Oil Marketing Companies: Jan’26 Volumes up 10%YoY and 12%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Petroleum products off-take for Jan’26 stood at ~1.5Mn tons, reflecting an increase of 12%MoM and 10%YoY respectively. MS volumes increased 2%MoM and 3%YoY. Meanwhile, HSD volumes increased by 20%MoM and 11%YoY, respectively. During 7MFY26, industry volumes were up 3%YoY with MS and HSD up 3%YoY and 4%YoY, respectively.
  • Industry sources report a combination of factors that the MoM increase was a result of, particularly economic recovery and ease in inflation. 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 car sales supporting demand as well.
Bank AL Habib (BAHL): Result Review – By Topline Research

Feb 11 2026


Topline Securities


  • Bank AL Habib (BAHL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs5.8bn (EPS of Rs5.20), down 23% YoY and 16% QoQ.
  • The 4Q2025 result came lower than industry expectations due to higher-than-expected operating expenses.
  • We maintain a buy stance on BAHL, with the stock currently trading at a 2026E PE ratio of 7.2x, PBV ratio of 1.2x, and dividend yield of 9.0%.
Pakistan Market Wrap: PSX Ends Higher Despite Choppy Trade – By HMFS Research

Feb 11 2026


HMFS Research


  • The Pakistan Stock Exchange (PSX) experienced a choppy yet decisively positive session, as early selling pressure dragged the index lower before a strong recovery took hold mid-morning. Sentiment improved after the State Bank of Pakistan’s governor signaled confidence in the economic outlook, projecting FY26 growth of up to 4.75%—countering the IMF’s recent downgrade. The SBP has revised its growth range upward to 3.75–4.75%, reflecting improved domestic momentum despite weaker exports and a widening trade gap in the first half of the fiscal year. Additionally, remittance inflows provided further support, rising over 11% YoY to USD 23.2bn during 7MFY26, reinforcing external account stability.
  • Strong accumulation in the final trading hours propelled the benchmark index firmly into positive territory, with the KSE-100 closing at 183,050 level—up 896 points. Market participation remained elevated, with traded volumes reaching 350mn shares on the KSE-100 and 731mn shares on the All-Share Index, reflecting sustained investor engagement. KEL (121mn shares), CNERGY (82mn shares), and FNEL (52mn shares) led the activity chart, dominating turnover for the session. In the short term, the market is likely to move within a limited range as investors assess elevated valuations alongside selective earnings strength and evolving macroeconomic and geopolitical landscape. Given this backdrop, a disciplined, stock-specific strategy remains prudent. Investors should capitalize on intermittent pullbacks to build exposure in fundamentally strong counters, while exercising caution in index-heavy names where valuations appear extended.
Pakistan Market Wrap: KSE-100 closes at 183,050 up 896 points – By Alpha-Akseer Research

Feb 11 2026


Alpha Capital


  • The equity market commenced the session on a strong footing and remained largely steady throughout the day. However, the KSE-100 Index witnessed notable intraday volatility, fluctuating between a low of 182,055 and a high of 183,802 before settling at 183,050, reflecting a gain of 896 points. Total volumes on the main board reached 349.6 million shares, with an aggregate traded value of PKR 25 billion.
  • Key contributors to the index’s positive performance were ENGROH (4.4%, 412 points), LUCK (2.5%, 172 points), FABL (9.1%, 126 points), MCB (2.1%, 124 points), and BAFL (2.9%, 86 points). In terms of trading activity, KEL and CNERGY led the volumes chart, recording 120.6 million and 81.6 million shares traded, respectively.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 11 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after an initial dip at the start of the session. Trading activity remained largely stock specific in the absence of any strong positive trigger, as investors positioned themselves ahead of the ongoing results season. Trading volumes decreased to 350mn shares today as compared to 636mn shares in the previous session. Today, the KSE-100 index gained 896 points to close at 183,050 level, up by 0.49% DoD. Banks, Cement, and Power sectors were the major contributors in today's session, cumulatively adding 619 points to the index.
Pakistan Chemicals: Profitability to remain muted – By Insight Research

