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.
Technical Outlook: KSE-100: Short term indicators are overbought – By JS Research

Jan 7 2026


JS Global Capital


  • KSE-100 index witnessed another positive session to close at 185,062 level, up 2,654 points DoD. Volumes stood at 1,306mn shares versus 1,384mn shares traded previously. The index is expected to test resistance between 185,480 and 186,875 levels as a break above that will target 188,870 level. However, any downside will find support within 182,335-183,910 range. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 182,335 and 186,635 levels, respectively.
Morning News: Oil Declines as Trump Says Venezuela Will Give Some Crude to US – By Shajar Research

Jan 7 2026


Shajar Capital


  • Oil extended losses after Washington moved to exert greater control over Venezuela’s oil industry, with President Donald Trump saying the country would turn over millions of barrels of crude to the US. (Bloomberg)
  • The record-breaking global stock rally stalled in Asia as Japanese equities slipped amid rising tensions with China. (Bloomberg)
Morning News: Senate delegation to undertake rare US visit – By Vector Research

Jan 7 2026


Vector Securities


  • A high-level Senate delegation led by Deputy Chairman Syedaal Khan will pay an official visit to the United States from January 20 to 25, 2026, the Senate Secretariat announced on Tuesday, against the backdrop of a broader thaw in Pakistan-US relations over the past year. The Secretariat described the visit as a "historic milestone" in Pak-US parliamentary relations, marking the "beginning of a new institutional chapter in bilateral engagement". (ET)
  • A committee formed by Prime Minister Shehbaz Sharif has recommended 5% voluntary ethanol blending with petrol based on commercial viability and in consultation with oil marketing companies. Oil industry officials point out that the current ethanol production from sugarcane crushing stands at only 400,000 to 450,000 tons per year. Ethanol exports from Pakistan have been used for blending to produce E10-E15 fuel. At present, most of the ethanol produced in the country is exported due to price incentives. (ET)
Morning News: Government mulls fuel levy hike to aid gas sector – By Alpha-Akseer Research

Jan 7 2026


Alpha Capital


  • The government plans on increasing tax rates on petroleum products to contain more than PKR 3tn circular debt in the gas sector instead of changing the gas tariff as determined by the Oil & Gas Regula tory Authority (Ogra).
  • The provinces of Punjab, Khyber Pakhtunkhwa and Balochistan have decided to engage private companies for the procurement of wheat for their respective strategic reserves.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 6 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended its upward momentum, reaching an intraday high of 185,481.45 points before closing at a new all-time high of 185,062.10, up 2,653.87 points (+1.45%). Market sentiment remained strong, supported by net buying over the last seven sessions from Banks (USD 44mn), Companies (USD 18mn), Brokers (USD 6.5mn), and Mutual Funds (USD 5.2mn). Moreover, a PKR345bn decline in government debt stocks over the past five months, the Prime Minister’s call for greater access to loans for SMEs and PKR820bn weekly increase in M2 were also supported the positive activity in the stock market. Heavyweights, including MCB, UBL, MEBL, HBL, and LUCK were the key index drivers, collectively contributing 1,898.22 points. KEL led trading volumes with 109.62 million shares, while overall market participation reached 1,300.56 million shares.
Pakistan Market Wrap: Evening Note – By Vector Research

Jan 6 2026


Vector Securities


  • Evening Note.
Pakistan Cement: Demand remains strong – By Foundation Research

Jan 6 2026


Foundation Securities


  • Cement sector dispatches rose by 2.3% YoY in Dec’25 to 4.3Mn tons, while capacity utilization increased to a mere of 59.1% vs. a muted 57.4% in the SPLY. Despite winter season, local sales exhibited a surge of 7.4% YoY to 3.7Mn tons, showing demand recovery trend amid improved macros. However, exports declined by a sizable 20.7% YoY to reach 0.6Mn tons. Decline in exports were on account of high base effect from South exports, absence of North exports due to Afghan border closure and compensating rise in domestic demand post floods.
  • Demand continues its uptrend where local dispatches grew by 4.9% MoM despite the winter season as historically cement sales dip during these months. Local demand continued to show early signs of recovery in the aftermath of floods, aided by improved macros. However, exports were significantly impacted, owing to Afghan border closure given absence of North exports and improved local sales.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The benchmark index closed on a high note, once again posting fresh all time highs both intraday and at market close, as CY26 began on a strong footing. Liquidity driven buying, continued asset class conversion, and upbeat investor sentiment kept the rally firmly intact. Trading volumes decreased to 597mn shares today as compared to 632mn shares in the previous session. Today, the KSE-100 index gained 2,654 points to close at 185,062 level, up by 1.45% DoD. Commercial Banks, Cement, and Technology & Communication sectors were the major contributors in today's session, cumulatively adding 2330 points to the index.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The equity market began the session on a strong positive footing and sustained its upward momentum throughout the day. The KSE-100 Index recorded an intraday high of 185,481 and a low of 181,182, ultimately closing at 185,062, reflecting a robust gain of 2,654 points. Market activity remained healthy, with total traded volume reaching 596.4 million shares and an estimated turnover of PKR 67.7 billion.
  • The index’s advance was largely supported by notable gains in MCB (7.9%, 451 points), UBL (3.1%, 446 points), MEBL (5%, 358 points), HBL (4.9%, 338 points), and LUCK (4.2%, 306 points). In terms of volumes, KEL and BOP dominated trading activity, registering volumes of 109.6 million and 79.9 million shares, respectively.
Pakistan Cement: Local dispatches up 6%, exports remain under pressure – By JS Research

