Pakistan Economy: Jan’26 CA posts a surplus of USD 121Mn – By Taurus Research

Feb 18 2026


Taurus Securities


  • Current Account (CA) for Jan’26 posted a surplus of USD 121Mn, as against a deficit of USD 265Mn in Dec’25. Cumulatively, 7MFY26 CAD clocked-in at ~USD 1Bn, up ~2.9x over the SPLY.
  • The surplus in Jan’26 can be attributed to: i) 13%MoM decline in the trade deficit due to 7%MoM contraction in goods imports; and ii) 25%MoM drop in the services deficit, respectively. Hence, the balance on goods & services was down 14%MoM.
Pakistan Market Wrap: Evening Note – By Vector Research

Feb 18 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 18 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index opened on a positive note, hitting an intraday high of 178,974 before closing at 178,853, up 5,702.68 points (+3.29%). The rally was driven by broad-based buying in the commercial banks, power generation, fertilizer, cement, and technology sectors.
  • Sentiment was supported by a $121 million current account surplus in Jan 2026, improving LSM growth during 1HFY26 to 4.82%, along with easing geopolitical tensions after Iran stated that good progress had been made in nuclear talks with the US. In terms of index contribution, UBL, HBL, MEBL, NBP, and MCB collectively added 2,698.54 points. On the volume front, KEL led trading with 116.97 million shares, while total market turnover stood at 693.28 million shares.
Pakistan Fertilizers: Demand Slump Masks Strong Cumulative Rabi Performance; Urea Surpluses Persist – By HMFS Research

Feb 18 2026


HMFS Research


  • January's sharp offtake declines — while jarring on a standalone basis — should be contextualized against the unusually strong frontloading seen in Oct–Dec 2025, which inflated the base. Cumulative Rabi urea offtake of 2,744K tones is running 12% ahead of last season, a constructive signal for fertilizer companies' top lines. The structural concern remains DAP demand destruction, now down 23% on a Rabi cumulative basis, likely reflecting farmer affordability pressures and substitution toward cheaper nitrogen sources. We believe elevated closing urea stocks (~602K tones) cap near-term upside on pricing but support volume visibility into Kharif.
  • In product terms, urea offtake of 218K tones was down 51.1% Y/Y and DAP at 39K tones declined 35.8% Y/Y. Both miss comfortably on any historical comparison, though we flag that the January 2025 base was itself elevated relative to seasonal norms
Pakistan Market Wrap: KSE-100 closes at 178,853 up 5,703 points – By Alpha-Akseer Research

Feb 18 2026


Alpha Capital


  • The equity market opened on a robust note and maintained its upward momentum throughout the session. The KSE-100 Index experienced notable intraday volatility, trading within a range of 174,329 to 178,974 before closing at 178,853—registering an impressive gain of 5,703 points. Total volume on the main board stood at 424.6 million shares, with a cumulative value of PKR 42.3 billion.
  • The rally was primarily driven by UBL (7.4%, 1,003 points), HBL (10%, 600 points), MEBL (5.9%, 422 points), NBP (8.7%, 370 points), and MCB (5.5%, 304 points). In terms of trading activity, KEL and BOP led the volume chart, with 117 million and 71 million shares exchanged, respectively.
Cherat Cement Company Ltd. (CHCC): Earnings declined on lower prices – By AKD Research

Feb 18 2026


AKD Securities


  • Revenue declined by 11%YoY to PkR9.4bn, mainly due to 13%YoY drop in local retention prices despite 11%YoY higher local offtakes. Notably, total offtakes declined by 2%YoY to 0.64mn tons due to lower exports amid Afghan border closure.
  • Gross margins slightly improved to 36.3% from 36.0% in SPLY, driven by higher proportion of local sales in the mix.
Pakistan Economy: Jan’26 Surpluses, Built on Remittances and Import Compression – By AHCML Research

