Pakistan Market Wrap: KSE-100 closes at 166,553 down 794 points – By Alpha-Akseer Research

Oct 22 2025


Alpha Capital


  • The equity market opened on a strong footing but failed to maintain its upward momentum. The KSE-100 Index touched an intraday high of 168,163 and a low of 166,231 before closing at 166,553, marking a decline of 794 points. Overall trading activity remained subdued, with a total volume of 727.6 million shares and a traded value of approximately PKR 39.7 billion.
  • Major draggers on the index included FFC (-2.1%, -295 points), UBL (-1.1%, -129 points), MCB (-1.5%, -79 points), HBL (-1.2%, -74 points), and FATIMA (-4.5%, -70 points). In terms of volume, KEL and BOP led the board, trading 241 million and 118.8 million shares, respectively.
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)
Morning News: Gold Price Per Tola Sheds Rs3,500 In Pakistan – By WE Research

Nov 5 2025



  • Gold prices in Pakistan dropped by rs3,500 per tola, bringing the local rate to rs420,362. Similarly, 10-gram gold fell by rs3,001 to rs360,392. The decline followed a fall in international gold prices, which slipped by $35 per ounce to $3,980 (with a $20 premium). Silver prices also decreased by rs130 per tola to rs5,022.
  • Pakistan and Iran have agreed to strengthen agricultural trade, with Iran set to import 350,000 livestock from Pakistan. The move is part of broader bilateral cooperation in food security and trade. This agreement is expected to enhance Pakistan’s livestock exports and provide new opportunities for farmers and exporters.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 4 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile trading session today, climbing to an intraday high of 163,384.95 before settling at 161,281.76, down -1,521.39 points (-0.93%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including Commercial Banks, Fertilizer, Oil & Gas Exploration and Cement. On the macro front, the Federal Board of Revenue (FBR) Chairman ruled out the introduction of any contingency taxation measures despite a revenue shortfall of Rs 275 billion during the first four months (July–October) of FY26, signaling the government’s intent to maintain fiscal discipline. Top drags to index included ENGROH, MARI, BAHL, MCB, & TRG, which collectively pulled the benchmark down by -543.71 points. WTL led volumes with 78.87 million shares; overall market turnover was 899.41 million shares.
Pakistan Market Wrap: Profit-Taking Pulls Back the Bulls as Geopolitical Pressures Weigh on Sentiment – By HMFS Research

