308 levels, respectively.

Morning News: Pakistan could earn up to $60 billion from defence exports: report – By WE Research

Jan 14 2026

• A report by KASB securities highlights that Pakistan’s defence export pipeline could generate up to $60 billion between 2026 and 2030. The report notes that tracked defence deals already amount to $13 billion, with additional potential agreements under negotiation. Improved diplomatic standing following operation Bunyan e Marsous has strengthened Pakistan’s geostrategic defence ties, opening new export-driven opportunities. Defence exports are expected to become a significant driver of external economic indicators and foreign exchange inflows.

• This development is positive for the Pakistan stock exchange (PSX). Defence related industries, particularly listed companies in engineering, heavy manufacturing, and technology, could see investor interest rise due to anticipated export revenues. The inflow of foreign exchange would strengthen Pakistan’s external accounts, potentially stabilizing the rupee and improving investor sentiment. Broader market confidence may increase as defence exports diversify Pakistan’s revenue streams, reducing reliance on traditional sectors like textiles and agriculture.

Morning News: Trump hits Iran trade partners with tariffs – By Shajar Research

Jan 14 2026

Shajar Capital

• US President Donald Trump announced a 25-percent tariff on any country doing business with Iran, ramping up pressure as a rights group estimated a crackdown on protests has killed at least 648 people. (BR)

• Asian shares edged up on Wednesday, as a weaker yen fueled a record-breaking rally in Japanese equities. (Bloomberg)

Morning News: Oil Steadies After Four-Day Rally with Focus on Iran Meeting – By Spectrum Research

Jan 14 2026

Spectrum Securities

• Oil steadied after the biggest four-day gain in more than six months, as US officials planned to discuss Iran during a White House meeting.

• The Securities and Exchange Commission of Pakistan (SECP) on Tuesday proposed 183 major amendments in the Companies Act, 2017 to reduce regulatory burden on companies and improve the ease of doing business in Pakistan by streamlining the process of regulatory compliances.

Morning News: WB projects GDP growth at 3pc – By HMFS Research

Jan 14 2026

HMFS Research

• Pakis-tan’s GDP growth is projected to remain at 3 percent in fiscal year 2025–26 before rising to 3.4 percent in fiscal year 2026–27, driven by a recovery in agricultural production and reconstruction efforts following a series of floods in 2025, the World Bank said. However, Pakistan current account deficit is expected to widen in fiscal year 2026-27, with a rise in import demand, alongside the strengthening growth, and post-flood normalization of remittance inflows, the Bank stated in its latest report on Global Economic Prospects.

• Minister for Petroleum held a meeting with Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Al-Khorayef and exchanged views on strengthening bilateral cooperation in the mining and minerals sector, exploring joint investment opportunities, and enhancing collaboration across the mineral value chain. The federal minister is currently in Riyadh, leading a Pakistani delegation at the Future Minerals Forum (FMF) 2026, hosted by the Ministry of Industry and Mineral Resources of the Kingdom of Saudi Arabia. On the sidelines of the forum, the Saudi minister noted that global focus has increasingly shifted towards mining and critical minerals. He highlighted the vast potential for Pakistan–Saudi cooperation in the minerals sector and assured that Saudi Arabia’s knowledge resources and technical expertise would be available to support Pakistan’s mineral sector.