Morning News: PKR 50 bn extra subsidies to power consumers: Planning ministry defies ECC decision: - By Alpha - Akseer Research

Jul 17 2025


Alpha Capital


  • The Ministry of Planning, Development and Special Initiatives has reportedly declined to comply with the Economic Coordination Committee’s decision to allocate PKR 50 bn in additional subsidies to power consumers over a three-month period.
  • HSD prices have risen by PKR 11.37 per litre for July 16-31, 2025 fortnight. This increase is largely attributed to an exchange rate adjustment granted to PSO while petroleum levy (PL) and climate support levy (CSL) have been kept unchanged.
  • The Finance Act 2025 has significantly expanded the definition of tax fraud, prompting considerable unrest and concern among the business community. This extensive revision has raised alarm bells, as many fear it may impose stricter regulations and heavier penalties, potentially impacting their operations and compliance efforts.
Pakistan Economy: Aug’25 CPI likely to clock in at 4.1% - By Insight Research

Aug 29 2025


Insight Securities


  • Headline inflation is estimated at ~4.1% for Aug’25, compared to ~9.6% in SPLY and ~4.1% in preceding month. On MoM basis, inflation is expected to inch up by ~0.4%, amid increase in prices of food items the impact of which has been negated by lower electricity charges and decline in LPG price.
  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Tomato (38.8↑%), Onions (21.5↑%), Eggs (9.9%↑), Fresh vegetables (4.0%↑) & Wheat (4.0%↑). On the flip side, prices of the following items eased off during the month, Fresh fruits (9.9%↓), LPG (9.8%↓), Potato (5.1%↓), Pulse moong (4.6%↓) & Sugar (4.1%↓).
  • We anticipate that the SBP will keep the policy rate unchanged in upcoming MPC, as the full impact of cumulative 1,100bps reduction in policy rate is still unfolding. The real sector remains in recovery mode following the strain of elevated inflation and sharp currency depreciation, both of which eroded purchasing power of masses. Furthermore, central bank’s tone in the last MPC suggested a pause for now, which will provide clarity to the market and encourage credit offtake in the coming months, given that no immediate cut in borrowing costs is expected. Hence, it appears prudent to maintain the policy rate at its current level and wait for the steep decline in interest rates to translate into real economic activity.
Bank Islami Pakistan Limited (BIPL): 2QCY25 Corporate Briefing – By Taurus Research

Aug 29 2025


Taurus Securities


  • BIPL is currently operating with 544 branches across Pakistan. Number of accounts as of Jun’25 are ~1.7Mn.
  • During CY25, the Bank launched AIK Digital App, which is one of its kind Islamic digital app, offering complete digital banking experience. The Bank is also planning to relocate its head-office, for which it has acquired a 32-storey building. Moreover, the Bank has also upgraded its core banking system to R-14 to enhance operational efficiencies and services.
Engro Holdings Limited (ENGROH): 1HCY25 Analyst Briefing Takeaways – By Foundation Research

Aug 29 2025


Foundation Securities


  • Engro Holdings Limited (ENGROH PA) held its Analyst Briefing to discuss the company’s financial/operational performance during 1HCY25 and prospects. The following are key takeaways of the session.
  • To recall, ENGROH’s PAT underwent a jump of 11.3x YoY in 2Q to PKR 69.3Bn due to thermal asset adjustments and re-measurements. However, excluding thermal asset adjustments, normalized PAT stood at only ~PKR 1.3Bn, reflecting the true underlying business performance. During 1HCY25, PAT reached PKR 73.3Bn versus PKR 13.8Bn in SPLY, recording a 5.3x YoY increase.
Morning News: ADB pledges $410m for Reko Diq project – By IIS Research

Aug 29 2025


Ismail Iqbal Securities


  • Out of the total $6 billion funding committed by all international lenders for Reko Diq, the Asian Development Bank (ADB) has committed to provide financing of $410 million.
  • Federal Minister for Petroleum Ali Pervaiz Malik on Thursday welcomed the interest of the Japan Bank for International Cooperation (JBIC) in Pakistan’s landmark Reqo Diq mining project, terming it a pivotal moment for strengthening bilateral cooperation in the mining and energy sectors.
Technical Outlook: KSE-100 targeting the 30-DMA; stay cautious – By JS Research