Nov 4 2025


HMFS Research


  • After a strong rally in the previous session, the KSE-100 Index witnessed a wave of profit-taking as investors opted to lock in gains, leading the benchmark to plunge 1,644 points during intraday trading. The momentum faltered amid a resurgence of geopolitical tensions, which dampened market sentiment and triggered cautious activity across key sectors. Adding to the pressure, October’s CPI inflation was reported at 6.2%, slightly denting investor confidence as concerns resurfaced over potential implications for monetary stability and consumption trends.
  • The KSE-100 Index ultimately closed at 161,282, down by 1,521 points from the previous session’s close. Trading activity remained moderate, reflecting a restrained investor stance, with 322mn shares traded on the KSE-100 Index and 898mn shares exchanged in the broader market. The day’s volume leaders included WTL (79mn), TELE (77mn), and KEL (72mn). Looking ahead, market direction is expected to remain contingent on the stability of border conditions and the evolving geopolitical landscape. However, optimism continues to brew around Pakistan’s “Blue Economy” initiative, a transformative long-term plan aimed at unlocking an estimated USD 100bn potential by 2047 through marine and coastal economic development. Should progress materialize on this front, it could serve as a catalyst for sustained market optimism in the coming months. That said, intermittent profit-taking phases remain a natural part of market cycles. Investors are advised to maintain a prudent approach, monitor evolving dynamics, and focus on fundamentally strong stocks offering long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, as selling pressure persisted, with the index remaining volatile throughout the session. Trading volumes decreased to 322mn shares today as compared to 353mn shares in the previous session. Today, the KSE-100 index lost 1,521 points to close at 161,282 level, down by -0.93% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Cement sectors were the major laggards in today's session, cumulatively shedding 1164 points from the index.
Pakistan Market Wrap: KSE-100 closes at 161,282 down 1,521 points – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The equity market started off positively but was unable to keep up the momentum. The KSE-100 Index reached an intraday high of 163,385 and a low of 161,159, before settling at 161,282 — a drop of 1,521 points. Market participation remained muted, with total trade volumes of 318.7 million shares and a traded value of around PKR 25 billion.
  • Key drag-factors in the decline included MARI (-2.3%, -147 points), MCB (-2.3%, -128 points), BAHL (-2.2%, -123 points), LUCK (-1.6%, -122 points) and HBL (-1.7%, -110 points). On the activity side, KEL and BOP led the volume charts, trading 70.6 million and 39 million shares respectively.
Pakistan Market Wrap: KSE-100 closes at 161,282 down 1,521 points – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The equity market started off positively but was unable to keep up the momentum. The KSE-100 Index reached an intraday high of 163,385 and a low of 161,159, before settling at 161,282 — a drop of 1,521 points. Market participation remained muted, with total trade volumes of 318.7 million shares and a traded value of around PKR 25 billion.
  • Key drag-factors in the decline included MARI (-2.3%, -147 points), MCB (-2.3%, -128 points), BAHL (-2.2%, -123 points), LUCK (-1.6%, -122 points) and HBL (-1.7%, -110 points). On the activity side, KEL and BOP led the volume charts, trading 70.6 million and 39 million shares respectively.
Morning News: Pakistan sets three-year economic plan targeting 5.7% growth – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The federal government has set ambitious economic targets for the next three years, aiming to raise the GDP growth rate to between 4.2% and 5.7%. Other targets include increasing the size of the national economy to PKR 162,513bn, boosting exports by more than USD 10bn, and increasing remittances to a record USD 44.8bn.
  • Exposing the Power Division’s claims of reforms in the power sector, the Asian Development Bank (ADB) has observed that weak regulatory frameworks and governance issues — including lack of transparency and poor performance — continue to prevent power distribution companies (Discos) from accessing commercial borrowing.
Pakistan Market Wrap: KSE-100 closes at 161,632 up 4,899 points – By Alpha-Akseer Research

Oct 31 2025


Alpha Capital


  • The equity market opened on a positive note and maintained its bullish momentum throughout the session. The KSE-100 Index touched an intraday high of 162,194 and a low of 158,196, before closing at 161,632, gaining 4,899 points. Market activity improved notably, with total volumes reaching 405 million shares and a traded value of approximately PKR 31 billion.
  • Major contributors to the index’s rise included UBL (6.7%, 671 points), MEBL (6.7%, 406 points), FFC (2.8%, 361 points), BAHL (5.6%, 264 points), and HBL (4.9%, 262 points). On the activity front, KEL and BOP dominated the volume charts, trading 85.1 million and 76.5 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 156,733 down 1,732 points – By Alpha-Akseer Research

Oct 30 2025


Alpha Capital


  • The equity market opened on a positive note but failed to sustain its early momentum. The KSE-100 Index recorded an intraday high of 159,507 and a low of 156,328 before closing at 156,733, down by 1,732 points. Market participation remained muted, with total volumes at 368 million shares and a traded value of approximately PKR 28.1 billion.
  • Major contributors to the index’s decline included ENGROH (-8.4%, -643 points), BOP (-9.7%, -167 points), SYS (-3.1%, -141 points), UBL (-1.2%, -128 points), and MCB (-1.6%, -83 points). On the activity front, BOP and KEL dominated the volume charts, trading 75.5 million and 47.6 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 158,465 down 1,636 points – By Alpha-Akseer Research

