Pakistan Markets: Weekly Stock Market Review – By Spectrum Research

Aug 8 2025


Spectrum Securities


  • KSE100 gained 3% during the week (4347 points) to 145382 with index making new highs each day of the week. This was seventh consecutive positive weekly closing for the index, 21% surge of 25,359 points. Gains were not broad based this week with index dominated by increase in selected few stocks such as HBL 12.95%, NBP +10.3%, UBL +3.4%, OGDC +5.8%, SYS 4%, HUBC 6%, NML +9.3%, NESTLE +13.5%. Majority shares either underperformed or closed in negative.
  • On the macro front, the country reported its fiscal deficit of Rs6.17 trillion (-5.4% of GDP) in the fiscal year 2025, as compared to a fiscal deficit of Rs7.2tr (-6.8% of GDP) in the same period of last year. Remittances for July 2025 were reported at $3.2bn, up 7% YoY, while down 6% MoM During the week, money market rates moved up between 10-30bps while Rupee gained slightly to 282.47 compared to 282.72.
  • During the week, foreigners remained net sellers, while on the local front, mutual funds, individuals and companies were net buyers as banks remained net sellers.
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.
Pakistan Markets: Weekly Stock Market Review – By Spectrum Research

Aug 8 2025


Spectrum Securities


  • KSE100 gained 3% during the week (4347 points) to 145382 with index making new highs each day of the week. This was seventh consecutive positive weekly closing for the index, 21% surge of 25,359 points. Gains were not broad based this week with index dominated by increase in selected few stocks such as HBL 12.95%, NBP +10.3%, UBL +3.4%, OGDC +5.8%, SYS 4%, HUBC 6%, NML +9.3%, NESTLE +13.5%. Majority shares either underperformed or closed in negative.
  • On the macro front, the country reported its fiscal deficit of Rs6.17 trillion (-5.4% of GDP) in the fiscal year 2025, as compared to a fiscal deficit of Rs7.2tr (-6.8% of GDP) in the same period of last year. Remittances for July 2025 were reported at $3.2bn, up 7% YoY, while down 6% MoM During the week, money market rates moved up between 10-30bps while Rupee gained slightly to 282.47 compared to 282.72.
  • During the week, foreigners remained net sellers, while on the local front, mutual funds, individuals and companies were net buyers as banks remained net sellers.
Economy: Mutual Fund Report June 2025 - By Spectrum Research

Jul 18 2025


Spectrum Securities


  • Total AUMs of AMCs decreased 2.3% to Rs 3,397 in June from Rs 3,781bn in May. Al-Meezan remained the largest AMC at Rs 522bn (-6.6%), NBP funds at second place with Rs 464bn assets (-2.5%) and MCB Investment at 3rd with Rs 398bn (+5.3%).
  • Highest Increase in AUMs was recorded by Lucky Investment +11.9%, Atlas AMC +10.5%.
  • Declines in AUMs was recorded by Lakson -7.6%, ABL -7.5%, HBL -6.8%.
Morning News: Oil Holds Decline as Traders Assess Outlook for Russian Supply - By Spectrum Research

Jul 15 2025


Spectrum Securities


  • Oil held a drop — after slumping by 1.6% on Monday — as US President Donald Trump’s latest plan to pressure Russia refrained from immediate new measures aimed at hindering Moscow’s energy exports.
  • Prime Minister Shehbaz Sharif on Monday called for simplifying tax returns and launching digital invoicing in Urdu to facilitate easier tax filing for citizens, while highlighting ongoing reforms including the implementation of an AI-based tax assessment system.
  • Prime Minister Shehbaz Sharif on Monday called for a swift overhaul of the country’s economic infrastructure, urging the digitisation of public payment systems, streamlined processes for small and medium-sized enterprises (SMEs), and the integration of state-owned enterprises (SOEs) into a unified digital framework.
Economy: Likely cut of 200bps on 16-Dec-24 – By Spectrum Research

Dec 11 2024


Spectrum Securities


  • We expect policy rate will be cut by 200bps to 13% from existing 15% on December 16, in the scheduled MPC meeting. Interest rates in the secondary market have declined ahead of this meeting with 3-month rate at 12.08%, 6- month at 11.94%, 12-month at 11.68% (Dec 10, 2024), while 3-, 5- and 10-year bond yields are near 11.8%. Yield curve has flattened in recent days after staying at high inverted level during past few years. With inflation expectations in midsingle digit number for next two months, followed by some increase to higher single digit, full year CPI target has been revised downward to 8-9%. Short-term rates are driven by near term policy rate downward revision expectations, which is now reflecting a possibility of up to 300bps reduction in coming months.
  • There is also a possibility that the reduction maybe lower than the majority view/forecast. As observed in the past, SBP is likely to stay behind the yield curve, given its cautious stance. In its last monetary policy statement, one key observation that SBP highlighted was that the near-term inflation may remain volatile before stabilizing within the target range. It said factors that contributed in lowering inflation are: a sharp decline in food inflation, favorable global oil prices and absence of expected adjustments in gas tariffs and PDL rates. Since, these factors have not changed much and remains at play, SBP may opt to go gradually with rate reduction.
Economy: Mutual Fund Report October 2024 – By Spectrum Research

Nov 22 2024


Spectrum Securities


  • In Oct 2024, total Assets Under Management (AUM) of the Mutual Fund industry increased by 11.40% (Rs344bn) to Rs 3,362bn. This mainly consists of open end funds which are Rs 3,279bn (+Rs335bn), while pension funds (VPS) are Rs82bn (+Rs9.3bn). Money market funds (conventional and Shariah) accounts for 45% (Rs 1,487bn), Income fund category (conventional and Shariah) is 37% (Rs1,205bn), dedicated equity funds (conventional and Shariah) are 7.7% (Rs 255bn) of total AUMs.
  • The biggest category, money market funds, recorded an 4.2% increase to Rs 811bn. Second, largest category, Shariah compliant income recorded 23% increase to Rs 753bn. Third major category Shariah compliant money market, showed 22.5% increase to Rs 676bn. Fourth major category, income fund increased by 13.7% to Rs 452bn. Conventional equity funds size increased by 16.3% to Rs 172bn, while shariah compliant equity increased by 21.7% to Rs 83.5bn.