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.
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.
Morning News: Pakistan receives $3.5bn in remittances in January 2026 – By HMFS Research

Feb 11 2026


HMFS Research


  • The inflow of overseas workers’ remittances into Pakistan stood at $3.46 billion in January 2026, the State Bank of Pakistan (SBP) data showed on Tuesday. Remittances increased by nearly 15.4% year-on-year (YoY), compared to $3.0 billion recorded in the same month last year. Monthly remittances were down 4% from $3.59 billion in December. During the first seven months of the fiscal year (7MFY26), remittance inflows stood at $23.2 billion, up from $20.9 billion in 7MFY25, a jump of 11.3%.
  • Prime Minister Shehbaz Sharif on Tuesday said Pakistan and Kuwait share strong brotherly relations, which were set to further strengthen through bilateral economic, investment and trade cooperation. He made the remarks while addressing a ceremony in Islamabad in connection with the issuance of a digital licence to Raqami Islamic Digital Bank. The prime minister congratulated Raqami Islamic Digital Bank on becoming the third licenced digital retail bank in Pakistan. He expressed hope that the bank would not only be Sharia-compliant but would also offer features that would significantly support and promote the growth of banking in the country. “This development will go a long way in further enhancing bilateral economic relations between Pakistan and Kuwait,” the prime minister said.
Pakistan Market Wrap: View from the Desk – By JS Research

Feb 10 2026


JS Global Capital


  • The KSE-100 Index witnessed a volatile session today, losing 187 points to close at 182,153 level. Investor sentiment was ignited by the State Bank of Pakistan’s upward revision of the FY26 GDP growth forecast to arrange of 3.75% – 4.75%, coupled with robust January remittance inflows of US$ 3.5 billion. Declining inflation and easing monetary policy suggest further upside, though the index may face technical resistance near the 185,000mark.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 10 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, touching an intraday high of 183,217 before closing at 182,154, down 187 points (-0.10%) amid profit-taking. Broad-based selling was observed across key sectors, particularly Banks, Technology & Communication, Oil & Gas Exploration, Power Generation, and Textile Composite.
  • On the macro front, remittances surged 15.4% to $3.5 billion in January, while an IMF review mission is expected in the last week of this month to initiate talks for the third review under the $7 billion Extended Fund Facility (EFF) and the potential release of a $1 billion fourth tranche. Among major laggards, HBL, TRG, KEL, AKBL, and BAFL collectively shaved 460.03 points off the index. In terms of volume, K-Electric (KEL) led activity with 253.68 million shares, while total market turnover stood at 1,057.65 million shares.
Pakistan Market Wrap: The benchmark index closed on a flat note – By IIS Research

Feb 10 2026


Ismail Iqbal Securities


  • The benchmark index closed on a flat note after a volatile trading session, with early selling pressure weighing on the market. However, a modest recovery from the day’s low was observed toward the close of the session. Trading volumes increased to 636mn shares today as compared to 598mn shares in the previous session. Today, the KSE-100 index lost 187 points to close at 182,154 level, down by -0.10% DoD. Banks, Technology, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 727 points from the index.
Pakistan Market Wrap: KSE-100 closes at 182,154 down 187 points – By Alpha-Akseer Research

Feb 10 2026


Alpha Capital


  • The equity market opened strongly but could not sustain upward momentum as the session progressed. The KSE-100 Index experienced heightened volatility, moving between a low of 181,499 and an intraday high of 183,217, before closing at 182,154—down 187 points. Total volumes on the main board reached 631.6 million shares, with a cumulative traded value of PKR 29.5 billion.
  • The decline in the index was primarily led by HBL (-2.5%, -169 points), MEBL (-9.3%, -86 points), KEL (-8.4%, -74 points), AKBL (-4.2%, -67 points), and BAFL (-2.1%, -64 points). In terms of market activity, KEL and CNERGY led volumes, trading 253 million and 189 million shares, respectively.
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.
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.
Morning News: Pakistan could earn up to $60 billion from defence exports: report – By WE Research

Jan 14 2026



  • A report by KASB securities highlights that Pakistan’s defence export pipeline could generate up to $60 billion between 2026 and 2030. The report notes that tracked defence deals already amount to $13 billion, with additional potential agreements under negotiation. Improved diplomatic standing following operation Bunyan e Marsous has strengthened Pakistan’s geostrategic defence ties, opening new export-driven opportunities. Defence exports are expected to become a significant driver of external economic indicators and foreign exchange inflows.
  • This development is positive for the Pakistan stock exchange (PSX). Defence related industries, particularly listed companies in engineering, heavy manufacturing, and technology, could see investor interest rise due to anticipated export revenues. The inflow of foreign exchange would strengthen Pakistan’s external accounts, potentially stabilizing the rupee and improving investor sentiment. Broader market confidence may increase as defence exports diversify Pakistan’s revenue streams, reducing reliance on traditional sectors like textiles and agriculture.
Morning News: FBR misses out on tax collection target for 6 months by Rs. 321 billion – By WE Research

