Pakistan Fertilizers: Seasonal Demand & Discounts Lifts Fertilizer Volumes in Dec’25 – By AHCML Research

Jan 16 2026


Al Habib Capital Markets


  • According to the latest NFDC data, total fertilizer off-take in Dec’25 stood at 1,752k tons, marking an increase of 35% MoM and 30% YoY. On a cumulative basis, CY25 fertilizer off-take reached 10.0mn tons, up 1% YoY, indicating a marginal recovery compared to last year. The YoY improvement in urea off-take was largely driven by aggressive discounts offered by manufacturers aimed at clearing elevated inventory levels, which supported volumes and lifted overall off-take closer to last year’s levels.
  • Urea off-take rebounded sharply in Dec’25, rising 65.5%MoM and 36.8%YoY to 1,356k tons. This lifted cumulative CY25 urea sales to 6.73mn tons, reflecting a modest 2%YoY increase. The strong December recovery highlights resilient demand, despite persistently weak farm economics stemming from the withdrawal of support prices and elevated input costs in recent months.
Pakistan Market Wrap: Evening Note – By Vector Research

Feb 3 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note opening high early in the session, with momentum further supported by record monthly exports of USD 3.06bn. Trading volumes increased to 390mn shares today as compared to 216mn shares in the previous session. Today, the KSE-100 index gained 1,843 points to close at 186,901 level, up by 1.00% DoD. Banks, Fertilizer, and Technology sectors were the major contributors in today's session, cumulatively adding 1242 points to the index.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) KSE-100 Index extended its upward momentum, hitting an intraday high of 187,519 before closing at 186,901, up 1,843 points (+1.00%). The rally was driven by broad-based buying in Commercial Banks, Fertilizer, Technology, Pharmaceuticals, and Textile composite sectors. Sentiment was further supported by strengthened trade and investment cooperation between Pakistan and Uzbekistan, Moreover, hopes of a de-escalation in US-Iran tensions. In terms of index contribution FFC, UBL, ENGROH, MEBL, and SYS collectively added 734.81 points. On the volume front, KEL led trading with 99.51 million shares, while total market turnover stood at 846.50 million shares.
Interloop Limited (ILP): Result Preview 2QFY26 – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • Interloop Ltd (ILP) is scheduled to announce its financial results for 2QFY26 on February 4, 2026. Interloop Ltd (ILP) reports robust 2QFY26 results with PAT surging 124% YoY to PKR2,580mn, driven by strong sales growth, improved gross margins, and a significant reduction in finance costs. However, PAT declined 7.8% QoQ due to gross margin compression from lower international textile prices and adverse currency movements, which outweighed a sequential sales increase and led to declines in operating and pre-tax profit.
  • We reiterate our Buy recommendation with Target Price of PKR115 per share, reflecting confidence in the company's continued execution and growth prospects.
Oil & Gas Development Company Limited (OGDC): 2QFY26 Result Preview – By Taurus Research

Feb 3 2026


Taurus Securities


  • 2QFY26 EPS: PKR 8.56; 2QFY26 PAT down 4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 98.9Bn, down 2%YoY. Royalty expenses are expected to be recorded at ~PKR 10.9Bn, down 6%YoY supporting profitability.
  • Additionally, EPS for 2QFY26 is expected to arrive at PKR 8.56, down 11%YoY and 4%QoQ, mainly due to elevated exploration and operating expenses arising from dry well outcomes at Jakhro North-1 and Khatian-1, along with the ongoing drilling and seismic activities, which continue to weigh on profitability.
Oil Marketing Companies: OMC sales up 10% YoY and 12% MoM in Jan 2026; 7MFY26 sales up 3% YoY – By Topline Research

Feb 3 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.
  • The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.
  • This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.
Lucky Cement Limited (LUCK): Analyst Briefing 2QFY26 Highlights – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • LUCK has held an analyst briefing yesterday to discuss its financial results and future outlook. Below are the key takeaways from the briefing.
  • Pakistan cement domestic demand grew 12.5% YoY in 1HFY26 and Lucky Cement 1HFY26 sales increased to 3.36mn tons vs. 2.98mn tons in 1HFY25.
  • Approximately 56 - 57% of Lucky Cement’s energy mix comes from renewables, comprising 89.3 MW of solar capacity (including a planned 15 MW addition by Mar’26) and 28.8 MW of wind power. The remaining renewable contribution is generated through WHR systems.
Lucky Cement Ltd (LUCK): Cost optimization initiatives continue; Buy – By JS Research

