Pakistan Oilfields Limited (POL): Beats Estimates on Lower OPEX and ETR – By IIS Research

Aug 11 2025


Ismail Iqbal Securities


  • Pakistan Oilfields Limited (POL) has announced its 4QFY25 results, reporting a Profit After Tax (PAT) of PKR 7.4bn (EPS: PKR 26.2/share), down 19% YoY and up by 12% QoQ. The result is above our expectations mainly due to lower-than-expected OPEX charge and lower ETR.
  • With the results, the company declared a final cash dividend of PKR 50/share, exceeding our expectation of PKR 45/share, bringing the full year dividend to PKR 75/share.
  • During 4QFY25, Revenue witnessed decline of 18% YoY, because of drop in hydrocarbon production and lower oil prices. Moreover, operating costs decreased by 82%, possibly due to some reversals, we await detailed accounts for further clarity.
Pakistan Oilfields Limited (POL): Beats Estimates on Lower OPEX and ETR – By IIS Research

Aug 11 2025


Ismail Iqbal Securities


  • Pakistan Oilfields Limited (POL) has announced its 4QFY25 results, reporting a Profit After Tax (PAT) of PKR 7.4bn (EPS: PKR 26.2/share), down 19% YoY and up by 12% QoQ. The result is above our expectations mainly due to lower-than-expected OPEX charge and lower ETR.
  • With the results, the company declared a final cash dividend of PKR 50/share, exceeding our expectation of PKR 45/share, bringing the full year dividend to PKR 75/share.
  • During 4QFY25, Revenue witnessed decline of 18% YoY, because of drop in hydrocarbon production and lower oil prices. Moreover, operating costs decreased by 82%, possibly due to some reversals, we await detailed accounts for further clarity.
Pakistan Oilfields Limited (POL): Falling production and lower oil prices dampen bottom-line – By AKD Research

Aug 11 2025


AKD Securities


  • Company reported net sales of PkR12.3bn during the quarter, down 18% YoY/16%QoQ. The decline was due to significantly reduced gas and oil output of 43mmcfd/4.1k bpd (as per PPIS), down 34%/15%YoY compared to SPLY, amidst natural decline and line-pack pressure in gas transmission system. Furthermore, lower average oil prices and lower well-head prices also contributed to the decline in revenue.
  • Exploration expenses remained elevated at PkR1.4bn, likely due to the 3D seis mic surveys conducted by the company in Pariwali D&P (POL: 82.5%) and Ikhlas E.L. (POL: 80%) blocks during the period.
  • We reiterate our ‘BUY’ stance for POL, with Dec’25 TP of PkR800/sh and DY of 14% during FY26.
Engro Polymer & Chemicals Ltd (EPCL): 2QCY25 LPS clocked in at PKR2.65 – Below expectation - By Insight Research

Jul 31 2025


Insight Securities


  • EPCL has announced its 2QCY25 result, wherein company has posted consolidated LAT of PKR2.4bn (LPS: PKR2.65) vs. LAT of PKR0.7bn (LPS: PKR0.76) in SPLY. The result is below our expectation due to lower than estimated gross margins.
  • In 2QCY25, revenue increased by 11% YoY/QoQ, attributable to better volumetric sales
  • Company recorded LAT of PKR3.2bn in 1HCY25 vs. PKR1.6bn in SPLY. Gross margins also witness a decline of ~340bps YoY to clock in at ~3.9% in 1HCY25.
Economy: Jul’25 SBP Post Monetary Policy Announcement Briefing Takeaways - By Taurus Research

