Automobile Assemblers: Dec’25: Passenger Vehicle Sales down 14%MoM – By Taurus Research

Jan 13 2026


Taurus Securities


  • According to data from the Pakistan Automotive Manufacturing Association (PAMA), automobile sales in Dec’25 showed a de crease of 14%MoM in volumes for Passenger Cars, Light Commercial Vehicles (LCVs), and Jeeps, totaling 13,260 units. Moreover, on a yearly basis sales experienced a 36% surge as compared to the SPLY. INDU’s market share decreased by 8ppts MoM to 17%, while HCAR’s share declined 2ppts to 15%. Hyundai’s market share increased by 2ppt to 8%. SAZEW’s share increased~ 2% to 9%. Meanwhile, PSMC’s market share increased by 6ppts to 49%. Consequently, 1HFY26 car sales rose 46%YoY to 88,095 units compared to 60,419 units sold last year.
  • The yearly growth in sales during Dec’25 can be attributed to several factors, stable inflation, fuel prices, interest rates and dis counted car prices along with the release of new variants. Moreover, the MoM decrease in auto sales was led by decrease in volumes for INDU, HCAR, and GAL and increase in GHNI and SAZEW reflecting strong competition between the companies in the market. This results in a mixed performance that limits over all growth. Going forward, easing inflation and declining interest rates are expected to support demand recovery.
Morning News: Iran temporarily 'shuts airspace' amid escalating tensions with US – By Shajar Research

Jan 15 2026


Shajar Capital


  • Iran has temporarily restricted its airspace to permitted international flights only, Flightradar24 reported on Thursday, as Tehran-Washington tensions stay high. The advisory is valid for a little more than two hours, Flightradar24 said on its social media profile. (The News)
  • The World Economic Forum (WEF) finds geo-economic confrontation as the top risk for 2026, followed by interstate conflict, extreme weather, societal polarisation, and misinformation and disinformation, its report said on Wednesday. (Dawn)
Morning News: Pakistan signs deal with Trump family-linked crypto firm – By Vector Research

Jan 15 2026


Vector Securities


  • Pakistan said on Wednesday it had signed an agreement with a firm connected to World Liberty Financial, the main crypto business of US President Donald Trump’s family, to explore using World Liberty’s $1 stablecoin for cross-border payments. (BR)
  • The government raised Rs492 billion (both competitive and non-competitive) from the auction of fixed-rate Pakistan Investment Bonds (PIBs) on Wednesday, with yields falling across all tenors. The target for this auction was Rs450 billion, with total participation reaching Rs2.06 trillion. (The News)
Morning News: Pakistan on list as US suspends immigrant visas – By HMFS Research

Jan 15 2026


HMFS Research


  • The US State Department announced on Wednesday that it will suspend immigrant visa processing for Pakistan and 74 other countries, amid concerns that immigrants from these nations often rely on public welfare programmes, or fail security vetting. The freeze will begin on January 21, with no set time for it to end. According to AFP, the latest move does not affect tourist, business or other visas, including for soccer fans seeking to visit for this year’s World Cup, although the Trump administration has vowed to vet all applicants’ social media histories.
  • Oil prices slid more than 2% in early Asian trade on Thursday after U.S. President Donald Trump said killings in Iran’s crackdown on nationwide protests were stopping, tempering concern over military action against Iran and supply disruption. Brent futures were down $1.67, or 2.5%, at $64.85 a barrel at 0109 GMT, while U.S. West Texas Intermediate crude slipped $1.54, or 2.5%, to $60.48 a barrel.
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.
Automobile Assemblers: Dec’25: Passenger Vehicle Sales down 14%MoM – By Taurus Research

