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 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 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.
Weekly Roundup: Bulls dominate as KSE-100 extends historic rally – By JS Research

Jan 9 2026


JS Global Capital


  • The benchmark KSE100 Index extended its bullish run in the second week of the year, closing at 184,409, up 3% WoW. The rally was largely bank-led, with Banks contributing 57% to index gains, while Cements (8%) and Autos (5%) provided limited support. Market participation improved notably, with average daily traded volumes rising 25% WoW. On the macro front, Pakistan recorded monthly remittances of US$3.6bn in Dec-2025, reflecting a 17% YoY increase. Cumulatively, remittances during 1HFY26 stood at US$19.7bn, up 11% YoY, providing support to the external account.
  • Meanwhile, total public debt declined by Rs345bn to Rs77.5trn in 5MFY26, largely supported by the transfer of SBP profits to the government. In policy developments, the government is exploring options to seek relaxations from the IMF ahead of the FY27 budget, with key proposals including a phased reduction in super tax over the next four years and lower power tariffs to enhance competitiveness. Separately, gas circular debt climbed to Rs3.2trn, driven mainly by a sharp rise in late payment surcharges (Rs1.45trn). In the latest T-bill auction, the government raised Rs979bn against a target of Rs850bn, with yields falling by 29–33bps across tenors. SBP reserves also improved, rising by US$141mn to US$16bn.
Pakistan Market Wrap: Evening Note – By Vector Research

Jan 9 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 9 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index saw a volatile session, hitting an intraday high of 186,180.32 before closing at 184,409.67 down 1,133 points (-0.61%) amid profit-taking. Selling pressure was evident across key sectors, particularly Cement, Commercial Banks, OMC, and Oil & Gas E&P. As investors trimmed exposure at elevated valuations. However, sentiment found some support from positive developments, including Pakistan receiving USD 3.6bn in remittances in December 2025 and the PM’s approval of a national policy framework aimed at unlocking USD 450bn in gemstone potential. Among major laggards HUBC, LUCK,ENGROH, NBP, and EFERT collectively shaved 529 points off the index. On the volumes chart, FFL led activity with 75.81mn shares, while total market turnover stood at 1026.61mn shares.
Pakistan Market Wrap: KSE-100 Reprices on Profit-Taking – By HMFS Research

Jan 9 2026


HMFS Research


  • The market extended its corrective phase as investors continued to lock in gains following the recent sharp rally. Selling pressure remained broad-based, with pronounced weakness in index-heavy names exerting downward pressure on the benchmark throughout the session. The index experienced heightened volatility, shedding up to 1,842 points intraday, reflecting cautious sentiment and aggressive profit-booking at elevated levels. Despite intermittent recovery attempts, the lack of sustained buying interest led the index to close at 184,410 level, down 1,133 points.
  • Trading activity remained robust, with 393mn shares exchanged in the KSE-100, while volumes on the All-Share Index stood at 1.0bn shares. Active participation was seen in FFL (76mn shares), HASCOL (68mn shares), and MDTL (56mn shares). Going forward, the market is likely to remain volatile amid ongoing profit-taking and elevated geopolitical tensions, which could intermittently weigh on investor sentiment. While these factors may limit near-term upside, selective buying interest may emerge on further corrections, particularly in fundamentally strong names, as broader macro developments and policy-related expectations continue to provide underlying support. Investors are advised to remain cautious, maintain disciplined positioning, and utilize market pullbacks for strategic accumulation.
Pakistan Economy: 1HFY26 Remittances clock in at US$19.7bn; +11% YoY – By JS Research

