Pakistan Market Wrap: View from the Desk – By JS Research

Aug 18 2025


JS Global Capital


  • The KSE-100 Index surged 1.2% (1,705 points) to close at a record 148,395, driven by strong corporate earnings, improved macroeconomic indicators, and expectations of favorable inflation data. Investor sentiment was further lifted by enhanced liquidity, rising remittances, and optimism over circular debt reforms. The financial sectorbenefitedfroma12.5%YoY rise in bank deposits. Looking ahead, the market is expected to remain buoyant amid ongoing earnings season and clarity on fiscal measures, including potential phasing out of the super tax.
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.
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.
Pakistan Market Wrap: View from the Desk – By JS Research

Aug 27 2025


JS Global Capital


  • Bears dominated at PSX on Wednesday as investors preferred to book profit or stay on sidelines in the absence of triggers. Market began on a positive note with the index touching an intra-day high of 149,238 points (+ve 803). Thereafter some mix activities were observed throughout the day where some selling pressure was seen towards the end of the day as a result of which index went down as low as 147,337 points (-ve 1098) eventually closing at 147,494, down 941 points. Moving forward we expect some dull activities in the market.
Pakistan Market Wrap: View from the Desk – By JS Research

Aug 26 2025


JS Global Capital


  • The KSE-100 Index closed at 148,435, down 380 points, remained volatile throughout the day with index posting a high of 149,453anda low of 148,312. The pullback was driven by renewed profit-taking amid rollover-week dynamics and cautious investor sentiment. Looking ahead, while short-term volatility may persist, the market remains underpinned by improving macro fundamentals, record remittances, and easing inflation to support the growth prospects.
Fauji Fertilizer Company (FFC): Inching closer towards being shariah compliant – By JS Research

Aug 26 2025


JS Global Capital


  • Fauji Fertilizer Company (FFC) remains on the path to becoming Shariah compliant, with significant progress observed post merger with FFBL. According to the Jun-2025 financials, among the Shariah ratios, FFC has met the criteria of bringing non compliant investments to total assets ratio, to below 33%.
  • Company, however, remains non-Shariah compliant due to the non-compliant income metric. We believe the expected expansion in the topline led by expected recovery in upcoming quarters coupled with the lesser contribution of non-compliant income would bode well for the company on that front.
  • We have fine-tuned our estimates based on Jun-2025 accounts and rolled forward our TP to Jun-2026 arriving at a revised TP of Rs490. At current prices the stock offers total return of 22% including CY26E D/Y of 10%.
Hinopak Motors Limited (HINO): Focus on price competitiveness – By JS Research

Aug 25 2025


JS Global Capital


  • Hinopak Motors Limited (HINO) held its corporate briefing today to discuss financial results and outlook. The company posted a PAT of Rs417mn for 1QMY26, up 2.6x YoY, supported by a strong rebound in truck and bus sales volumes, which rose 2.4x YoY to 180 units in 1QMY26.
  • Management attributed the sharp margin expansion in 1QMY26, up 9.6ppt YoY and 8.1ppt QoQ, to a favorable sales mix driven by higher spot sales of heavy-duty trucks under institutional sales.
  • Amid a decline in market share due to the entry of competitively priced trucks in recent years, the company has adapted by reducing prices, particularly for light-duty trucks which constitute the majority of its sales. The management expects 5-10% volumetric growth in MY26.
System Limited (SYS): Corporate analyst briefing takeaways – By JS Research

Aug 25 2025


JS Global Capital


  • System Limited (SYS) recently conducted its corporate briefing to discuss the current business dynamics and outlook. To recall, the company reported earnings of Rs5.1bn, up 59%YoY, translating into an EPS of Rs3.51 during 1HCY25. We present key highlights from the session.
  • SYS reported a topline of Rs36.7bn, up 18% YoY during 1HCY25 with MENA region contributing the largest share in the revenue pie. The company also recorded the highest-ever half-yearly operating profit of Rs5.1bn.
  • Earnings rose 59% YoY in 2QCY25, supported by YoY jump in gross margins (25.4% vs. 22.5%). Other income jumped 184% YoY to Rs487mn. Notably, the management highlighted that growth in 1HCY25 was subdued due to holidays, wherein strong backlog of orders in pipeline will support growth ahead. The company also intends to maintain its payout ratio at 20%.
Technical Outlook: KSE-100; Expected to trade range bound – By JS Research

Aug 25 2025


JS Global Capital


  • The KSE-100 Index witnessed a range-bound session, closing at 149,493, up 258 points. Volumes stood at 802mn shares versus 1,063mn shares traded previously. The index is likely to test resistance at 150,465 (Friday's high), where a break above that level could target 151,859.
  • However, any downside will likely find support between 148,780 and 149,140; a fall below this zone may initiate a corrective trend, with 148,046 and 146,057 in sight. The RSI has moved up, while the Stochastic Oscillator is heading down, signaling no clear trading view. We recommend investors remain cautious at higher levels and wait for dips. The support and resistance levels are 149,140 and 150,155, respectively.
Pakistan Market Wrap: View from the Desk – By JS Research

Aug 22 2025


JS Global Capital


  • The KSE-100 index closed the week in the green zone, gaining 257 points to settle at 149,493. This rebound comes after yesterday's steep decline, driven by panic selling. The recovery was fueled by renewed interest in blue-chip stocks, as investors took advantage of lower valuations. While today's rally reflects improved sentiment, volatility may remain in the near term, especially with profit-taking likely to continue. Given macroeconomic situation, I expect the market to remain range-bound next week, with selective buying in fundamentally strong sectors leading the way.
Lucky Core Industries Limited (LCI): Pharma segment lifts FY25; core remained under pressure – By JS Research

Aug 22 2025


JS Global Capital


  • Lucky Core Industries Limited (LCI) held its corporate briefing yesterday to discuss FY25 results and outlook. On a consolidated basis, EPS arrived at Rs25.2, reflecting a 4% YoY increase.
  • Weak demand in soda ash and polyester weighed on topline growth, partly offset by strength in other business segments. Management guided payout ratio to remain at ~50% and reiterated focus on cost optimization in FY26. Company also remains debt free, providing room for value-added acquisitions.
  • Pharma segment posted a major turnaround in FY25 with sales up 72% YoY to Rs21bn, including Rs7.2bn from the newly acquired Pfizer portfolio; with margins currently at 38% with management expecting this to remain the fastest-growing business in FY26.
Technical Outlook: KSE-100; Engulfing Bear – cautious – By JS Research

Aug 22 2025


JS Global Capital


  • The KSE-100 Index witnessed a negative session, closing at the 149,235 level, down 1,356 points DoD. Trading volumes stood at 1,063mn shares, compared to 668mn shares in the previous session. The index is likely to revisit yesterday's low of 148,272, and a break below this level could initiate a corrective trend, with 148,046 and 146,057 in sight.
  • On the upside, resistance is expected in the 149,580-150,900 range. A breakout above this range could pave the way toward 151,859. We recommend investors remain cautious at higher levels and look for opportunities on dips. The support and resistance levels are at 147,922 and 150,899, respectively.