Feb 11 2026


Insight Securities


  • LOTCHEM is expected to post a PAT of PKR263mn (EPS: PKR0.17) in 4QCY25 vs. LAT of PKR19mn (LPS: PKR0.01) in SPLY and PAT of PKR94mn (EPS: PKR0.06) in preceding quarter. To note, International PTA prices plunged by ~4%/2% YoY/QoQ to clock in at ~US$644/ton. Consequently, core delta declined by ~16%/5% YoY/QoQ to clock in at ~US$86/ton. Company’s topline is expected to decrease by 4% YoY/QoQ to clock in at PKR19.6bn in 4QCY25 amid lower product prices. Gross margins of the company are estimated to clock in at 2.6% in 4QCY25, witnessing an increase of ~180bps YoY amid one-off in SPLY.
  • EPCL is expected to post a consolidated LAT of PKR1.2bn (LPS: PKR1.30) in 4QCY25 vs. PAT of PKR3.4bn (EPS: PKR3.75) in SPLY and LAT of PKR0.2bn (LPS: PKR0.24) in preceding quarter. Company’s topline is expected to decrease by 15%/10% YoY/QoQ to clock in at PKR18.0bn in 4QCY25, amid lower product price. Gross margins are estimated to clock in at 6.2% in 4QCY25. To note, International PVC prices decline by ~19%/7% YoY/QoQ to clock in at ~US$649/ton. Consequently, PVC-Ethylene margins witnessed a decline of ~16%/1% YoY/QoQ. Admin expense is expected to increase by 26% YoY amid higher volumetric sales, whereas same is expected to go down by ~10% QoQ. Financial charges are anticipated to decrease by 24%/6% YoY/QoQ to clock in at PKR1.3bn, primarily due to decline in interest rates and debt level.
Pioneer Cement Limited (PIOC): 2QFY26 EPS clocks in at PKR 7.04, down 9% YoY – By Alpha-Akseer Research

Feb 11 2026


Alpha Capital


  • PIOC announced its 2QFY26 results today wherein the company reported an EPS of PKR 7.04, down 9% YoY. This takes cumulative earnings for 1HFY26 to PKR 12.65/share, up 4% YoY. Contrary to expectations, no dividend was announced along with the results.
  • Net sales for 2QFY26 clock in at PKR 10.3bn, up 15% YoY from PKR 8.9bn SPLY, driven by a 28% YoY increase in local dispatches to ~0.7mn tons, outpacing the North’s 12% YoY growth and offsetting a 4% YoY decline in net retention.
  • Gross margins for 2QFY26 clocked in at 30%, down 12 ppts YoY primarily reflecting the effect of increased royalty charge on 6% of ex-factory price instead of net retention. The compression in margins also reflect upward pressure on fuel cost driven by Afghan border closure.
Pakistan Economy: Sequential dip likely for Banks – By JS Research

Feb 11 2026


JS Global Capital


  • We preview 4QCY25 results for Pakistan banks which are expected to broadly report YoY decline in core income due to NIMs contraction amid declining yields.
  • Quarterly profits are likely to face pressure from weaker core income and declining asset yields, though non-interest income should offer partial support. Dividend policies for 4QCY25 are expected to be maintained.
Lucky Core Industries Limited (LCI): Corporate Briefing Notes – By Chase Research

Feb 13 2026



  • Lucky Core Industries Limited reported earnings per share (EPS) of PKR 120.62 in FY24, compared to PKR 149.12 in FY23. In 1QFY25, the company posted an EPS of PKR 28.10, slightly higher than PKR 27.21 in the same period last year.
  • The polyester and pharmaceutical segments performed well during the year, driving improved operating performance.
Pakistan Economy: MSCI Feb’26 Quarterly Index Review – By Foundation Research