Aug 29 2025


JS Global Capital


  • The KSE-100 index witnessed range bound activity to close at 147,344, down 151 points DoD. Volumes stood at 935mn shares compared to 857mn shares traded in the previous session. The index is expected to test support between 146,700 and 147,210 levels as a fall below, will extend the decline towards 146,057, followed by the 30-DMA at 143,859 level. However, any upside will face resistance in the range of 148,040-148,370 levels. The RSI and the MACD are moving down, supporting a corrective view. We recommend investors to stay cautious at current levels. The support and resistance are at 147,021 and 147,854 levels, respectively.
Morning News: SBP forex reserves rise by USD 18mn to USD 14.27bn – By Alpha-Akseer Research

Aug 29 2025


Alpha Capital


  • Pakistan’s foreign exchange reserves held by the central bank rose for a third straight week and stood at USD 14.27bn as of August 22, the State Bank of Pakistan (SBP) said on Thursday.
  • Following the ongoing sugar crisis, Pakistan may now face a potential wheat flour crisis, as national wheat stocks stand at 33.47mn tons, slightly below the country’s annual consumption requirement of 33.58mn tons.
Morning News: RLNG arrears recovery: PD-private sector ‘alliance’ takes on Ogra – By HMFS Research

Aug 29 2025


HMFS Research


  • The Power Division and the private sector on Thursday appeared to have formed an undeclared alliance against the Oil and Gas Regulatory Authority (Ogra) over the recovery of RLNG arrears from 2015 to 2024 — a move that, if enforced, would impact both industry and power plants, with the ultimate burden shifting to electricity consumers. The joint position was evident during a public hearing at the National Electric Power Regulatory Authority (NEPRA) regarding uniform Fuel Charges Adjustment (FCA) for July 2025 across the country, including K-Electric’s service area.
  • Pakistan’s economic stability faces renewed challenges as the Finance Division warns that flood-related damages could intensify fiscal pressures and disrupt food supplies across affected areas as well as pose a risk in achieving agriculture sector’s targeted growth. The monthly economic update and outlook August 2025 noted that adverse climatic events (heavy rainfall and floods) pose a risk in achieving agriculture sector’s targeted growth.
D.G. Khan Cement Company Limited (DGKC): Result Review — Earnings rise on surging margins – By AKD Research

Aug 28 2025


AKD Securities


  • D.G. Khan Cement Company Ltd. (DGKC) announced its 4QFY25 financial results, reporting earnings of PkR3.2bn (EPS: PkR7.2), compared to a loss of PkR1.7bn (LPS: PkR3.9) in SPLY. The result is above our expectations, mainly due to im proved margins and lower ETR during the quarter. Additionally, company an nounced a final cash payout of PkR2.0/sh.
  • Revenue declined by 1%YoY to PkR16.8bn, compared to PkR17.0bn in SPLY, driven by 1.2%YoY decline in total offtakes to 1.28mn tons.
  • Gross margins improved to 31.8% from 7.9% in SPLY, supported by decline in coal prices and grid tariffs.
Pakistan Floods: Historical Impact – By CHASE Research

Aug 28 2025



  • Pakistan is currently at the cusp of widespread floods due to its eastern rivers overflowing as a result of monsoon rains and release of water from Indian dams. As such, we believe it is important to assess the impact of past floods to determine whether equity markets will be impacted.
  • In this report, we look over the KSE100 index performance and impact on different sectors during flooding years to determine whether these floods will impact broader market sentiment and growth in fertilizer and cement demand.
Archroma Pakistan Limited (ARPL): 9MSY25 Corporate Briefing Takeaways – By Taurus Research

Aug 28 2025


Taurus Securities


  • Archroma Pakistan Limited is primarily engaged in the manufacture, import, and sale of dyes and other specialty chemical solutions. It is a subsidiary of the Switzerland-based company, Archroma Textiles GmbH. ARPL has two business divisions: textile effects and packaging technologies with a combined portfolio of between 300-400 products. APRL’s products are used in the pre-treatment, dyeing, printing, and finishing of textiles, and coloration and coatings of packaging materials. The Company’s products help enhance both the optical as well as the functional properties of its clients’ end products.
  • The textile effects division has four markets with several segments within each. These are: apparel (denim, casual wear, performance apparel, and formal war), home textiles (home and institutional, automotive), specialized textiles (technical textiles, protection textiles), and home care (personal care, plastics, and leather). This division serves customers from a wide range of industries such as textile, healthcare, cosmetics (anti-perspirant agents), construction (protective clothing), and producers of household care products such as detergents, dishwashing liquids, and other cleaning products.
Morning News: Sugar mill stocks: Govt takes step to ensure steady supply - By Alpha - Akseer Research

