Meezan Bank Limited (MEBL): Corporate Briefing Takeaways – By IIS Research

Feb 17 2026

Ismail Iqbal Securities

• Meezan Bank reported an unconsolidated profit after tax (PAT) of PKR 89bn in CY25, reflecting a 12.8% YoY decline (vs. PKR 101.5bn in CY24). The main driver of the decline was the 12% YoY drop in net spread earned, primarily due to the average policy rate declining from 19.7% to 11.4%. This impact was partially offset by volumetric growth in de posits, which helped support overall earnings.

• Management indicated that the overall impact of the CRR reduction is broadly neutral for the bank. While the reduction releases liquidity and provides potential earnings support, the bank has voluntarily introduced a self-funded export financing scheme to support exporters. As a result, much of the liquidity benefit from the CRR cut is expected to be redirected toward financing export growth.

Pakistan Market Wrap: Evening Note – By Vector Research

Feb 17 2026

Vector Securities

• Evening Note.

Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Feb 17 2026

Topline Securities

• Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook.

• The bank’s deposit growth remained strong at 28% YoY, reaching Rs3.3bn in Dec-25. The bank maintained its current account ratio at 48%, while in absolute terms, current accounts grew by Rs361bn in 2025. CASA deposits increased by 25% YoY, bringing the CASA mix to 91% in Dec-25, compared to 93% in Dec-24. Term deposits rose by 9% YoY, primarily due to the replacement of high-cost State Bank borrowings, which had increased YoY amid better opportunity was available to invest in Sukuks.

Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 17 2026

Al Habib Capital Markets

• The benchmark KSE-100 Index experienced a volatile session, hitting an intraday high of 176,131 before closing at 173,150, down 1,304 points (-0.75%), amid profit-taking. Broad-based selling was observed in banks, oil and gas exploration, fertilizer, cement, and pharmaceuticals.

• Aggressive selling by foreign investors dampened investor sentiment, while the law and order situation further weighed on the market. PSO, HBL, ENGROH, UBL, and NBP collectively dragged the index down by 780.23 points. K-Electric (KEL) led in volumes with 122.54 million shares, as total market turnover reached 708.72 million shares.

Pakistan Market Wrap: Bearish Momentum Persists as Market Tests Lower Levels – By HMFS Research

Feb 17 2026

HMFS Research

• The Pakistan Stock Exchange extended its downward trajectory today, as selling pressure persisted amid cautious investor sentiment. The KSE-100 Index fell sharply, reaching an intraday low 2,761 points below yesterday’s close, before recovering slightly to close at 173,150, marking a decline of 1,304 points for the session. Despite the late rebound, the market remained under pressure, reflecting ongoing profit-taking and risk aversion among institutional participants.

• Trading activity remained active, with 425mn shares exchanged on the KSE-100, while the broader market recorded volumes of 709mn shares. Among the most actively traded stocks, KEL led with 123mn shares, followed by BOP at 80mn and WTL at 36mn shares. Looking ahead, market direction is likely to remain sensitive to macroeconomic developments and overall investor sentiment. Additionally, uncertainty arising from ongoing geopolitical tensions may weigh on market confidence. In this environment of elevated volatility and valuations, a disciplined investment approach is recommended, with selective focus on fundamentally strong companies offering sustainable growth potential.

Pakistan Market Wrap: KSE-100 closes at 173,150 down 1,304 points – By Alpha-Akseer Research

Feb 17 2026

Alpha Capital

• The equity market began the session on a strong footing, however, it was unable to maintain its initial gains. The KSE-100 Index witnessed pronounced intraday fluctuations, moving between 171,693 and 176,131 before settling at 173,150, marking a decline of 1,304 points. Total traded volume on the main board reached 424.1 million shares, with an overall value of PKR 32.7 billion.

• The primary drag on the index came from PSO (-6.1%, -210 points), HBL (-2.8%, -175 points), ENGROH (-1.6%, -149 points), UBL (-0.9%, -127 points), and NBP (-2.7%, -120 points). On the activity front, KEL and BOP dominated the volume leaders’ board, recording 63.8 million and 56.2 million shares traded, respectively.

Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 17 2026

Ismail Iqbal Securities

• The benchmark index closed on a negative note, despite opening on a positive trend in the morning. The index remained volatile throughout the session, mainly as the market aligned itself with ongoing results announcements. Trading volumes increased to 425mn shares today as compared to 379mn shares in the previous session. Today, the KSE-100 index lost 1,304 points to close at 173,150 level, down by -0.75% DoD. Banks, OMCs, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 935 points from the index.

Millat Tractors Limited (MTL): 2QFY26 EPS at Rs12.06, down 21% YoY but up 4.7x QoQ – By Topline Research

Feb 17 2026

Topline Securities

• Millat Tractors Limited (MTL) announced its 2QFY26 result today, wherein the company recorded unconsolidated profit of Rs2.4bn (EPS of Rs12.06), down 21% YoY but up 4.7x QoQ.

• Result was higher than expectations due to higher-than-expected gross margins.

Pakistan State Oil (PSO): 2QFY26 EPS clocked in at PKR5.8 – By Insight Research

Feb 17 2026

Insight Securities

• Pakistan State Oil (PSO) has announced its 2QFY26 result, in which company posted unconsolidated PAT of ~PKR2.7bn (EPS: PKR5.8) vs. PAT of ~PKR9.3bn (EPS: PKR20.0) in preceding quarter, down by 71% QoQ. The result is below our expectation amid lower than expected gross margins coupled with higher ETR.

• Topline of the company increased by 3% QoQ in 2QFY26, mainly attributable to higher volumetric sales. To highlight, in 2QFY26 company’s petroleum offtakes Increased by 10% QoQ, while retail offtakes increased by 12% QoQ.

Millat Tractors Limited (MTL): 2QFY26 EPS clocked-in at PKR 12.06 – By Taurus Research

Feb 17 2026

Taurus Securities

• 2QFY26: EPS: PKR 12.06; DPS: PKR 20; PAT: PKR 2,406Mn, up 4xQoQ.

• MTL’s revenue stood at PKR 20.9Bn in 2QFY26, up 7%YoY and 2xQoQ, primarily due to a ~2x increase in units sold to 6,335 tractors during the quarter (vs. 2,177 units in 1QFY26). This rise was attributed mainly to the green tractor financing Scheme by the Government of Punjab towards the end of the year 2025. Looking ahead, demand is expected to normalize in the upcoming quarter due to the absence of the green tractor financing Scheme during that period and end of the Rabi season.