Morning News: IMF-govt talks conclude – By Darson Research

Nov 18 2024


Darson Securities


  • The IMF team, the sources said, stressed the need to implement tax targets and the National Fiscal Pact. The talks covered a wide range of economic issues, including provincial budgets, tax reforms, and foreign financing arrangements, where the Fund was convinced by provincial budget surplus. IMF stressed upon accelerating tax revenue collection to meet the tax target of Rs12,970 billion for the current financial year. The IMF team also urged for the collection of taxes on agricultural income starting January 2025.
  • The IMF shared its "preliminary findings" through the press release and stated that the detailed findings in the shape of the report would be presented before the Executive Board. The IMF's mission chief stated that Pakistan and the IMF staff "agreed with the need to continue prudent fiscal and monetary policies, revenue mobilization from untapped tax bases, while transferring greater social and development responsibilities to provinces". The issues that Nathan mentioned after the emergency visit are the ones where Pakistan is lagging behind the commitments, said the sources.
  • The International Monetary Fund (IMF) has asked Pakistan to decrease State intervention in the economy and enhance competition, which will help foster the development of a dynamic private sector. After conclusion, the Fund issued a statement which noted that based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

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Market Wrap: Highlights of the day - By JS Research

May 23 2025


JS Global Capital


  • Dull activity was observed on the last trading day of the week at the PSX, as investors adopted a cautious stance and preferred to stay on the sidelines ahead of the Federal Budget. The benchmark KSE-100 index fluctuated between an intraday high of 119,542 points (+389) and a low of 118,665 points (−487), before closing with a marginal loss of 50 points at 119,102. Trading volumes remained thin throughout the day, with major participation seen in sideboard stocks. Going forward, we expect the market to continue consolidating; hence, investors are advised to wait for dips before taking fresh positions.
Image Pakistan (IMAGE): Corporate Briefing Key Takeaways - By Topline Research

May 23 2025


Topline Securities


  • Topline Securities hosted a Corporate Briefing Session (CBS) for Image Pakistan (IMAGE) today, where senior management discussed the recent financial performance and future outlook of the company.
  • Rs193mn capex was incurred in 9MFY25, and management expects an additional Rs250mn for multi-head embroidery machinery and Rs150mn for store expansions over the next 9 months of CY25.
  • IMAGE currently has 14 outlets, with 4 more in progress (3 new and 1 expansion), bringing the total to 17 physical stores alongside a strong global online presence. Upcoming locations include the expanded Zamzama flagship, Bukhari Commercial in Karachi, F-6 MarkazIslamabad, and Giga Mall Rawalpindi.
Image Pakistan Limited (IMAGE): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • IMAGE is a premium fashion retailer specializing in Schiffli embroidery and digital lawn. It operates 14 stores across Pakistan and a growing online platform serving both local and international markets. With subsidiaries in the UK and USA, IMAGE targets the affordable luxury segment, blending traditional craftsmanship with modern design for its customers.
  • In 3QFY25, IMAGE reported sales of PKR 1,205 million, relatively unchanged from 3QFY24 sales of PKR 1,204 million. Gross profit margin slightly improved to 45% in 3QFY25 compared to 42% in the same period last year (SPLY). However, net profit after tax (PAT) decreased by 12% to PKR 209Mn in 3QFY25 from PKR 238Mn in the SPLY due to an increase in distribution and selling expenses. EPS stood at PKR 0.91 in 3QFY25 (3QFY24 EPS: PKR 1.81).
  • During 3QFY25, IMAGE expanded its physical presence with three new stores: Multan, Gujrat, and a new outlet at Dolmen Mall Lahore, taking total outlets to 14 nationwide. An additional three outlets (DHA Phase VI Karachi, Giga Mall Rawalpindi, and F-6 Islamabad) are scheduled for launch by the end of CY25, which will bring the total to 17 brick-and-mortar stores. This accelerated rollout indicates management’s confidence in sustained foot traffic recovery and untapped urban demand.
Market Wrap: KSE-100 Stays Resilient Amid Budget Uncertainty - By HMFS Research