Jul 30 2025


Taurus Securities


  • Headline inflation continues to decline including core inflation easing gradually. However, the favourable base effect has been phased-out for food inflation. The latter is still prevalent in energy prices. But the monetary policy remains appropriate to stabilize the same within the target range of 5-7%. The SBP will continue to maintain positive real-interest rates on a forward basis. Real GDP growth to gather more traction, expected within 3.25%-4.25% in FY26. Pressure on agriculture sector remains.
  • CA posted a surplus in FY25, highest level since FY03, driven by robust growth in remittances and moderate growth in exports. Resultantly, FX buffers have strengthened and forward liabilities reduced, despite weak financial inflows. Remittances for FY26 are expected to cross USD 40Bn mark. Also, the remittance incentives will be continued for FY26 also.
  • Share of concessional multilateral loans in outstanding external debt has increased in recent years. Nevertheless, expected FX debt repayments for FY26 stand at ~USD 25.9Bn. Of which USD 16Bn are expected to be rolled-over as committed by the lenders to the IMF. The remaining USD 10Bn includes USD 4Bn in interest and USD 6Bn in principal payments.
Pakistan Economy: 100bps cut expected in policy rate - By Foundation Research

Jul 28 2025


Foundation Securities



  • Despite halving of policy rate (↓1100bps) to 11.0% in the last 14 months, real interest rates on current, 1-yr forward and core measures are still overly positive (8/7/3%), a reflection of the substantial decline in inflation to 4.5% YoY in FY25 compared to 23.4% YoY in FY24. With Pakistan firmly entrenched on the path of sustained economic stability amid strong macroeconomic performance of last year given 7-yr low inflation, highest current account surplus in over 2 decades, FX reserves build-up of US$5.1 Bn, 8-yr low fiscal deficit, negative output gap and successful continuation of IMF program, we believe the Central Bank will continue reducing the policy rate taking it to 10.0% (↓100bps) at the Monetary Policy meeting scheduled on 30th Jul’25. At this level, the monetary policy stance would still be significantly tight (as required by IMF). The primary downside risks to our interest rate and inflation projection emanate from (1) exchange rate volatility, (2) geopolitical conflicts impacting energy prices and (3) US trade tariffs.
  • At the last MPS in Jun’25, the Central bank surprisingly paused, driven by (1) potential risks to external account amidst the sustained widening in the trade deficit and weak financial inflows, (2) possible impact of FY26 budgetary measures which might further widen the trade deficit by increasing imports and (3) Iran conflict. Given that these risks have not fully materialized, we feel that the Central bank will restart the easing cycle at the MPS next week.
Market Wrap: Cautious Optimism Prevails Ahead of Monetary Policy - By HMFS Research

Jul 25 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) opened on a positive note, with the benchmark KSE-100 Index gaining as much as 744 points during intraday trade, supported by S&P’s upgrade of Pakistan’s credit rating. However, the momentum proved short-lived as caution resurfaced, leading the index to pare gains and close with a modest 515-point increase at the 139,207 level. While the upgrade offered a positive external signal, investor enthusiasm remained muted amid the ongoing rollover week and uncertainty over the upcoming monetary policy meeting. The lack of clarity on interest rates triggered profit-taking in recent gainers, limiting the market’s upward move. Trading activity remained moderate, with 191mn shares changing hands on the KSE-100 and 633mn shares across the broader market. Among the top volume leaders were BOP (50mn), FFL (49mn), and ASL (36mn), respectively. Looking ahead, market trajectory is likely to hinge on key macro signals, with particular focus on the upcoming monetary policy decision. In the absence of clear direction, sentiment may remain cautious, with momentum dependent on institutional flows and broader economic indicators. Investors are advised to adopt a selective approach, focusing on fundamentally strong sectors and companies with resilient earnings outlooks.
Morning News: SBP governor speaks of policy mix: - By HMFS Research

