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: 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: 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: 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.
Morning News: US signs 10-year defence pact with India: Pentagon chief – By HMFS Research

Nov 3 2025


HMFS Research


  • US Defence Secretary Pete Hegseth held talks on Friday with counterparts from China and India, among a series of face-to-face meetings at an ASEAN defence summit in Malaysia as Washington seeks to boost its influence and regional security ties. He also hailed as “a cornerstone for regional stability and deterrence” a new 10-year defence cooperation framework signed with Indian Defence Minister Rajnath Singh.
  • President Asif Ali Zardari will attend the Second World Summit for Social Development in Qatari capital Doha from November 4 to 6, being held under the auspices of the United Nations General Assembly. According to a statement issued from the President’s Secretariat on Sunday, the summit will bring together world leaders and policymakers to discuss ways of advancing social development, promoting decent work and employment opportunities, as well as strengthening inclusive safety nets.
Pakistan Market Wrap: Peace Pact Ignites Rally: KSE-100 Snaps Seven-Day Losing Streak – By HMFS Research

Oct 31 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) witnessed a strong rebound today as renewed optimism swept through the market following reports that Pakistan and Afghanistan have agreed to extend the ceasefire during the Istanbul peace talks. The breakthrough eased geopolitical tensions, restoring investor confidence after a week of sustained pressure. The KSE-100 Index surged by 4,900 points (+3%), closing at the 161,631 level, effectively snapping a seven-day losing streak. The rally reflected broad-based buying, with investors seizing opportunities across key sectors that had seen steep corrections in recent sessions.
  • Trading activity remained robust, underscoring the renewed participation, with 408mn shares traded on the KSE-100 Index and 951mn shares exchanged in the overall market. WTL (98mn), KEL (85mn), and BOP (78mn) led the day’s trading charts as volume leaders. Looking ahead, the market’s trajectory will hinge on the sustainability of the ceasefire and the stability of regional relations. If peace prevails, bullish momentum is likely to persist, supported by improved investor sentiment and undervalued market levels. However, any flare-up in geopolitical tensions could swiftly temper the rally. Investors are advised to remain prudent, capitalize on short-term gains where appropriate, and maintain positions in fundamentally strong scrips that offer long-term growth potential.
Pakistan Market Wrap: Cautious Optimism Dampened by Geopolitical Disruptions – By HMFS Research

Oct 30 2025


HMFS Research


  • The KSE-100 index continued its recent volatile trajectory, opening the session on a bullish note as investors engaged in value buying across fundamentally strong yet undervalued scrips. The benchmark surged by 1,042 points in early trading, reflecting short-lived optimism. However, sentiment soon turned cautious as reports of escalating geopolitical tensions and the U.S. decision to reduce tariffs on Chinese goods to 47% weighed on market confidence. The development is expected to indirectly impact Pakistan’s export competitiveness in the U.S. market, prompting a wave of profit-taking and risk aversion among investors. Consequently, the index plunged by 2,137 points intraday before partially recovering to close at 156,733 points, down 1,732 points from the previous close.
  • Trading activity remained moderate, with 378mn shares exchanged on the KSE100 index and 847mn shares traded across the broader market. BOP (84mn), WTL (50mn), and KEL (48mn) emerged as the volume leaders for the day. Looking ahead, market direction will hinge on macroeconomic and geopolitical developments. A de-escalation in border tensions could trigger a buying resurgence, while ongoing economic improvements are likely to lend stability in the near term. As the rollover week concludes and a new month commences, improved liquidity and sentiment could provide upward momentum on the bourse. Investors are advised to exercise vigilance, remain selective, and focus on fundamentally robust stocks with strong long-term growth prospects.
Pakistan Market Wrap: Selling Pressure Deepens Amid Geopolitical Uncertainty – By HMFS Research

Oct 29 2025


HMFS Research


  • Selling persisted at the Pakistan Stock Exchange (PSX) as investor sentiment remained fragile following the inconclusive talks between Islamabad and Kabul, which failed to yield any diplomatic breakthrough. The benchmark KSE-100 Index lost momentum early in the session, eventually closing 1,636 points lower at 158,465, after oscillating between an intraday high of 160,690 and a low of 158,307, marking an overall swing of nearly 2,383 points. Market activity remained robust, with 390mn shares traded on the benchmark index and 950mn shares across the broader market.
  • Among the most actively traded names were KEL (93mn), HASCOL (54mn), and WTL (51mn). Adding to the day’s lackluster mood was the State Bank’s decision to keep the policy rate unchanged, which offered little support to equities, as investors looked past the announcement despite its optimistic undertone on growth and post-flood recovery. Going forward, market direction is likely to hinge on the evolution of regional tensions and upcoming IMF tranche, external flows and inflation dynamics. We advise investors to maintain a selective stance, focusing on fundamentally resilient names with strong balance sheets and defensive earnings profiles until clarity emerges on the geopolitical and policy fronts.
Morning News: IMF may approve USD1.2bn tranche by Dec – By HMFS Research

