Pakistan Market Wrap: Market Under Pressure: Geopolitical Uncertainty Sparks Sharp KSE-100Decline – By HMFS Research

Feb 6 2026


HMFS Research


  • The KSE-100 Index witnessed a sharp correction during today’s trading session, as investor sentiment weakened amid heightened geopolitical concerns, profit-taking at elevated valuations, and a broader risk-off environment. Rising uncertainty and cautious positioning triggered broad based selling across key sectors, exerting sustained pressure on market performance throughout the session. Consequently, the benchmark index closed at 184,129.58 points, registering a steep decline of 3,702.5 points from the previous close.
  • Despite the negative close, trading activity remained robust, with 799mn shares traded on the KSE-100 Index and 1.3bn shares exchanged across the All-Share Index, indicating sustained investor participation and active portfolio rebalancing. KEL (518mn shares) led volumes, followed by NBP (51mn shares) and FNEL (50mn shares). Looking ahead, market direction is expected to remain volatile in the near term, with sentiment likely to be shaped by geopolitical developments, macroeconomic signals, and the ongoing corporate earnings season. While short-term pressure may persist, medium-term fundamentals remain supportive, with selective opportunities likely to emerge in fundamentally strong stocks.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 6 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, facing selling pressure from early morning. Although a slight recovery was observed by the end of the first session, the momentum weakened again following news of the Islamabad blast. Trading volumes increased to 799mn shares today as compared to 768mn shares in the previous session. Today, the KSE-100 index lost 3,703 points to close at 184,130 level, down by -1.97% DoD. Banks, E&Ps, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 2494 points from the index.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 6 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, touching an intraday high of 188,036 before closing at 184,310 down 3,703 points, or (-1.93% ) amid profit taking. The announcement of the Supreme Court case regarding NBP’s pension funds triggered selling pressure, as investors anticipated lower dividend payouts following potential cash outflows for pension fund payments. Furthermore, Barrick Gold’s board is reviewing all aspects of a gold and copper project in the Balochistan region due to security concerns, including capital allocation, as CEO Mark Hill stated during a post-earnings call. Additionally, the upcoming third IMF review at the end of the current month exerted pressure, reflecting concerns over slower progress on required economic reforms.
  • The uncertain geopolitical climate also dampened investor sentiment. Selling pressure was concentrated in Commercial Banks, Fertilizer, and Exploration & Production (E&P) stocks, due to a lack of fresh positive catalysts. High stakes Iran US negotiations over Tehran’s nuclear program commenced in Oman, with lingering disagreements raising fears of prolonged Middle East tensions. Major laggards such as NBP, FFC, PPL, UBL, and MEBL collectively dragged the index down by 1,573.11 points. On the volume front, K-Electric KEL led trading activity with 517.82 million shares, while the total market turnover stood at 1,266.28 million shares.
Pakistan Market Wrap: KSE-100 closes at 184,130 down 3,703 points – By Alpha-Akseer Research

Feb 6 2026


Alpha Capital


  • The equity market opened on a subdued note and remained under pressure throughout the trading session. The KSE-100 Index fluctuated within a range of 183,547 to an intraday high of 188,036 before closing at 184,130, down 3,703 points. Total volumes on the main board stood at 798.2 million shares, with a total traded value of PKR 48.3 billion.
  • The decline in the index was primarily led by NBP (-8%, -396 points), FFC (-2.3%, -384 points), PPL (-5%, -313 points), UBL (-1.9%, -278 points), and MEBL (-2.6%, -202 points). In terms of activity, KEL and NBP led the volumes chart, with traded volumes of 517.8 million and 51.2 million shares, respectively.
Pakistan Market Wrap: Market Under Pressure: Geopolitical Uncertainty Sparks Sharp KSE-100Decline – By HMFS Research

