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: 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: 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.
Interloop Limited (ILP): Earnings Beat Expectations on Higher Other Income – By IIS Research

Feb 4 2026


Ismail Iqbal Securities


  • ILP reported an unconsolidated EPS of PKR 2.47 for 2QFY26, up 3x YoY and 24% QoQ, materially above our expectation of PKR 1.9. The earnings surprise was largely driven by higher than expected other income, which we believe likely stems from derivative financial instruments, similar to last quarter, where other income of PKR 700mn was primarily attributable to FX derivative gains on forward dollar bookings. However, detailed account is awaited. The results were accompanied by a cash dividend of PKR 2.00 per share, which was above consensus expectations and likely reflects an improved cash position.
  • Net sales clocked in at PKR 43.6bn, up 3% YoY but flat QoQ. Cost discipline remained evident as cost of sales declined 2% YoY, leading to an improvement in gross margins to 24% versus 23% in the previous quarter and 20% in 2QFY25. This margin expansion reflects better pricing, product mix, and input cost management.
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.
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.
Lucky Cement Limited (LUCK): 1HFY26 Corporate Briefing Takeaways – By IIS Research

Feb 2 2026


Ismail Iqbal Securities


  • Lucky Cement Limited held it’s corporate briefing today to discuss the financial results of 1HFY26 and future outlook of the company. Key highlights of the briefing are follows:
  • Local dispatches increased by 7% to 1.7mn tons in 2QFY26 (vs. 1.6mn tons in 1QFY26), in line with improving industry demand, which rose to 11.6mn tons from 9.6mn tons. Consequently, domestic market share declined to 15.9% in 1HFY26 from 16.0% in SPLY.
  • On the export front, market share fell to 32.5% from 37.6% due to lower volumetric dispatches, which declined to 1.5mn tons in 1HFY26 from 1.8mn tons in SPLY. Exports to Afghanistan were impacted by 100k tons in 1HFY26 following border closures.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 2 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after an initial dip at the start of the session. Activity remained largely stock specific as investors positioned themselves for the ongoing results season. Trading volumes decreased to 216mn shares today as compared to 344mn shares in the previous session. Today, the KSE-100 index gained 883 points to close at 185,058 level, up by 0.48% DoD. Banks, E&Ps, and Autos sectors were the major contributors in today's session, cumulatively adding 707 points to the index.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Jan 30 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after a volatile session. The market remained upbeat in the first half, recovering from yesterday’s losses, while further gains in the second half were supported by news of electricity tariff relaxations. However, profit taking toward the end of the session trimmed some of the intraday gains. Trading volumes decreased to 344mn shares today as compared to 408mn shares in the previous session. Today, the KSE-100 index gained 1,836 points to close at 184,174 level, up by 1.01% DoD. Banks, Cement, and E&Ps sectors were the major contributors in today's session, cumulatively adding 1166 points to the index.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research

Jan 29 2026


Ismail Iqbal Securities


  • The benchmark index closed on a sharply negative note, shedding points from the outset amid global uncertainty. Sentiment further deteriorated as the results season unfolded, with earnings falling short of expectations, prompting a reality check on valuations and driving sustained selling pressure. Trading volumes decreased to 408mn shares today as compared to 424mn shares in the previous session. Today, the KSE-100 index lost 6,042 points to close at 182,338 level, down by -3.21% DoD. Fertilizer, Banks, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 3794 points from the index.
Fauji Fertilizer Company Limited (FFC): Result Review – By IIS Research

Jan 29 2026


Ismail Iqbal Securities


  • FFC announced its 4QCY25 results today, reporting an unconsolidated EPS of PKR 11.20 for the quarter and 51.70 on annual basis, which is lower than our expectation of PKR 16.1. The underperformance was mainly attributed to lower than anticipated gross margin which came down by 5.6% to 25.2% as compare to last quarter 30.8%.
  • Net sales increased by 18% QoQ to PKR 149.7bn, primarily driven by improved fertilizer offtakes following a period of weak demand in the prior season. However, the cost of sales rose by 27% QoQ, offsetting the gains from the better offtakes. Finance charges remained flat, while higher than expected other income was observed. We await the detailed accounts for further clarification. The company declared a quarterly cash dividend of PKR 8.5 per share, bringing the total annual dividend to PKR 37 per share. The YoY increase in earnings also reflect the merger with FFBL effective from second half of CY25. The effective tax rate for the quarter stood at 47% and whereas on annual basis at 39%.
Morning News: Pakistan, Turkiye agree to boost rice trade – By IIS Research

Jan 29 2026


Ismail Iqbal Securities


  • Türkiye reaffirmed its commitment to strengthening economic ties with Pakistan. It was also agreed that technical delegations would meet to advance discussions on rice trade.
  • Malaysian Consul General Herman Hardynata Ahmad has said that bilateral trade between Pakistan and Malaysia is witnessing steady growth, with government-level discussions under way to further expand the range of Pakistani products exported to Malaysia in an effort to balance trade between the two countries.