Feb 18 2026


Al Habib Capital Markets


  • Pakistan's Current Account has recorded third month of the year surpluses of USD 121mn in Jan’26, a sharp reversal from the deficit in Dec’25. However, over the 7MFY26 (July-Jan), the current account deficit stands at USD1,074mn, a staggering deterioration from the USD 564mn surplus recorded in the same period last year.
  • In Jan’26, the goods trade deficit stood at USD 2,591mn. Exports fell by 8.7%YoY to USD 2,746mn (from USD 3,008mn in Jan’25), while imports declined 2.6%YoY to USD 5,337mn (from USD 5,481mn) and 7%MoM from Dec-25's USD 5,737mn.
Habib Bank Limited (HBL): Result Review – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Habib Bank Limited (HBL) announced its 4QCY25 results, reporting consolidated EPS of PKR 10.5, up 7% YoY but down 9% QoQ. The result came in slightly below our expectations, primarily due to weaker non-markup income. The bank declared a final cash dividend of PKR 6/share, above our expectation of PKR 5/share, taking the CY25 cumulative payout to PKR 20/share.
  • Net interest income (NII) grew by 17% YoY, supported by volumetric expansion which largely offset margin compression. However, on a QoQ basis, NII declined by 2% as the impact of asset repricing had largely materialized. Non-markup income fell sharply by 50% YoY, mainly due to losses on sale of securities and the absence of one-off other income recorded in the same period last year.
Habib Bank Limited (HBL): 4QCY25 EPS clocked in at PKR10.5 – By Insight Research

Feb 18 2026


Insight Securities


  • HBL has announced its 4QCY25 result, wherein it has posted consolidated HBL (PKR mn) 4QCY25 4QCY24 3QCY25 YoY QoQ CY25 CY24 YoY PAT of PKR15.4bn (EPS: PKR10.5) vs. PAT of PKR14.6bn (EPS: PKR9.8) in SPLY. The result is broadly inline with our estimates. However, NII came higher than estimates due to healthy volumetric growth, which was partially offset by higher than estimated provisioning and ETR.
  • Net interest income clocked in at PKR68.2bn in 4QCY25, up by 13% YoY. The increase is mainly attributable to volumetric growth. To highlight, deposits grew by ~27%/9% YoY/QoQ in 4QCY25.
Cherat Cement Company Limited (CHCC): Earnings Above Estimates; Margins Stable – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Cherat Cement (CHCC) announced its 2QFY26 results, reporting net profit of PKR 2.02bn, down 4% QoQ and 11% YoY. The result is slightly above our expectations mainly due to stronger than anticipated gross margins.
  • Net sales declined by 11% YoY, primarily driven by lower bag prices in the North region and reduced exports following the Afghan border closure, which, according to the company, account for around 7% of total sales. Cost of goods sold declined by roughly 12% YoY, likely supported by operational efficiencies including the induction of EV dumpers that helped reduce freight costs, along with the installation of around 9MW solar capacity contributing to lower energy expenses. The decline in costs helped maintain gross margins at around 36%, broadly in line with 1QFY26 and 2QFY25 levels.
Technology & Communication: IT Exports up by 19% YoY to US$374mn in Jan-26 – By Topline Research

Feb 18 2026


Topline Securities


  • Pakistan recorded monthly IT exports of US$374mn in Jan-26, up 19% YoY but down 14% MoM. This takes 7MFY26 to US$2.6bn, reflecting a 20% YoY growth.
  • Net IT Exports (Exports-Imports) displayed a monthly number of US$314mn, up 12% YoY.
Pakistan Economy: Jan’26 CA posts a surplus of USD 121Mn – By Taurus Research

Feb 18 2026


Taurus Securities


  • Current Account (CA) for Jan’26 posted a surplus of USD 121Mn, as against a deficit of USD 265Mn in Dec’25. Cumulatively, 7MFY26 CAD clocked-in at ~USD 1Bn, up ~2.9x over the SPLY.
  • The surplus in Jan’26 can be attributed to: i) 13%MoM decline in the trade deficit due to 7%MoM contraction in goods imports; and ii) 25%MoM drop in the services deficit, respectively. Hence, the balance on goods & services was down 14%MoM.
Bank of Punjab Limited (BOP): 4QCY25Result Review – By Taurus Research