Jan 13 2026


Taurus Securities


  • According to data from the Pakistan Automotive Manufacturing Association (PAMA), automobile sales in Dec’25 showed a de crease of 14%MoM in volumes for Passenger Cars, Light Commercial Vehicles (LCVs), and Jeeps, totaling 13,260 units. Moreover, on a yearly basis sales experienced a 36% surge as compared to the SPLY. INDU’s market share decreased by 8ppts MoM to 17%, while HCAR’s share declined 2ppts to 15%. Hyundai’s market share increased by 2ppt to 8%. SAZEW’s share increased~ 2% to 9%. Meanwhile, PSMC’s market share increased by 6ppts to 49%. Consequently, 1HFY26 car sales rose 46%YoY to 88,095 units compared to 60,419 units sold last year.
  • The yearly growth in sales during Dec’25 can be attributed to several factors, stable inflation, fuel prices, interest rates and dis counted car prices along with the release of new variants. Moreover, the MoM decrease in auto sales was led by decrease in volumes for INDU, HCAR, and GAL and increase in GHNI and SAZEW reflecting strong competition between the companies in the market. This results in a mixed performance that limits over all growth. Going forward, easing inflation and declining interest rates are expected to support demand recovery.
Pakistan Cements: Dec’25 dispatches up 5%MoM – By Taurus Research

Jan 5 2026


Taurus Securities


  • Total cement dispatches in Dec’25 went up by 5%MoM to 4.35Mn tons i.e. Both domestic and export sales were up 5% MoM. Increase in domestic sales was attributed to rise in the construction demand despite higher construction material cost, duties and taxes—cement manufacturers have requested the Government to give concessions on duties and taxes by framing an industry-friendly policy in order to support construction activities, making cement viable domestically as well as for exports.
  • Further, North players are concerned as exports were Nil in the second consecutive month due to the border closure with Afghanistan, searching for alternative destinations like Sri Lanka and Bangladesh via Sea route. Further, imposition of US tariffs is likely to put pressure on exports for South players. Hence, subdued outlook for exports is anticipated for FY26.
Oil Marketing Companies (OMC): Oil Marketing Companies Sales—Dec’25 – By Taurus Research

Jan 5 2026


Taurus Securities


  • Petroleum products off-take for Dec’25 stood at ~1.3Mn tons, reflecting a decrease of 5%MoM and an increase of 6%YoY. MS volumes increased 3%MoM and 11%YoY. Meanwhile, HSD volumes decreased by 19%MoM and 4%YoY, respectively. During 6MFY26, industry volumes were up 2%YoY with MS and HSD up 3%YoY respectively.
  • Industry sources report a combination of factors that the MoM decline was a result of, particularly typical seasonal demand variations after a peak in Nov’25. Moreover, it was noted that fuel prices experienced a 20% annual drop in 2025 amid lower cost of supply—driving demand, along with higher passenger sales sup porting demand too.
TPL Trakker Limited (TPLT): FY25 Corporate Briefing Takeaways – By Taurus Research

Jan 5 2026


Taurus Securities


  • TPL Tracker Limited (TPLT), a key player in Pakistan’s location-based services and IoT solutions industry, focuses on three core verticals: Vehicle Telematics, TPL Maps, and IoT Solutions. TPL is strategically positioned as a pioneer in leveraging technology for operational efficiency and cost optimization across industries. It comprises of three areas i.e. Trakker Middle East, TPL Maps and TPL Security. TPLT is a market leader in Telematics & LBS across Pakistan.
  • TPLT reported consolidated revenue of PKR 1.83Bn in FY25, reflecting a YoY decline of 43% mainly due to closure of the STE project, while the core business remained stable. Hence, gross margins fell 6pptsYoY. Finance costs declined 37%YoY. Consequently, PAT clocked in at PKR 3.8Mn from the loss of PKR 104Mn last year, up 1.0xYoY, resulting in an EPS of PKR 0.07/sh.
Pakistan Economy: Dec’25 NCPI eases to 5.6%YoY/-0.4%MoM – By Taurus Research

Jan 1 2026


Taurus Securities


  • Headline inflation for Dec’25 clocks-in at 5.6%YoY/-0.4%MoM, in line with expectations amid significant correction in food prices. Wherein, MoM prices for perishable food items posted a drop of 17.74% driven by the sharp correction in prices for Potatoes ( 17.9%MoM), Onions (-32.9%MoM), Tomatoes (-45.2%MoM) & Fresh Vegetables (-21.3%MoM) as the supply situation improved. Overall, food inflation was down 2.2%MoM.
  • Elsewhere, performance of other segments arrived in muted as anticipated including some of the core segments also. Utilities were up slightly for the month. While Clothing, Education, Restaurants & Hotels and Miscellaneous segments were the main contributors to the increase in core inflation for the month.
Burshane LPG (Pakistan) Limited (BPL): FY25 Corporate Briefing Takeaways – By Taurus Research

