Economy: KSE-100 index up 4.02%MoM in March 2025 (+4,555 points) - By Taurus Research
Mar 27 2025
Taurus Securities
- KSE-100 index closed at 117,807 as of Mar'25, up 4.02%MoM (+4,555 points). Net FIPI outflow clocked-in USD 11.97Mn during Mar'25.
- Average value traded in Mar'25: PKR 24.0Bn – down 1%MoM.
- Average volume traded in Mar'25: 364.7Mn shares – down 29%MoM
Ittehad Chemicals Limited (ICL): Corporate Briefing Notes - By Chase Research
Jun 18 2025
- Ittehad Chemicals Limited reported earnings per share of PKR 13.86 in FY24 against earnings per share of PKR 18.26 in FY23 a decrease of 24%.
- Total revenue in FY24 reached PKR 24.3 Bn remaining stagnant compared to FY23 with PKR 24.3 Bn.
- The company saw its gross margin decrease from 21% in FY23 to 20% in FY24.
Cement: LHC’s Royalty Ruling: Punjab Players Brace, Sector Remains Strong - By HMFS Research
Jun 18 2025
HMFS Research
- The cement sector was met with a significant development as the Lahore High Court (LHC) upheld the Punjab government’s revised royalty regime on limestone. In this major ruling, the court endorsed a royalty rate of 6% of the ex-factory sale price of cement, replacing the earlier fixed charge of PKR 250/ton. The verdict marks a critical shift in cost dynamics for Punjab-based cement manufacturers, altering the landscape for raw material pricing going forward.
- On August 16, 2024, companies including MLCF, FCCL, PIOC, BWCL, and DGKC had challenged this variable pricing mechanism, securing a temporary stay through bank guarantees. With the verdict now in effect, those guarantees are enforceable, translating into immediate cash outflows and potential short-term liquidity stress.
- Despite the unfavorable ruling, the financial impact is expected to remain contained over the medium to long term, as most Punjab-based manufacturers had already factored in the royalty charge into their cost structures. This foresight not only safeguarded margins but also ensured pricing stability in the retail market, where top-brand cement bags now range between PKR 1,350–1,450. As a result, abrupt price shocks have been avoided, preserving consumer sentiment and maintaining competitive positioning across regions.
Economy: Large Scale Manufacturing Industrial activity posts modest growth - By Foundation Research
Jun 18 2025
Foundation Securities
- LSM output witnessed an increase of 2.3% YoY in Apr’25 due to low base effect. During 10MFY25, output contracted 1.5% YoY given lagged second round effects of tight monetary stance and weak domestic demand. Prominent sectors that fueled the monthly progress were Automobiles (↑60.2%), Other transport Equipment (↑41.6%), Paper & Board (↑12.1%), Tobacco (↑9.1%), Textile (↑7.9%), Pharmaceuticals (↑7.5%), Coke & Petroleum Products (↑5.5%), Computer, electronics & Op prods (↑5.1%), Fertilizers (↑5.1%), Beverages (↑4.3%), Food (↑3.5%), Wood Products (↑3.0%), Electrical Equipment (↑2.6%), Rubber Products (↑2.3%), Non Metallic Mineral Products (↑1.9%) and Leather Products(↑1.8%). On the flipside, negative contributors were Machinery and Equipment (↓50.7%), Other Manufacturing (Football) (↓41.5%), Furniture (↓40.3%), Chemicals Products (↓10.8%), Wearing Apparel (↓8.6%), Iron & Steel Products (↓1.8%), and Fabricated Metal (↓0.1%).
- Textile sector underwent a surge of 7.9% YoY as spinning/weaving reported enhancement of 8.7/0.4% YoY. Food production rose 3.5% YoY as sugar, bakery, & chocolate production shot up by 184% YoY during the month. Pharma output grew 7.5% YoY on the back of 6.7/10.3% YoY increase in tablets/syrups production.