Feb 18 2026


Taurus Securities


  • 4QCY25 EPS: PKR 1.2. 4QCY25 PAT down 18%YoY. CY25 EPS: PKR 4.7; CY25 PAT up 17%YoY over the SPLY. Further, BOP also announced a final DPS of PKR 1.50, taking the full-year payout to PKR 2.5/sh. – below expectations.
  • Net Interest Income (NII): NII arrived in flat on a sequential basis contrary to expectations amid pressure on margins. Wherein, interest income posted a drop of 4%QoQ along with a 6%QoQ drop in the cost of funds.
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.
Habib Sugar Mills Limited (HABSM): Corporate Briefing Takeaways – By Taurus Research

Feb 17 2026


Taurus Securities


  • Habib Sugar Mills Limited is a public limited company incorporated in Pakistan on February 08, 1962. The Company is engaged in the manufacturing and marketing of refined sugar, ethanol, liquidified carbon dioxide (CO2), household textiles, providing bulk storage facilities and trading of commodities.
  • The Company has crushed around 746,000 metric tons of sugarcane as of February 15, 2026, resulting in the production of approximately 79,000 tons of sugar with a recovery rate of 10.7%.
Allied Bank Limited (ABL): 4QCY25Result Review – By Taurus Research

Feb 17 2026


Taurus Securities


  • 4QCY25 EPS: PKR 8.3. 4QCY25 PAT up 21%YoY. CY25 EPS: PKR 31.7; CY25 PAT down 18%YoY over the SPLY. Also, ABL announced a final cash dividend of PKR 4.0/sh., taking the CY25 DPS to PKR 16.0 – slightly above with expectations.
  • Net Interest Income (NII): Dipped 2%QoQ wherein interest income was down 3%QoQ, attributable to re-pricing of earning assets amid falling interest rates. Whereas, interest expenses were also down 4%QoQ as a result of lower cost of funds mainly.
Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Takeaways – By Taurus Research

Feb 13 2026


Taurus Securities


  • MIRKS’s sugar production declined to 52,997MT in SY25 from 66,101MT in SY24, down 20%YoY, while paper production rose to 42,658MT from 31,968MT in the SPLY, up 33%YoY. Molasses production declined to 26,286MT from 30,110MT, down 13%YoY, while sucrose recovery fell slightly to 10.42% from 10.73% in the SPLY. The Company also exported 5,003 MT of sugar during SY25.
  • Net sales increased to PKR 12.6Bn in SY25, up 5%YoY from ~PKR 12Bn, driven by higher sugar prices and improved paper output. A net loss of ~PKR 251Mn was in reported in SY25 compared to ~PKR 2.2Bn in SY24, with a LPS of PKR 3.77 versus PKR 39.17 in the SPLY.
Bank of Punjab Limited (BOP): Company Update – By Taurus Research

Feb 12 2026


Taurus Securities


  • We upgrade our Dec’26 target price for the Bank of Punjab Lim ited (BOP) to PKR 50/sh. (PKR 46/sh. earlier) following the slight revision in our valuation assumptions, as well as incorporating the Bank’s upcoming 4QCY25 results (scheduled for February 17, 2026); maintaining our ’BUY’ stance offering an upside of 31% over the LDCP, coupled with a CY26E dividend yield of 8% - translating into a total return of 39%.
  • 4QCY25 consolidated earnings to arrive at PKR 7.1Bn (EPS PKR 2.2/sh.). Wherein, we anticipate the Bank’s Net Interest Margin to showcase QoQ improvement on account of the declining cost of funds mainly, attributable to the re-pricing of a substantial portion of the Bank’s term deposits i.e. 66% of the TDR portfolio, as per the management guidance.
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.
Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
Attock Petroleum Limited (APL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17, PAT: ~PKR 2.1Bn, down ~23% over the SPLY. 1HFY26 PAT to grow 16%YoY.
  • In 2QFY26, APL’s topline is expected to clock-in at ~PKR 113Bn, down 5%YoY/4%QoQ. During 2QFY26, APL’s MS and HSD volumes decreased by 2%YoY and 8%YoY, respectively. As a result, net profit is likely to decrease by 23%YoY and arrive at PKR 2.1Bn. Overall volumes for the quarter decreased by 3%QoQ and 5%YoY altogether during 1HFY26. Despite the decrease, APL’s net sales for 1HFY26 are expected to remain stable YoY at PKR 231Bn, recording a decrease of only 0.5%YoY.