Feb 11 2026


Foundation Securities


  • MSCI, the leading global provider of research-based indexes and analytics, earlier today announced the results of its Feb’26 Frontier Markets Quarterly Index Review. All changes will be implemented from 27th February 2026.
  • We believe the slightly decreased weight of Pakistan in MSCI Frontier Market Indices after the above deletions would have a mildly negative impact on foreign flows. To highlight, foreigners have been net sellers of US$337.0Mn FY26TD against foreign selling of US$304.4Mn in FY25.
Technical Outlook: KSE-100; 30-DMA to restrict upside – By JS Research

Feb 11 2026


JS Global Capital


  • KSE-100 index witnessed a volatile session to close at 182,154 level, down 187 points. Volumes stood at 1,062mn shares versus 931mn shares traded previously. The index is expected to test support at 181,499 (yesterday's low) where a fall below that will target the 50-DMA at 178,377 level. However, any upside will face resistance at the 30-DMA that is currently at 184,123 level. A break above that will cause the uptrend to resume. The RSI and the MACD are moving down, supporting a negative view. We recommend investors to stay cautious on the higher side. The support and resistance are at 181,363 and 183,080 levels, respectively.
Meezan Bank Limited (MEBL): 4QCY25 Result Review – By Taurus Research

Feb 9 2026


Taurus Securities


  • 4QCY25 EPS: PKR 11.9. 4QCY25 PAT down 16%YoY. CY25 PAT down 11%YoY. Further, MEBL has also announced a final cash dividend of PKR 7.00/sh., taking the CY25 dividend payout to PKR 28.0/sh. – in-line with expectations.
  • Net Spread Earned (NSE): Down 12%YoY/Up 3%QoQ. Wherein, the sequential uptick can be attributed to higher yields on earning assets, and surge in OMO related borrowings leading to higher arbitrage gains overall.
Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
Attock Petroleum Limited (APL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17, PAT: ~PKR 2.1Bn, down ~23% over the SPLY. 1HFY26 PAT to grow 16%YoY.
  • In 2QFY26, APL’s topline is expected to clock-in at ~PKR 113Bn, down 5%YoY/4%QoQ. During 2QFY26, APL’s MS and HSD volumes decreased by 2%YoY and 8%YoY, respectively. As a result, net profit is likely to decrease by 23%YoY and arrive at PKR 2.1Bn. Overall volumes for the quarter decreased by 3%QoQ and 5%YoY altogether during 1HFY26. Despite the decrease, APL’s net sales for 1HFY26 are expected to remain stable YoY at PKR 231Bn, recording a decrease of only 0.5%YoY.
Pakistan State Oil Company Limited (PSO): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17.0, PAT: ~PKR 8.0Bn up 11% over the SPLY. 1HFY26: – PAT up 55% over the SPLY.
  • In 2QFY26, PSO’s net sales are expected to clock-in at ~PKR 711Bn, down 15%YoY/4%QoQ due to a decrease in PSO’s MS and HSD volumes by 11%YoY and 16%YoY, respectively, primarily due to a 5%YoY decrease in its market share during 2QFY26 due to competition. In addition, sales of other fuels increased only by 4%YoY. However, gross margin during the quarter is expected to grow marginally by 0.5ppts as LNG sales are expected to eventually increase by 1.3%QoQ.
  • Moreover, the finance cost for the quarter is expected to decrease by 19%YoY, and by 32% for 1HFY26 due to lower debt and interest rates. We expect this to contribute to some growth in net profit as well as improve the net margin to 1.1% from to 0.9% during the SPLY. Accordingly, PSO’s net profit is expected to grow by 11%YoY during 2QFY26 and 55%YoY during 1HFY26.
Engro Powergen Qadirpur Limited (EPQL): 4QCY25 Result Review – By Taurus Research