Jan 9 2026


JS Global Capital


  • Pakistan recorded monthly remittance inflow in Dec-2025 clocking in at US$3.6bn, a 17% YoY increase. Cumulatively, during 1HFY26, overseas Pakistanis remitted US$19.7bn, marking a 11% YoY growth.
  • UAE remittances have regained momentum in recent months, with their share at 20% in Dec-2025 from a low of 17% in 1HFY24. Combined inflows from KSA and the UAE accounted for 43% of total remittances in Dec-2025, although KSA inflows recorded a slight dip during the month.
Technical Outlook: KSE-100 Surges to Record High, Eyes Trendline Resistance at 188,997 – By HMFS Research

Jan 9 2026


HMFS Research


  • The KSE-100 index continued its bullish momentum, closing the week at a historic high of 184,409.67, marking a robust gain of +5,374.74 points (+3%) on a weekly basis. This upward trajectory reflects sustained investor confidence and strong institutional participation.
  • Technically, the index is now approaching a key trendline resistance near 188,997, as highlighted in the attached chart. This level may act as a short-term hurdle, potentially triggering profit-taking or consolidation.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Jan 9 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, with the session remaining volatile as profit taking emerged while investors locked in recent gains. Trading volumes decreased to 393mn shares today as compared to 576mn shares in the previous session. Today, the KSE-100 index lost 1,133 points to close at 184,410 level, down by -0.61% DoD. Commercial Banks, Cement, and Power Generation & Distribution sectors were the major laggards in today's session, cumulatively shedding 742 points from the index.
Pakistan Market Wrap: KSE-100 closes at 184,410 down 1,133 points – By Alpha-Akseer Research

Jan 9 2026


Alpha Capital


  • The equity market opened the session on a strong positive footing; however, selling pressure emerged in the latter half, leading to a correction. The KSE-100 Index reached an intraday high of 186,180 and a low of 183,701 before settling at 184,410, down 1,133 points. Total market volume stood at 393.5 million shares, with a traded value of PKR 36.7 billion.
  • The decline was primarily driven by weakness in index-heavy stocks, notably HUBC (-2%, -149 points), LUCK (-1.9%, -143 points), ENGROH (-1.1%, -90 points), NBP (-1.6%, -75 points), and EFERT (-1.4%, -73 points). In terms of volumes, FFL and BOP led market activity, recording traded volumes of 75.6 million and 36.8 million shares, respectively.
Agriauto Industries Limited (AGIL): Strong OEM Recovery Driving – By Chase Research

Jan 9 2026



  • Gross margin has climbed from 7% to 15% in 5 quarters.
  • Demand tailwind remains strong with passenger car OEM volumes up 43% FYTD.
  • At this run rate we expect the company to post an EPS of PKR 30.60 in FY26. As such, we believe it is undervalued at current prices and there is potential upside if volumes sustain.
Technical Outlook: KSE-100; Engulfing Bear - stay cautious – By JS Research

Jan 9 2026


JS Global Capital


  • The KSE-100 index failed to sustain an intraday high of 187,905 and slid to close at 185,543 level, down 976 points DoD. Volumes stood at 1,434mn shares versus 1,329mn shares traded previously. The index is expected to test support at 185,199 (yesterday's low) where a fall below that will initiate a corrective trend with 182,427 and 179,043 in sight. However, any upside will face resistance between 186,215 and 187,910 levels. An Engulfing Bear has occurred and the momentum indicators are overbought, warranting a cautious stance. We recommend investors to stay cautious at current level. The support and resistance are at 184,527 and 187,232 levels, respectively.
Technical Outlook: KSE-100: Range bound activity witnessed – By AKD Research

Dec 24 2025


AKD Securities


  • The index opened on a strong note but moved within a narrow range throughout the session, posting an intraday high of 663 points and a low of 236 points. It ultimately closed 130 points lower at 171,074. Investor participation weakened, with trading volumes dropping by 27% compared to the previous session. The MACD remains bullish as it continues to trade above its signal line, having crossed above it 25 sessions ago. Since the MACD moved above its moving average, the Index has gained 6.30%, fluctuating between a high of 172,674.66 and a low of 160,564.84. Meanwhile, the daily Parabolic SAR is positioned below the current index level, indicating a continuation of the prevailing uptrend.
  • Technically, the immediate support is seen at 170,900 and a breach below this could extend the decline toward 170,300 and 169,800. Conversely, resistance is expected around 171,800, followed by 172,500 and 173,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Upward ride continues – By AKD Research

