Engro Fertilizer Limited (EFERT): Result Review: EFERT 1QCY25 EPS Rs2.17, DPS Rs2.25 - By Sherman Research

Apr 22 2025


Sherman Securities


  • Engro Fertilizer Limited (EFERT) announced its 1QCY25 result today wherein the company posted consolidated net earnings of Rs2.9bn (EPS of Rs2.2) as compared to net earnings of Rs7.8bn (EPS of Rs5.8) during same period last year, down by 63%YoY. The result came in-line with our estimate.
  • Along with the result, company announced interim cash dividend of Rs2.25/share.
  • During 1QCY25, net revenue clocked in at Rs30bn, down by 59%YoY. The decline is mainly attributed to lower urea sales (down 53%YoY).
Pakistan Fertilizer: FFC/ EFERT: 2QCY25 to see recovery in earnings - By JS Research

Jul 9 2025


JS Global Capital


  • We present 2QCY25 earnings estimates for Fauji Fertilizer Company Limited (FFC) and Engro Fertilizers Limited (EFERT), where we expect the earnings to improve led by increase in Urea and DAP volume by 3% YoY and 15% YoY.
  • FFC is expected to post EPS of Rs14.5 with DPS of Rs11.25. Despite weaker sales, FFC is expected to remain in a better position compared to peers led by comparative advantage amid lower gas tariff coupled with higher dividend income during the quarter.
  • EFERT is likely to post recovery in earnings which remained under pressure last year amid Enven plant turnaround. However continued discounts and higher inventory pileups will continue to impact company’s operations. Accordingly, the company is likely to report an EPS of Rs4.6 (3.7x higher YoY), along with a dividend of Rs4.5/share.
Engro Fertilizer Limited (EFERT): Result Review: EFERT 1QCY25 EPS Rs2.17, DPS Rs2.25 - By Sherman Research

Apr 22 2025


Sherman Securities


  • Engro Fertilizer Limited (EFERT) announced its 1QCY25 result today wherein the company posted consolidated net earnings of Rs2.9bn (EPS of Rs2.2) as compared to net earnings of Rs7.8bn (EPS of Rs5.8) during same period last year, down by 63%YoY. The result came in-line with our estimate.
  • Along with the result, company announced interim cash dividend of Rs2.25/share.
  • During 1QCY25, net revenue clocked in at Rs30bn, down by 59%YoY. The decline is mainly attributed to lower urea sales (down 53%YoY).
Engro Fertilizers Limited (EFERT): 1QCY25 EPS clocked-in at PKR 2.2; PAT down 63%YoY - By Taurus Research

Apr 22 2025


Taurus Securities


  • 1QCY25: EPS: PKR 2.2; DPS: 2.3; PAT: PKR 2.9Bn, down 63%YoY – above expectations
  • Net sales clocked-in at ~PKR 30Bn in 1QCY25, down significantly by 59%YoY on the back of decrease in Urea and DAP offtake by 58%YoY and 78%YoY, respectively. Gross margins arrived at 35% in 1QCY25, up 12pptsYoY due to improving cost efficiencies. However, EFERT’s market share dropped (down 10ppts to 23% in 1QCY25) amid amalgamation of FFBL into FFC (took effect from 3QCY24) which has forced the company to sell Urea bags at significantly discounted prices in order to overcome the pressure of continuous fall in market share i.e. highest Urea bag prices (impact of availing higher feed gas i.e. PKR 1,597/MMBTU) compared to the peer companies. Earnings arrived at PKR 2.9Bn in 1QCY25, down 63%YoY due to massive surge in finance cost (up 5.8xYoY) amid increase in borrowings to fund the ongoing “Pressure Enhancement Project”. Lastly, the Company announced an interim cash dividend of PKR 2.3/sh. for the quarter.
Engro Fertilizers (EFERT):1Q2025 EPS at Rs2.17, down 63% YoY (earnings higher than expectations) - By Topline Research

Apr 22 2025


Topline Securities


  • Engro Fertilizers (EFERT) announced its 1Q2025 financial result today, wherein the company recorded a consolidated quarterly profits of Rs2.9bn (EPS: Rs2.17), down 63% YoY and 75% QoQ.
  • Along with the results, the company also declared cash dividend of Rs2.25/share, in-line with market expectations.
  • The 1Q2025 result came higher than our expectations due to higher-than-expected gross margins
Engro Fertilizers Limited (EFERT): 4QCY24 Corporate Briefing Takeaways - By IIS Research