May 23 2025


HMFS Research


  • The KSE-100 index exhibited a choppy trajectory today as investor sentiment remained cautious ahead of the FY26 budget announcement. Ongoing discussions with the IMF and anticipation of new conditionalities kept market participants on edge, curbing aggressive positions. Still, broader optimism anchored in improving macroeconomic fundamentals— such as expected external financing from the UAE and World Bank, and renewed efforts to enhance trade and exports—offered some stability amidst the turbulence. After hitting an intraday high of +389 points, the index ultimately settled at 119,103, recording a marginal decline of 50 points. Market activity reflected a wait-and-see approach, with muted volumes of 99.8mn shares on the KSE-100 and 337.1mn shares traded overall. Leading the board were BBFL (33mn), WTL (19mn), and DOL (16mn). Going forward, the market is likely to remain sensitive to unfolding budgetary disclosures and IMF-related developments. Nonetheless, a constructive macroeconomic backdrop could provide the necessary support to steer equities toward recovery. Investors are advised to remain vigilant, closely track policy cues, and prioritize fundamentally sound stocks with long-term value potential.
Pakistan Aluminium Beverage Cans Limited (PABC): CY24 & 1QCY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • PABC is the leading manufacturer of beverage cans in Pakistan. The Company is also Pakistan’s first and only manufacturer and exporter of aluminium cans.
  • During CY24, sales revenue increased 17%YoY clocking in at PKR 23Bn. The contribution of the exports to total revenue was around 63% during the year. Export sales increased 53%YoY to PKR 14.4Bn. Gross margin recorded a marginal decrease. Net profit for the year was recorded at PKR 6Bn compared to PKR 5Bn during the SPLY. The net profit margin recorded a marginal increase. As a result, EPS increased to PKR 16.9/sh from PKR 13.9/sh during the SPLY.
  • The Company reported a production of 936Mn cans in CY24, at a capacity utilization of 89%. The production capacity is 1.2Bn cans p.a.
Lalpir Power Limited (LPL): CY24 Corporate Briefing Key Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • LPL’s Power Purchase Agreement, originally due to expire in Nov’28, was terminated effective Oct 1, 2024, under a Negotiated Settlement Agreement. Receivables up to Sep 30, 2024—including CPP, EPP, and PTI—were cleared by Dec 31, 2024. Delayed payment interest was waived, resulting in significant reversals in the financials. The Company retains ownership of its 350MW oil-fired complex, and no further compensation was provided by the Government. CPPA-G will reimburse the Company for any adverse tax rulings if applicable.
  • Revenue declined 27%YoY to PKR 14.2Bn (CY23: PKR 19.5Bn), reflecting reduced dispatches ahead of PPA expiry. Gross profit fell to PKR 3.55Bn (CY23: PKR 5.6Bn), while PAT sharply dropped to PKR 465Mn from PKR 4.9Bn. This steep decline was primarily driven by non-recurring reversals—including furnace oil inventory written down to net realizable value due to low selling prices and the reversal of interest income due to waived charges under the settlement. EPS declined significantly to PKR 1.22 (CY23: PKR 12.1).
  • LPL reported surplus funds of PKR 9.8Bn as of Dec 31, 2024, ensuring liquidity strength post-PPA. However, Management clarified that it does not plan to distribute excess reserves via dividends in the near term. Instead, the focus is on pursuing high-potential ventures that can deliver superior long-term shareholder value.
Morning News: IMF not too ‘keen’ on relief steps in budget, links them to FBR revenue - By Vector Research

May 23 2025


Vector Securities


  • Signaling its reluctance to grant a major relief to the salaried, property, beverage, and export sectors, the visiting IMF team has linked the FBR’s tax collection target with reduction in expenditures. This is the crux of the ongoing parleys, as the team is going to accomplish its visit on Friday (today). However, the Fund will make an exception for the defence budget, as Islamabad will take an appropriate decision to hike the defence spending in view of the current geopolitical environment.
  • Prime Minister Shehbaz Sharif on Thursday met with a delegation from the World Bank, led by Managing Director of Operations Anna Bjerde, to discuss the Bank’s development investment and cooperation in Pakistan. The prime minister said the government is taking practical steps to maximize benefits from the World Bank’s investment under the Country Partnership Framework. He said the framework is expected to bring more than $20 billion in development financing to Pakistan.
  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms. According to a press statement issued on Thursday, the minister shared plans to launch a competitive electricity market soon, noting that preparatory work is underway. An Independent System and Market Operator (ISMO) has been established, and experienced professionals are being appointed. The government will no longer be the sole electricity purchaser.
Morning News: Forex reserves exceed $16bn mark on IMF tranche - By WE Research

