Market Wrap: Evening Chronicle July 25, 2025 - By AHCML Research

Jul 25 2025


Al Habib Capital Markets


  • The KSE-100 Index closed up by 514.62 points (+0.37%) at 139,207.28, after touching an intraday high of 139,417.24. The rally was mainly driven by S&P Global Ratings upgrading Pakistan’s long-term sovereign credit rating to ‘B-’ from ‘CCC+’, and its short-term rating to ‘B’ from ‘C’. The outlook on the long-term rating was set as stable, while the transfer and convertibility assessment were also revised upward to ‘B-’. Meanwhile, the PKR appreciated by 76.49 paisa against the US dollar in the interbank session, settling at PKR 283.45/USD. However, a 4.07% WoW and 2.22% YoY rise in the SPI limited further gains in the market. Major contributors in the index included ENGROH, UBL, LUCK, MEBL, and NBP, collectively adding the index up by 491.57 points. BOP led volumes with 50.26 million shares traded, while overall market volume stood at 634.81 million shares.
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: Evening Chronicle July 29, 2025 - By AHCML Research

Jul 29 2025


Al Habib Capital Markets


  • The KSE-100 Index fell by 1,415.24 points (-1.02%) to close at 137,964.81, as investors opted for profit-taking ahead of the upcoming monetary policy announcement. This decline came despite positive developments, including the trade tariff agreement with the US nearing finalization, an improving PKR against the USD, and better-than-expected corporate results. Major drags on the index included ENGROH, EFERT, UBL, HBL, and HUBC, collectively pulling the index down by 884.84 points. TELE led volumes with 38.71 million shares traded, while overall market volume stood at 606.33 million shares. 
Economy: CPI for Jul’25 to clock in at 3.0% YoY - By AHCML Research

Jul 28 2025


Al Habib Capital Markets


  • Inflation is projected to moderate to 3.0% YoY in July 2025, down from 3.2% in the preceding month, largely reflecting softer readings in food and Recreation & Culture.
  • Yet on a monthly basis, consumer prices are expected to climb by 1.9%, led by notable increases in the transport, housing and food categories. Transport Index may surge by 5.7%, while housing is set to rise by 3.7%, driven by higher rents and steeper electricity and gas bills.
  • Meanwhile, food inflation is likely to pick up, fueled by pricier tomatoes, onions, chicken and potatoes.
Morning News: Ahsan for tapping mineral resources of Gwadar - By AHCML Research

Jul 28 2025


Al Habib Capital Markets


  • Federal Minister for Planning and Development Ahsan Iqbal emphasised on Sunday that Gwadar’s vast mineral resources hold significant potential for exploration, which with the development of modern infrastructure can be fully leveraged for economic growth.
  • A parliamentary panel headed by Member National Assembly Atif Khan, is likely to propose a tax on the windfall profits of sugar millers—similar to the levy imposed on banks—in light of the recent surge in sugar prices.
  • Prime Minister Shehbaz Sharif on Sunday directed Interior Minister Syed Mohsin Naqvi to start work on the Gwadar Safe City project. In a meeting with the prime minister, he briefed him on the new policy devised for the devotees visiting holy sites in Iran and Iraq.
Market Wrap: Evening Chronicle July 25, 2025 - By AHCML Research

Jul 25 2025


Al Habib Capital Markets


  • The KSE-100 Index closed up by 514.62 points (+0.37%) at 139,207.28, after touching an intraday high of 139,417.24. The rally was mainly driven by S&P Global Ratings upgrading Pakistan’s long-term sovereign credit rating to ‘B-’ from ‘CCC+’, and its short-term rating to ‘B’ from ‘C’. The outlook on the long-term rating was set as stable, while the transfer and convertibility assessment were also revised upward to ‘B-’. Meanwhile, the PKR appreciated by 76.49 paisa against the US dollar in the interbank session, settling at PKR 283.45/USD. However, a 4.07% WoW and 2.22% YoY rise in the SPI limited further gains in the market. Major contributors in the index included ENGROH, UBL, LUCK, MEBL, and NBP, collectively adding the index up by 491.57 points. BOP led volumes with 50.26 million shares traded, while overall market volume stood at 634.81 million shares.
Market Wrap: Evening Chronicle July 24, 2025 - By AHCML Research

Jul 24 2025


Al Habib Capital Markets


  • The KSE-100 Index closed down by 561.69 points (0.40%) at 138,692.66, after hitting an intraday high of 139,867.82 points. The decline in the market was mainly due to profit-taking amid the ongoing rollover week moreover Rift between FBR and the Pakistan Research Community, The Pakistan Business community, demanding the withdrawal of certain powers granted to the Federal Board of Revenue and Monetary policy easing is expected to continue across developing Asia, but the pace of rate cuts has been projected to slow, due to rising trade risks and external shocks, according to the Asian Development Outlook (ADO) July 2025 also impacted on the stock market. Major drags on the index included FFC, HBL, ENGROH, MARI, and EFERT, collectively pulling the index down by 503.24 points. BOP led volumes with 113.03 million shares traded, while overall market volume stood at 648.80 million shares.
Market Wrap: Evening Chronicle July 23, 2025 - By AHCML Research

