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.
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.
Askari Bank Limited (AKBL): 3QCY25 Result Review – By AKD Research

Oct 29 2025


AKD Securities


  • Askari Bank Limited (AKBL) announced its 3QCY25 financial results earlier today, wherein the bank posted NPAT of PkR7.5bn (EPS: PkR5.1) for the quarter, up 24%YoY/112%QoQ. The result is above our expectation given higher than anticipated non-mark up income mainly stemming from gain on sale of securities. In addition to the result, bank announced an interim cash payout of PkR1.25/sh, taking 9MCY25 cash payout to PkR3.25/sh.
  • NII was recorded at PkR22.9bn in 3QCY25, up by 21%YoY/11%QoQ, with the increase in asset book being offset by the decline in yields.
  • Mark-up earned was recorded at PkR76.6bn, down by 27%YoY/up 5%QoQ, while mark up expensed was recorded at PkR53.7bn (down 38%YoY/up 3%QoQ). Notably, the bank’s estimated NIMs improved to 3.73% in 3QCY25 compared to 3.65% in SPLY.
Pakistan Economy: 7MFY26 Remittances clock in at US$23.2bn; +11% YoY – By JS Research

Feb 10 2026


JS Global Capital


  • Pakistan recorded monthly remittance inflow of US$3.5bn in Jan-2026, reflecting a 15% YoY increase. Cumulatively, during 7MFY26, overseas Pakistanis remitted US$23.2bn, marking an 11% YoY growth.
  • UAE remittances have regained momentum in recent months, with their share at 20% in Jan-2026 from a low of 17% in 1HFY24. Combined inflows from KSA and the UAE accounted for 41% of total remittances in Jan-2026, although KSA inflows recorded a slight dip during the month.
  • Remittances have played a pivotal role in stabilizing Pakistan’s external account, consistently offsetting the trade deficit. Their role has become even more important as external pressures resurface.
AGP Limited (AGP): At record high – By JS Research

Feb 10 2026


JS Global Capital


  • AGP is gaining momentum as it has closed at its all-time high level. The nearest resistance is at 247 as a break above that will target 272 in the short term. Though, we believe, the stock has potential to rise towards 328 in the medium term which is a return of 40% from current rate. The support is present at 206, while the key risk is defined below the 200-DMA that is currently at 196 level. Meanwhile, a bullish candle on daily and monthly chart with MACD Buy signal adds support to the bullish view. Also, the stock is trading above the key averages keeping the overall trend bullish.
Technical Outlook: KSE-100 fall below the 30-DMA; cautious – By JS Research

Feb 10 2026


JS Global Capital


  • The KSE-100 index extended the decline to close at 182,340 level, down 1,789 points. Volumes stood at 931mn shares versus 1,273mn shares traded previously. The index has dropped below the 30-DMA which will now restrict upside at 183,848; a break above this level will resume the uptrend. Meanwhile, a fall below 180,993 (yesterday's low) will target the 50-DMA at 178,067 level. The RSI and the Stochastic Oscillator are heading down, supporting a negative view. We recommend investors to stay cautious on the higher side. The support and resistance are at 180,339 and 184,996 levels, respectively.
Morning News: govt expenses rise sharply to Rs. 10.14 trillion in first half of fy26 – By WE Research

Feb 10 2026



  • The federal government’s expenditure during July–December fy26 surged to Rs. 10.141 trillion, marking a sharp rise compared to the first quarter. Spending increased by Rs. 606.1 billion in q2, leading to deterioration in the budget balance, which fell from Rs. 2.119 trillion to Rs. 541 billion. Despite this, the government recorded a primary surplus of Rs. 4.105 trillion, indicating fiscal consolidation before debt servicing costs.
  • The government has renegotiated agreements with independent power producers (IPPs), which could reduce electricity costs by Rs. 1.4 trillion over the coming years. The revised deals aim to lower capacity payments and tariffs, easing the burden on consumers and the national exchequer. This move is expected to improve the financial sustainability of the power sector and reduce circular debt accumulation.
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.
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.
Technical Outlook: KSE-100: Range bound activity witnessed – By AKD Research