Feb 14 2025


Ismail Iqbal Securities


  • Engro Fertilizers Limited held its corporate briefing today to discuss the financial results of CY24 and future outlook of the company. Key highlights of the briefing are follows.
  • To recall, in 4QCY24 the company has posted consolidated earnings of PKR 7.7/share (PKR 21.16/share in CY24). Alongside the result, the company announced a cash dividend of PKR 8.00/share (PKR 21.50/share in CY24).
  • The company highlighted the YoY improvement in annual performance, from revenue to EPS. However, quarterly results showed a 7.8% YoY decline in PAT, driven by discounts offered to dealers. The gross margin for 4QCY24 stood at 35%, up from 31% in the previous quarter, attributed to the reclassification of expenses for better presentation.
Engro Fertilizer Limited (EFERT): CY24 Analyst briefing takeaways - By Insight Research

Feb 14 2025


Insight Securities


  • Engro Fertilizer Limited conducted analyst briefing to discuss its financial results. We have summarized the following key takeaways from the briefing:
  • In CY24, EFERT’s profitability has witnessed an increase of 7.9% YoY, to clock in at PKR28.2bn (EPS: PKR21.2), compared to PKR26.2bn (EPS: PKR19.61) in SPLY. This increase is mainly attributable to better product prices.
  • On higher selling and distribution expense in 4QCY24, management commented its attributable to reclassification of cost from COGS to S&D expense coupled with higher inventory holding cost.
Engro Fertilizers (EFERT): 4Q2024 Corporate Briefing Key Takeaways - By Topline Research

Feb 14 2025


Topline Securities


  • Engro Fertilizers (EFERT) held its 4Q2024 Corporate Briefing Session today where management discussed financial performance and future outlook.
  • During 4Q2024, selling and distribution cost was abruptly increased due to some reclassification of expenses along with impact of axel load and warehouse related costs, respectively.
  • The company has launched a Digital Platform named ugAi with AI enable services that allow the farmers to book inventory directly from company at defined rates and quality products.
Engro Fertilizers Limited (EFERT): 4QCY24 Result Review — Higher distribution & finance cost dent earnings - By AKD Research

Feb 10 2025


AKD Securities


  • Engro Fertilizers Limited (EFERT) announced its 4QCY24 financial results, wherein the company reported consolidated earnings of PkR10.3bn (EPS: PkR7.7), an 8%YoY decline from PkR11.1bn (EPS: PkR8.3) in SPLY. The result is largely in line with our expectations. However, the annual drop in earnings is due to higher distribution expenses and lower other income. Alongside the result, company declared a final cash dividend of PkR8.0/sh, taking full-year dividend to PkR21.5/sh.
  • Revenue rose by 13%YoY to PkR84.8bn in 4QCY24 vs. PkR75.2bn in SPLY, supported by a 17%YoY increase in urea offtakes and 24%YoY rise in prices. However, DAP and NP sales declined by 5%YoY and 74%YoY, respectively.
  • Gross margins contracted to 34.9% from 38.7% in SPLY, as 56%YoY rise in input gas prices outpaced the increase in selling prices.
Engro Fertilizer Limited (EFERT): Result Review: EFERT 4QCY24 EPS Rs7.7, DPS Rs8 - By Sherman Research

Feb 10 2025


Sherman Securities


  • Engro Fertilizer Limited (EFERT) announced its 4QCY24 result today wherein the company posted consolidated net earnings of Rs10.3bn (EPS of Rs7.7) as compared to net earnings of Rs11.2bn (EPS of Rs8.3) during same period last year, down by 8%YoY. The result came lower than our estimate due to higher than expected operating expenses. ? Along with the result, company announced final cash dividend of Rs8/share taking cumulative dividend to Rs21.5/share for CY24 (payout ratio of 100%).
  • During 4QCY24, net revenue clocked in at Rs85bn, up by 13%YoY. The increase is mainly attributed to higher urea sales (up by 17%YoY) as company offered discount of Rs100/bag to regain its market share during the period.
  • EFERT’s gross margin clocked in at 35% during 4QCY24 as compared to 39% during the same period last year (down by 4ppt). The decline in margins is due to higher gas price during the period.
Engro Fertilizer Limited (EFERT): 4QCY24 EPS clocked-in at PKR 7.7, DPS PKR 8.0, taking CY24 EPS to PKR 21.2 - By Foundation Research