Jul 29 2025


Alpha Capital


  • In a decisive move to stabilize sugar prices and ensure steady market supply, the federal government on Monday directed strict oversight of sugar mill stocks following reports of violations of a recently agreed price cap and disruptions in supply.
  • Minister for Petroleum Division, Ali Pervaiz Malik, has directed the Oil and Gas Regulatory Authority (OGRA) to review every component of the revenue requirements of the Sui gas companies. The aim is to reduce gas prices and address the growing circular debt issue.
  • In a major milestone, Pakistan Stock Exchange (PSX) has initiated work to upgrade its cash-based trading system, scheduling halving time to settle payments against buy and sell of stocks to one day from February 2026.
Morning News: Tax-to-GDP ratio jumps 1.5pc to 10.6pc - By Alpha - Akseer Research

Jul 24 2025


Alpha Capital


  • The Federal Board of Revenue (FBR) on Wednesday said the country’s tax-to-GDP ratio rose by 1.5 percentage points in FY2025, reaching 10.6 percent compared to FY2024 – a notable advance towards the government’s goal of 13 percent under its three-year reform agreement with the International Monetary Fund.
  • Three electricity distribution companies - Iesco, Fesco and Gepco - will be ready for privatisation by the end of December this year.
  • The World Bank has called for amendments to existing project agreements to replace the name of the National Transmission and Despatch Company (NTDC) with the three newly-created successor entities.
Market Wrap: KSE-100 closes at 139,420 up 1,202 points - By Alpha - Akseer Research

Jul 22 2025


Alpha Capital


  • The equity market opened on a strong footing and maintained its upward momentum throughout the session. The KSE-100 Index recorded an intraday high of 139,902 and a low of 138,198 before settling at 139,420, marking a robust gain of 1,202 points. Total traded volume reached 245.8 million shares, with a market turnover of PKR 25.5 billion.
  • Major contributors to the index's rally included ENGROH (+5.2%, 346 points), HBL (+4.4%, 197 points), FFC (+1.5%, 193 points), EFERT (+4.5%, 191 points), and OGDC (+2.5%, 118 points). On the volume chart, PTC and BOP led the activity, with 24.9 million and 17.5 million shares traded, respectively.
  • Strong buying interest was observed in the Fertilizer, E&P, OMC, and Cement sectors, while the Banking sector showed a mixed trend.
Market Wrap: KSE-100 closes at 138,218 down 380 points - By Alpha - Akseer Research

Jul 21 2025


Alpha Capital


  • The equity market started the session on a strong note but was unable to sustain its momentum. The KSE-100 Index touched an intraday high of 139,201 and a low of 138,150 before closing at 138,218, reflecting a decline of 380 points. Total traded volume stood at 221.8 million shares, with a market turnover of PKR 15.1 billion.
  • Key contributors to the index's decline included FFC (-1.5%, -198 points), UBL (-1.1%, -116 points), OGDC (-0.9%, -45 points), SYS (-1.1%, -40 points), and HUBC (-0.9%, -39 points). On the volume front, KEL and PIBTL led the activity with 53.2 million and 51.7 million shares traded, respectively.
  • Profit-taking was evident in the Exploration & Production and Cement sectors, while the Banking and Fertilizer sectors displayed a mixed performance
Morning News: PKR 50 bn extra subsidies to power consumers: Planning ministry defies ECC decision: - By Alpha - Akseer Research

Jul 17 2025


Alpha Capital


  • The Ministry of Planning, Development and Special Initiatives has reportedly declined to comply with the Economic Coordination Committee’s decision to allocate PKR 50 bn in additional subsidies to power consumers over a three-month period.
  • HSD prices have risen by PKR 11.37 per litre for July 16-31, 2025 fortnight. This increase is largely attributed to an exchange rate adjustment granted to PSO while petroleum levy (PL) and climate support levy (CSL) have been kept unchanged.
  • The Finance Act 2025 has significantly expanded the definition of tax fraud, prompting considerable unrest and concern among the business community. This extensive revision has raised alarm bells, as many fear it may impose stricter regulations and heavier penalties, potentially impacting their operations and compliance efforts.
Market Wrap: KSE-100 closes at 135,940 down 563 points By Alpha - Akseer Research

