Pakistan Petroleum Limited (PPL): EPS clocked in at PKR7.4 – Inline with expectations - By IIS Research

Oct 29 2025


Ismail Iqbal Securities


  • Pakistan Petroleum Limited has announced its 1QFY26 profit of PKR20.1bn (EPS: PKR7.4/share), down by 15% YoY while up by 4% QoQ. The result is inline with our expectations. The result is also accompanied with interim cash dividend of PKR2.0/share.
  • During 1Q, Revenue witnessed decline of 14% YoY, mainly because of drop in hydrocarbon production due to forced gas curtailment and decline in oil prices. Exploration expenses fell by 58% YoY, likely reflecting reduced seismic activity during the quarter.
Pakistan Petroleum Limited (PPL): Result Review – By AKD Research

Oct 29 2025


AKD Securities


  • Pakistan Petroleum Limited (PPL) reported 1QFY26 financial results earlier today, with consolidated earnings clocking in at PkR20bn for the first quarter (EPS: PkR7.36), down 12% YoY — in-line with expectations. Alongside the earnings, company also announced a final cash dividend of PkR2.0/sh (payout ratio: 27%).
  • Net Sales stood at PkR57.4bn during 1QFY26, down 14%YoY, largely led by reduced hydrocarbon production alongside lower average oil prices (Arab light: US$71.5/bbl during 4Q, down 11%YoY).
Pakistan Petroleum Limited (PPL): 1QFY26 EPS clocked in at PKR7.38 – Below expectation - By Insight Research

Oct 29 2025


Insight Securities


  • In 1QFY26, revenue Increased 10% QoQ, mainly attributable to increase in oil and gas production coupled with higher oil prices.
  • Exploration expense clocked in at PKR633mn, down by 84% QoQ possibly attributable to some reversal, however, we await further clarity on this front.
  • Admin expenses clocked in at PKR1.5bn, down by ~18% QoQ.
Pakistan Petroleum Limited (PPL): EPS clocked in at PKR7.4 – Inline with expectations - By IIS Research

Oct 29 2025


Ismail Iqbal Securities


  • Pakistan Petroleum Limited has announced its 1QFY26 profit of PKR20.1bn (EPS: PKR7.4/share), down by 15% YoY while up by 4% QoQ. The result is inline with our expectations. The result is also accompanied with interim cash dividend of PKR2.0/share.
  • During 1Q, Revenue witnessed decline of 14% YoY, mainly because of drop in hydrocarbon production due to forced gas curtailment and decline in oil prices. Exploration expenses fell by 58% YoY, likely reflecting reduced seismic activity during the quarter.
Pakistan Petroleum Limited (PPL): 1QFY26 Result Review - By Taurus Research

Oct 29 2025


Taurus Securities


  • 1QFY26 EPS: PKR 7.4; 1QFY26 DPS: 2.0. 1QFY26 PAT: ~PKR 20Bn; down 15%YoY/up 4%QoQ – in line with expectations. Additionally, the Company also announced an interim cash dividend of PKR 2.0.
  • Net sales for the quarter arrived at PKR 56.8Bn, down 14%YoY, up 10%QoQ. Wherein, the YoY decline is mainly attributable to lower production amid continuing forced curtailment as well as lower realized prices. However, QoQ uptick can be attributed to slightly better flows, and 4%QoQ increase in average Arab Light prices.
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.
Morning News: Oil Holds Sharp Drop with Focus on Gaza Plan and Global Supply – By Spectrum Research

Oct 10 2025


Spectrum Securities


  • Oil held the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply.
  • In a striking courtroom admission, Supreme Court Justice Jamal Khan Mandokhail conceded on Thursday that all 24 judges of the country’s top court, whether “willingly or unwillingly,” have accepted the controversial 26th Constitutional Amendment.
Morning News: Oil rises on fading oversupply fear after OPEC+ restrains output increase – By Shajar Research

Oct 8 2025


Shajar Capital


  • Oil prices edged higher in early trade on Wednesday as markets started to brush off oversupply fear for the time being, having digested a decision by OPEC+ to restrain November production increases. (Reuters)
  • Asian equities fell, led by technology stocks, after Wall Street’s pullback from record highs fueled caution about lofty valuations and AI-related spending. (Bloomberg)
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 Automobiles: INDU to keep the throne in the auto arena – By AKD Research

