The Hub Power Company (HUBC): Management Meeting Takeaways – By Topline Research

Oct 7 2025


Topline Securities


  • We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results and outlook.
  • Regarding the recent power circular debt resolution, the company stated that they are not aware of any talks made on the waiver of the late payment surcharge. They further mentioned that any discussions on this matter will take place at the government-to-government (G2G) level, as these are CPEC-related plants, and the relevant forum for such discussions is the JCC.
  • Management stated that due to the government’s focus on this area and timely release of the planned subsidies, the Company’s recoveries have improved, particularly for its coal-fired power plants. This is one reason for reduction in the Company’s finance cost along with lower interest rate.
Pakistan Markets: TEL and TNTPL achieve project completion; HUBC and FFC to be beneficiaries – By AKD Research

Nov 3 2025


AKD Securities


  • Hub Power Company (HUBC) has announced that lenders of Thar Energy Limited (TEL) and ThalNova Power Thar (TN) have formally declared Project Completion Date (PCD) for both 330MW Thar-based coal IPPs as of Oct 31, 2025. With PCD achieved, both projects are now eligible to commence dividend payouts, HUBC holds 60% in TEL and 38.3% in TN. Notably, TEL achieved COD in Oct'22, while TNTPL reached COD in Feb'23, compared to the targeted COD date of Mar'21 for both plants.
  • Notably, we have already incorporated gross dividend assumptions of ~PkR3.0/5.0 per share for both TEL and TNTPL in FY26/27E.
Hub Power Company Limited (HUBC): 1QFY26 EPS clocked in at PKR9.0 – By Insight Research

Oct 30 2025


Insight Securities


  • HUBC has announced its 1QFY26 results wherein the company has posted consolidated PAT of PKR11.6bn (EPS: PKR9.0) vs. PKR19.1bn (EPS: PKR14.7), down by 39% YoY. The result is inline with our expectations.
  • Revenue of the company decreased by 46% YoY, to clock in at PKR17.4bn in 1QFY26, due to termination of base plant and tariff renegotiation of NEL plant. While on QoQ basis, same is down by 7%.
  • Share of profit from associates increased by 4% YoY to clock in at PKR10.8bn.
The Hub Power Company Limited (HUBC): 1QFY26 Result Review – By Taurus Research

Oct 30 2025


Taurus Securities


  • Net sales declined 46%YoY to PKR 17.4Bn, mainly due to the absence of the base plant’s earnings and lower tariffs for NEL. On a QoQ basis, revenue fell 7%, reflecting lower plant utilization at Laraib.
  • Earnings from associates came around PKR 10.8Bn, up 4%YoY, primarily due to better profit contribution from CPHGC. However, sequentially, contribution from Mega Motors is also likely to have increased.
  • Finance costs declined 54%YoY to PKR 2.5Bn, driven by lower interest rates and debt repayments on loans previously taken for Chinese IPPs, which have eased borrowing pressures. The Company continues deleveraging its balance sheet, containing finance charges.
HUB Power Company Limited (HUBC): 1QCY26 EPS to arrive at PKR8.7 – By Insight Research

Oct 29 2025


Insight Securities


  • We expect HUB power company limited to post EPS of PKR8.7/sh in 1QFY26 vs. EPS of PKR14.7/sh in SPLY and PKR9.2/sh in preceding quarter, down by 41%/5% YoY/QoQ.
  • In1QFY26, power generation clocked in at 40,933 kwh in 1QFY26 vs. 40,546 kwh in 1QFY25, up by 1% YoY. The increase in power generation is attributable to low base effect, shift of captive power consumers to grid amid grid levy and reduction in power tariff.
The Hub Power Company Limited (HUBC): AGM Key Takeaways – By Foundation Research

Oct 15 2025


Foundation Securities


  • HUBC convened its Annual General Meeting (AGM) today to seek shareholders’ approval for routine business matters and to obtain consent for the proposed investment in Mega Motor Company (Pvt.) Ltd.
  • With the early expiry of the Base Plant’s PPA in Oct’24 (originally set to expire in Mar’27), HUBC is evaluating new business opportunities to strengthen its balance sheet and enhance cash flows. Potential areas include participating in PIA’s privatization, establishing a Single-Mooring oil facility with PSO, and developing an aluminum smelter in partnership with Chinese investors. Final decisions will depend on government policy and overall economic conditions.
The Hub Power Company (HUBC): Management Meeting Takeaways – By Topline Research

