Morning News: Pakistan, Afghan Taliban regime agree on continuation of ceasefire – By IIS Research

Oct 31 2025


Ismail Iqbal Securities


  • In a major development, Pakistan and the Afghan Taliban regime have agreed to maintain ceasefire following a fresh round of talks in Istanbul, confirmed Turkiye’s foreign ministry on late Thursday.
  • Pakistan has assured the International Monetary Fund (IMF) that it will take Rs200 billion worth of additional tax measures in January to compensate any slippages in the budget surplus by increasing the income tax rates on landline and mobile phones and cash withdrawals from banks.
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)
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.
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.
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.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Nov 3 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, with momentum supported by easing rollover week pressure and a relatively stable political backdrop. Trading volumes decreased to 353mn shares today as compared to 409mn shares in the previous session. Today, the KSE-100 index gained 1,171 points to close at 162,803 level, up by 0.72% DoD. Fertilizer, Power Generation & Distribution, and Oil & Gas Exploration Companies sectors were the major contributors in today's session, cumulatively adding 751 points to the index.
Morning News: Oil extends gains after OPEC+ pauses Q1 output hikes – By IIS Research

Nov 3 2025


Ismail Iqbal Securities


  • Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut. Brent crude futures rose 47 cents, or 0.73%, to $65.24 a barrel by 2336 GMT after closing 7 cents higher on Friday. U.S. West Texas Intermediate crude was at $61.43 a barrel, up 45 cents, or 0.74%, after settling up 41 cents in the previous session.
  • 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 Rs162,513 billion, boosting exports by more than $10 billion, and increasing remittances to a record $44.82 billion.
Pakistan Market Wrap: The benchmark index closed on a strong note – By IIS Research

Oct 31 2025


Ismail Iqbal Securities


  • The benchmark index closed on a strong note, marking the 4th highest DoD points gain. The index steadily advanced as rollover related pressure eased, with investors taking fresh positions across key sectors. Trading volumes increased to 409mn shares today as compared to 378mn shares in the previous session. Today, the KSE-100 index gained 4,899 points to close at 161,632 level, up by 3.13% DoD. Commercial Banks, Fertilizer, and Cement sectors were the major contributors in today's session, cumulatively adding 3409 points to the index.
Morning News: Pakistan, Afghan Taliban regime agree on continuation of ceasefire – By IIS Research

Oct 31 2025


Ismail Iqbal Securities


  • In a major development, Pakistan and the Afghan Taliban regime have agreed to maintain ceasefire following a fresh round of talks in Istanbul, confirmed Turkiye’s foreign ministry on late Thursday.
  • Pakistan has assured the International Monetary Fund (IMF) that it will take Rs200 billion worth of additional tax measures in January to compensate any slippages in the budget surplus by increasing the income tax rates on landline and mobile phones and cash withdrawals from banks.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Oct 30 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, staying volatile and gradually losing ground throughout the session. Selling pressure persisted as investors realigned their portfolios amid the ongoing results season. Trading volumes decreased to 378mn shares today as compared to 390mn shares in the previous session. Today, the KSE-100 index lost 1,732 points to close at 156,733 level, down by -1.09% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Technology & Communication sectors were the major laggards in today's session, cumulatively shedding 956 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Oct 29 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, remaining volatile and steadily shedding points throughout the session. Selling pressure persisted as investors adjusted positions amid the ongoing results season. Trading volumes increased to 390mn shares today as compared to 375mn shares in the previous session. Today, the KSE-100 index lost 1,636 points to close at 158,465 level, down by -1.02% DoD. Cement, Commercial Banks, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 820 points from the index.
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.