Pakistan Market Wrap: Investor Caution Pulls KSE-100 Lower Amid E&P and Banking Pressure – By HMFS Research

Feb 9 2026


HMFS Research


  • The equity market traded in negative territory for the majority of today’s session after a brief green start. The KSE-100 index experienced a sharp intra-day decline of 3,137 points before gradually recovering to close at 182,340, down by 1,789 points from the previous session. The primary driver of today’s sell-off was Moody’s revision of the banking sector outlook from positive to stable, which weighed heavily on investor sentiment. Profit-taking was also observed in the E&P sector, contributing to the downward pressure.
  • Trading activity remained robust, with 598mn shares exchanged on the KSE100 index and 928mn shares traded across the broader market. Top volume contributors included KEL (302mn), BOP (53mn), and AGHA (47mn). Looking ahead, the market is expected to remain sensitive to international developments and geopolitical tensions. However, supportive macroeconomic indicators could help restore bullish momentum in the near term. Investors are advised to maintain vigilance, monitor evolving market conditions, and focus on fundamentally strong stocks with long-term growth potential.
Askari Bank Limited (AKBL): 4QCY25 Result Review – By AKD Research

Feb 9 2026


AKD Securities


  • Askari Bank Limited (AKBL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR4.8bn (EPS: PkR3.3) for the quarter, down 32% YoY/36%QoQ. The result is below our expectation due to higher provisioning and non markup expenses. In addition to the result, bank announced a final cash payout of PkR1.75/sh, taking full-year CY25 cash payout to PkR5.0/sh.
  • NII was recorded at PkR22.2bn in 4QCY25, up by 14%YoY/down by 3%QoQ, due to increase in asset book despite decline in yields.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, facing selling pressure from early morning. Although a slight recovery from the day’s low was observed toward the end of the session Trading volumes decreased to 598mn shares today as compared to 799mn shares in the previous session. Today, the KSE-100 index lost 1,789 points to close at 182,340 level, down by -0.97% DoD. Banks, E&Ps, and Cement sectors were the major laggards in today's session, cumulatively shedding 1499 points from the index.
Pakistan Market Wrap: Investor Caution Pulls KSE-100 Lower Amid E&P and Banking Pressure – By HMFS Research

Feb 9 2026


HMFS Research


  • The equity market traded in negative territory for the majority of today’s session after a brief green start. The KSE-100 index experienced a sharp intra-day decline of 3,137 points before gradually recovering to close at 182,340, down by 1,789 points from the previous session. The primary driver of today’s sell-off was Moody’s revision of the banking sector outlook from positive to stable, which weighed heavily on investor sentiment. Profit-taking was also observed in the E&P sector, contributing to the downward pressure.
  • Trading activity remained robust, with 598mn shares exchanged on the KSE100 index and 928mn shares traded across the broader market. Top volume contributors included KEL (302mn), BOP (53mn), and AGHA (47mn). Looking ahead, the market is expected to remain sensitive to international developments and geopolitical tensions. However, supportive macroeconomic indicators could help restore bullish momentum in the near term. Investors are advised to maintain vigilance, monitor evolving market conditions, and focus on fundamentally strong stocks with long-term growth potential.
Pakistan Market Wrap: KSE-100 closes at 182,340 down 1,789 points – By Alpha-Akseer Research

Feb 9 2026


Alpha Capital


  • The equity market began the session on a firm footing but failed to maintain momentum at higher levels. The KSE-100 Index remained volatile, trading within a range of 180,993 to an intraday high of 185,717, before settling at 182,340, reflecting a decline of 1,789 points. Total volumes on the main board reached 597.7 million shares, with an aggregate traded value of PKR 50.6 billion.
  • The downturn in the index was largely driven by OGDC (-3.5%, contributing -243 points), MEBL (-2.3%, -178 points), PPL (-2.9%, -173 points), UBL (-1.2%, -172 points), and LUCK (-2.4%, -166 points). On the activity front, KEL and BOP dominated trading volumes, recording 302 million and 53 million shares, respectively.
Meezan Bank Limited (MEBL): 4QCY25 Result Review – By Insight Research

Feb 9 2026


Insight Securities


  • Profit earned fell by ~7% YoY, amid falling yields, while same is up by 6% QoQ, possibly attributable to volumetric growth. To highlight, bank’s deposit inch up ~4% QoQ. Similarly, net spread earned inch up by ~3% QoQ.
  • Other income recorded a decline of 36%/27% YoY/QoQ. The YoY decline is attributable to absence of gain on securities during 4QCY25, compared to PKR3.2bn gain in SPLY. While QoQ decline is mainly attributable to loss of ~PKR500mn on FX income coupled with flattish fee income.
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.
Meezan Bank Limited (MEBL): Stable Sequential Performance, In Line with Expectations – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • Meezan Bank Limited (MEBL) announced its 4QCY25 results, posting unconsolidated earnings of PKR 12.1/share, down 11% YoY while up by 4% QoQ. The result is inline with our expectations. The bank also declared final cash dividend of PKR 7/share, taking the cumulative CY25 payout to PKR 28/share.
  • Net Interest Income (NII) declined by 12% YoY while up by 3% QoQ, indicating that the major impact of asset repricing has already been incurred. Non markup income declined by 36% YoY and 27% on QoQ basis, due to absence of gain on sale of securities and loss on FX income while fee income remained flat on YoY/QoQ basis.
Pakistan Autos: Sales poised for strongest month in ~3.5 years – By JS Research

Feb 9 2026


JS Global Capital


  • We expect, the three major auto players including Indus Motor Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR) and Pak Suzuki Motor Company Ltd to post a cumulative growth of 43% YoY to ~19.7k units in Jan-2026, taking volumes to their highest level since Jun-22.
  • On a MoM basis, volumes are expected to surge 82%, largely due to the January effect as consumers defer purchases in Dec-25 to buy the new year's model. In 7MFY26, volumes have grown 42% YoY, with broad-based recovery across all three players, led by HCAR and INDU at 68% and 61%, respectively.
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: Investor Caution Pulls KSE-100 Lower Amid E&P and Banking Pressure – By HMFS Research

Feb 9 2026


HMFS Research


  • The equity market traded in negative territory for the majority of today’s session after a brief green start. The KSE-100 index experienced a sharp intra-day decline of 3,137 points before gradually recovering to close at 182,340, down by 1,789 points from the previous session. The primary driver of today’s sell-off was Moody’s revision of the banking sector outlook from positive to stable, which weighed heavily on investor sentiment. Profit-taking was also observed in the E&P sector, contributing to the downward pressure.
  • Trading activity remained robust, with 598mn shares exchanged on the KSE100 index and 928mn shares traded across the broader market. Top volume contributors included KEL (302mn), BOP (53mn), and AGHA (47mn). Looking ahead, the market is expected to remain sensitive to international developments and geopolitical tensions. However, supportive macroeconomic indicators could help restore bullish momentum in the near term. Investors are advised to maintain vigilance, monitor evolving market conditions, and focus on fundamentally strong stocks with long-term growth potential.
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.