Dec 31 2025


Taurus Securities


  • Burshane LPG (Pakistan) Limited (BPL) is among the pioneers in LPG marketing and distribution in Pakistan, incorporated in 1966. The Company consistently developed its countrywide distribution network, primarily focused on serving domestic users and delivering reliable services.
  • BPL's strategic goal was to establish itself as a leader among oil marketing companies by diversifying sales markets, ensuring reliable supplies, and improving operational efficiency. Management strategy, strengthened by principles of the circular economy, built a new BPL founded on efficiency, integration, and new technologies to differentiate the brand in a highly fragmented industry with over 250 licensed players.
Morning News: Pakistan, KSA discuss regional situation – By Taurus Research

Dec 31 2025


Taurus Securities


  • Pakistan and Saudi Arabia held high level discussions focusing on the evolving regional security and political environment. Both sides emphasized the importance of stability in the Middle East and South Asia, especially amid ongoing conflicts and diplomatic challenges. (BR)
  • The suspension of trade between Pakistan and Afghanistan has disproportionately affected the Afghan economy, deepening its economic challenges. (Dawn)
Allied Bank Limited (ABL): 9MCY25 Corporate Briefing Takeaways – By Taurus Research

Dec 30 2025


Taurus Securities


  • Allied Bank Limited (ABL) reported a sharp contraction in the balance sheet growth during 9MCY25, as net advances declined by 37% to PKR 658Bn compared to PKR 1,051Bn in CY24, significantly underperforming the industry, which recorded an ~18% decline. In contrast, net investments increased substantially, rising 80% to ~PKR 2,037Bn in 9MCY25 from PKR 1,130Bn in CY24, while industry investments grew by 22% over the same period. Consequently, total assets expanded by 13% to PKR 3,185Bn versus PKR 2,817Bn in CY24, outperforming the industry’s asset growth of 8%.
  • On the liabilities side, ABL’s borrowings increased by 29%, diverging from the broader banking sector, which recorded a 2% decline, while total liabilities grew by ~14% compared to an industry growth of 7%. Total deposits registered a 10% increase in 9MCY25.
Liven Pharma Limited (LIVEN): Corporate Briefing Takeaways – By Taurus Research

Dec 26 2025


Taurus Securities


  • Liven Pharma Limited was incorporated in Pakistan as a private Limited Company on October 21, 1991 and was converted into a public limited company on April 30, 1992. The principle activity of the Company is the manufacturing of pharmaceuticals and allied products.
  • In FY25, sales declined 48%YoY to PKR 127Mn from PKR 245Mn in the SPLY. Gross margins fell significantly by 11ppts, mainly driven by the transitional impact of post-merger integration and operational scaling. Similarly, administrative expenses increased significantly by 24xYoY while, finance costs went up by ~32xYoY.
  • Resultantly, LAT clocked in at PKR 584Mn compared to a profit of PKR 42Mn in the previous year; attributable to non-cash accounting adjustments from the reverse merger and deferred tax effects, with a minor impact from normal operational expenses. Consequently, LPS stood at PKR 8.37/sh.
Karam Ceramics Limited (KCL): Corporate Briefing Takeaways – By Taurus Research

Dec 26 2025


Taurus Securities


  • Karam Ceramics Limited (KCL) was incorporated in Pakistan as a public limited Company on April 8, 1979. The Company is engaged in manufacturing and sale of tiles with brand name is NOVA.
  • In FY25, the Company’s sales fell ~57% YoY to PKR 584Mn compared to PKR 1,348Mn in FY24, driven by a sustained decline in the construction activities, reducing demand for tiles during the period. Whereas gross losses remains persisted due to a combination of escalating operational costs and decreased production efficiency. Consequently, loss after tax (LAT) grew ~69%YoY to PKR 728Mn, mainly due to lower demand and aggressive competition from the Chinese manufacturers, the Company’s manufacturing plants operated below optimal capacity, limiting the ability to overcome fixed costs over a larger production volume, which further eroded profitability, resulting in an LPS of PKR 50.05/share.