Feb 6 2026


HMFS Research


  • The KSE-100 Index witnessed a sharp correction during today’s trading session, as investor sentiment weakened amid heightened geopolitical concerns, profit-taking at elevated valuations, and a broader risk-off environment. Rising uncertainty and cautious positioning triggered broad based selling across key sectors, exerting sustained pressure on market performance throughout the session. Consequently, the benchmark index closed at 184,129.58 points, registering a steep decline of 3,702.5 points from the previous close.
  • Despite the negative close, trading activity remained robust, with 799mn shares traded on the KSE-100 Index and 1.3bn shares exchanged across the All-Share Index, indicating sustained investor participation and active portfolio rebalancing. KEL (518mn shares) led volumes, followed by NBP (51mn shares) and FNEL (50mn shares). Looking ahead, market direction is expected to remain volatile in the near term, with sentiment likely to be shaped by geopolitical developments, macroeconomic signals, and the ongoing corporate earnings season. While short-term pressure may persist, medium-term fundamentals remain supportive, with selective opportunities likely to emerge in fundamentally strong stocks.
Pakistan Economy: Exports boost Jan-2026 cement dispatches – By JS Research

Feb 6 2026


JS Global Capital


  • Cement dispatches stood at 4.54mn tons in Jan-2026, up 13% YoY, primarily driven by a 61% YoY surge in export dispatches, led by a 79% YoY increase from the South, while North exports remained nil for the 3rd consecutive month. Local dispatches, meanwhile, saw a slowdown in momentum, with growth moderating to 4% YoY during the month.
  • In 7MFY26, total cement dispatches rose 11% YoY, supported by a 12% YoY increase in local dispatches. Export growth, however, remained muted at 3% YoY, as a 10% YoY rise in South exports was largely offset by a 23% YoY decline in North exports owing to the Afghan border closure.
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.
Technical Outlook: KSE-100: Formation suggests further upside – By JS Research

Feb 6 2026


JS Global Capital


  • KSE-100 index extended the gain to close at 187,832 level, up 931 points DoD. Volumes stood at 1,195mn shares versus 849mn shares traded previously. The index is expected to test resistance at 188,312 (Wednesday's high) where a break above that will target the all-time high at 191,033 level. However, any downside will find support between 186,420 and 187,130 levels, respectively. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. We recommend investors to 'Buy on dips', keeping stoploss below 186,428 level. The support and resistance are at 187,130 and 188,423 levels, respectively.
Morning News: Barrick reviews Reko Diq project amid security concerns – By Vector Research

Feb 6 2026


Vector Securities


  • Barrick Mining’s board is reviewing all aspects of a gold and copper project in Balochistan region, including capital allocation, due to security concerns, CEO Mark Hill said during a post-earnings call. The miner added the review of the Reko Diq project’s security arrangements, development timetable and capital budget would begin immediately, with an update once the process is completed. (BR)
  • Pakistan and Uzbekistan on Thursday signed a protocol aimed at materialising their commitment to boost bilateral trade to $2 billion, as Uzbek President Shavkat Mirziyoyev arrived in Islamabad on a two-day official visit. Trade between the two countries, however, currently stands at about $434m, according to official figures, despite steady growth in recent years. (Dawn)
Pakistan Market Wrap: Market Under Pressure: Geopolitical Uncertainty Sparks Sharp KSE-100Decline – By HMFS Research

Feb 6 2026


HMFS Research


  • The KSE-100 Index witnessed a sharp correction during today’s trading session, as investor sentiment weakened amid heightened geopolitical concerns, profit-taking at elevated valuations, and a broader risk-off environment. Rising uncertainty and cautious positioning triggered broad based selling across key sectors, exerting sustained pressure on market performance throughout the session. Consequently, the benchmark index closed at 184,129.58 points, registering a steep decline of 3,702.5 points from the previous close.
  • Despite the negative close, trading activity remained robust, with 799mn shares traded on the KSE-100 Index and 1.3bn shares exchanged across the All-Share Index, indicating sustained investor participation and active portfolio rebalancing. KEL (518mn shares) led volumes, followed by NBP (51mn shares) and FNEL (50mn shares). Looking ahead, market direction is expected to remain volatile in the near term, with sentiment likely to be shaped by geopolitical developments, macroeconomic signals, and the ongoing corporate earnings season. While short-term pressure may persist, medium-term fundamentals remain supportive, with selective opportunities likely to emerge in fundamentally strong stocks.
MCB Bank Limited (MCB): Earnings soften amid margin compression and normalization of non-core income – By HMFS Research