Oct 29 2025


Alpha Capital


  • The equity market opened on a positive note but remained volatile throughout the trading session. The KSE-100 Index touched an intraday high of 160,690 and a low of 158,307, before settling at 158,465, down 1,636 points. Market participation remained subdued, with total volumes of 390.2 million shares and a traded value of approximately PKR 27.4 billion.
  • Major laggards dragging the index lower included LUCK (-2.3%, -154 points), UBL (-1.3%, -138 points), MARI (-2%, -118 points), MCB (-1.6%, -86 points), and EFERT (-1.9%, -81 points). In terms of activity, KEL and BOP led the volume charts, trading 93 million and 44 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 160,101 down 2,063 points – By Alpha-Akseer Research

Oct 28 2025


Alpha Capital


  • The equity market opened on a positive note but remained volatile throughout the session. The KSE-100 Index touched an intraday high of 163,381 and a low of 159,805 before closing at 160,101—down by 2,063 points. Market participation stayed muted, with total volumes standing at 370 million shares and a traded value of approximately PKR 23.5 billion.
  • Major laggards that weighed on the index included HUBC (-2.2%, -142 points), MEBL (-1.8%, -122 points), HBL (-1.9%, -114 points), OGDC (-1.9%, -106 points), and UBL (-0.9%, -101 points). In terms of activity, KEL and BOP topped the volume charts, trading 94.1 million and 60 million shares, respectively.
Morning News: PM launches RLNG supply for domestic consumers – By Alpha-Akseer Research

Oct 27 2025


Alpha Capital


  • Prime Minister Shehbaz Sharif has announced to finally open new gas connections for domestic consumers, marking an end to four-year ban on new gas connections, imposed in the year 2021, following acute gas shortage in the country.
  • Chinese high-tech agricultural machinery is all set to transform Punjab with the PKR 30 bn mechanization programme, launched to revolutionize farming in largest food-producing province.
Pakistan Market Wrap: KSE-100 closes at 164,590 down 1,963 points – By Alpha-Akseer Research

Oct 23 2025


Alpha Capital


  • The equity market began the session on a weak note and remained under pressure throughout the day. The KSE-100 Index recorded an intraday high of 166,720 and a low of 164,395, eventually closing at 164,590—down by 1,963 points. Overall trading activity was subdued, with total volumes standing at 484.4 million shares and a traded value of approximately PKR 31.2 billion.
  • Key laggards dragging the index lower included BAHL (-10%, -568 points), HMB (-5.9%, -120 points), LUCK (-1.8%, -120 points), HUBC (-1.6%, -109 points), and ENGRO (-1.4%, -102 points). In terms of volume, KEL and BOP led the activity chart, trading 138 million and 79 million shares, respectively.
Morning News: Govt sees a 3.5pc growth even after floods – By Alpha-Akseer Research

Oct 23 2025


Alpha Capital


  • Pakistan expects to receive USD 1.2bn from the IMF and achieve 3.5 percent economic growth this fiscal year, Finance Minister Muhammad Aurangzeb said, citing progress in reforms and global recognition of the country’s economic stability.
  • The power corridors of federal capital are abuzz with speculation that the Board of K-Electric may allow it to opt for international arbitration, after recent supply tariff determination by Nepra, which is expected to have financial impact of PKR 200bn per annum on the power utility company.
Pakistan Market Wrap: KSE-100 closes at 166,553 down 794 points – By Alpha-Akseer Research

Oct 22 2025


Alpha Capital


  • The equity market opened on a strong footing but failed to maintain its upward momentum. The KSE-100 Index touched an intraday high of 168,163 and a low of 166,231 before closing at 166,553, marking a decline of 794 points. Overall trading activity remained subdued, with a total volume of 727.6 million shares and a traded value of approximately PKR 39.7 billion.
  • Major draggers on the index included FFC (-2.1%, -295 points), UBL (-1.1%, -129 points), MCB (-1.5%, -79 points), HBL (-1.2%, -74 points), and FATIMA (-4.5%, -70 points). In terms of volume, KEL and BOP led the board, trading 241 million and 118.8 million shares, respectively.