Feb 10 2025


Foundation Securities


  • Engro Fertilizer Limited (EFERT PA) posted a profit of PKR 10.3bn (EPS PKR 7.7) in 4QCY24, against profit of PKR 11.1bn (EPS PKR 8.3) in 4QCY23, undergoing a decrease of 8% YoY. This cumulates to CY24 profitability of PKR 28.3bn (EPS PKR 21.2), up 8% YoY, vs. PKR 26.2bn (EPS PKR 19.6) in CY23.
  • Result is also accompanied by a final cash dividend of PKR 8.0/sh, which takes CY24 payout to PKR 21.5/sh.
  • In 4QCY24, PAT decreased/increased 8/20% YoY/QoQ. The decline is due to a 2.0x YoY jump in distribution costs and 5.4x YoY incline in finance cost. Profitability increased QoQ because of higher off-take compared to previous quarter, however distribution costs saw a jump of 4.9x. We attribute increase in CY24 profitability (↑8% YoY) to (1) higher other income (up 5.6x YoY) and (2) lower tax expense (ETR of 37% in CY24).
Market Wrap: Highlights of the day - By JS Research

Jul 10 2025


JS Global Capital


  • The KSE-100 Index surged 1,325 points to reach an intraday high of 133,902, as investor sentiment turned bullish on the back of strong macroeconomic signals. Record-high remittances of $38.3 billion and robust demand in recent government debt auctions drove renewed interest in the banking sector. This marks a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark. Continued foreign inflows and structural reforms could sustain this momentum in the quarters ahead
Automobile Assembler: Pakistan Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high - By Topline Research

Jul 10 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 21,773 units in Jun 2025, reflecting a 64% YoY and 47% MoM rise.
  • MoM rise was mainly led by a 39-month high Alto sales due to pre-buying as GST was set to increase effective from Jul 01, 2025 from 12.5% to 18.0%.
  • YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment
Oil and Gas Exploration: Improving liquidity in E&P sector to set stage for recovery - By AKD Research

Jul 10 2025


AKD Securities


  • As per released figures from PPIS for Jun’25, oil/gas production for the year amounted to 62.4k bpd and 2,882mcfd, reflecting a decline of 12%/8%YoY.
  • We expect rebound in domestic hydrocarbons as excess RLNG issue is to be resolved through i) renegotiation of RLNG contract in 2026, ii) deferral of cargoes, and iii) increase in demand.
  • Industry participants have struck 21 discoveries during FY25, up 40%/91% compared to 15/11 discoveries during FY24/23, culminating to incremental production of 2.9k bpd of oil and 253mmcfd of gas as per initial flow rates.
Market Wrap: Evening Chronicle July 10, 2025 - By AHCML Research

Jul 10 2025


Al Habib Capital Markets


  • The KSE-100 Index opened on a positive note and surged to an intraday high of 133,902.34 points before closing at a record 133,782.34, gaining 1,205.36 points or 0.91%. Investor sentiment remained buoyant amid strong economic indicators and corporate developments. Record remittances of USD 38.3bn in FY25 (up 26.6% YoY), progress on the Roosevelt Hotel’s USD 1.0bn valuation in the proposed redevelopment plan, World Bank’s likely support for Reko Diq, a 10% rise in US exports, and a USD 1 billion syndicated loan by Dubai Islamic Bank all boosted investors’ confidence. Top contributors to the index included MEBL, MCB, UBL, BAHL, and FFC, which collectively added 570.42 points. BOP led the volumes with 155.38 million shares, while total market turnover reached 941.72 million shares.
Market Wrap: PSX Rebounds Strongly amid Strong Economic Indicators - By HMFS Research

Jul 10 2025


HMFS Research


  • The KSE 100 index resumed its upward trajectory today, reaching an intraday high of 133,902 after a slight correction in the previous session driven by profit-taking. The benchmark index closed at the 133,782 level, recording a gain of 1,205 points. The positive sentiment was primarily driven by a remarkable 26.6% surge in cumulative remittances in FY25, which reached a record high of USD 38.3bn. Consequently, buying was observed across major sectors including banking and cement. Investor confidence also improved ahead of corporate results season, furthermore, a 10% y/y increase in exports to the US, which reached USD 5.8bn in FY25, also aided momentum. Total traded volumes remained strong, with the KSE-100 Index posting 326mn shares and the All-Share Index recording 940mn shares. The most actively traded scrips today were BOP (155mn), KOSM (55mn), and HASCOL (33mn). Going forward, the market’s upward trend is expected to continue. However, since the Trump administration as of now has made no announcements over its tariff position on Pakistan, the bourse could swing in the opposite direction should the US decide to impose or reinstate trade barriers. Such a move could dampen investor sentiment, thereby stalling the market's momentum. Amidst this backdrop, investors are advised to remain cautious amid the recent gains in market indices, focusing on fundamentally strong sectors and companies with stable earnings and long-term potential.
Fertilizer: 2QCY25E earnings to jump on higher off-take - By Taurus Research