Feb 4 2026


HMFS Research


  • MCB Bank Limited (MCB) has announced its consolidated results for the year ended December 31, 2025, reporting profit after tax of PKR 58.8bn, translating into EPS of PKR 49.29 (in line with our expectations), down ~7.6% Y/Y compared to PKR 63.5bn (EPS: PKR 53.35) in CY24. The earnings decline largely reflects pressure on net interest income, higher operating costs, and normalization in non-markup income, partially offset by lower provisioning charges. On the payout front, MCB gave PKR 36/ per share as dividend with PKR 9 distributed in its final quarter (also in line with HMFS expectations).
  • Net markup/interest income declined ~4% Y/Y to PKR 161.2bn, primarily due to, a sharp rise in interest expense (~32% Y/Y). Non-markup income rose trivially by ~0.4% Y/Y to PKR 41.4bn Aided by improved FX income (~13% Y/Y), sharp increase in Dividend income (~52% Y/Y), and Income from derivates (~3x Y/Y).
Pakistan Market Wrap: Bullish Momentum Holds Firm – By HMFS Research

Feb 4 2026


HMFS Research


  • The KSE-100 Index maintained its bullish trajectory during today’s trading session, supported by strengthening economic indicators, optimism surrounding the potential inclusion of Pakistani equities in the JP Morgan Frontier Markets Index, expanding export volumes to China, and improving bilateral trade relations with key partner economies. The positive sentiment kept investor participation buoyant, enabling the benchmark to close at 187,832, marking a gain of 931 points from the previous session.
  • Trading activity remained robust, with 768mn shares exchanged on the KSE-100 Index and 1.19bn shares traded across the broader market. KEL (591mn shares) emerged as the top volume leader, followed by WAVESAPP (36mn shares) and FNEL (33mn shares). Market momentum is expected to remain constructive, supported by the ongoing corporate results season as investors recalibrate portfolios in response to earnings announcements. While elevated valuations may trigger intermittent profit-taking spells, the overall market outlook remains favourable. Investors are advised to remain vigilant, closely monitor evolving developments, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Interloop Limited (ILP): Strong Earnings Beat and Enhanced Shareholder Returns – By HMFS Research

Feb 4 2026


HMFS Research


  • Interloop Limited reported earnings well above HMFS expectations of PKR 1.9/share, delivering an EPS of PKR 2.47, marking an impressive 201% year-on-year growth. The company also declared a dividend of PKR 2/share, reinforcing shareholder value.
  • Revenue increased modestly by 3%, while gross profit expanded by 22%, supported by stable cost of sales. Operating and selling expenses declined, further strengthening operational efficiency.
Morning News: JPMorgan plans frontier bond index – By HMFS Research

Feb 4 2026


HMFS Research


  • JPMorgan is finalizing plans for a new index to track frontier market local currency bonds, investors consulted on the details told Reuters, as the bank looks to satisfy a growing appetite for riskier and more diversified high-yield debt. The move, which comes 15 years after the Wall Street bank launched its hard-currency Next Generation Markets Index (NEXGEM) frontier index, coincides with the year-long slump in the dollar and some extraordinary recent rallies in markets like Argentina, Ecuador and Uganda.
  • JPMorgan declined to comment on the plans. Six leading money managers who spoke to Reuters on condition of anonymity said the bank’s engagements with them reached an advanced stage in the second half of last year. The proposed index includes 20 to 25 countries, with Egypt, Vietnam, Kenya, Morocco, Kazakhstan, Pakistan, Nigeria, Sri Lanka and Bangladesh having the largest “weightings”, three of the managers said.
Ghani Dairies Limited IPO: Capitalizing on Pakistan’s Growing Dairy Market – By HMFS Research

Jan 30 2026


HMFS Research


  • Ghani Dairies Limited (GDL) is preparing for an Initial Public Offering (IPO), providing investors exposure to Pakistan’s formalized dairy supply chain, in contrast to traditional commodity-based milk businesses. The company operates a fully mechanized corporate dairy farm, supplying premium-quality raw milk to leading processors, including Nestlé Pakistan, Fauji Foods, and IRC Dairy Products.
  • The IPO is priced at a floor of PKR 24.00 per share, translating into a P/E of 17.56x on FY25 earnings. Applying the same multiple to the post-IPO forecasted FY27 EPS of PKR 3.80 yields a fair value of ~PKR 67 per share, representing ~178% upside from the floor price and ~98.6% from the maximum book building cap of PKR 33.60. The projected FY27 earnings growth is underpinned by near-term capacity expansion, which is expected to nearly double milk production, secured recurring supply contracts with leading processors providing predictable revenue streams, and operational leverage from scale, which should enhance margins further. By funding herd expansion.
Pakistan Market Wrap: Bulls Regain Control as Market Breaks Higher – By HMFS Research