Jul 8 2025


HMFS Research


  • Governor State Bank of Pakistan (SBP) Jameel Ahmad has said that unlike in the previous episodes of boom-bust cycles, the current policy mix remains conducive to a lasting increase in economic activity rather than a short-sighted, fragile, and populist ‘sugar rush’. Governor SBP also assured that SBP is fully committed to undertake structural reforms and lay the foundation for sustainable and inclusive economic growth. Both SBP and the government remain steadfast in their approach to transitioning from recently hard-earned economic stability to a medium-term economic transformation. This resolve is reflected in our prudent and cautious monetary policy stance, and fundamentals aligned exchange rate, and ongoing fiscal consolidation and improving debt dynamics.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said. Pakistan’s debtto-GDP ratio decreased from 75 percent in FY23 to 69 percent in FY25 due to early debt repayments. The successful buyback of Rs1 trillion in market debt, completed by December 2024, marked the first such operation in Pakistan’s history. Alongside this, the early repayment of the SBP Rs500 billion debt has collectively led to the early retirement of Rs1.5 trillion in public debt during FY25, said Khurram Schehzad, an advisor to the finance minister. The early retirement of central bank debt, executed by the Debt Management Office (DMO), marks a breakthrough in Pakistan’s debt management strategy. Early debt retirement while converting shorter tenure with longer-tenure debt significantly reduces concentration risk, lowers future liabilities, and strengthens the country’s macroeconomic foundations by curbing reliance on borrowings.
  • The Federal Board of Revenue (FBR) has notified businesses, including importers, suppliers, and manufacturers, of tightened restrictions under Section 21 of the Income Tax Ordinance for FY26, aimed at discouraging excessive cash dealings and broadening the tax net. Under the directive, any cash transaction exceeding PKR 200,000 will not be treated as an allowable business expense. Consequently: 50% of such expenditure will be recognized for tax purposes. The disallowed portion will attract an additional tax burden, effectively raising the cost by 20.5%.For completely disallowed transactions, the effective impact could surge to 79.5%. Businesses are urged to ensure all supplier and client payments are processed through proper banking channels to avoid heavy penalties and additional scrutiny by FBR
Morning News: Pakistan to unveil Rs100bn EV policy today - By WE Research

Jun 19 2025



  • The federal government is set to unveil its National Electric Vehicle (NEV) Policy 2025-30, marking a significant move toward clean mobility, energy efficiency, and industrial self-reliance in Pakistan. The policy allocates over Rs100 billion in subsidies, introduces a levy on internal combustion engine (ICE) vehicles to fund the transition, and launches with Rs9 billion in FY2025-26 to support over 116,000 ebikes and 3,000 e-rickshaws through a digital platform, with 25% reserved for female riders. Aimed at achieving 30% EV sales by 2030, the policy seeks to cut 4.5 million tons of CO2 emissions, save $1 billion in annual fuel imports, and utilize the country’s electricity surplus. It also promotes domestic EV manufacturing, targeting 90% localization in two- and three-wheelers by 2026 through tariff protections.
  • The Senate Standing Committee on Finance, during its review of the Finance Bill 2025, recommended a zero-rated tax on incomes up to Rs1.2 million and rejected a proposed tax on individuals running small online businesses. While endorsing taxes on high-earning online academies and teachers, the committee opposed levies on exclusive clubs like the Islamabad Club, despite the FBR's argument that such clubs serve only a select elite. The FBR outlined plans to expand digital taxation to a wide range of online services, including streaming platforms, e-learning, telemedicine, and cloud services, but faced resistance on taxing small-scale digital entrepreneurs. Additionally, the committee debated restrictions on property purchases by tax non-filers, with a proposal to raise the allowable purchase limit from 130% to 500% of declared income. Finance Minister Muhammad Aurangzeb reaffirmed the government's intent to broaden the tax base by bringing non-filers into the net.
  • The government has introduced a bold National Tariff Policy aimed at reducing average import duties by 52% over five years to boost exports, reduce the trade deficit, and promote industrial modernization. Relying heavily on the World Bank's GTAP model, the policy projects exports will grow faster than imports, with a potential 7–9% revenue gain despite an estimated Rs500 billion static revenue loss. However, opposition lawmakers raised concerns about the policy's assumptions, lack of localized analysis, and potential impacts on inflation, reserves, and struggling domestic industries. Immediate tariff reductions have been proposed in the FY25 budget, including elimination of additional duties and lowering customs duties on thousands of tariff lines. While officials claim the reforms will drive export-led growth, enhance technology adoption, and increase employment, critics warn of economic disruption, particularly for inefficient industries, and called for greater transparency and scrutiny of the underlying models. A monitoring committee led by the finance minister will oversee implementation, with a new auto policy and further tariff rationalizations set to begin in July 2026
Economy: MPC maintains policy rate at 11% - By JS Research

