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.
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.
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: 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 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.
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 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.
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.
Lucky Cement Ltd (LUCK): Cost optimization initiatives continue; Buy – By JS Research

Feb 3 2026


JS Global Capital


  • Lucky Cement Ltd (LUCK) held its corporate briefing yesterday to discuss 1HFY26 results and outlook. To recall, LUCK reported standalone EPS of Rs15.86 for 1HFY26, up 68% YoY, driven by stronger core performance and higher dividend income from subsidiaries. On a consolidated basis, earnings increased 13% YoY to Rs30.45/ sh.
  • Management shared that UC 3.0 technology has been commissioned on two production lines at the Karachi plant at a cost of Rs3-3.5bn, with plans to expand it to the two remaining lines. The technology is expected to improve cost efficiency by reducing coal consumption per ton of clinker produced and allowing the use of lower-cost, high-sulphur coal, with an estimated payback of 5 to 7 years.
Technical Outlook: KSE-100 expected to consolidate above 30-DMA – By JS Research

Feb 3 2026


JS Global Capital


  • The KSE-100 index extended the gain to close at 185,058 level, up 883 points. Volumes stood at 740mn shares versus 805mn shares traded previously. The index is expected to test resistance at yesterday's high of 185,612 where a break above that will resume the uptrend with 187,567 and 191,033 as the upside targets. However, any downside will find support between 181,990 and 182,800 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 183,363 and 186,182 levels, respectively.
Pakistan Economy: KSE-100 stays above 180k, highest monthly ADTO since Jun-08 – By JS Research

Feb 2 2026


JS Global Capital


  • Fresh inflows continue to re-rate KSE100, rallying to a new high of 189k during the month of Jan-2026. However, escalating tensions between the US and Iran led to some correction towards the end of the month, closing the market at 184k, still implying decent monthly return of 5.8%. Average trading volumes were up 25% MoM in terms of shares traded while in terms of value (US$224mn) recorded the highest levels seen since Jun-2008. Banks rallied during the month as SBP maintained policy rate and reduced CRR by 100bps to 5%, whereas FFC corrected 13% from its high on weaker than expected earnings and dividend announcement. Mutual funds, corporates and retailers recorded a combined net inflow of US$194mn, comfortably absorbing the net outflow by foreigners, banks and insurance companies.
  • Secondary market T-bill yields fell to single digits on rate-cut expectations for the first time in four years, but later reversed after the central bank kept the policy rate unchanged at 10.5%. In its MPC meeting, SBP cited sticky core inflation, a wide trade deficit, and stronger-than-expected domestic growth as reasons for maintaining the status quo. Banking stocks remained favored, as stable rates support sustainable yields, while a CRR cut improves the availability of income generating assets.