Jul 10 2025


Taurus Securities


  • We expect Fertilizer players in our universe to witness robust surge in profitability on the back of significant increase in offtake during 2QCY25 i.e. Urea up 14%QoQ and DAP up 99% QoQ, attributed to rise in demand for fertilizer products at the start of the Kharif Season 2025 amid facilitating farmers with Kissan Cards, mitigating wheat crisis and stable fertilizer prices.
  • On the Company front, EFERT’s market share went up by 32% (up 8pptsYoY) in 2QCY25 due to base effect as the Company had undergone scheduled plant maintenance activities for 2 months during 2QCY24, resulting in rise in Urea off-take (up 9pptsYoY to 34%). Further, disparity in gas pricing mechanism has still put significant pressure on the margins of EFERT, forcing to sell Urea at a discounted price (discount of PKR 100-150 per bag started in Jan’25). Further, FFC has also reduced Urea prices by PKR 40/bag effective from May’25.
  • FFC’s net sales to clock-in at ~PKR 68Bn in 2QCY25, up 7%QoQ on account of increase in overall off-take by 17%QoQ (Urea and DAP off-take were up by 9% and 66%, respectively). Gross margins to hover around 38% in 2QCY25, up 2pptsQoQ. Distribution and admin expense to increase 2%QoQ, in-line with the increase in sales volumes. Finance cost to remain on the lower side (down 16%QoQ) amid deleveraging of FFBL and ongoing monetary easing cycle.
Nishat Mills Limited (NML): BUY Maintained Earnings revised due to lower margins; SOTP value higher - By Topline Research

Jul 10 2025


Topline Securities


  • We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by company in 9MFY25.
  • We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15- FY24 have averaged at 12.4%.
  • Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target price of Rs225, suggesting total return of 60% including dividend yield of 2%.
Commercial Banks: Banks earnings to increase 7% YoY in 2Q2025 Market Weight Stance Maintained - By Topline Research

Jul 10 2025


Topline Securities


  • Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income
  • Despite the decline in the average policy rate from 21.5% in 2Q2024 to 11.3% in 2Q2025, Net Interest Income (NII) of banks in our universe is expected to increase by 12% YoY to Rs303bn, driven by (1) volumetric growth particularly in current accounts and (2) higher investment yields on old portfolio.
  • Non-interest income of Topline Universe is also expected to post a 14% YoY growth, reaching Rs84bn in 2Q2025, mainly driven by an increase in fee and commission income and higher gain on sale of securities.
Technical Outlook: KSE-100 may undergo corrective trend - By JS Research

Jul 10 2025


JS Global Capital


  • The KSE-100 index failed to sustain its intraday high of 133,566 and slid to close at 132,577, down 826 points DoD. Trading volume stood at 906mn shares, compared to 1,207mn shares in the previous session. The index is likely to test support at 132,326 (yesterday’s low), where a break below this level could trigger a corrective trend, with downside targets at 129,878 and 127,205. On the upside, resistance is expected in the 133,560-134,200 range. We recommend investors remain cautious at higher levels and consider accumulating on dips. The support and resistance levels are placed at 132,080 and 133,320, respectively.
Morning News: Remittances from workers at a record high - By IIS Research

Jul 10 2025


Ismail Iqbal Securities


  • In a historic economic milestone, Pakistan recorded its highest-ever home remittance inflows, exceeding $38 billion during the last fiscal year FY25. This unprecedented surge is credited to robust policy measures and sustained efforts by the federal government and the State Bank of Pakistan (SBP) to channelise remittances through formal avenues.
  • The State Bank of Pakistan (SBP) mobilised approximately Rs1.62 trillion through its latest auctions of government securities, of which a substantial proportion, Rs1.413 trillion, was raised from Market Treasury Bills (MTBs) and Rs208.42 billion from 10- year Pakistan Investment Bonds Floating Rate (PFL).
  • Political uncertainties, security issues, and external shocks continue to threaten Pakistan’s moderate economic recovery, says the Asian Development Bank (ADB). “Structural and institutional factors, as well as issues such as cumbersome land acquisition procedures, procurement delays, lack of counterpart funds, and currency and price fluctuations, affect project readiness, implementation, and outcomes,” said the bank in its member fact sheet.
Cement: Capacity Utilization at Record Low, Huge Growth Potential - By Sherman Research