Jan 1 2026



  • The federal board of revenue (FBR) reported a shortfall of Rs. 321 billion in tax collection during the first six months of fy26. Against a target of Rs. 5.42 trillion, actual collections stood at Rs. 5.1 trillion. The shortfall is attributed to weaker-than-expected direct tax receipts and slower growth in customs duties. This underperformance raises concerns about fiscal consolidation and Pakistan’s commitments under IMF programs.
  • The government announced a significant reduction in petrol and diesel prices effective January 1, 2026. Petrol prices were cut by Rs. 14 per liter, while diesel prices dropped by Rs. 12 per liter. The decision was made in response to declining global oil prices and aims to provide relief to consumers amid inflationary pressures. This move is expected to lower transportation costs and ease inflationary trends in the economy.
Indus Motor Company Limited (INDU): Automobile Assembler – By WE Research

Dec 29 2025



  • We initiate coverage on Indus Motor Company Limited (INDU) with a recommendation. Our preference for INDU is underpinned by its sustained leadership in key automotive segments, robust operational strengths, and friendly policies for shareholders.
  • INDU remains a dominant player in Pakistan’s automotive industry, particularly in the car segment (~6.47% of total vehicle sales) and jeeps and pickups segment (~2.32% of total vehicle sales), which rank second and third respectively after two/three-wheeler category (~89.40% of total vehicles sales).
Morning News: IMF Sees 6.5% GDP Upside If Pakistan Fixes Corruption, Governance – By WE Research

Nov 21 2025



  • The IMF has released a diagnostic report stating that Pakistan’s GDP could grow by 5–6.5% over five years if corruption and governance issues are addressed. The report highlights weaknesses in taxation, procurement, and oversight of the federal board of revenue (FBR), alongside risks from state-owned enterprises. It calls for reforms in tax policy, restructuring of the FBR, and stronger audits to improve transparency. The IMF also flagged political interference, opaque budgeting, and weak contract enforcement as barriers to investment.
  • The IMF has highlighted that elite capture in Pakistan—where influential groups secure preferential access to subsidies, tax breaks, and policy exemptions—costs the economy billions annually. The report points to energy subsidies, tax concessions, and regulatory loopholes that disproportionately benefit politically connected businesses and wealthy individuals. It stresses that such practices undermine fiscal capacity, widen inequality, and reduce resources available for public investment. The IMF recommends curbing preferential treatment and strengthening transparency in fiscal policy.
Morning News: Gold Price Per Tola Sheds Rs3,500 In Pakistan – By WE Research

Nov 5 2025



  • Gold prices in Pakistan dropped by rs3,500 per tola, bringing the local rate to rs420,362. Similarly, 10-gram gold fell by rs3,001 to rs360,392. The decline followed a fall in international gold prices, which slipped by $35 per ounce to $3,980 (with a $20 premium). Silver prices also decreased by rs130 per tola to rs5,022.
  • Pakistan and Iran have agreed to strengthen agricultural trade, with Iran set to import 350,000 livestock from Pakistan. The move is part of broader bilateral cooperation in food security and trade. This agreement is expected to enhance Pakistan’s livestock exports and provide new opportunities for farmers and exporters.
Morning News: Pakistan Seeks Peace but Won’t Tolerate Cross-Border Terrorism – By WE Research

Oct 31 2025



  • The chief of army staff (COAS) stated that Pakistan desires regional peace but will not compromise on national security in the face of cross-border terrorism. He emphasized that Pakistan reserves the right to respond firmly to any aggression. The remarks came during a high-level meeting with military officials, underscoring the country’s stance on maintaining internal stability while addressing external threats.
  • Prime minister Shehbaz sharif inaugurated the youth laptop scheme 2025, aimed at distributing laptops to students across Pakistan. He emphasized that the government will significantly increase investment in education and technology to empower youth and strengthen the digital economy. The initiative is part of broader efforts to enhance skills, promote innovation, and expand access to digital tools for students nationwide.
Morning News: Pakistan, Saudi Arabia agree to launch economic cooperation framework – By WE Research

Oct 29 2025



  • Pakistan and Saudi Arabia have signed an agreement to establish a structured framework for economic cooperation. The framework aims to expand collaboration in energy, trade, investment, and infrastructure projects. It is expected to pave the way for Saudi investments in Pakistan’s energy and industrial sectors, while also strengthening bilateral trade ties. The agreement signals a deepening of economic relations between the two countries.
  • According to a report, the state bank of Pakistan bought $7.15 billion from the interbank market during the past year. The purchases were part of efforts to strengthen foreign exchange reserves and manage external account pressures. While this helped shore up reserves, it also absorbed dollar liquidity from the market, impacting importers and businesses reliant on foreign currency. The move reflects SBP’s strategy to maintain currency stability amid external financing challenges.