Jan 6 2026


JS Global Capital


  • Cement dispatches clocked in at 4.35mn tons in Dec-2025, reflecting a modest growth of 1% YoY, as a 6% YoY increase in local dispatches was largely offset by a 21% YoY decline in exports, primarily due to nil exports from North-based players amid the Afghan border closure.
  • In 1HFY26, total cement dispatches increased by 10% YoY, led by a 13% YoY rise in local dispatches, while exports saw a marginal decline of 4% YoY due to a 19% YoY drop in North region exports, with Southern region exports remaining flat YoY.
Morning News: FBR misses out on tax collection target for 6 months by Rs. 321 billion – By WE Research

Jan 1 2026



  • The federal board of revenue (FBR) reported a shortfall of Rs. 321 billion in tax collection during the first six months of fy26. Against a target of Rs. 5.42 trillion, actual collections stood at Rs. 5.1 trillion. The shortfall is attributed to weaker-than-expected direct tax receipts and slower growth in customs duties. This underperformance raises concerns about fiscal consolidation and Pakistan’s commitments under IMF programs.
  • The government announced a significant reduction in petrol and diesel prices effective January 1, 2026. Petrol prices were cut by Rs. 14 per liter, while diesel prices dropped by Rs. 12 per liter. The decision was made in response to declining global oil prices and aims to provide relief to consumers amid inflationary pressures. This move is expected to lower transportation costs and ease inflationary trends in the economy.
Indus Motor Company Limited (INDU): Automobile Assembler – By WE Research

Dec 29 2025



  • We initiate coverage on Indus Motor Company Limited (INDU) with a recommendation. Our preference for INDU is underpinned by its sustained leadership in key automotive segments, robust operational strengths, and friendly policies for shareholders.
  • INDU remains a dominant player in Pakistan’s automotive industry, particularly in the car segment (~6.47% of total vehicle sales) and jeeps and pickups segment (~2.32% of total vehicle sales), which rank second and third respectively after two/three-wheeler category (~89.40% of total vehicles sales).
Morning News: IMF Sees 6.5% GDP Upside If Pakistan Fixes Corruption, Governance – By WE Research

Nov 21 2025



  • The IMF has released a diagnostic report stating that Pakistan’s GDP could grow by 5–6.5% over five years if corruption and governance issues are addressed. The report highlights weaknesses in taxation, procurement, and oversight of the federal board of revenue (FBR), alongside risks from state-owned enterprises. It calls for reforms in tax policy, restructuring of the FBR, and stronger audits to improve transparency. The IMF also flagged political interference, opaque budgeting, and weak contract enforcement as barriers to investment.
  • The IMF has highlighted that elite capture in Pakistan—where influential groups secure preferential access to subsidies, tax breaks, and policy exemptions—costs the economy billions annually. The report points to energy subsidies, tax concessions, and regulatory loopholes that disproportionately benefit politically connected businesses and wealthy individuals. It stresses that such practices undermine fiscal capacity, widen inequality, and reduce resources available for public investment. The IMF recommends curbing preferential treatment and strengthening transparency in fiscal policy.
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.
Morning News: Pakistan Seeks Peace but Won’t Tolerate Cross-Border Terrorism – By WE Research

Oct 31 2025



  • The chief of army staff (COAS) stated that Pakistan desires regional peace but will not compromise on national security in the face of cross-border terrorism. He emphasized that Pakistan reserves the right to respond firmly to any aggression. The remarks came during a high-level meeting with military officials, underscoring the country’s stance on maintaining internal stability while addressing external threats.
  • Prime minister Shehbaz sharif inaugurated the youth laptop scheme 2025, aimed at distributing laptops to students across Pakistan. He emphasized that the government will significantly increase investment in education and technology to empower youth and strengthen the digital economy. The initiative is part of broader efforts to enhance skills, promote innovation, and expand access to digital tools for students nationwide.
Morning News: Pakistan, Saudi Arabia agree to launch economic cooperation framework – By WE Research

Oct 29 2025



  • Pakistan and Saudi Arabia have signed an agreement to establish a structured framework for economic cooperation. The framework aims to expand collaboration in energy, trade, investment, and infrastructure projects. It is expected to pave the way for Saudi investments in Pakistan’s energy and industrial sectors, while also strengthening bilateral trade ties. The agreement signals a deepening of economic relations between the two countries.
  • According to a report, the state bank of Pakistan bought $7.15 billion from the interbank market during the past year. The purchases were part of efforts to strengthen foreign exchange reserves and manage external account pressures. While this helped shore up reserves, it also absorbed dollar liquidity from the market, impacting importers and businesses reliant on foreign currency. The move reflects SBP’s strategy to maintain currency stability amid external financing challenges.