Jul 23 2025


Al Habib Capital Markets


  • The KSE-100 Index closed down by 165.26 points (0.12%) at 139,254.35, after hitting an intraday high of 140,202.17, The decline in the market was mainly due to profit-taking amid the ongoing rollover week and the investors are waiting for the release of 2QCY25 results. However, some support came from positive developments: the Chief of Army Staff (COAS) met with business leaders yesterday to address pending issues following the budget announcement. Major drags on the index included ENGROH, HBL, PKGP, MCB, and MEBL, collectively pulling the index down by 276.73 points. WTL led volumes with 55.42 million shares traded, while overall market volume stood at 656.64 million shares. 
Market Wrap: Evening Chronicle July 22, 2025 - By AHCML Research

Jul 22 2025


Al Habib Capital Markets


  • The KSE-100 Index closed up by 1,202.03 points (0.87%) at 139,419.61, after hitting an intraday high of 139,901.77, the recovery in the market was mainly due to the government’s decisive plan to resolve the PKR2,800bn gas sector circular debt, which improves liquidity, earnings visibility, and investor confidence, along with the gradual recovery in fertilizer offtake, which, despite earlier challenges from the removal of support prices, is now supporting sentiment for listed fertilizer companies. Major contributors in the index included ENGROH, HBL, FFC, EFERT, and OGDC, collectively adding the index up by 1,044.61 points. FDPL led volumes with 44.06 million shares traded, while overall market volume stood at 629.03 million shares.
Economy: Current Account: From Deficit to Surplus, Backed by Strong Remittances - By AHCML Research

Jul 21 2025


Al Habib Capital Markets


  • Pakistan recorded a current account surplus of USD 2.1bn in FY2024–25, reversing the USD 2.07bn deficit from the previous year. This marks a 202% improvement, but the underlying dynamics highlight a fragile equilibrium. The surplus was not driven by a structural trade improvement but rather by exceptionally strong inflows of remittances and secondary income. While this eased pressure on the country’s external finances and supported foreign reserves, the trade deficit in goods actually widened. This suggests that the current account stability is externally supported and not internally sustained, making it vulnerable to future shocks if the inflows slow or imports continue to rise unchecked.
  • Workers' remittances played a critical role in stabilizing the current account, rising to an all-time high of USD 38.3bn, a robust 27% increase over last year. These inflows served as the single largest contributor to the external balance, more than offsetting the hefty goods trade deficit. Major contributors included the UAE (+41%), Saudi Arabia (+26%), and the UK (+31%), with notable growth even from non-traditional corridors like South Africa and Ireland. This performance reflects not only stronger Labor migration and economic conditions abroad but also improved formalization efforts such as Roshan Digital Accounts, lower transaction costs and restriction on illegal channels.
Market Wrap: Evening Chronicle July 18, 2025 - By AHCML Research

Jul 18 2025


Al Habib Capital Markets


  • The KSE-100 Index surged to an all-time intraday high of 140,585.38 (+1,919.89 points) early in the session but ended the day slightly lower at 138,597.36, down 68.13 points (- 0.05%) due to profit-taking. Investor sentiment was initially buoyed by a significant improvement in Pakistan’s external account, as the current account recorded a surplus of USD 2.1 billion in FY25, a sharp reversal from a USD 2.07 billion deficit in FY24. This turnaround, coupled with strengthening forex reserves, boosted early optimism. Major laggards included SYS, MEBL, HUBC, NBP, and MARI, collectively pulling the index down by 354.88 points. PIBTL led the volumes chart with 53.11 million shares traded, while overall market volume stood at 609.44 million shares.
Market Wrap: Evening Chronicle July 15, 2025 - By AHCML Research

Jul 15 2025


Al Habib Capital Markets


  • The KSE-100 Index continued its rally early in the session, hitting an intraday high of 137,747.60 (+1,245 points), before closing lower at 135,939.87, down 562.68 points (-0.41%) due to profittaking. The banking sector’s gross ADR continued its downward trend, settling at 38% as of June 2025. Meanwhile, the Asian Development Bank (ADB) recommended imposing a 5% GST on digital transactions. At the same time, rising petroleum product prices and mounting pressure on the PKR against the USD are expected to push inflation higher, which in turn weighed on investor sentiment and negatively impacted the stock market. The major laggards included MEBL, PPL, HUBC, OGDC, and SEARL, collectively pulling the index down by 407.26 points. BOP led the volumes chart with 61.32 million shares traded, while overall market volume stood at 879.12 million share.