Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Nov 10 2025


Topline Securities


  • Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.
  • Bank’s deposit growth remained at 24% YoY in Sep-25. Wherein, current account ratio improved to 49% in Sep-25 vs. 47% in Sep-24. Overall, CASA deposit grew by 28% YoY while CASA mix improved to 94% in Sep-25. Bank’s market share in total industry deposit remained at 9% and deposit growth CAGR since inception remained at 33%.
Meezan Bank Limited (MEBL): 9MCY25 Analyst Briefing Takeaways – By AKD Research

Nov 11 2025


AKD Securities


  • Bank’s profit for 9MCY25 stood at PkR67.2bn (EPS: PkR37.4), down 13%YoY, due to lower Net Spread Earned on the back of lower policy rate.
  • Return on financings, investments and placements fell to PkR312.1bn in 9MCY25, down 18%YoY from PkR378.3bn in 9MCY24, due to falling yields.
Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Nov 10 2025


Topline Securities


  • Meezan Bank (MEBL) conducted its 3Q2025 Corporate Briefing Session today where management discuss financial performance and future outlook.
  • Bank’s deposit growth remained at 24% YoY in Sep-25. Wherein, current account ratio improved to 49% in Sep-25 vs. 47% in Sep-24. Overall, CASA deposit grew by 28% YoY while CASA mix improved to 94% in Sep-25. Bank’s market share in total industry deposit remained at 9% and deposit growth CAGR since inception remained at 33%.
Meezan Bank Limited (MEBL): 3QCY25 profitability is reported at PKR 11.7/sh, DPS PKR 7.0 – By Foundation Research

Oct 24 2025


Foundation Securities


  • Meezan Bank Limited (MEBL) announced its 3QCY25 results today reporting earnings of PKR 21.1Bn (EPS: PKR11.7), ↓18/13% YoY/QoQ respectively. The result is slightly below our expectations due to higher than estimated operating expenses. Along with the result, the bank announced an interim cash dividend of PKR 7.0/sh taking 9M pay-out to PKR 21.0/sh.
  • Topline of the bank shrank 19% YoY in the outgoing quarter, however, on a sequential basis the decrease was limited to 2%. The decline has primarily been triggered by the upwards revision in savings rates on certain deposits that has resulted in increased deposit costs. However, the management’s move to trim saving deposits and replace them with current accounts alongside healthy balance sheet growth has limited top line attrition. As for 9M, the reduction was noted at 12% YoY.
Pakistan Market Wrap: PSX Records Volatile Session, Closes Lower on Profit Booking – By HMFS Research

Jan 8 2026


HMFS Research


  • Following an uninterrupted bullish rally over the past few sessions, the market underwent a profit-taking today, closing in negative territory. Trading commenced on a weak footing, with the benchmark index slipping sharply in early hours. Sentiment improved by midday as renewed buying interest lifted the index to an intra-day high of 187,905 level, marking the highest intra-day level ever recorded in PSX history. However, the rebound proved short-lived, as selling pressure resurfaced and intensified during the final trading hour. Consequently, the index reversed course and touched an intra-day low of 185,199 level, closing down 975.70 points.
  • Trading activity remained strong, with 576mn shares exchanged in the KSE-100 and 1.4bn shares recorded on the All-Share Index. Volume leaders included AGHA (132mn shares), PAEL (76mn shares), and HASCOL (60mn shares). Going forward, the market is expected to maintain a positive bias, supported by developments such as Pakistan–Saudi discussions on converting USD 2bn of loans into a JF-17 deal and the inauguration of the Karachi Port Trust ferry terminal to boost the blue economy. However, uncertainty remains inherent to the market, with a correction already evident amid elevated valuations. Ongoing geopolitical tensions also pose downside risks and could trigger volatility if conditions worsen. Therefore, investors are advised to remain vigilant, book profits selectively, and utilize market dips as entry opportunities.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 8 2026