Pakistan Economy: May-2025: CA posts deficit of US$103mn - By JS Research
Jun 18 2025
JS Global Capital
- Pakistan's current account balance posted a deficit of US$103mn in May-2025, bringing the 11MFY25 current account surplus to US$1.8bn. The primary driver of this deterioration was a sharp rise in the trade deficit, which widened to US$3bn, reflecting a 52% YoY increase amid higher import activity.
- While an improving domestic economic environment led to a rebound in import demand, exports remained under pressure for the second consecutive month, recording negative YoY growth primarily due to the impact of newly imposed U.S. tariffs under the Trump administration.
- We highlight that some planned foreign inflows are yet to materialize. However, the SBP remains confident that these will be realized before the end of Jun-2025, supporting the targeted FX reserves level of US$14bn.
Economy: May’25 CAB posts a deficit of USD 103Mn - By Taurus Research
Jun 18 2025
Taurus Securities
- Trade deficit continues to widen (up 16%MoM and 22% over the SPLY) as Pakistan’s CA posted a deficit of USD 103Mn during May’25. Goods exports fell 6% on a sequential basis. Whereas, goods imports increased 5%MoM. Services deficit recorded a contraction of 8% during the month to arrive at USD 2.7Bn in 11MFY25, up 1% over the corresponding period last year.
- Remittances were the savior yet again, reflecting a growth of 16% over the previous month and 29% overall FYTD, clocking-in at USD 34.9Bn during 11MFY25. Consequently, 11MFY25 current account remains in a surplus of ~USD 1.8Bn. State Bank of Pakistan expects overall CAB for FY25 to post a sizeable surplus.
- A dissection of the surge in imports shows that while petroleum imports posted a 7%MoM drop, machinery and transport group imports were up 17%MoM and 30%MoM, respectively. The latter is a strong indicator of uptick in economic activity. However, the situation poses a serious risk in case petroleum imports also surge on the back of soaring oil prices due to the evolving geopolitical situation. Resultantly, trade deficit is likely to widen further over the next few months, driving an even higher deficit.
Morning News: July-May C/A posts $1.8bn surplus - By WE Research
Jun 18 2025
- Pakistan recorded a current account surplus of $1.8 billion during the first 11 months of FY25, a significant improvement from a $1.57 billion deficit in the same period last year, largely due to a 29% year-on -year surge in workers’ remittances totaling $34.9 billion. Despite a widening trade deficit—caused by rising imports and declining exports—robust remittance inflows helped stabilize the external account. In May 2025, the country posted a $103 million deficit, narrowing 56% from the same month last year, as imports rose to $5.48 billion while exports dipped to $2.4 billion. The State Bank of Pakistan expects a continued surplus for FY25 but warns of a potential moderate deficit in FY26 due to strong import demand and global uncertainties. SBP projects foreign exchange reserves to reach $14 billion by June 2025 but highlights external risks such as geopolitical tensions, oil price volatility, and possible financial inflow shortfalls.
- In April 2025, Pakistan's Large-Scale Manufacturing Industries (LSMI) index rose by 2.29% year-on-year to 108.37, though it declined 3.2% compared to March. Over the first 10 months of FY25, LSMI contracted by 1.52% year-on-year. Growth was led by industries such as automobiles (42.16%), cotton yarn (8.40%), garments (6.01%), and petroleum products (5.01%), while sectors like sugar (-14.55%), iron and steel (-10.11%), and cement (-5.62%) saw notable declines. Positive contributions came from tobacco, textiles, garments, and automobiles, whereas food, chemicals, non-metallic minerals, and machinery showed negative trends. LSMI, which makes up about 69% of manufacturing and 8% of GDP, reflects broader industrial health. Although some recovery was seen in the second half of FY24, challenges like weak global demand, currency devaluation, and fiscal constraints continue to weigh on overall industrial performance
Technical Outlook: KSE-100; Consolidation to continue - By JS Research
Jun 18 2025
JS Global Capital
- The KSE-100 index witnessed range bound activity to close at 121,971 level, down 254 points DoD. Volumes stood at 1,152mn shares compared to 1,224mn shares traded in the previous session. The current pattern suggests further consolidation ahead. The interim support is present between 121,410 and 121,610 as a fall below can target the 30-DMA at 118,272. However, any upside will face resistance in the range of 122,630-123,300 levels where a break above targeting the all-time high at 126,718. We advise investors to ‘Buy on dips’, keeping stoploss below 121,419. The support and resistance are at 121,560 and 122,636, respectively.