Jan 30 2026


HMFS Research


  • The equity market traded firmly in the green today, with the benchmark index surging to an intra-day high of 4,281 points. Sentiment was underpinned by improving economic indicators alongside the conclusion of the rollover week, which helped restore risk appetite across the board. The KSE-100 ultimately closed at 184,174, marking a gain of 1,836 points from the previous session.
  • Trading activity remained robust, with volumes of 344mn shares on the KSE-100 and 802mn shares across the broader market. Volume leaders included KEL (81mn), HASCOL (66mn), and WTL (54mn). Going forward, market direction will be shaped by upcoming earnings announcements from blue-chip companies, key macroeconomic developments, and evolving geopolitical dynamics—particularly on the US–Iran front. In this backdrop, investors are advised to remain vigilant and focus on fundamentally sound stocks offering long-term growth potential.
Pakistan Market Wrap: Risk-Off Sentiment Triggers Sharp Correction – By HMFS Research

Jan 29 2026


HMFS Research


  • Pakistan’s equity market witnessed a sharp correction on Wednesday, with the benchmark KSE-100 Index shedding over 6,000 points as escalating US–Iran tensions triggered a broad risk-off move across assets. The index closed at 182,338, down 6,042 points (-3.21% d/d). Selling pressure was concentrated in index-heavy names, particularly across the fertilizer and banking sectors, as investors moved to lock in gains after the recent rally. Market participation weakened, with volumes coming off prior levels. The KSE-100 and All-Share indices recorded traded volumes of 414mn and 926mn shares, respectively. Activity was largely confined, with KEL (104mn shares), WTL (48mn), and BOP (31mn) emerging as the most actively traded stocks.
  • Looking ahead, near-term volatility is likely to persist, as global geopolitical developments continue to dominate sentiment, while the local market grapples with stretched valuations and profit-taking pressures following the recent sharp run-up. In the absence of a clear positive catalyst, further downside or consolidation cannot be ruled out. Investors are advised to remain selective and avoid chasing momentum, with a preference for high-quality, fundamentally sound stocks offering earnings visibility and balance sheet strength. Any further weakness may be better utilised to gradually build positions, rather than adopting an aggressive risk-on stance at current levels.
Fauji Fertilizer Company Limited (FFC): 4QCY25E – By HMFS Research

Jan 28 2026


HMFS Research


  • Fauji Fertilizer Company Limited (FFC) is expected to report an unconsolidated EPS of PKR ~17.5/ per share, along with a final dividend of PKR 12.5/ per share, in its Board Meeting scheduled for tomorrow, announcing year end results. We base the improvement in bottom-line on the back of improved farm economics post floods and inclement weather conditions, and most importantly recovery in the DAP business of the Company followed closely by Urea.
Pakistan Market Wrap: Profit-Taking Surfaces as MPC Decision Dampens Momentum – By HMFS Research

Jan 27 2026


HMFS Research


  • The Pakistan equity market ended the session on a cautious note, as broad-based profit-taking emerged after the recent rally, offsetting early gains. The benchmark KSE-100 Index closed at 188,203, down 385 points (-0.20%), as investors reassessed valuations amid mixed sentiment. The market’s tone was further impacted by the MPC decision to keep the policy rate unchanged, which was contrary to market expectations and triggered a re-pricing of the interest rate outlook.
  • Trading activity remained moderate, with turnover at the benchmark recorded at 342mn shares, while the broader All-Share index recorded exchanges of 745mn shares. Scrips such as KEL (90mn), HASCOL (48mn), and BOP (36mn) emerged as the most actively traded names during the day. Looking ahead, the market is likely to remain range-bound, as investors await further clarity from ongoing corporate result announcements and evolving macroeconomic developments. Investors are advised to remain selective and focus on scrips with fundamentally sound profiles and growth visibility.