May 23 2025



  • Pakistan's foreign exchange reserves rose by $1.034 billion in one week, reaching $16.649 billion as of May 16, 2025, largely due to a $1.023 billion IMF loan tranche under the Extended Fund Facility (EFF). This marks the highest level in four months. While the State Bank of Pakistan’s (SBP) reserves increased, commercial banks' reserves dipped slightly by $9 million. The IMF also approved a $1.4 billion Resilience and Sustainability Facility (RSF) to help Pakistan address climate challenges and support growth. The IMF funds are expected to attract further international financial support, with SBP projecting reserves to exceed $14 billion by June 2025.
  • World Bank Managing Director Anna Bjerde praised Pakistan’s recent economic reforms as a “globally recognised model,” crediting Prime Minister Shehbaz Sharif’s leadership for driving the transformation. During a high-level meeting in Islamabad, Bjerde highlighted Sharif’s focus on sustainable policies, political unity, and development that prioritizes people. She referred to Pakistan’s Country Partnership Framework as the “Pakistan Model,” citing its successful implementation. Sharif thanked the World Bank for its support, especially following the 2022 floods, and noted the partnership will lead to over $20 billion in development investment. Both sides reaffirmed their commitment to continued collaboration.
  • Prime Minister Shehbaz Sharif met with a World Bank delegation led by Managing Director Anna Bjerde to discuss development cooperation and the Country Partnership Framework, which is expected to bring over $20 billion in financing to Pakistan. Sharif emphasized the government’s efforts to fully leverage this investment and thanked the World Bank for its support during the 2022 floods. Bjerde praised Pakistan’s progress on macroeconomic stability and called the partnership a global model, now referred to as the “Pakistan Model.” The meeting reaffirmed strong cooperation between Pakistan and the World Bank, with several senior officials in attendance.
Morning News: WB announces USD 55m in additional funding - By Alpha - Akseer Research

May 23 2025


Alpha Capital


  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms.
  • Pakistan is targeting the export of 125,000 tonnes of mangoes in the current season, with an anticipated revenue of $125 million, the Pakistan Fruit and Vegetable Exporters Association (PFVA) announced. The export campaign is set to kick off on Sunday (May 25).
  • Honda Atlas Cars Pakistan Limited (HCAR) reported a net profit of Rs2.7 billion (EPS: Rs18.97) for the year ended March 31, 2025, marking a 16 per cent year-on-year (YoY) increase and surpassing industry expectations.
Market Wrap: Highlights of the day - By JS Research

May 22 2025


JS Global Capital


  • The market opened on a positive note on Thursday, with the index gaining 767 points to hit an intraday high of 120,699. However, the momentum faded as investors opted for profit-taking at higher levels, dragging the index down to an intraday low of 119,062 before closing at 119,153, down 778 points. Going forward, range-bound activity is likely to persist ahead of the Federal Budget announcement, and investors are advised to remain cautious."
Morning News: Govt to stay firm on IMF commitments: Aurangzeb - By Darson Research

Jan 29 2025


Darson Securities


  • Minister for Finance Mohammad Aurangzeb made it clear on Tuesday that the government would stick to the commitments made with the IMF under the $7 billion Extended Fund Facility (EFF). He also hinted that the tax burden on salaried class might be rationalised in the coming budget.
  • The International Monetary Fund (IMF) on Tuesday advised Pakistan to stay on course and show some patience amid growing demand from the private sector to open up the economy to create jobs and reduce unemployment.
  • The World Bank Vice President for South Asia, Martin Raiser, emphasised on Tuesday that the $20 billion lending will be insufficient to achieve the 10 years' development goals, and Pakistan will have to mobilise more resources to overcome its challenges.
Technical Outlook: KSE 100 Hourly Chart - By Darson Research

