Pakistan Market Wrap: Persistent Profit-Taking Deepens Market Slide Amid Geopolitical Concerns – By HMFS Research

Nov 5 2025

HMFS Research

• Following a sharp correction in the previous session, the KSE-100 Index extended its decline as persistent profit-taking and escalating geopolitical tensions continued to weigh on investor sentiment. The benchmark index plunged by 2,000 points intraday as investors remained cautious. Sustained selling pressure kept market momentum subdued, particularly across cyclical sectors, as participants awaited clarity on both geopolitical and macroeconomic fronts. The KSE-100 Index ultimately closed at 159,578, down by 1,704 points from the previous session’s close.

• Trading activity remained moderate, mirroring the restrained tone of the previous day, with 333mn shares traded on the KSE-100 Index and 859mn shares exchanged in the broader market. Looking ahead, market direction is expected to remain sensitive to developments along the borders and evolving geopolitical narratives. However, optimism persists over Pakistan’s “Blue Economy” initiative, which continues to attract long-term investor interest with its projected USD 100bn potential by 2047. While intermittent bouts of profit-taking are likely to continue as part of normal market cycles, investors are advised to adopt a cautious approach, focusing on fundamentally robust stocks capable of withstanding short-term volatility.

Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 5 2025

Al Habib Capital Markets

• The KSE-100 Index experienced another volatile trading session today, climbing to an intraday high of 162,052.45 before settling at 159,578.19, down -1,703.58 points (-1.06%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery.

• In sectoral developments, Finance Minister stated on Wednesday that the government is moving toward deregulating the sugar and wheat sectors while addressing members of the Federation of Pakistan Chambers of Commerce and Industry, highlighting efforts to promote efficiency and market-driven mechanisms within the commodity space. Top drags to index included FFC, ENGROH, LUCK, MEBL, & SYS, which collectively pulled the benchmark down by -902.58 points. KEL led volumes with 100.03 million shares; overall market turnover was 860.26 million shares.

Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Nov 5 2025

Ismail Iqbal Securities

• The benchmark index closed on a negative note, remaining volatile and shedding points amid lingering skepticism over geopolitical developments. Trading volumes increased to 333mn shares today as compared to 322mn shares in the previous session. Today, the KSE-100 index lost 1,704 points to close at 159,578 level, down by -1.06% DoD. Commercial Banks, Fertilizer, and Cement sectors were the major laggards in today's session, cumulatively shedding 1176 points from the index.

Waves Home Appliances Limited (WAVESAPP): 9MCY25 & CY24 Corporate Briefing Takeaways – By Taurus Research

Nov 5 2025

Taurus Securities

• Waves Home Appliances Limited (WAVESAPP) is a subsidiary of Waves Corporation Limited (WAVES). The principal activity of the business is manufacturing domestic consumer appliances. WAVESAPP produces deep freezers, coolers, refrigerators, air conditioners, washing machines, microwaves, water dispensers and heaters, geysers, and cooking ranges.

• The Management noted that they will be relaunching certain discontinued products such as air conditioners in the coming year. They also noted that WAVES is still the market leader in the deep freezers segment.

Waves Corporation Limited (WAVES): 9MCY25 & CY24 Corporate Briefing Takeaways – By Taurus Research

Nov 5 2025

Taurus Securities

• Waves Corporation Limited (WAVES) is the parent company of Waves Home Appliances Limited (WAVESAPP), Waves Marketplace Limited (WMPL), and Waves Builders & Developers Private Limited (WBDL), of which it has stakes of 50%, 100%, and 100%, respectively. WAVES went through corporate restructuring in FY22 which separated WAVESAPP, i.e. the home appliances business, from WAVES which fully retained the retail and real estate businesses.