Jul 8 2025


Sherman Securities


  • Currently, cement sector is running on historical low utilization level of 55% versus last 30-year average utilization of 76%. The main reason for this significant decline is that although capacity has increased sharply, demand has remained subdued over the past few years. To note, cement capacity in Pakistan has increased to 84.6mn tons as compared to 9mn tons in FY92, (up 9x) during the years.
  • Historically, we have observed that capacity expansions have only been undertaken when utilization surpasses 80%, therefore, we do not expect any capacity expansion in the near term. Furthermore, the pause in expansion is expected to enhance the liquidity of companies, which could enable them to increase their payout going forward.
  • During FY25, local dispatches arrived at 37mn tons compared to 38.2mn tons during FY24. Thus, during last 4 years, cement sales posted consistent decline on annualized basis reaching at 8 – year low level in FY25.
Fertilizer: Urea Sales Up 21%YoY in Jun’25 - By Sherman Research

Jul 2 2025


Sherman Securities


  • According to provisional data, urea sales during June’25 is expected to clock in at 582k tons (up 21%YoY). Despite weaker farm economics, the YoY increase in urea sales can be mainly attributed due to 1) Subdued sales over the past few months and 2) Pre buying of urea amid concern of imposition of FED in recent budget.
  • Similarly, on MoM basis, urea sales is likely to rebound sharply by 39%MoM mainly due to higher demand owing to seasonal impact (Kharif season).
  • Urea sales of Fauji Group to clock in at 269k tons versus sales of 259k tons during the same period last year (up 4%YoY). Similarly, EFERT is likely to witness sharp recovery in urea sales of 34%YoY to 208k tons, mainly led by low base impact.
Economy: June CPI Expected at 3.54%YoY - By Sherman Research

Jun 24 2025


Sherman Securities


  • We expect headline inflation in June’25 to be reported at 3.54%YoY, slightly higher than 3.45%YoY recorded in the previous month. This increase is primarily attributed to a pickup in energy and food prices and a low base effect from the previous year. On a monthly basis, CPI is expected to increase by 0.5%MoM in June’25.
  • Despite a decrease in the heavy-weighted wheat flour (down 14.7%YoY) the food sector is expected to grow by 3.6%YoY mainly due to increase in price of Sugar (up 26.8%YoY), Eggs (up 33%YoY), Beef (up 13.8%YoY) and Fresh Milk (up 9%YoY).
  • On a MoM basis, the food index is expected to increase by 0.53%, driven by increasing prices of Sugar and Eggs by 3.7%MoM and 17.4%MoM respectively, however we expect a decline in prices of Tomatoes and Chicken by 30.7%MoM and 20.5%MoM respectively.
Energy: Levy on FO & Its Impact on Companies - By Sherman Research

Jun 23 2025


Sherman Securities


  • Under IMF’s program for Resilience and Sustainability Financing (RSF), government is expected to impose both Carbon Levy (CL) and Petroleum Levy (PL) on Furnace Oil (FO) from July 01, 2025 to curb excessive fossil fuel consumption and gather additional funds for green energy programs. This is the first time government will impose Levy of Rs79.5 per liter on FO including PL of Rs77 per liter and CL of Rs2.5 per liter. This will inflate price of FO by Rs85,000 per ton (57%) to around Rs235,000 per ton and may impact FO demand in Pakistan. It is to be noted that, if international oil prices stay above US$75 per barrel during rest of the ongoing month, FO price after this Levy may increase by 67% to Rs250,000 per ton.
  • Pakistan is likely to consume around 0.9mn tons (950mn liters) of FO during FY25 compared to 1.2mn tons during F24. Over the last 3 years (FY23-FY25), Pakistan’s FO consumption declined sharply by average 40% per annum. Interestingly, 10 years back Pakistan’s FO consumption was around 9.2mn tons as power sector was the major consumer since FO based electricity generation mix at that time was around 35%. Now Coal and LNG substituted FO as share of FO is now only 1.5% of the electricity generation mix. Local refineries produce around 2.5mn tons while annual export is 1.5mn tons. FO is a dyeing product used as bunker fuel for the ships and thus its global demand is limited.
Auto: SUV Sales Rebounded With 84%MoM Growth - By Sherman Research