Jan 28 2025


Darson Securities


  • The chart shows a symmetrical triangle pattern that recently saw a breakdown. Price has moved below the lower trendline, signaling a possible bearish continuation.
  • Pivotal point around 115,345 is acting as a major resistance, CPR resistance at upper band around 114410. On the flip side CPR support at lower band around 113250. If it fails to honor, then it may retest Support around 112675 or even 111625.
Morning News: Bulk of Pakistan’s foreign debt repayment for FY25 already repaid: SBP chief - By Darson Research

Jan 28 2025


Darson Securities


  • In a press conference held to announce the key interest rate, the SBP chief also said the Monetary Policy Committee (MPC) decided on a cut of 100 basis points, keeping in mind the inflation outlook and other developments. Meanwhile, responding to a query after the briefing, the SBP governor said Pakistan’s foreign debt that was due to be repaid during the current fiscal year was $26.1 billion. Out of this, an amount to the tune of $16 billion in loans will either be rolled or repaid. “An amount of $12.3 billion is rollovers agreed with the lenders, whereas $3.7 billion are commercial loans, which will also be repaid and refinanced,” he said.
  • Pakistan’s central bank is progressing with the issuance of new design currency notes, with the first new banknote expected to be released by the end of this year. The release of the new notes would occur in phases but did not disclose which specific denomination would be released first. “All currency notes will be issued gradually, but we are still in the final stages of approval,” he stated.
  • The Special Investment Facilitation Council (SIFC) has facilitated the energy sector by opening gas market for the private sector, which is expected to contribute Rs71 billion per year to circular debt reduction. Additionally, the government will collect Rs13 billion annually on account of sales tax. Circular debt, which has plagued the energy sector for decades, has now crossed Rs1.6 trillion. Exploration and production (E&P) companies are owed $700 million owing to delay in payments by clients and gas curtailment. The recent decision of selling 35% gas, found by exploration firms, to a third party will help to resolve such non-payment issues. Earlier, oil and gas exploration companies were allowed to sell 10% of gas to third parties, which the current government increased to 35% in a bid to open the market and improve cash flow for energy firms.
Morning News: Policy rate cut hopes rise as weekly inflation hits decade’s low - By Darson Research

Jan 27 2025


Darson Securities


  • Pakistan’s inflationary pressures appear to be easing at a fast pace, as the Sensitive Price Index (SPI) recorded a year-on-year increase of just 0.52 percent for the week ending January 23, raising hopes of a possible policy rate cut by the State Bank of Pakistan next week.
  • Pakistan must simplify regulations and make its economic outlook predictable to attract more investment and significantly spur growth, according to a senior official from the World Bank quoted by Bloomberg. The South Asian country can see its annual growth rate accelerate to as much as 8pc if it doubles investment and better utilizes its assets and human capital, Martin Raiser, the bank’s vice president for South Asia, said in an interview in Islamabad on Friday.
  • Currency market experts have warned that the absence of channels for attracting dollar inflows could pressure the rupee as the government may need to borrow from commercial banks at higher interest rates to meet its debt repayment obligations. They also noted that the US dollar is gaining strength against major Asian and European currencies following Donald Trump’s taking over as the 47th president of the world’s largest economy. This could further contribute to weakening the rupee, which has remained stable against the greenback for over a year thanks to some stringent measures, including restricting outflows and a crackdown against smuggling.
Technical Outlook: KSE 100 Daily Chart 27 January 2025, Monday - By Darson Research

Jan 27 2025


Darson Securities


  • Index is currently trading around 114880 after making high of 115779 within strong rejection, and Failed to re-enter into Ascending channel on Hourly chart, mentioned in previous post.
  • Now it’s moving in a Symmetrical triangle on daily time frame in which Breakout trajectory (BT) is Between 114990 and 115870. The market is currently in a range-bound phase within CPR levels, Upper Band (UB) 114720, Middle Band (MB) 114300 and Lower Band (LB) 113660.
Technical Outlook: KSE 100 Hourly Chart 23 January 2025, Thursday - By Darson Research

Jan 23 2025


Darson Securities


  • Index has broken the ascending trendline, after a strong rejection around 115040 at Pivotal point, led to a sharp decline. Short-term bearish pressure is dominant after breaking CPR support around 114725, Indicating a potential short-term bearish move.
  • Currently, it is testing trendline support near CPR support around 113,640. Support Levels:(Trendline Support) around 113,060 (Lower Support) 111,600 (Pivotal Point) RSI at 31.68, approaching the oversold zone, suggesting a possible pull back.
Technical Outlook: KSE 100 Hourly Chart 16 January 2025, Thursday - By Darson Research