Oct 29 2025


HMFS Research


  • The International Monetary Fund (IMF) is expected to hold its board meeting by December 2025 to approve the release of the next USD 1.2 billion tranche to Pakistan. According to the State Bank of Pakistan (SBP) Governor Jameel Ahmed, the country has successfully met all performance criteria required for the IMF review, paving the way for the disbursement under the ongoing IMF program.
  • Stressing the adverse impact of recent floods, the World Bank has said that it expects the country's real GDP growth to remain at 3% in FY26. Predicated on continued macroeconomic stability and commitment to key economic reforms, growth is projected to pick up to 3.4% in FY27 but will likely remain constrained amid tight fiscal policies aimed at rebuilding buffers amid continuing global policy uncertainty and vulnerability to natural disasters and climate shocks. Improved confidence supported industry and service sector growth, even as agriculture growth underperformed, in part due to adverse weather and pest infestations. While favourable, the economic outlook has been tempered by recent floods, which have resulted in a significant impact on people and damage to urban areas and agricultural land."
Morning News: PM heads to Riyadh for investment summit today – By HMFS Research

Oct 27 2025


HMFS Research


  • Prime Minister Shehbaz Sharif will depart for Saudi Arabia today to attend the ninth edition of the two-day Future Investment Initiative (FII9), where he is expected to meet the Saudi leadership as well as leaders from participating countries to advance “economic diplomacy”. According to the Prime Minister’s Office, the premier is leading a high-level delegation to Riyadh from Oct 27 to 29 to participate in the event at the invitation of Crown Prince Mohammed bin Salman.
  • Pakistan’s central bank is expected to keep its key interest rate unchanged at 11 per cent on Monday, a Reuters poll showed, as analysts said flood-driven food inflation and a low base effect are likely to limit the scope for further monetary easing. All 10 analysts surveyed expect the State Bank of Pakistan (SBP) to keep the policy rate unchanged, extending its pause as recent floods ravaged farmland and border closures with Afghanistan drove up prices of staples like tomatoes and apples.
Pakistan Market Wrap: Bulls Lose Steam as Profit-Taking Dominates the Session – By HMFS Research

Oct 23 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) opened on a positive note, with the benchmark KSE-100 index gaining a modest 167 points in early trade. However, the initial momentum proved short-lived as profit-taking set in, pushing the index deep into the red zone. The market touched an intraday low of 2,158 points, reflecting investor caution ahead of the upcoming corporate results season. Global cues also weighed on sentiment, as weakness across international markets dampened risk appetite. Despite the volatility, the index managed to hold within a rangebound zone, ultimately closing the session at 164,590 points, down 1,963 points from the previous close. Trading activity remained robust, driven by investors capitalizing on elevated valuations to realize gains.
  • The KSE-100 index recorded 485mn shares traded, while total market volumes stood at 1.5bn shares. WTL (162mn), KEL (138mn) and TELE (91mn) emerged as volume leaders for the day. Looking ahead, the market is expected to remain rangebound in the near term, reflecting broader global volatility. Sentiment could, however, find support upon the anticipated approval of the IMF tranche and further strengthening of macroeconomic indicators. Moreover, the ongoing corporate earnings season may trigger selective buying in fundamentally strong scrips, particularly those expected to deliver resilient results. Investors are advised to adopt a cautious yet strategic stance, focusing on long-term growth stories while remaining vigilant amid short-term fluctuations.
Pakistan Market Wrap: Momentum Builds as Economic Stability Fuels Market Gains – By HMFS Research

Oct 21 2025


HMFS Research


  • Bullish momentum carried through at the Pakistan Stock Exchange (PSX) on Tuesday, as the benchmark KSE-100 Index surged over 2,172 points during intraday trading amid renewed investor optimism. Buying interest was pronounced across key sectors including banks, fertilizers, and energy, buoyed by improving macro indicators and institutional participation. Sentiment was further lifted by the government’s successful Staff-Level Agreement (SLA) with the IMF, anticipation ahead of the ongoing results season, and news of the first privatization move — the sell-off of First Women Bank. The index eventually settled around the 167,346 level, closing up by nearly 1,103 points.
  • Turnover remained robust, with volumes of ~1bn shares on the KSE-100 Index and ~1.81bn shares on the All-Share Index. Actively traded names included KEL (547mn), WTL (260mn), and BOP (128mn). Adding to the positive backdrop, Pakistan recorded a current account surplus of USD 110mn in September, reversing the previous month’s deficit of USD 325mn — a development that further reinforced confidence in external sector stability. We expect near-term momentum to persist as investors position ahead of major corporate earnings. That said, intermittent profit-taking cannot be ruled out after the recent rally. We advise clients to maintain exposure in fundamentally strong blue-chip names, while selectively realizing gains in overbought counters.