Automobile Assemblers: Auto sales up 31% YoY in Dec-2025, decline MoM – By JS Research

Jan 13 2026


JS Global Capital


  • Auto sales maintained their strong growth trajectory in Dec-2025, rising 31% YoY to ~13.3k units, with strong growth across all four major players including HCAR (+75% YoY), INDU (+40% YoY), Pak Suzuki (+9% YoY) and SAZEW (~3x YoY), taking 1HFY26 volumes to ~88.3k units (+45% YoY).
  • On a MoM basis, however, four-wheeler sales declined 14% in Dec-2025, in line with historical seasonality, as consumers typically defer purchases to opt for newer model year vehicles.
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.
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.
Automobile Assemblers: Auto sales up 31% YoY in Dec-2025, decline MoM – By JS Research

Jan 13 2026


JS Global Capital


  • Auto sales maintained their strong growth trajectory in Dec-2025, rising 31% YoY to ~13.3k units, with strong growth across all four major players including HCAR (+75% YoY), INDU (+40% YoY), Pak Suzuki (+9% YoY) and SAZEW (~3x YoY), taking 1HFY26 volumes to ~88.3k units (+45% YoY).
  • On a MoM basis, however, four-wheeler sales declined 14% in Dec-2025, in line with historical seasonality, as consumers typically defer purchases to opt for newer model year vehicles.
Technical Outlook: KSE-100; Correction to continue – By JS Research

Jan 13 2026


JS Global Capital


  • Bears continued to dominate the session as KSE-100 index lost 2,026 points to close at 182,384. Volumes stood at 1,059mn shares versus 1,034mn shares traded previously. The index is expected to re-test support at 182,304 where a fall below that will target 180,735, followed by 179,043. However, any upside will face resistance in the range of 183,040-184,440 levels. Meanwhile, the RSI and the Stochastic Oscillator have moved down, suggesting further downside ahead. We recommend investors to stay cautious at current level. The support and resistance are at 181,645 and 183,780 levels, respectively.
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.
Weekly Roundup: Bulls dominate as KSE-100 extends historic rally – By JS Research

Jan 9 2026


JS Global Capital


  • The benchmark KSE100 Index extended its bullish run in the second week of the year, closing at 184,409, up 3% WoW. The rally was largely bank-led, with Banks contributing 57% to index gains, while Cements (8%) and Autos (5%) provided limited support. Market participation improved notably, with average daily traded volumes rising 25% WoW. On the macro front, Pakistan recorded monthly remittances of US$3.6bn in Dec-2025, reflecting a 17% YoY increase. Cumulatively, remittances during 1HFY26 stood at US$19.7bn, up 11% YoY, providing support to the external account.
  • Meanwhile, total public debt declined by Rs345bn to Rs77.5trn in 5MFY26, largely supported by the transfer of SBP profits to the government. In policy developments, the government is exploring options to seek relaxations from the IMF ahead of the FY27 budget, with key proposals including a phased reduction in super tax over the next four years and lower power tariffs to enhance competitiveness. Separately, gas circular debt climbed to Rs3.2trn, driven mainly by a sharp rise in late payment surcharges (Rs1.45trn). In the latest T-bill auction, the government raised Rs979bn against a target of Rs850bn, with yields falling by 29–33bps across tenors. SBP reserves also improved, rising by US$141mn to US$16bn.
Pakistan Economy: 1HFY26 Remittances clock in at US$19.7bn; +11% YoY – By JS Research

Jan 9 2026


JS Global Capital


  • Pakistan recorded monthly remittance inflow in Dec-2025 clocking in at US$3.6bn, a 17% YoY increase. Cumulatively, during 1HFY26, overseas Pakistanis remitted US$19.7bn, marking a 11% YoY growth.
  • UAE remittances have regained momentum in recent months, with their share at 20% in Dec-2025 from a low of 17% in 1HFY24. Combined inflows from KSA and the UAE accounted for 43% of total remittances in Dec-2025, although KSA inflows recorded a slight dip during the month.
Technical Outlook: KSE-100; Engulfing Bear - stay cautious – By JS Research

Jan 9 2026


JS Global Capital


  • The KSE-100 index failed to sustain an intraday high of 187,905 and slid to close at 185,543 level, down 976 points DoD. Volumes stood at 1,434mn shares versus 1,329mn shares traded previously. The index is expected to test support at 185,199 (yesterday's low) where a fall below that will initiate a corrective trend with 182,427 and 179,043 in sight. However, any upside will face resistance between 186,215 and 187,910 levels. An Engulfing Bear has occurred and the momentum indicators are overbought, warranting a cautious stance. We recommend investors to stay cautious at current level. The support and resistance are at 184,527 and 187,232 levels, respectively.
Chemicals: Sustained decline in petrochem margins – By JS Research

Jan 8 2026


JS Global Capital


  • PVC-Ethylene margins have slipped to near-decade lows. As of Jan-26, margins stood at US$262/ton, down from US$764/ton in Jan-2021 and a high of US$1,157/ton seen in Nov-21.
  • Brent crude oil is currently trading around US$61.5/barrel, contributing to the broad softening of ethylene prices globally. Ethylene prices stood at US$730/ton compared US$930/ton in Jan-2021.
  • Near-term market conditions are expected to keep margins under pressure, as demand recovery remains uneven while oversupply persists. Sustainable margin improvement will depend on stronger global demand, stability in feedstock costs, and potential supply rationalization measures.
Technical Outlook: KSE-100: Entering the key resistance zone – By JS Research

Jan 8 2026


JS Global Capital


  • Bulls continued to dominate the session as KSE-100 index gained 1,457 points DoD to close at 186,519 level. Volumes stood at 1,329mn shares versus 1,306mn shares traded previously. The index is expected to test resistance at 187,015 (yesterday's high) where a break above this level will target 188,870 level. However, any downside will find support between 185,270 and 186,150 levels, respectively. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 185,272 and 187,390 levels, respectively.