Nov 4 2025


AKD Securities


  • INDU’s continues to benefit from strong volumetric growth, diversified product portfolio, extensive dealership network, higher localization, strong brand equity, high presence in rural areas, and superior cash-conversion cycle. Moreover, higher localization would shield against currency devaluation and provide edge over new entrants. We reiterate our ‘Buy’ stance on INDU, with Jun’26 target price of PkR3,681/sh with forward dividend yield of 9.3%, led by sustained earnings, higher-than-anticipated volumetric and margins.
  • Accelerating beyond industry growth: We anticipate sustained volumetric growth primarily supported by i) rising income of farmers (with 50% of sales coming from rural areas), ii) strong brand equity, iii) the company’s extensive dealership network, being the largest in the country with 57 3S dealerships, and iv) strong parent book to be leveraged in case of absence of customer advances. Underpinned by the company’s recent performance, where INDU recorded a 61%YoY rise in volumes during FY25, significantly outperforming the industry’s 43%YoY growth in Passenger cars and LCVs, even amid the entry of multiple new competitors into the market. Against this backdrop, we project volumes to grow at an annual rate of 14% through FY28, reaching 49k units. Subsequently, we expect the company’s revenue to grow at a CAGR of 15.3%, up to FY28. Where, we forecast overall market to expand to 222k units by FY28, driven by i) moderation in prices, ii) increasing model availability, iii) improving per capita income, and iv) lowest per-capita vehicle penetration in the region.
Interloop Limited (ILP): Reinitiating with a BUY — Back in the Fast Lane – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • We reinitiate coverage on Interloop Limited (ILP) with a ‘BUY’ recommendation. ILP is one of Pakistan’s largest textile exporters and a global leader in socks, supplying renowned brands such as Nike, Adidas, Puma, and H&M. Our positive stance reflects ILP’s strong export driven earnings trajectory, expected recovery in apparel and denim margins, and robust expansion pipeline across the Denim and Yarn segments following the completion of Hosiery Plant 6.
  • Our DCF based target price for ILP is PKR 108/share by June 2026, representing an upside of 38% from the last closing price of PKR 80.6/share. The stock also offers a dividend yield of 4%. Overall, ILP offers a compelling risk reward profile, supported by strong fundamentals, diversified export relationships, and strategic growth initiatives. With a 38% upside to our target price and ongoing expansion in high margin segments, ILP is well positioned to sustain its leadership in global textile exports while delivering attractive shareholder returns.
Technical Outlook: KSE-100 testing resistance at the 30-DMA – By JS Research

Nov 4 2025


JS Global Capital


  • KSE-100 index showed positive movement to close at the 162,803 level, up 1,171 points. Volumes stood at 949mn shares versus 953mn shares traded previously. The index is expected to face resistance between 163,490 and 163,940 levels where a break above the said range will target 165,828 and 168,414 levels, respectively. However, any downside will find support within 160,830-161,900 range. The RSI and the Stochastic Oscillator are moving up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below the 50-DMA at 159,566 level. The support and resistance are at 161,819 and 163,861 levels, 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.
Morning News: $636b worth of gold reserves found in Tarbela – By Vector Research

Nov 4 2025


Vector Securities


  • Gold reserves worth $636 billion have been discovered at Tarbela and a briefing on these reserves has been given to the chief of army staff, who responded positively. This revelation was made by Hanif Gohar, Chairman of Air Karachi. He said that the gold reserves found in Tarbela were sufficient to pay off the country's foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Council (SIFC) and the State Bank of Pakistan (SBP) governor. (ET)
  • Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has ruled out any contingency plan in terms of implementing new taxation measures despite a revenue shortfall of Rs 275 billion during the July-October (2025-26) period. FBR’s shortfall in tax collection stood at Rs 275 billion during the first four months of 2025-26, but noted that no emergency tax measures would be required this year. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research

Nov 3 2025


Vector Securities


  • Evening Note.
Pakistan Petroleum Limited (PPL): EPS clocked in at PKR7.4 – Inline with expectations - By IIS Research

Oct 29 2025


Ismail Iqbal Securities


  • Pakistan Petroleum Limited has announced its 1QFY26 profit of PKR20.1bn (EPS: PKR7.4/share), down by 15% YoY while up by 4% QoQ. The result is inline with our expectations. The result is also accompanied with interim cash dividend of PKR2.0/share.
  • During 1Q, Revenue witnessed decline of 14% YoY, mainly because of drop in hydrocarbon production due to forced gas curtailment and decline in oil prices. Exploration expenses fell by 58% YoY, likely reflecting reduced seismic activity during the quarter.
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