Oct 7 2025


Topline Securities


  • We had a management meeting with the senior management of HUBC CEO, Mr. Kamran Kamal and CFO, Mr. Muhammad Saqib on the recent financial results and outlook.
  • Regarding the recent power circular debt resolution, the company stated that they are not aware of any talks made on the waiver of the late payment surcharge. They further mentioned that any discussions on this matter will take place at the government-to-government (G2G) level, as these are CPEC-related plants, and the relevant forum for such discussions is the JCC.
  • Management stated that due to the government’s focus on this area and timely release of the planned subsidies, the Company’s recoveries have improved, particularly for its coal-fired power plants. This is one reason for reduction in the Company’s finance cost along with lower interest rate.
Technical Outlook: KSE-100: Short term indicators are overbought – By JS Research

Jan 7 2026


JS Global Capital


  • KSE-100 index witnessed another positive session to close at 185,062 level, up 2,654 points DoD. Volumes stood at 1,306mn shares versus 1,384mn shares traded previously. The index is expected to test resistance between 185,480 and 186,875 levels as a break above that will target 188,870 level. However, any downside will find support within 182,335-183,910 range. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 182,335 and 186,635 levels, respectively.
Morning News: Oil Declines as Trump Says Venezuela Will Give Some Crude to US – By Shajar Research

Jan 7 2026


Shajar Capital


  • Oil extended losses after Washington moved to exert greater control over Venezuela’s oil industry, with President Donald Trump saying the country would turn over millions of barrels of crude to the US. (Bloomberg)
  • The record-breaking global stock rally stalled in Asia as Japanese equities slipped amid rising tensions with China. (Bloomberg)
Morning News: Senate delegation to undertake rare US visit – By Vector Research

Jan 7 2026


Vector Securities


  • A high-level Senate delegation led by Deputy Chairman Syedaal Khan will pay an official visit to the United States from January 20 to 25, 2026, the Senate Secretariat announced on Tuesday, against the backdrop of a broader thaw in Pakistan-US relations over the past year. The Secretariat described the visit as a "historic milestone" in Pak-US parliamentary relations, marking the "beginning of a new institutional chapter in bilateral engagement". (ET)
  • A committee formed by Prime Minister Shehbaz Sharif has recommended 5% voluntary ethanol blending with petrol based on commercial viability and in consultation with oil marketing companies. Oil industry officials point out that the current ethanol production from sugarcane crushing stands at only 400,000 to 450,000 tons per year. Ethanol exports from Pakistan have been used for blending to produce E10-E15 fuel. At present, most of the ethanol produced in the country is exported due to price incentives. (ET)
Morning News: Government mulls fuel levy hike to aid gas sector – By Alpha-Akseer Research

Jan 7 2026


Alpha Capital


  • The government plans on increasing tax rates on petroleum products to contain more than PKR 3tn circular debt in the gas sector instead of changing the gas tariff as determined by the Oil & Gas Regula tory Authority (Ogra).
  • The provinces of Punjab, Khyber Pakhtunkhwa and Balochistan have decided to engage private companies for the procurement of wheat for their respective strategic reserves.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 6 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended its upward momentum, reaching an intraday high of 185,481.45 points before closing at a new all-time high of 185,062.10, up 2,653.87 points (+1.45%). Market sentiment remained strong, supported by net buying over the last seven sessions from Banks (USD 44mn), Companies (USD 18mn), Brokers (USD 6.5mn), and Mutual Funds (USD 5.2mn). Moreover, a PKR345bn decline in government debt stocks over the past five months, the Prime Minister’s call for greater access to loans for SMEs and PKR820bn weekly increase in M2 were also supported the positive activity in the stock market. Heavyweights, including MCB, UBL, MEBL, HBL, and LUCK were the key index drivers, collectively contributing 1,898.22 points. KEL led trading volumes with 109.62 million shares, while overall market participation reached 1,300.56 million shares.
Pakistan Market Wrap: Evening Note – By Vector Research