Jun 17 2025


JS Global Capital


  • The State Bank of Pakistan (SBP) kept the policy rate unchanged at 11%, citing rising imports and tensions in the Middle East as key risks adding uncertainty to the commodity outlook and inflation. The MPC viewed this stance as necessary to maintain macroeconomic and price stability, especially as some FY26 budget proposals may further widen the trade deficit.
  • It should also be noted that core inflation declined marginally as per May-2025 numbers but remains elevated and any uptick in the food and energy prices may lead to rise in inflation going forward.
  • Supported by robust remittances and expected realization of planned inflows in coming weeks, SBP believes that reserves will clock in around US$14bn by Jun-2025. SBP Governor projects CA to also remain in surplus for FY25.
Pakistan Economy: Geo-political tensions to weigh on the economy - By Taurus Reseach

Jun 16 2025


Taurus Securities


  • Escalation reaches new highs as Iran and Israel continue to trade blows at each other. Earlier, Israel had conducted pre-emptive strikes on Iranian nuclear and military infrastructure along with killing the country’s top military leaders and nuclear scientists. Since then Iran has conducted multiple rounds of retaliatory missile strikes inside Israel. The latter have been reciprocated by the bombing of more targets in Iran by the Israeli air force.
  • The situation remains fluid as neither side seems to be willing to exercise restraint. Iran has also called-off negotiations with the US on its nuclear program. Further, Iran has also alleged the role of the US and its allies in the region in backing the Israeli attacks, invoking the possibility of striking US and its allies’ air bases and embassies in the region in case of further escalation. The latter may broaden the conflict, adversely affecting the world economy.
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: 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.
Bank Al-Habib Limited (BAHL): Earnings fall 18% YoY on lower NII – By IIS Research

Aug 27 2025


Ismail Iqbal Securities


  • Bank Al Habib Limited has announced its 2QCY25 result where the bank has posted unconsolidated earnings of PKR 8.2/sh, down 18% YoY and 11% QoQ. The result came is in line with our expectations. The bank also announced interim cash dividend of PKR 3.5/sh, taking 1HCY25 dividend to PKR 7/sh.
  • Net Interest Income (NII) declined by 13% YoY and 2% QoQ, as the impact of asset repricing had already been realized in 3Q/4Q of 2024. Non-markup income grew by 16% YoY, primarily driven by a sharp uptick in FX income, which contributed PKR 1.4bn during the quarter. Fee income remained flat YoY but fell 5% QoQ.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Aug 26 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, with volatility persisting throughout the session, attributed to the ongoing rollover week. Trading volumes decreased to 162mn shares today as compared to 211mn shares in the previous session. Today, the KSE-100 index lost 380 points to close at 148,435 level, down by -0.26% DoD. Commercial Banks, Pharmaceuticals, and Textile Composite sectors were the major laggards in today's session, cumulatively shedding 694 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Aug 25 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, with volatility persisting throughout the session, largely attributed to the start of the rollover week. Trading volumes decreased to 211mn shares today as compared to 336mn shares in the previous session. Today, the KSE-100 index lost 678 points to close at 148,815 level, down by -0.45% DoD. Commercial Banks, Technology & Communication, and Oil & Gas Exploration Companies sectors were the major laggards in today's session, cumulatively shedding 457 points from the index.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Aug 22 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note; however, the session remained volatile as investors actively adjusted positions amid mixed market sentiment. Trading volumes decreased to 336mn shares today as compared to 426mn shares in the previous session. Today, the KSE-100 index gained 258 points to close at 149,493 level, up by 0.17% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Fertilizer sectors were the major contributors in today's session, cumulatively adding 248 points to the index.
Morning News: Oil rises 1% on stalled Russia-Ukraine peace talks, strong US demand – By IIS Research