Dec 24 2025


AKD Securities


  • The index opened on a strong note but moved within a narrow range throughout the session, posting an intraday high of 663 points and a low of 236 points. It ultimately closed 130 points lower at 171,074. Investor participation weakened, with trading volumes dropping by 27% compared to the previous session. The MACD remains bullish as it continues to trade above its signal line, having crossed above it 25 sessions ago. Since the MACD moved above its moving average, the Index has gained 6.30%, fluctuating between a high of 172,674.66 and a low of 160,564.84. Meanwhile, the daily Parabolic SAR is positioned below the current index level, indicating a continuation of the prevailing uptrend.
  • Technically, the immediate support is seen at 170,900 and a breach below this could extend the decline toward 170,300 and 169,800. Conversely, resistance is expected around 171,800, followed by 172,500 and 173,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Upward ride continues – By AKD Research

Dec 19 2025


AKD Securities


  • The index began the session on a strong footing and maintained its bullish bias throughout the day, reaching an intraday high of 1,935 points. It eventually closed with a hefty gain of 1,647 points at 171,961. Investor participation eased, as trading volumes slipped by 10% compared to the previous session. KSE100 ended the day 11.1% below the upper Bollinger Band, while the bands themselves are 3.36% wider than normal. The MACD remains bullish, trading above its signal line, which it crossed 22 sessions ago. Since that crossover, the Index has advanced 6.85%, moving within a range of 172,249 on the upside and 160,565 on the downside.
  • Technically, the immediate support is seen at 171,500 and a breach below this could extend the decline toward 170,800 and 170,300. Conversely, resistance is expected around 172,500, followed by 173,100 and 173,900. It is recommended to accumulate positions on weakness with risk defined below support zone.
Morning News: KSE-100: Making a higher high – By AKD Research

Dec 16 2025


AKD Securities


  • The index opened on a strong note and witnessed increased volatility during the session, touching an intraday high of 1,137 points. It ultimately settled at 170,741, registering its highest-ever close with a gain of 877 points. Market participation strengthened, as trading volumes jumped by 33% compared to the previous session. The Index is currently trading 22.5% above its 200-period moving average, indicating a clear upward trend. There is a likelihood of rising volatility and sharp price swings in the near term. Volume indicators show moderate in flows into the Index, suggesting a mildly bullish undertone. Trend forecasting oscillators remain bullish and have maintained this stance for the past 13 trading sessions.
  • Technically, the immediate support is seen at 170,200 and a breach below this could extend the decline toward 169,700 and 169,300. Conversely, resistance is expected around 171,100, followed by 171,500 and 172,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Closed at historic high – By AKD Research

Dec 10 2025


AKD Securities


  • The index opened on solid ground and carried its bullish momentum through the session, touching an intraday high of 1,298 points. It wrapped up the day with a strong gain of 1,153 points, closing at 169,456. Investor interest strengthened noticeably, as trading volumes jumped 32% from the previous session. A long lower shadow emerged on the candle, a typically bullish signal. Over the last 10 sessions, the market has posted 6 positive and 4 negative closings, signaling a mild upside bias. The index also opened with an upside gap on healthy volumes which is an indication that raises the likelihood of a runaway gap, often indicative of a sustained continuation in trend.
  • Technically, the immediate support is seen at 169,000 and a breach below this could extend the decline toward 168,300 and 167,800. Conversely, resistance is expected around 170,000, followed by 170,700 and 171,500. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Bullish session amid improved volumes – By AKD Research