Dec 19 2025


AKD Securities


  • The index began the session on a strong footing and maintained its bullish bias throughout the day, reaching an intraday high of 1,935 points. It eventually closed with a hefty gain of 1,647 points at 171,961. Investor participation eased, as trading volumes slipped by 10% compared to the previous session. KSE100 ended the day 11.1% below the upper Bollinger Band, while the bands themselves are 3.36% wider than normal. The MACD remains bullish, trading above its signal line, which it crossed 22 sessions ago. Since that crossover, the Index has advanced 6.85%, moving within a range of 172,249 on the upside and 160,565 on the downside.
  • Technically, the immediate support is seen at 171,500 and a breach below this could extend the decline toward 170,800 and 170,300. Conversely, resistance is expected around 172,500, followed by 173,100 and 173,900. It is recommended to accumulate positions on weakness with risk defined below support zone.
Morning News: KSE-100: Making a higher high – By AKD Research

Dec 16 2025


AKD Securities


  • The index opened on a strong note and witnessed increased volatility during the session, touching an intraday high of 1,137 points. It ultimately settled at 170,741, registering its highest-ever close with a gain of 877 points. Market participation strengthened, as trading volumes jumped by 33% compared to the previous session. The Index is currently trading 22.5% above its 200-period moving average, indicating a clear upward trend. There is a likelihood of rising volatility and sharp price swings in the near term. Volume indicators show moderate in flows into the Index, suggesting a mildly bullish undertone. Trend forecasting oscillators remain bullish and have maintained this stance for the past 13 trading sessions.
  • Technically, the immediate support is seen at 170,200 and a breach below this could extend the decline toward 169,700 and 169,300. Conversely, resistance is expected around 171,100, followed by 171,500 and 172,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Closed at historic high – By AKD Research

Dec 10 2025


AKD Securities


  • The index opened on solid ground and carried its bullish momentum through the session, touching an intraday high of 1,298 points. It wrapped up the day with a strong gain of 1,153 points, closing at 169,456. Investor interest strengthened noticeably, as trading volumes jumped 32% from the previous session. A long lower shadow emerged on the candle, a typically bullish signal. Over the last 10 sessions, the market has posted 6 positive and 4 negative closings, signaling a mild upside bias. The index also opened with an upside gap on healthy volumes which is an indication that raises the likelihood of a runaway gap, often indicative of a sustained continuation in trend.
  • Technically, the immediate support is seen at 169,000 and a breach below this could extend the decline toward 168,300 and 167,800. Conversely, resistance is expected around 170,000, followed by 170,700 and 171,500. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Bullish session amid improved volumes – By AKD Research

Dec 8 2025


AKD Securities


  • The index began the day on a strong footing and stayed bullish throughout the previous session, reaching an intraday high of 1,640 points. It eventually closed with a mild gain of 802 points at 167,086. Market participation strengthened, as trading volumes rose by 35% from the prior session. KSE100 is currently trading 21.4% above its 200-period moving average, indicating a continued upward trend. Volatility remains extremely low relative to the average over the last 10 sessions. Volume indicators show moderate inflows into the Index, reflecting a mildly bullish tone. Trend-forecasting oscillators also remain bullish and have maintained this stance for seven consecutive periods.
  • Technically, the immediate support is seen at 166,500 and a breach below this could extend the decline toward 165,800 and 165,100. Conversely, resistance is expected around 167,800, followed by 168,500 and 169,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Low volumes given little price action – By AKD Research