Feb 3 2026


JS Global Capital


  • Lucky Cement Ltd (LUCK) held its corporate briefing yesterday to discuss 1HFY26 results and outlook. To recall, LUCK reported standalone EPS of Rs15.86 for 1HFY26, up 68% YoY, driven by stronger core performance and higher dividend income from subsidiaries. On a consolidated basis, earnings increased 13% YoY to Rs30.45/ sh.
  • Management shared that UC 3.0 technology has been commissioned on two production lines at the Karachi plant at a cost of Rs3-3.5bn, with plans to expand it to the two remaining lines. The technology is expected to improve cost efficiency by reducing coal consumption per ton of clinker produced and allowing the use of lower-cost, high-sulphur coal, with an estimated payback of 5 to 7 years.
Commercial Banks: Flat Earnings; Payouts Intact – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • We preview the IIS Banking Universe’s 4QCY25 results, where aggregate earnings are expected to remain largely flat QoQ at PKR 100bn, while delivering a 16.5% YoY growth. Despite continued pressure on net interest margins amid a declining interest-rate environment, earnings remained resilient, supported by balance-sheet expansion, contained credit costs, and disciplined expense management.
  • Net interest income is expected to increase 3.6% QoQ to PKR 340.5bn and 11.7% YoY, even as reinvestment yields remained under pressure. Margin compression was partially offset by volumetric growth, with deposits rising 20% YoY and 5.7% QoQ, supporting earning asset expansion. An improving deposit mix further helped cushion margins. On a full-year basis, CY25E NII is projected to grow 15.4% YoY, reflecting the sector’s ability to navigate a softer rate cycle.
Commercial Banks: 4QCY25 Previews: Stable earnings; Payouts intact – By Insight Research

Feb 3 2026


Insight Securities


  • We estimate profitability of ISL coverage banks to inch up by 16% YoY, while same is expected to decline by 2% QoQ. The YoY increase is mainly driven by lower ETR for the quarter compared to SPLY, further aided by volumetric expansion. While, QoQ decline is attributable to slight moderation in NIMs. Net Interest Income of the sector is likely to decline as impact of lower policy rate translates into asset yields.
  • However, some of the impact is likely to offset by balance sheet expansion as deposits grew by ~2.7% QoQ. We estimate HBL/UBL/MCB/MEBL/BAFL to post EPS of PKR11.0/13.8/11.9/12.5/3.5, respectively. We expect dividend payouts to remain robust amid healthy profits and decent buffer on adequacy ratios and expect HBL/UBL/MCB/ MEBL/BAFL to announce DPS of PKR5.0/8.0/9.0/7.0/2.5, respectively.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) KSE-100 Index extended its upward momentum, hitting an intraday high of 187,519 before closing at 186,901, up 1,843 points (+1.00%). The rally was driven by broad-based buying in Commercial Banks, Fertilizer, Technology, Pharmaceuticals, and Textile composite sectors. Sentiment was further supported by strengthened trade and investment cooperation between Pakistan and Uzbekistan, Moreover, hopes of a de-escalation in US-Iran tensions. In terms of index contribution FFC, UBL, ENGROH, MEBL, and SYS collectively added 734.81 points. On the volume front, KEL led trading with 99.51 million shares, while total market turnover stood at 846.50 million shares.
Interloop Limited (ILP): Result Preview 2QFY26 – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • Interloop Ltd (ILP) is scheduled to announce its financial results for 2QFY26 on February 4, 2026. Interloop Ltd (ILP) reports robust 2QFY26 results with PAT surging 124% YoY to PKR2,580mn, driven by strong sales growth, improved gross margins, and a significant reduction in finance costs. However, PAT declined 7.8% QoQ due to gross margin compression from lower international textile prices and adverse currency movements, which outweighed a sequential sales increase and led to declines in operating and pre-tax profit.
  • We reiterate our Buy recommendation with Target Price of PKR115 per share, reflecting confidence in the company's continued execution and growth prospects.
Lucky Cement Limited (LUCK): Analyst Briefing 2QFY26 Highlights – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • LUCK has held an analyst briefing yesterday to discuss its financial results and future outlook. Below are the key takeaways from the briefing.
  • Pakistan cement domestic demand grew 12.5% YoY in 1HFY26 and Lucky Cement 1HFY26 sales increased to 3.36mn tons vs. 2.98mn tons in 1HFY25.
  • Approximately 56 - 57% of Lucky Cement’s energy mix comes from renewables, comprising 89.3 MW of solar capacity (including a planned 15 MW addition by Mar’26) and 28.8 MW of wind power. The remaining renewable contribution is generated through WHR systems.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 2 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended its upward momentum, touching an intraday high of 185,612 before closing at 185,058, up 883 points (+0.48%). The rally was driven by broad-based buying, led by Commercial Banks, Oil & Gas Exploration, Automobiles, Technology, and Power Generation stocks.
  • Sentiment was further supported by the Prime Minister’s acknowledgment of the World Bank’s role in advancing Pakistan’s economic development, along with Wafi Energy’s plan to invest up to US$100 million in Pakistan over the next 2–3 years. In terms of index contribution, UBL, ENGROH, SYS, FATIMA, and SAZEW collectively added 893.66 points. On the volume front, FNEL led trading with 191.18 million shares, while total market turnover stood at 737.64 million shares.
Morning News: Govt, Standard Chartered Bank hold virtual roadshow to woo investors – By AHCML Research