Feb 4 2026


Taurus Securities


  • Board Meeting: February 04, 2026.
  • 4QCY25 LPS: PKR 0.05; DPS: PKR 1.25; LAT: PKR 15Mn, down 1.0xYoY over the SPLY – below expectations.
  • EPQL’s net sales clocked-in at PKR 3.2Bn in 4QCY25, down 4%QoQ due to lower plant utilization. Gross margins hovered at 6%, down 8pptsQoQ on account of increase in fuel cost component. Moreover, CY25 sales dropped 10%YoY on the back of major scheduled outage in 2025 and reduction in capacity payments due to implementation of hybrid take & pay model. CY25 PAT down 61%YoY due to PPA revisions in addition to lower utilization level. On a sequential basis, EPQL posted a LAT of PKR 15Mn (LPS of PKR 0.05) as a lower topline has wiped out the earnings during the quarter. Lastly, the Company announced a final cash dividend of PKR 1.25 for the quarter, taking the total payout to PKR 11.75 for the year.
Pakistan Cement: Jan’26 dispatches up 4%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Total cement dispatches in Jan’26 went up 4%MoM to 4.54Mn tons i.e. domestic sales down 3%MoM while exports were up significantly by 51%MoM. Decrease in domestic sales was at tributed to lower construction demand amid winter effect, also a resultant effect of 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 for the third consecutive month due to the border closure with Afghanistan, searching for alternative destinations like Sri Lanka and Bangladesh via the Sea route.
Oil Marketing Companies: Jan’26 Volumes up 10%YoY and 12%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Petroleum products off-take for Jan’26 stood at ~1.5Mn tons, reflecting an increase of 12%MoM and 10%YoY respectively. MS volumes increased 2%MoM and 3%YoY. Meanwhile, HSD volumes increased by 20%MoM and 11%YoY, respectively. During 7MFY26, industry volumes were up 3%YoY with MS and HSD up 3%YoY and 4%YoY, respectively.
  • Industry sources report a combination of factors that the MoM increase was a result of, particularly economic recovery and ease in inflation. 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 car sales supporting demand as well.
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.
Pakistan Economy: Jan’26 NCPI arrives at 5.8%YoY/0.4%MoM – By Taurus Research

Feb 3 2026


Taurus Securities


  • Headline inflation for Jan’26 arrived at 5.8%YoY/0.4%MoM, in line with expectations. Consequently, taking the NCPI for FY26 to date to 5.21%YoY. However, core inflation edged up slightly in both Urban & Rural areas for Jan’26 to 7.2%YoY (6.9%YoY in Dec’25) and 8.3%YoY (8.1%YoY in Dec’25), respectively.
  • To note, food inflation (~35% weight) for the month stood at 0.06% only on account of ~13%MoM decrease in the prices of perishable items. These include ~28%MoM decline in the prices of Potatoes and Onions along with a ~17%MoM decrease in the prices of other fresh vegetables during the month. Resultantly, offsetting the impact of the surge in prices of Wheat & Chicken.
Pakistan Refinery Limited (PRL): 2QFY26 Result Review – By Taurus Research

Feb 2 2026


Taurus Securities


  • 2QFY26 – EPS: PKR 1.8, PAT: ~PKR 1.1Bn – below expectations.
  • PRL’s net sales clocked-in at PKR 75.3Bn in 2QFY26, up 22%QoQ on account of increase in the volumes by 28%QoQ. Gross margins hovered at 5% in 2QFY26, remained flat compared to the previous quarter despite surge in HSD and MS sales as increase in FO sales i.e. 31%QoQ is likely to have balanced out margin growth. During 2QFY26, selling and admin expenses went up significantly by 27%QoQ and 61%QoQ, respectively. Further, Finance cost arrived at PKR 1.1Bn in 2QFY26, up 2%QoQ due to working capital requirements for the ongoing REUP project. Further, PRL posted a PAT of PKR 1.1Bn in 2QFY26, up 10%QoQ. 1HFY26 EPS arrived at PKR 3.4, turning positive compared to LPS of PKR 3.2 during the SPLY.