Dec 5 2025


AKD Securities


  • The index started the day on a strong note but became volatile as trading progressed, hitting an intraday high of 672 points and a low of 259 points. It ultimately closed with a modest gain of 138 points at 166,284. Market participation declined, with trading volumes falling by 35% compared to the previous session. Over the past 10 sessions, the market has seen 4 positive closes and 6 negative closes, resulting in a net of 2 negative sessions. Volume indicators show moderate inflows into the Index, reflecting a slightly bullish tone. Trend forecasting oscillators remain bullish and have maintained this stance for the past six sessions.
  • Technically, the immediate support is seen at 165,800 and a breach below this could extend the decline toward 165,200 and 164,500. Conversely, resistance is expected around 166,800, followed by 167,500 and 168,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Pakistan Cements: Cement offtakes fall on weaker exports – By AKD Research

Dec 3 2025


AKD Securities


  • Cement offtakes declined by 3%YoY to 4.14mn tons during Nov’25, driven by 27%YoY fall in exports.
  • Industry-wide utilization declined to 60% (-2.0ppts YoY), compared to 62% in SPLY.
  • We expect domestic cement dispatches to increase by 7.3%YoY in FY26 and 8.4% YoY in FY27, mainly driven by a revival in domestic activity, given the fall in interest rates.
Technical Outlook: KSE-100: Profit taking witnessed – By AKD Research

Dec 3 2025


AKD Securities


  • The index began the session on a strong note but turned volatile as the day progressed, registering an intraday high of 1,227 points and a low of 616 points. It eventually reversed earlier gains and closed with a decline of 420 points at 167,642. Market participation softened slightly, with trading volumes falling by 5% from the previous session. The Index touched a two-month high where profit-taking kicked in, erasing all intraday gains at one stage. It closed 1.3% below the upper Bollinger Band, while the Bands themselves are just 0.13% wider than usual. Over the last 10 sessions, the market has posted 6 positive and 4 negative closings. The MACD remains bullish, trading above its signal line since the last 10 sessions. Since turning bullish, the Index has gained 4.17% and moved between 169,289 and 160,565.
  • Technically, the immediate support is seen at 167,100 and a breach below this could extend the decline toward 166,800 and 166,300. Conversely, resistance is expected around 168,200, followed by 168,800 and 169,600. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Continues to surge – By AKD Research

Dec 2 2025


AKD Securities


  • The index started the session on a strong note and saw volatility throughout the day, marking an intraday high of 1,569 points and a low of 653 points. It eventually closed with a robust gain of 1,384 points at 168,062. Market participation ticked up slightly, with trading volumes increasing by 4% compared to the previous session. The Index remains 23.1% above its 200-period moving average, maintaining its broader uptrend. There are signs that volatility may pick up ahead, potentially bringing sharper price swings. Volume indicators suggest balanced inflows and outflows, while trend forecasting oscillators remain bullish, a stance they have maintained for the past three sessions.
  • Technically, the immediate support is seen at 167,700 and a breach below this could extend the decline toward 167,100 and 166,800. Conversely, resistance is expected around 168,400, followed by 168,800 and 169,600. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Strong bullish continuation – By AKD Research

Dec 1 2025


AKD Securities


  • The index opened strongly and maintained its upward trajectory throughout the session, hitting an intraday high of 1,632 points. It ultimately finished with a solid increase of 1,304 points at 166,678. Market activity strengthened notably, with trading volumes jumping 69% from the previous session. A rising window was formed, typically indicating continued bullish momentum. With 5 rising windows recorded in the last 50 sessions, this latest one further reinforces the bullish outlook. Among momentum indicators, the RSI (Relative Strength Index) is currently showing a reading of 63.35.
  • Technically, the immediate support is seen at 166,500 and a breach below this could extend the decline toward 166,100 and 165,600. Conversely, resistance is expected around 167,000, followed by 167,700 and 168,400. It is recommended to accumulate positions on weakness with risk defined below support zone.
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