Morning News: AF implementation for EDEIP, PD, Discos urged to speed up: Alpha - Akseer Research

Jul 21 2025


Alpha Capital


  • The World Bank has urged Pakistan’s Power Division and three major Distribution Companies (Discos) to fast-track implementation of the Additional Financing (AF) for the Electricity Distribution Efficiency Improvement Project (EDEIP), warning that continued delays could hamper the timely and effective use of the USD 55mn credit facility.
  • Reaffirming its commitment to achieving Sustainable Development Goal (SDG 7), which aims to ensure access to affordable and clean energy for all, Pakistan has underscored the need for fiscal space for developing countries, especially those facing a debt servicing crisis, to respond to the exceptional needs of their population.
  • Prime Minister Muhammad Shehbaz Sharif on Saturday said that for the first time in 14 years, Pakistan had posted a USD 2.1bn annual current account surplus and the largest after 22 years, which is a historic milestone.
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: 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.
Pakistan Market Wrap: KSE-100 closes at 147,494 down 941points – By Alpha-Akseer Research

Aug 27 2025


Alpha Capital


  • The equity market opened on a strong footing but faced difficulty sustaining gains throughout the session. The KSE-100 Index recorded an intraday high of 149,238 and a low of 147,337, before closing at 147,494 — marking a decline of 941 points. Trading activity remained relatively subdued, with 186.4 million shares exchanged, amounting to a total traded value of PKR 18.2 billion.
  • Key laggards that dragged the index down included HBL (-1.4%, -71 points), FATIMA (-5.2%, -70 points), SRVI (-6.4%, -68 points), NBP (-2.5%, -66 points), and MARI (-1.1%, -58 points). In terms of volumes, PAEL and BOP led the board with 25.6 million and 22.3 million shares traded, respectively.
  • Profit-taking was broad-based, impacting major sectors such as Banks, E&Ps, OMCs, and Fertilizers.
Morning News: SPI marks steepest rise in 32 weeks – By Alpha-Akseer Research

Aug 25 2025


Alpha Capital


  • Pakistan's Sensitive Price Indicator (SPI) for the week ended August 21, 2025 rose sharply by 2.3% year-on-year (YoY), the sharpest annual increase in 32 weeks.
  • The Auditor General of Pakistan (AGP) has unearthed financial irregularities of hundreds of billions of rupees in Oil and Gas Development Company Limited (OGDCL) and receivables from gas companies during the financial year 2023-24.
Pakistan Market Wrap: KSE-100 closes at 149,493 up 258 points – By Alpha-Akseer Research

Aug 22 2025


Alpha Capital


  • The equity market opened on a strong footing and maintained its momentum throughout the session. The KSE-100 Index recorded an intraday high of 150,465anda low of 149,449, ultimately closing at 149,493—reflectingagainof258points. Trading activity was slightly subdued, with335millionsharesexchanginghandsandatotal turnover ofPKR28.9billion.
  • Key contributors to the index’s gains included FFC (0.7%,91points), NBP (2.4%,60points), AKBL(5%,54points), OGDC (0.8%,47points), and PSO (1.2%, 36points). UNITY and PIBTL topped the volume chart, with 64 million and 63.7 million shares traded, respectively.
Pakistan Market Wrap: KSE-100 closes at 147,005 up 75 points – By Alpha-Akseer Research

Aug 12 2025


Alpha Capital


  • The equity market opened on a strong footing and sustained its positive trajectory throughout the session. The KSE-100 Index reached an intraday high of 147,977 and a low of 146,895, before closing at 147,005 — up 75 points. Trading activity remained vibrant, with 319.9 million shares changing hands and a total turnover of PKR 34.1 billion.
  • The rally was primarily driven by gains in key stocks, including BAFL (5.3%, 112 points), HBL (2%, 107 points), SYS (1.7%, 76 points), MEBL (1.1%, 63 points), and NATF (8.5%, 59 points). In terms of volume, YOUW and BOP topped the charts, recording trades of 46.3 million and 33.3 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 146,930 up 1,547 points – By Alpha-Akseer Research

Aug 11 2025


Alpha Capital


  • The equity market opened on a strong note and maintained its positive momentum throughout the session. The KSE-100 Index recorded an intraday high of 147,005 and a low of 145,258, before settling at 146,930 — marking a gain of 1,547 points. Trading activity remained robust with 297.6 million shares exchanged, generating a total turnover of PKR 33.3 billion.
  • The upward momentum was primarily supported by gains in stocks included (7.7%, 383 points), BAHL (4.2%, 193 points), OGDC (2.4%, 143 points), MEBL (2.2%, 120 points), and MCB (2.4%, 120 points). In terms of volume, LOTCHEM and KEL led the charts, trading 73.3 million and 19.6 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 145,088 up 2,051 points – By Alpha-Akseer Research

Aug 6 2025


Alpha Capital


  • The equity market opened the session on a strong note and sustained its upward momentum throughout the day. The KSE-100 Index hit an intraday high of 145,187 and a low of 143,410, ultimately closing at 145,088, reflecting a gain of 2,051 points. Market activity remained vibrant, with 383 million shares changing hands and a total turnover of PKR 43.3 billion.
  • Key contributors to the index’s rally included HBL (9.7%, 451 points), NBP (9.8%, 212 points), UBL (1.8%, 200 points), MEBL (2.8%, 154 points), and ENGROH (1.6%, 105 points). In terms of trading volume, BOP and NBP led the market with 67.6 million and 49.1 million shares traded, respectively.
  • Investor interest was primarily focused on Banks, OMCs, Cements, and E&Ps, while Fertilizers and Techs showed a mixed trend.
Pakistan Market Wrap: KSE-100 closes at 142,053 up 1,018 points – By Alpha-Akseer Research

Aug 4 2025


Alpha Capital


  • The equity market opened on a strong footing and sustained its upward trajectory throughout the session. The KSE-100 Index recorded an intraday high of 142,323 and a low of 141,440, before settling at 142,053—reflecting a gain of 1,018 points. Market activity remained vibrant, with 348.5 million shares traded and a turnover of PKR 34.8 billion.
  • Key contributors to the index's rise included LUCK (3.3%, 192.8 points), HUBC (2.8%, 141 points), SYS (3%, 139 points), BAHL (2.6%, 123 points), and HBL (2.4%, 121 points). In terms of volume, CNERGY and PIBTL led with 53.6 million and 50.5 million shares traded, respectively.
  • Investor interest was largely directed toward the Cement, Power, and Banking sectors, while activity in E&Ps was mixed. Some profit-taking was noted in the OMC segment.
Pakistan Market Wrap: KSE-100 closes at 138,412 up 447 points – By Alpha-Akseer Research

Aug 1 2025


Alpha Capital


  • The equity market opened on a positive note but experienced volatility throughout the session. The KSE-100 Index recorded an intraday high of 137,659 and a low of 139,019, ultimately settling at 138,412—gaining 447 points. Total traded volume stood at 167.7 million shares, with a market turnover of PKR 16.6 billion.
  • Key contributors to the index's rise included SYS (+6.9%, 262 points), UBL (+2.1%, 219 points), HBL (+3.2%, 136 points), MEBL (+2.1%, 111 points), and BWCL (+5.8%, 56 points). In terms of activity, BOP and MLCF led the volume charts, trading 24.8 million and 14.5 million shares, respectively.
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.