Morning News: $3bn financing for Reko Diq project advances with IFC/IDA approval of loan - By Vector Research
Jun 18 2025
Vector Securities
- Reko Diq Mining Company (RDMC) is continuing to progress with the raising of up to $3 billion of limited recourse project finance to support the development of Phase 1 of the Reko Diq project involving a group of lenders including the International Finance Corporation (IFC) and the International Development Association (IDA), Asian Development Bank (ADB), US International Development Finance Corporation (DFC), Export-Import Bank of the United States (US EXIM), Export Development Canada (EDC), Euler Hermes AG and KfW IPEX-Bank GmbH of Germany, Export kreditnämnden (EKN) of Sweden, and Finnvera Oyi (Finnvera) of Finland, together with a covered commercial bank tranche. RDMC remains on track to sign project finance documents and have the project loan available for initial drawdown in the second half of 2025.
- Foreign Direct Investment (FDI) fell by 7.6 per cent to $1,979 million during the first 11 months of FY25 compared to $2,142m in the same period last fiscal year, showed data issued by the State Bank on Tuesday. FDI in May declined by 36 per cent year-on-year to $111m. The inflow in April was $140m, March $26m, February $94.7m and January $194m.
- Pakistan’s current account recorded a surplus of $1.8 billion during the first 11 months of the current fiscal year (FY25), largely supported by robust inflows of workers’ remittances.
Fertilizer: Offtakes show first recovery in CY25; but high inventory and agri stress still weigh - By AKD Research
Jun 17 2025
AKD Securities
- Fertilizer offtakes recorded the first improvement during CY25, driven by availability of interest-free loans under the Punjab Kisan Card scheme and preemptive buying amid rumors of price increase post budget.
- Urea sales improved by 5%YoY to 418k tons, while, DAP, CAN, & NP sales increased by 2.4x/2.5x/60% YoY, respectively.
- EFERT and FATIMA’s urea sales increased by 86%/3.7x YoY, driven by discount offering and improved product availability. In contrast, FFC’s urea offtakes declined by 28%YoY on high base
Technology: IT Exports in May-25 down by 1% YoY to record US$329mn - By Topline Research
Jun 17 2025
Topline Securities
- Pakistan recorded monthly IT exports of US$329mn in May-2025, down by 1% YoY while up by 4% MoM. These monthly IT exports in May-2025 are higher than last 12-month average of US$314mn. This is the first YoY decline in IT exports after 19 consecutive months of growth.
- Export proceeds per day were recorded at US$16.5mn for May-25 vs. US$15.9mn in Apr-25.
- This takes 11MFY25 IT exports to ~US$3.5bn, up by 19% YoY.
Economy: KSE-100 index up 4.02%MoM in March 2025 (+4,555 points) - By Taurus Research
Mar 27 2025
Taurus Securities
- KSE-100 index closed at 117,807 as of Mar'25, up 4.02%MoM (+4,555 points). Net FIPI outflow clocked-in USD 11.97Mn during Mar'25.
- Average value traded in Mar'25: PKR 24.0Bn – down 1%MoM.
- Average volume traded in Mar'25: 364.7Mn shares – down 29%MoM
Current:
Open:
Volume:
Change: ()
High:
Low:
52 Week High:
Vol Avg(12 m):
Free Float:
52 Week Low:
Market Cap:
Total Share:
Relative Strength Index (RSI)
RSI:
MACD Signals
MACD DAILY:
MACD WEEKLY:
Simple Moving Avg (SMA)
SMA(10):
SMA(30):
SMA(60):
SMA(200):
Performance
One Month:
Three Months:
Six Months:
Twelve Months:
Support & Resistance
Support 1:
Resistance 1:
Support 2:
Resistance 2:
High & Lows
Period
High
Low