Steel: Challenges continue to drag 4Q earnings - By JS Research

Jul 22 2025


JS Global Capital


  • We preview earnings estimates for Mughal Iron and Steel Ltd. (MUGHAL) and Amreli Steels Ltd. (ASTL), where we expect financial performance of both the companies to remain under pressure during 4QFY25 majorly led by demand slowdown.
  • We expect MUGHAL to post earnings of Rs321mn, translating in to an EPS of Rs0.96 in 4QFY25, down 47%YoY which is also attributable to lower contribution from margin accretive non-ferrous segment. Cumulatively, EPS is estimated at Rs2.31 (-61%YoY) during FY25. We do not expect the company to announce any cash dividend.
  • ASTL’s earnings are likely to remain in the negative zone, with an LPS of Rs2.65 during the quarter owing to weak capacity utilization amid working capital constraints. This would take the cumulative loss to Rs3.6bn (LPS: Rs12.28) for FY25.
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.
Market Wrap: Highlights of the day July 31, 2025 - By JS Research

Jul 31 2025


JS Global Capital


  • The KSE-100 Index surged 978 points to close at 139,390. The rally was driven by the successful trade agreement between Pakistan and the United States, which boosted investor sentiments. The deal promises rationalization of tariffs on exports and increased US investment in key sectors like energy, IT, and infrastructure. This diplomatic breakthrough signals potential economic stability, showing signs of sustained market optimism and heightened investor activity in the near term.
Market Wrap: Highlights of the day - By JS Research

Jul 29 2025


JS Global Capital


  • The benchmark KSE100 Index fell 1% at day-end, closing in at 137,965, down 1,415 points. The decline was driven by profit-taking as investors adopted a cautious stance ahead of the State Bank of Pakistan’s monetary policy announcement due Wednesday. Intraday volatility reflected investor indecision amid speculation over a potential rate cut. With falling inflation and a stable exchange rate, market sentiment hinges on tomorrow’s decision. A dovish policy tone could trigger renewed buying and support a positive outlook for equities in the near term.
Pakistan Cement: CHCC & KOHC: 4QFY25 result previews - By JS Research

Jul 29 2025


JS Global Capital


  • We present 4QFY25 earning previews for Cherat Cement Company Ltd (CHCC) and Kohat Cement Ltd (KOHC).
  • We expect CHCC and KOHC to report earnings of Rs10.9/share and Rs13.7/share, respectively in 4QFY25, up 2.5x and 6% YoY, mainly driven by a notable improvement in gross margins of 9.7ppts and 8.1ppts amid stronger retention prices, lower coal costs, and continued cost-efficiency measures.
  • We anticipate a final cash dividend of Rs6/share from CHCC alongside the results taking company’s total payout for FY25 to Rs7.5/share, while no dividend is expected from KOHC.
Technical Outlook: KSE-100; Expected to trade range bound - By JS Research

Jul 29 2025


JS Global Capital


  • The KSE-100 index witnessed a range bound activity to close at 139,380 level, up 173 points DoD. Volumes stood at 589mn shares versus 635mn shares traded previously. The current pattern suggests further consolidation ahead. Meanwhile, the interim resistance lies between 140,150 and 140,585 levels as a break above that will refresh the upward momentum. However, any downside will find support in the range of 138,620-139,200 levels as a fall below that will initiate a corrective trend with 137,430 and 135,481 as the next targets. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are placed at 139,000 and 139,954, respectively.
Market Wrap: Highlights of the day July 25, 2025 - By JS Research

Jul 25 2025


JS Global Capital


  • The KSE-100 Index closed on a positive note today, gaining 515 points to settle at 139,207. Investor sentiment was buoyed by S&P Global’s upgrade of Pakistan’s sovereign credit rating to ‘B-’ with a stable outlook, reflecting improved fiscal stability and IMF support. Buying was broad-based, led by banks, energy, and autos. Looking ahead, expectations of a policy rate cut in the upcoming MPC meeting scheduled for July 30 may sustain the rally, though global uncertainty and fiscal risks remain key watchpoints.
Technical Outlook: KSE-100; Consolidation to continue - By JS Research

Jul 24 2025


JS Global Capital


  • The KSE-100 index failed to sustain its intraday high of 140,202 and closed lower at 139,254, down 165 points. Trading volumes stood at 657mn shares, compared to 629mn shares previously. The index is expected to face resistance in the 140,200-140,585 range, and a breakout above this zone is needed to revive upward momentum. However, a drop below 138,198 could trigger a corrective trend, with downside targets at 137,430 and 135,481. The indicators are mixed, signaling no clear trading view. We advise investors to remain cautious at higher levels and wait for potential dips. The support and resistance are placed at 138,839 and 139,936, respectively.
Market Wrap: Highlights of the day July 23, 2025 - By JS Research

Jul 23 2025


JS Global Capital


  • The KSE-100 Index witnessed a slight pullback today, with the benchmark Index closing down 165 points at 139,254. After yesterday’s rally, profit-taking emerged as investors reassessed the sustainability of the optimism. Despite the initial momentum, profit taking activities continued to dominate the market during the day. Key sectors, including banking and oil, saw mild corrections. While near-term volatility is likely, investor sentiment may improve if fiscal clarity emerges from FBR-stakeholder negotiations. The broader outlook remains cautiously optimistic, underpinned by institutional support and macroeconomic stabilization efforts.
Pakistan Cement: FCCL, MLCF & PIOC: 4QFY25 result previews - By JS Research

Jul 23 2025


JS Global Capital


  • We present 4QFY25 earning previews for Fauji Cement Company Ltd (FCCL), Maple Leaf Cement Ltd (MLCF), and Pioneer Cement Ltd (PIOC).
  • We expect FCCL and MLCF (standalone) to post earnings of Rs1.37/share and Rs2.14/share, respectively in 4QFY25, up 2.8x and 2.3x YoY, mainly due to increased dispatches and lower finance costs amid deleveraging and monetary easing. PIOC, on the other hand, is expected to report earnings of Rs5.62/share in 4QFY25, reflecting a 5% decline YoY.
  • We expect a final cash dividend of Rs1.75/share from FCCL, while PIOC is likely to announce a dividend of Rs9/share, bringing its total FY25 payout to Rs14/share. In contrast, we do not anticipate any dividend from MLCF, given its ongoing investment initiatives.
Technical Outlook: KSE-100 expected to consolidate below recent peak - By JS Research

Jul 23 2025


JS Global Capital


  • The KSE-100 index showed positive movement to close at 139,420 level, up 1,202 points DoD. Volumes stood at 629mn shares versus 608mn shares traded previously. The index is likely to test resistance at 140,585 where a break above that will continue the upward momentum towards 141,686, followed by 144,243 level. However, any downside will find support in the range of 138,200-138,450 levels, respectively. The indicators are mixed, signaling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance levels are placed at 138,445 and 140,148, respectively.
Market Wrap: Highlights of the day July 22, 2025 - By JS Research

Jul 22 2025


JS Global Capital


  • KSE-100 Index surged today with the benchmark Index climbing 1.2% to an intraday high of 139,902, gaining 1,684 points. The rally was fueled by expectations of monetary easing and robust corporate earnings in the ongoing earnings season. Strong macroeconomic indicators, including a rare current account surplus, further supported sentiment. Looking ahead, investor focus will remain on the State Bank’s upcoming policy decision, with bullish momentum likely to continue amid improving fundamentals.