Aug 22 2025


Ismail Iqbal Securities


  • Oil prices rose by nearly a dollar a barrel on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and as earlier U.S. data showed signs of strong demand in the top oil consuming nation. Brent crude futures rose 83 cents, or 1.2%, to settle at $67.67 a barrel, a two-week high. U.S. West Texas Intermediate crude futures gained 81 cents, or 1.3%, to close at $63.52 a barrel.
  • The Asian Development Bank will provide a $410 million financing package to help develop Pakistan's Reko Diq copper mine, one of the world’s largest untapped deposits, which will be operated by Barrick Gold (ABX.TO), opens new tab, two sources told Reuters on Thursday. Islamabad hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted interest from the Trump administration and offered future concessions to U.S. companies.
Pakistan Market Wrap: The benchmark index closed on a high note – By IIS Research

Aug 20 2025


Ismail Iqbal Securities


  • The benchmark index closed on a high note once again, with the index crossing the 151k points barrier intraday and breaking record all-time highs both intraday and at market close, fuelled by improved liquidity and sustained investor confidence. Trading volumes decreased to 275mn shares today as compared to 340mn shares in the previous session. Today, the KSE-100 index gained 820 points to close at 150,591 level, up by 0.55% DoD. Commercial Banks, Technology & Communication, and pharmaceuticals sectors were the major contributors in today's session, cumulatively adding 821 points to the index.
Pakistan Market Wrap: The benchmark index closed on a high note – By IIS Research

Aug 19 2025


Ismail Iqbal Securities


  • The benchmark index closed on a high note, surging past the 150k points barrier intraday and breaking record all-time highs both intraday and at market close once again, supported by improved liquidity and sustained investor confidence. Trading volumes increased to 340mn shares today as compared to 229mn shares in the previous session. Today, the KSE-100 index gained 1,574 points to close at 149,771 level, up by 1.06% DoD. Commercial Banks, Cement, and Pharmaceuticals sectors were the major contributors in today's session, cumulatively adding 1630 points to the index.
Pakistan Market Wrap: The benchmark index ended the session flat – By IIS Research

Aug 12 2025


Ismail Iqbal Securities


  • The benchmark index ended the session flat, opening on an optimistic note with early gains, but late-hour profit-taking eroded the momentum and wiped out the gains. Trading volumes increased to 332mn shares today as compared to 299mn shares in the previous session. Today, the KSE-100 index gained 75 points to close at 147,005 level, up by 0.05% DoD. Commercial Banks, Cement, and Technology & Communication sectors were the major contributors in today's session, cumulatively adding 481 points to the index.
Engro Powergen Qadirpur Limited (EPQL): 1HCY25 Corporate Briefing Takeaways – By IIS Research

Aug 11 2025


Ismail Iqbal Securities


  • To recall, for 1HCY25 EPQL reported a revenue of PKR 5.26bn, compared to PKR 6.59bn in 1HCY24. PAT came down by 71% to PKR 460mn (EPS: PKR 1.42), compared to PKR 1.61bn (EPS: PKR4.97) in 1HCY24. Lower earnings are attributed to lower dispatch, lower financial income and decrease in Capacity Payments post PPA amendment.
  • The company finalized its gas sale and purchase agreement with PEL in August 2024. Regulatory approvals are still pending before operations can begin, and the company is eager to proceed as soon as possible. However, the approval process takes time. The company aims to conclude matters with CPPA-G shortly, which will enable it to move forward with the remaining regulatory clearances.
  • The company is currently ranked 9th on the merit order list, an improvement from its pre vious 11th position. This shift is mainly due to the absence of two plants from the merit list, which moved the company up by two spots; however, there have been no changes in fuel or variable costs. The company had previously stated that it expects its position to drop by two places once PEL gas is available. Nevertheless, with PEL gas, it anticipates load factors to improve to around 48–50%.
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