• As part of this restructuring, WAVESAPP issued a total of 256Mn shares of which 199Mn were allotted to WAVES, while the remaining 56Mn were allotted to shareholders of WAVES in the ratio of 20 WAVESAPP shares for every 100 WAVES shares held. Further, PKR 2Bn in cash were payable to WAVES by WAVESAPP with in two years of the restructuring.

Waves Home Appliances Ltd. (WAVESAPP): CY24 and 9MCY25 Analyst Briefing takeaways – By AKD Research

Nov 5 2025

AKD Securities

• To recall, company posted net revenue of PkR3.2bn in CY24 compared to PkR4.2bn in SPLY, down 24%YoY. In 9MCY25, topline clocked in at PkR2.8bn, vs. PkR2.5bn in SPLY, up 11%YoY, primarily driven by demand recovery.

• Company reported earnings of PkR153mn (EPS: PkR0.57) during CY24, compared to PkR116mn (EPS: PkR0.43) in SPLY, up 32%YoY. During 9MCY25, earnings clocked in at PkR262mn (EPS: PkR0.98), compared to PkR68mn (EPS: PkR0.26) in SPLY, up 3.8xYoY. This increase was primarily driven by other income.

• Appliance demand is steadily moving toward larger, more premium products, driving value-based topline growth even as overall volumes remain relatively stable.

Waves Corporation Limited (WAVES): CY24 and 9MCY25 Analyst Briefing takeaways – By AKD Research

Nov 5 2025

AKD Securities

• To recall, company posted net revenue of PkR3.9bn in CY24 compared to PkR5.2bn in SPLY, down 24%YoY. In 9MCY25, topline clocked in at PkR3.5bn, vs. PkR3.1bn in SPLY, up 15%YoY, primarily driven by demand recovery.

• Company reported earnings of PkR1.1bn (EPS: PkR3.9) during CY24, compared to PkR257mn (EPS: PkR0.91) in SPLY, up 4.2xYoY. During 9MCY25, earnings clocked in at PkR648mn (EPS: PkR2.30), compared to PkR282mn (EPS: PkR1.00) in SPLY, up 2.3xYoY. This increase was primarily driven by other income.

National Foods Limited (NATF): Strong footings at home, unlocking valuations for foreign investment; Buy – By JS Research

Nov 5 2025

JS Global Capital

• We reinitiate coverage on one of Pakistan’s leading food products company, National Foods Ltd (NATF) with a Buy rating, arriving at a DCF-based Target Price (TP) of Rs485, implying a 28% upside.

• With over 90% of NATF’s consol. earnings derived from its Pakistan operations, where it enjoys strong brand footing, we expect the company’s Standalone earnings to grow at a 5-yr. CAGR of 28%. while also contributing 76% to our TP.

• Growing demand for convenience food ingredients in Pakistan with evolving demographics & distribution network, coupled with NATF’s effective brand positioning & pricing power is expected to result in a 5-yr. sales CAGR of 15%.

Technical Outlook: KSE-100 expected to trade between key averages – By JS Research

Nov 5 2025

JS Global Capital

• Bears dominated the session as KSE-100 index closed the session at 161,282 level, down 1,521 points. Volumes stood at 899mn shares versus 949mn shares traded previously. The index is likely to trade between the 50-DMA and the 30-DMA that stands at 159,823 and 163,604 levels, respectively. A break above or below is needed for a directional move. The RSI has moved down, while the Stochastic Oscillator is heading up, signaling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 160,499 and 162,725 levels, respectively.

Morning News: EV bike makers urge govt to revisit sales tax hike decision – By AHCML Research

Nov 5 2025

Al Habib Capital Markets

• Local electric vehicle and bike manufacturers, on Tuesday, expressed serious concerns over the recent increase in the sales tax on EV bikes from 1 percent to 18 percent, urging the government to review the decision.

• The Ministry of Commerce has supported a proposal to establish a dedicated Minerals Division, similar to the Petroleum Division, for specialized oversight and efficient coordination between the federal and provincial governments through the Council of Common Interests (CCI)