Jul 15 2025


Alpha Capital


  • The equity market opened on a strong note but struggled to maintain momentum at higher levels. The KSE-100 Index hit an intraday low of 135,826.40, briefly rallied to 137,748, and eventually settled at 135,940, posting a loss of 563 points. Trading activity remained robust, with a total volume of 307.7 million shares and a traded value of PKR 26.1 billion.
  • Key draggers on the index included MEBL (-2.6%, -148 points), PPL (-2%, -74 points), HUBC (-1.5%, -72 points), OGDC (-1.2%, -58 points), and SEARL (-6.4%, -56 points). BOP and KEL led the volume charts, trading 61.3 million and 56.7 million shares respectively.
  • Profit-taking was evident in select Banks, E&Ps, and OMCs, while Cement stocks saw mixed interest. Fertilizer stocks, however, attracted notable buying.
Morning News: SBP reserves jump USD 5bn to USD 14.5bn, surpassing IMF target - By Alpha - Akseer Research

Jul 3 2025


Alpha Capital


  • In a major achievement on the economic front, the State Bank of Pakistan’s (SBP) foreign reserves jumped by USD 5bn to reach USD 14.51bn end of the last fiscal year (FY25), surpassing the International Monetary Fund’s (IMF) target of USD 13.9bn.
  • National Electric Power Regulatory Authority (Nepra) has turned down the federal government’s plea to apply a revised uniform Schedule of Tariff (SoT) to K-Electric (KE), based on the previously determined tariff for the January–March 2023 quarter, a move likely to frustrate the Power Division.
  • The Federal Board of Revenue (FBR) has collected a historic PKR 545bn Income Tax from the salaried class in the last fiscal year ended on June 30, 2025, thus they became the highest contributors among all other sectors on account of direct taxes.
Morning News: All cut-motions rejected: NA approves PKR 3.951trn demands for grants - By Alpha - Akseer Research

Jun 26 2025


Alpha Capital


  • Ahead of the passage of the 2025-26 federal budget on Thursday (June 26), the National Assembly on Wednesday approved PKR 3.951 trn demands for grants pertaining to ministries for finance, human rights, interior and national food security, to meet the expenditures during financial year ending June 30, 2026, by rejecting all cut-motions moved by opposition lawmakers.
  • In a major development, the bank account of any unregistered sales tax person (tax evader) can only be initially suspended for a period of three days from July 1, 2025.
  • The National Tariff Commission (NTC) has imposed anti-dumping duties of up to 21% on imports of polystyrene from China, a move that has placed importers in a difficult position.
Economy: MPC likely to keep the policy rate unchanged - By Alpha - Akseer Research

Jun 13 2025


Alpha Capital


  • The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) is scheduled to convene on June 16, 2025. We expect the MPC to take a cautious stance and maintain the policy rate at 11%. Given the cumulative 11 percentage points reduction over the past 12 months, the SBP may opt to pause its rate-cutting cycle in the upcoming meeting. Our expectation is underpinned by several key factors, including rebasing of energy prices due at fiscal year-end, rising geopolitical tensions in the Middle East, and potential pressure on the PKR. These factors may influence the SBP to take a cautious stance and defer the rate cut until more clarity emerges.
  • Inflation recorded a historic low of 0.3% YoY in Apr-25, before rebounding to 3.5% in May. Additionally, end-June inflation is expected to clock in at 4.0% due to seasonal food price pressures, heatwave-driven costs and Eid-related demand. We view this upcoming uptick as temporary.
  • In contrast, some key cost adjustments, including potential increases in gas and electricity tariffs, are expected to be announced before the start of the new fiscal year (FY26). The full inflationary impact of these adjustments will have to be assessed. Additionally, escalating tensions in the Middle East have pushed international crude oil prices to ~USD 75/barrel, raising concerns on domestic inflation and external accounts. Given this uncertainty, we believe the central bank will adopt a prudent approach, maintaining the current policy rate at 11%.
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.