Jan 6 2026


Vector Securities


  • Evening Note.
Pakistan Cement: Demand remains strong – By Foundation Research

Jan 6 2026


Foundation Securities


  • Cement sector dispatches rose by 2.3% YoY in Dec’25 to 4.3Mn tons, while capacity utilization increased to a mere of 59.1% vs. a muted 57.4% in the SPLY. Despite winter season, local sales exhibited a surge of 7.4% YoY to 3.7Mn tons, showing demand recovery trend amid improved macros. However, exports declined by a sizable 20.7% YoY to reach 0.6Mn tons. Decline in exports were on account of high base effect from South exports, absence of North exports due to Afghan border closure and compensating rise in domestic demand post floods.
  • Demand continues its uptrend where local dispatches grew by 4.9% MoM despite the winter season as historically cement sales dip during these months. Local demand continued to show early signs of recovery in the aftermath of floods, aided by improved macros. However, exports were significantly impacted, owing to Afghan border closure given absence of North exports and improved local sales.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The benchmark index closed on a high note, once again posting fresh all time highs both intraday and at market close, as CY26 began on a strong footing. Liquidity driven buying, continued asset class conversion, and upbeat investor sentiment kept the rally firmly intact. Trading volumes decreased to 597mn shares today as compared to 632mn shares in the previous session. Today, the KSE-100 index gained 2,654 points to close at 185,062 level, up by 1.45% DoD. Commercial Banks, Cement, and Technology & Communication sectors were the major contributors in today's session, cumulatively adding 2330 points to the index.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The equity market began the session on a strong positive footing and sustained its upward momentum throughout the day. The KSE-100 Index recorded an intraday high of 185,481 and a low of 181,182, ultimately closing at 185,062, reflecting a robust gain of 2,654 points. Market activity remained healthy, with total traded volume reaching 596.4 million shares and an estimated turnover of PKR 67.7 billion.
  • The index’s advance was largely supported by notable gains in MCB (7.9%, 451 points), UBL (3.1%, 446 points), MEBL (5%, 358 points), HBL (4.9%, 338 points), and LUCK (4.2%, 306 points). In terms of volumes, KEL and BOP dominated trading activity, registering volumes of 109.6 million and 79.9 million shares, respectively.
Pakistan Cement: Local dispatches up 6%, exports remain under pressure – By JS Research

Jan 6 2026


JS Global Capital


  • Cement dispatches clocked in at 4.35mn tons in Dec-2025, reflecting a modest growth of 1% YoY, as a 6% YoY increase in local dispatches was largely offset by a 21% YoY decline in exports, primarily due to nil exports from North-based players amid the Afghan border closure.
  • In 1HFY26, total cement dispatches increased by 10% YoY, led by a 13% YoY rise in local dispatches, while exports saw a marginal decline of 4% YoY due to a 19% YoY drop in North region exports, with Southern region exports remaining flat YoY.
Oil Marketing Companies (OMC): OMC sales up 6% YoY and down 5% MoM in Dec 2025;1HFY26 sales up 2% YoY – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.35mn tons in Dec 2025, up 6% YoY and down 5% MoM.
  • The YoY increase is due to economic recovery, lower inflation, and control of smuggling, whereas the MoM decrease in sales is attributable to the strike by transporters. To highlight, Transporters went on a nationwide strike on Dec 08, 2025 which continued for 10 days.
  • This takes total sales for 1HFY26 to 8.2mn tons, reflecting a 2% YoY increase compared to 8.02mn tons in 1HFY25.
Pakistan Fertilizers: Pakistan’s Urea sales for Dec 2025 at all time high of 1,356k tons; Inventory at 0.31mn tons – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from company/dealers through higher discounts offerings. This takes 2025 urea offtakes to 6.73mn tons, up 2% YoY compared to 6.57mn tons in 2024, respectively. To note, in 11M2025, urea sales was down 4%.
  • As per our checks, EFERT has maintained discount around Rs400/bag during the month of Dec 2025. However, this discount was rolled back to Rs150 /bag at the start of the new year. Similarly, FFC also offered discount of Rs 150–200 per bag during the same period.
Pakistan Economy: Pakistan GDP grew 3.7% in 1QFY26 – By Topline Research