Jun 13 2025


Sherman Securities


  • SUVs posted robust growth in sales with 2,638 units (up 84%MoM). This is the highest monthly sales numbers of the current year– barring one-off sales in January due to year end phenomenon.
  • Within SUVs, Tucson sales grew to 569 units compared to only 5 units last month. Havel sales also climbed by 70%MoM.
  • Company wise, highest sales was recorded by SAZEW ( Up 67%MoM) on back of elevated Havel sales. In 11MFY25, SAZEW lead the industry with the most sales growth (Up 2.3xYoY)
Pakistan Economy: FEDERAL BUDGET FY26, Key Budgetary Measures - By Sherman Research

Jun 11 2025


Sherman Securities


  • We view the FY26 budget as Positive for the stock market, given that the announced targets appear realistic and largely aligned with IMF expectations.
  • With the budget now behind us, investor attention will shift toward macroeconomic indicators—particularly inflation trends and the external account. In this context, the trajectory of international oil prices will play a key role during FY26.
  • We do not foresee any material changes to our corporate earnings estimates, as key heavyweight sectors such as Energy and Banks remain largely insulated from new taxation measures. Accordingly, we maintain our FY26 earnings growth projection at 12%.
Refinery: GRMs Sharply Recovering - By Sherman Research

Jun 4 2025


Sherman Securities


  • After plunging to lowest level of US$4.5 per barrel in April 25, Gross Refining Margins (GRMs) of local refineries significantly recovered to US$9.3 per barrel during ongoing month of June. This is positive for local refineries as their earnings are directly linked with changes in GRMs.
  • Just to recall, highest GRM was recorded at US$30 per barrel during July 2022 while average GRMs during last 5 years stood at US$7 per barrel.
  • GRM is the sum of the weighted average spread of products which a refinery is yielding on every barrel of crude it processes. Major products include Diesel (HSD), Gasoline (MS) and Furnace oil (FO).
Economy: May CPI Clocked in at 3.5%YoY - By Sherman Research

Jun 2 2025


Sherman Securities


  • CPI for May’2025 was recorded at 3.5%, the highest level recorded in CY25 so far, primarily driven by a sharp rise in the Food and Clothing indices.
  • The food index posted inflation of 3.5%YoY in May’25. This increase was mainly driven by a increase fall in the prices of essential food items such as Meat (up 11.8%YoY), Chicken (up 52%YoY), Milk fresh (up 11%YoY), and Fresh fruits (up 30%YoY).
  • On a MoM basis, CPI declined by 0.2%MoM primarily driven by housing index (down 1.2%MoM) aimed decline in electricity charges (down 7.02%MoM). The food index also fell by 0.2% MoM, largely due to continued decline in the prices of wheat, onions, and tomatoes.
Fertilizer: Urea Sales Up 5%YoY, Inventory at 8-Year High - By Sherman Research

Jun 2 2025


Sherman Securities


  • According to provisional data, urea sales during May’25 is expected to clock in at 418k tons (up 5%YoY). Despite weaker farm economics, the YoY increase in urea sales can be mainly attributed due to subdued sales over the past few months.
  • Similarly, on MoM basis, urea sales is likely to rebound sharply by 67%MoM mainly due to seasonal impact along with base impact due to canal protest in several parts of Sindh during the last month.
  • Urea sales of Fauji Group to clock in at 207k tons versus sales of 289k tons during the same period last year, down 28%YoY. On the flip side, EFERT is likely to witness sharp recovery in urea sales of 85%YoY to 142k tons, mainly led by low base impact.
Economy: Pakistan’s Trade Deficit Widens to 2–Year High - By Sherman Research

May 19 2025


Sherman Securities


  • A detailed breakdown of trade numbers released by the Pakistan Bureau of Statistics (PBS) shows that, on a monthly basis, imports of goods posted growth of 17%MoM at US$5.6bn during April’25. The growth was primarily driven by imports in the Machinery and Petroleum group on a weighted average basis, while Food imports remained flat.
  • Wherein exports clocked in at US$2.1bn (down 18%MoM) mainly due to decrease in exports in the textile sector.
  • Thus, the monthly trade deficit widened to US$3.4bn (up 59%MoM) in Apr’25 highest since May’23. On cumulative basis, import bill was recorded at US$48.3bn (up 8%YoY) during 10MFY25 mainly due to higher imports of Machinery, Textile and Metals, while Petroleum imports declined. Thus, cumulative trade deficit clocked US$21.4bn (up 9%YoY) for 10MFY25.
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