Jan 30 2026


Al Habib Capital Markets


  • The virtual investor roadshow arranged by Standard Chartered Bank, in collaboration with the Debt Management Office, Ministry of Finance and Revenue, marked a historic and unprecedented level of engagement with Pakistan’s investment narrative, said Advisor to the Federal Finance Minister Khurram Schehzad.
  • High-lighting the government’s long-term vision, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that under the “URAAN Pakistan” initiative, the national target has been set to transform Pakistan into a one-trillion-dollar economy by 2035. The Minister expressed these views while chairing the mid-year review meeting of the Annual Plan 2025–26.
Pakistan Economy: MPC Jan’26 - 50 bps Cut to Signal Pro-Growth Shift – By AHCML Research

Jan 23 2026


Al Habib Capital Markets


  • The State Bank of Pakistan is projected to cut its policy rate by 50 bps to 10.0% in its January 2026 meeting. This move is primarily driven by a sustained ease in inflation, a marked improvement in external buffers, continued stability in the currency, and a market-led decline in government bond yields, which together create a compelling case for further monetary easing.
  • Headline CPI inflation for Dec’25 stood at 5.6% YoY, maintaining its position within the SBP’s 5-7% medium-term target for the sixth consecutive month. More importantly, the CPI contracted by 0.4%MoM, signaling strengthening near-term disinflationary momentum.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 22 2026


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile session, hitting an intraday high of 188,106.82 before closing at 187,688.16, up 655 points (0.35%) as profit-taking persisted. Gains for the day were led by the Energy, ENGROH, Cement and Fertilizer sector. In a key development, foreign assistance to Pakistan during 1HFY26 increased 20% YoY to USD 4.51bn.
  • Data from the Economic Affairs Division shows bilateral loans and grants at USD 1.07bn, while multilateral disbursements reached USD 1.97bn during Jul–Dec FY26. On the corporate front, Nestlé reaffirmed its long-term commitment to Pakistan, announcing an additional USD 60mn investment as part of its planned expansion of local operations. In terms of index contribution, ENGROH, HUBC, EFERT, ATRL and AICL, emerged as key drivers, collectively adding 606.46 to the benchmark. KEL led trading with 195.89 million shares, as total market turnover reached 1,066.28mn shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 21 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index experienced a volatile session, hitting an intraday high of 189,523 before closing at 187,033, down 1,589 points (-0.84%) amid profit-taking. Selling pressure was observed across key sectors, particularly Cement, Commercial Banks, Technology & IT Services, and OMCs, Sentiment was further weighed down after the NA approved a bill restricting public access to lawmakers’ asset declarations, while foreign investors’ profit repatriation rose 27% in 1HFY26.
  • Among major laggards, MEBL, ENGROH, MCB, HBL, and SYS collectively shaved 792.87 points off the index. On the volume front, KEL led trading activity with 263.24 million shares, while total market turnover stood at 1,322.41 mn shares.
Pakistan Fertilizers: Seasonal Demand & Discounts Lifts Fertilizer Volumes in Dec’25 – By AHCML Research

Jan 16 2026


Al Habib Capital Markets


  • According to the latest NFDC data, total fertilizer off-take in Dec’25 stood at 1,752k tons, marking an increase of 35% MoM and 30% YoY. On a cumulative basis, CY25 fertilizer off-take reached 10.0mn tons, up 1% YoY, indicating a marginal recovery compared to last year. The YoY improvement in urea off-take was largely driven by aggressive discounts offered by manufacturers aimed at clearing elevated inventory levels, which supported volumes and lifted overall off-take closer to last year’s levels.
  • Urea off-take rebounded sharply in Dec’25, rising 65.5%MoM and 36.8%YoY to 1,356k tons. This lifted cumulative CY25 urea sales to 6.73mn tons, reflecting a modest 2%YoY increase. The strong December recovery highlights resilient demand, despite persistently weak farm economics stemming from the withdrawal of support prices and elevated input costs in recent months.
Pakistan Economy: Nov’ 25: LSM Grows 10.37% YoY on Higher Automobile Production Amid Enhanced Demand – By AHCML Research

Jan 16 2026


Al Habib Capital Markets


  • Large Scale Manufacturing Industries (LSMI) sustained its positive momentum in Nov’25, demonstrating robust growth of 10.37%YoY while maintaining steady progress of 0.16%MoM. The provisional Quantum Index of Manufacturing (QIM) for Nov’25 reached 118.28, marking continued industrial recovery and expansion. More significantly, the cumulative performance for 5MFY26 shows sustained growth at 6.01%, with the QIM standing at 115.72 compared to 109.65 during the same period last year. Mainly due to broad-based expansion and strengthening industrial fundamentals across multiple key sectors.
  • On Monthly basis, the marginal increase of 0.16% reflects stable production momentum, with notable improvements in several sectors. Furniture manufacturing showed remarkable sequential growth at 55.56%, followed by beverages at 32.61%, and petroleum products at 12.36%. However, some sectors experienced contraction, wearing apparel (-11.96%), indicating potential demand fluctuations or seasonal adjustments in these categories.