Jan 16 2025


Darson Securities


  • Index remains in a consolidation phase, and hovering around the CPR levels Upper Band (UB) around 114,680, Middle band (MB) around 113935 and Lower Band (LB) around 113190. A sustained move below these levels could trigger further downside.
  • Index is still facing rejection from the descending trendline resistance at 115,820, indicating strong selling pressure near this level, while 114300 is a decisive level for further upside or more downside.
  • Support levels at 113,935 (marked by yellow dotted lines) may act as key levels to watch for potential reversals. Volume: Declining volume indicates reduced participation, signaling caution.
Morning News: World Bank approves $20 billion loan – By Darson Research

Jan 16 2025


Darson Securities


  • The World Bank board has approved a $20 billion loan package for Pakistan, but the framework document stated there will be challenges in its successful implementation due to political divisions and a worsening security situation in two provinces. The Country Partnership Framework (CPF) for the 2025-2035 period lists the political divide in Pakistan and the deteriorating security situation in Balochistan and Khyber-Pakhtunkhwa (K-P) as "critical" risks to the successful implementation of the $20 billion official lending package.
  • Saudi Development Fund (SDF) could invest over $100 million in Pakistan's mining infrastructure, said kingdom Mining Minister Bandar Alkhorayef on Wednesday. He also confirmed that Saudi mining company Manara Minerals was looking at investing in Pakistan's Reko Diq mine.
  • Pakistan’s model of growth — dominated by (public) consumption, high levels of debt, low productivity and poor capital accumulation — is increasingly unsustainable and requires measures to increase investment and productivity, while heavily investing in human capital accumulation to increase the country’s long-term growth potential, says the World Bank.
Automobile Assemblers: Auto Industry Showing Signs Of Recovery – By Darson Research

Jan 15 2025


Darson Securities


  • Pakistan Automotive Manufacturers Association (PAMA) released latest production and sales data for the month of Dec-24. The passenger car sales enhanced by 60% on YoY for Dec-24 (not including Jeeps, IMV’s, Pickups) as 7,864 units were sold as compared to 6,410 units in Dec-23. Further on MoM basis there was a decline seen of 1% as 7,864 cars were sold against 7,909 cars in the previous month. The incline on (YoY) sales was due to higher consumer demand amid declining interest rates.
  • Honda Atlas Cars posted stable figures on MoM for Dec-24 as the company sold 1,110 units as compared to 1,112 units in previous month. The company grew by an impressive 23% on YoY basis as 1,110 cars were sold in Dec-24 as compared to 901 in the SPLY. This growth was due to the increase in Civic/City category and BR-V and HR-V variants which both grew by 23%.
  • Indus Motors showed a decline of 25% on YoY basis as the company sold 1,655 units as compared to 2,194 units in the previous period of Dec-23. The company posted an impressive growth of 142% on YoY basis as 1,655 units were sold as compared to 684 in the SPLY. This was driven by the Corolla, Yaris Cross category which went ↑109% and by the Fortuner category ↑ 284%. This impressive growth was due to the reasons mentioned above plus Corolla Cross has had a positive response from the market which should provide support to the company's sales moving forward.
Morning News: WB pledges $40bn to Pakistan under 10-year framework – By Darson Research

Jan 15 2025


Darson Securities


  • The World Bank (WB) has pledged to provide $40 billion to Pakistan under the 10-year Country Partnership Framework (CPF), according to sources in the Ministry of Economic Affairs. Out of the total $40 billion, $20 billion would be provided through International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD).
  • Saudi Arabian mining company Manara Minerals could invest in Pakistan’s Reko Diq mine in the next two quarters. Manara, a joint venture between state-controlled miner Ma’aden and the $925-billion Public Investment Fund (PIF), was set up as part of the kingdom’s efforts to diversify its economy away from oil, including by buying minority stakes in assets overseas.
  • Pakistan plans to issue Yuan-denominated Panda Bonds by June 2025 to enhance its capital market integration with China, Federal Minister for Finance and Revenue Muhammad Aurangzeb said.