Morning News: US tariffs; Special incentives sought for key affected sectors – By Vector Research

Aug 26 2025


Vector Securities


  • The Ministry of Commerce (MoC) has reportedly sought “special incentives” for the export-oriented sectors to be effected due to ad-valorem tariffs of 19 per cent imposed by the United States of America (USA), sources close to Commerce Minister told. (BR)
  • In a bid to deepen economic ties with Beijing, Pakistan is targeting up to USD 5 billion in new investment at the forthcoming Pakistan-China B2B Investment Conference, scheduled for 4th September in Beijing, coinciding with the Shanghai Cooperation Organisation (SCO) Summit 2025. (BR)
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 Market Wrap: Evening Note – By Vector Research

Aug 27 2025


Vector Securities


  • Evening Note.
Pakistan Market Wrap: Evening Note – By Vector Research

Aug 26 2025


Vector Securities


  • Evening Note.
Morning News: US tariffs; Special incentives sought for key affected sectors – By Vector Research

Aug 26 2025


Vector Securities


  • The Ministry of Commerce (MoC) has reportedly sought “special incentives” for the export-oriented sectors to be effected due to ad-valorem tariffs of 19 per cent imposed by the United States of America (USA), sources close to Commerce Minister told. (BR)
  • In a bid to deepen economic ties with Beijing, Pakistan is targeting up to USD 5 billion in new investment at the forthcoming Pakistan-China B2B Investment Conference, scheduled for 4th September in Beijing, coinciding with the Shanghai Cooperation Organisation (SCO) Summit 2025. (BR)
Morning News: China eyes agricultural, mining cooperation with Pakistan – By Vector Research

Aug 22 2025


Vector Securities


  • China is willing to cooperate with Pakistan in industry, agriculture and mining, Foreign Minister Wang Yi told Deputy Prime Minister and Foreign Minister Ishaq Dar on Thursday, according to a readout released by Wang’s ministry. (The News)
  • Pakistan and China have pledged to jointly support the development and operations of Gwadar Port and promote the Karakoram Highway realignment project. China has also welcomed the third-party participation in ML-1 project of Pakistan Railways. (BR)
Pakistan Market Wrap: Closing Note – By Vector Research

Aug 7 2025


Vector Securities


  • Closing Note.
Morning News: Investment boost; GPA inks LoI with Chinese firm – By Vector Research

Aug 6 2025


Vector Securities


  • The Gwadar Port Authority (GPA), Tuesday, signed a Letter of Intent (LoI) with Chinese firm Xinning Enterprise to stimulate major industrial and commercial investments at Gwadar Port and its free zone, underscoring Gwadar’s growing role as a key regional hub for trade and economic activity. (BR)
  • Out of the total outstanding claims of Rs58 billion for incentivising increased remittances from abroad, the government has approved Rs30 billion under the Telegraphic Transfer Charges Incentives Scheme (TTCIS). (The News)
  • The overall tax-to-GDP ratio increased by a record 3.2 percentage points in fiscal year 2025 to reach 15.7pc — the highest in over two decades. The record earnings came on the back of heavy taxes imposed by the government to implement strict conditions outlined in the IMF loan programme and last-minute windfalls from non-tax revenue (NTRs). (Dawn)
Pakistan Market Wrap: Closing note – By Vector Research

Aug 1 2025


Vector Securities


  • Closing Note.
Morning News: Pakistan says it’s close to US trade deal, Washington gives no timeline - By Vector Research

Jul 28 2025


Vector Securities


  • Pakistani Foreign Minister Ishaq Dar said on Friday the United States and Pakistan were “very close” to a trade deal that could come within days, but comments from the U.S. after Dar met with Secretary of State Marco Rubio mentioned no timeline. “I think we are very close to finalizing a deal with US. Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now,” Dar said in a discussion at the Atlantic Council think tank in Washington. “It’s not going to be months, not even weeks, I would say (just) days,” he said.
  • Pakistan’s dollar bonds and stocks rose following an upgrade by S&P Global Ratings on Thursday, with some investors expecting further gains in its assets. The nation’s bond maturing in 2036 rose 0.5 cents on the dollar to trade at 86.141 Friday, with most other tenors also extending gains, according to data compiled by Bloomberg. Stocks opened higher, hovering near the record highs achieved in July, as the upgrade improved investor sentiment toward the nation’s markets and economy.
  • In line with the IMF agreement, the Federal Board of Revenue (FBR) has envisaged a tax collection target of Rs3.08 trillion for the first quarter (July-September) of the current fiscal year 2025-26.
Morning News: WB reaffirms full support to Pakistan - By Vector Research

Jul 24 2025


Vector Securities


  • The World Bank has reaffirmed its commitment to fully support Pakistan in achieving economic stability. According to an official statement issued by the Economic Affairs ministry, a meeting was held between Federal Minister for Economic Affairs Ahad Cheema and World Bank Vice President for the Middle East, North Africa and Afghanistan (MENA-AP) Region, Osman Dion, at the Ministry of Economic Affairs on Wednesday. The World Bank appreciated the steps taken by Pakistan for Country Partnership Framework (CPF) and economic reforms.
  • Pakistan and Saudi Arabia yesterday agreed to advance investments and technical collaboration for mutual benefit of the two nations. This agreement was reached during a meeting between Deputy Prime Minister Ishaq Dar and Saudi Minister of Economy and Planning Faisal Fadhil Al-Ibrahim, on the sidelines of high-level events during Pakistan’s Presidency of the UN Security Council.
  • The Asian Development Bank has revised up Pakistan’s growth estimate for FY2025 to 2.7 per cent from the earlier 2.5 per cent estimated in April 2025, citing stronger-than-expected performance in the industrial and services sectors, according to its latest ‘Asian Development Outlook’ released on Wednesday.
Morning News: COAS ‘pledgesfull backing’ for industrial revival - By Vector Research

Jul 23 2025


Vector Securities


  • Field Marshal Asim Munir has assured the business community of his full support in efforts to revive and strengthen Pakistan’s economy. A delegation of top businessmen, led by Gohar Ijaz and including Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), met with the army chief at the General Headquarters (GHQ) on Monday. 
  • Bilateral trade between Pakistan and the United Arab Emirates (UAE) has surged to $10.1 billion in FY25, according to the State Bank of Pakistan (SBP), marking a strong revival in economic ties between the two countries. This increase comes at a time when both sides are exploring new avenues of cooperation across trade, investment, energy, IT, and human resource development.
  • Pakistan is exploring concrete steps to ensure Prime Minister Shehbaz Sharif's upcoming visit to China yields tangible results, with cabinet members urging resolution of longstanding issues hampering Chinese investment instead of merely signing more MoUs. To remove a major obstacle in relocating Chinese industries to the Gwadar Free Zone, the government has decided to allow Chinese firms operating there to retain 50% of their export earnings to settle dues, according to government sources.