Dec 8 2025


AKD Securities


  • The index began the day on a strong footing and stayed bullish throughout the previous session, reaching an intraday high of 1,640 points. It eventually closed with a mild gain of 802 points at 167,086. Market participation strengthened, as trading volumes rose by 35% from the prior session. KSE100 is currently trading 21.4% above its 200-period moving average, indicating a continued upward trend. Volatility remains extremely low relative to the average over the last 10 sessions. Volume indicators show moderate inflows into the Index, reflecting a mildly bullish tone. Trend-forecasting oscillators also remain bullish and have maintained this stance for seven consecutive periods.
  • Technically, the immediate support is seen at 166,500 and a breach below this could extend the decline toward 165,800 and 165,100. Conversely, resistance is expected around 167,800, followed by 168,500 and 169,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Low volumes given little price action – By AKD Research

Dec 5 2025


AKD Securities


  • The index started the day on a strong note but became volatile as trading progressed, hitting an intraday high of 672 points and a low of 259 points. It ultimately closed with a modest gain of 138 points at 166,284. Market participation declined, with trading volumes falling by 35% compared to the previous session. Over the past 10 sessions, the market has seen 4 positive closes and 6 negative closes, resulting in a net of 2 negative sessions. Volume indicators show moderate inflows into the Index, reflecting a slightly bullish tone. Trend forecasting oscillators remain bullish and have maintained this stance for the past six sessions.
  • Technically, the immediate support is seen at 165,800 and a breach below this could extend the decline toward 165,200 and 164,500. Conversely, resistance is expected around 166,800, followed by 167,500 and 168,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Pakistan Cements: Cement offtakes fall on weaker exports – By AKD Research

Dec 3 2025


AKD Securities


  • Cement offtakes declined by 3%YoY to 4.14mn tons during Nov’25, driven by 27%YoY fall in exports.
  • Industry-wide utilization declined to 60% (-2.0ppts YoY), compared to 62% in SPLY.
  • We expect domestic cement dispatches to increase by 7.3%YoY in FY26 and 8.4% YoY in FY27, mainly driven by a revival in domestic activity, given the fall in interest rates.
Technical Outlook: KSE-100: Profit taking witnessed – By AKD Research

Dec 3 2025


AKD Securities


  • The index began the session on a strong note but turned volatile as the day progressed, registering an intraday high of 1,227 points and a low of 616 points. It eventually reversed earlier gains and closed with a decline of 420 points at 167,642. Market participation softened slightly, with trading volumes falling by 5% from the previous session. The Index touched a two-month high where profit-taking kicked in, erasing all intraday gains at one stage. It closed 1.3% below the upper Bollinger Band, while the Bands themselves are just 0.13% wider than usual. Over the last 10 sessions, the market has posted 6 positive and 4 negative closings. The MACD remains bullish, trading above its signal line since the last 10 sessions. Since turning bullish, the Index has gained 4.17% and moved between 169,289 and 160,565.
  • Technically, the immediate support is seen at 167,100 and a breach below this could extend the decline toward 166,800 and 166,300. Conversely, resistance is expected around 168,200, followed by 168,800 and 169,600. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Continues to surge – By AKD Research

Dec 2 2025


AKD Securities


  • The index started the session on a strong note and saw volatility throughout the day, marking an intraday high of 1,569 points and a low of 653 points. It eventually closed with a robust gain of 1,384 points at 168,062. Market participation ticked up slightly, with trading volumes increasing by 4% compared to the previous session. The Index remains 23.1% above its 200-period moving average, maintaining its broader uptrend. There are signs that volatility may pick up ahead, potentially bringing sharper price swings. Volume indicators suggest balanced inflows and outflows, while trend forecasting oscillators remain bullish, a stance they have maintained for the past three sessions.
  • Technically, the immediate support is seen at 167,700 and a breach below this could extend the decline toward 167,100 and 166,800. Conversely, resistance is expected around 168,400, followed by 168,800 and 169,600. It is recommended to accumulate positions on weakness with risk defined below support zone.
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