Dec 31 2025


Topline Securities


  • National Accounts Committee (NAC) released GDP estimates for 1QFY26, showing growth of 3.7% YoY which is highest first quarter growth in 4 years and higher than last 8 years average 1Q growth of 3.3%. While the committee has also revised up FY25 growth estimates marginally to 3.09% from earlier 3.04%.
  • The growth estimates of 1Q are higher than our expectations mainly due to 8-year high 1Q industrial growth of 9.4%, thanks to 25% growth in electricity, gas and water supply sectors and 21% growth in construction sector.
Pakistan Market: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25 – By Topline Research

Dec 29 2025


Topline Securities


  • As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.
  • The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.
  • Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.
Pakistan Technology: IT Exports in Nov-25 up by 14% YoY to record US$356mn – By Topline Research

Dec 17 2025


Topline Securities


  • Pakistan recorded monthly IT exports of US$356mn in Nov-25, up 14% YoY but down 8% MoM. These monthly IT exports in Nov-25 are higher than the last 12-month average of US$337mn.
  • YoY growth in IT exports during the month is due to (1) IT export companies growing client base globally, especially in the GCC region, (2) relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35% to 50% in the Exporters’ Specialized Foreign Currency Accounts, (3) allowance of equity investment abroad through these foreign currency accounts and (4) stability in PKR encouraging IT exporters to bring higher portion of profits back to Pakistan.
Pakistan Economy: SBP reduced policy rate by 50bps – By Topline Research

Dec 15 2025


Topline Securities


  • Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) has reduced policy rate by 50bps to 10.50% in today’s meeting. This came as a surprise in our view as majority of the participants were expecting rates to remain unchanged.
  • As per MPC statement, Inflation averaged within the target range of 5–7% during 5MFY26. Alongside the strengthening of economic activity, the MPC noted the available space to reduce the policy rate to support sustainable economic growth. To note, SBP expects GDP growth for FY26 to remain in upper half of the projected range of 3.25%-4.25%.
Pakistan Economy: Monetary Policy Survey – By Topline Research

Dec 9 2025


Topline Securities


  • State Bank of Pakistan (SBP) is scheduled to hold last Monetary Policy Committee (MPC) meeting of this calendar year 2025 on Dec 15, 2025. Majority of the market participants are expecting no change in interest rate. Similarly, we also expect status quo in upcoming monetary policy meeting.
  • In a Poll conducted by Topline Securities, 70% of the market participant expect interest rate to remain unchanged. This is almost like last poll result where 72% were expecting rate to remain unchanged.
Pakistan Market: Pakistan Listed Consumer Comp Sheet – By Topline Research

Dec 4 2025


Topline Securities


  • Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x. Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.
Pakistan Fertilizers: Pakistan’s Urea sales for Nov 2025 Surged 133% MoM and 25% YoY; Inventory at 1.05mn tons – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers. As per our checks, EFERT has maintained discount between the range of Rs300-350/bag during the month, while FFC maintained the avg. discount of Rs80/bag, respectively.
  • However, in 11M2025, urea offtakes slightly declined to 5.37mn tons, down 4% YoY compared to 5.58mn tons in 11M2024, respectively.
Oil Marketing Companies (OMC): OMC sales down 10% YoY and 5% MoM in Nov 2025; 5MFY26 sales up 1% YoY – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Nov 2025, down 10% YoY and 5% MoM.
  • The YoY decline is due to a high base in Nov 2024, when OMC sales hit a 25-month peak driven by a 30-month high sales of HSD. This surge last year followed price stability, an improving economy, and tighter control on smuggling, with PSO leading HSD sales.
  • This takes total sales for 5MFY26 to 6.81mn tons, reflecting a 1% YoY increase compared to 6.75mn tons in 5MFY25.
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