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile session, hitting an intraday high of 187,905 before closing at 185,543, down 9756 points (-0.52%) as profit-taking set in. Selling pressure was evident across key sectors, particularly Commercial Banks, Holding Companies, Technology & IT Services, and Oil & Gas Exploration & Production, as investors trimmed exposure at elevated valuations. On the macro front, Visa reiterated its commitment to expanding digital payments and enhancing financial inclusion in Pakistan, with initiatives focused on supporting small and nano businesses and extending QR and tap-to-phone solutions to Tier-2 and Tier-3 cities. Separately, a Senate body expressed concern over cartelization within the pharmaceutical sector. Among major laggards, ENGROH, UBL, MEBL, SYS and PPL, which cumulatively shaved -985.86 points off the benchmark. AGHA led trading with 131.88 million shares, as total market turnover reached 1,421.07mn shares.
Mari Energies (MARI): Allocation of Gas from Mari Field – By Topline Research

Jan 8 2026


Topline Securities


  • Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices). The gas will be transported to consumers through Sui companies' network under the Third-Party Access (TPA) rules 2018 with applicable wheeling charges, in our view.
  • Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd. Until the completion of these developments, the gas supply will continue in its current form.
Pakistan Market Wrap: KSE-100 closes at 185,543 down 976 points – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • The equity market began the session on a strong positive note but experienced a  correction during the latter part of the day. The KSE-100 Index touched an intraday high of 187,905 and a low of 185,199 before closing at 185,543, registering a decline of 976 points. Market activity remained healthy, with total traded volumes of 575 million shares and a traded value of PKR 70.3 billion.
  • The downturn was largely attributed to selling pressure in index-heavy stocks, including ENGROH (-3.6%, -315 points), UBL (-1.7%, -247 points), MEBL (-2.7%, -205 points), SYS (-2.3%, -117 points), and PPL (-1.8%, -102 points). On the volumes front, PAEL and KEL dominated trading activity, with volumes of 76.3 million and 52.4 million shares, respectively.
Chemicals: Sustained decline in petrochem margins – By JS Research

Jan 8 2026


JS Global Capital


  • PVC-Ethylene margins have slipped to near-decade lows. As of Jan-26, margins stood at US$262/ton, down from US$764/ton in Jan-2021 and a high of US$1,157/ton seen in Nov-21.
  • Brent crude oil is currently trading around US$61.5/barrel, contributing to the broad softening of ethylene prices globally. Ethylene prices stood at US$730/ton compared US$930/ton in Jan-2021.
  • Near-term market conditions are expected to keep margins under pressure, as demand recovery remains uneven while oversupply persists. Sustainable margin improvement will depend on stronger global demand, stability in feedstock costs, and potential supply rationalization measures.
Technical Outlook: KSE-100: Entering the key resistance zone – By JS Research

Jan 8 2026


JS Global Capital


  • Bulls continued to dominate the session as KSE-100 index gained 1,457 points DoD to close at 186,519 level. Volumes stood at 1,329mn shares versus 1,306mn shares traded previously. The index is expected to test resistance at 187,015 (yesterday's high) where a break above this level will target 188,870 level. However, any downside will find support between 185,270 and 186,150 levels, respectively. 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 185,272 and 187,390 levels, respectively.
Morning News: Govt raises Rs1.08tr through T-bills, bond auctions – By Vector Research

Jan 8 2026


Vector Securities


  • The government borrowed more than Rs1 trillion through auctions of treasury bonds and 10-year Pakistan Investment Bonds on Wednesday. The State Bank of Pakistan reported that the government borrowed Rs979.3 billion through T-bills and Rs108bn through PIBs, raising a total of Rs1.087tr. (Dawn)
  • Pakistan and Saudi Arabia are in talks to convert about $2 billion of Saudi loans into a JF-17 fighter jet deal, two Pakistani sources said, deepening military cooperation months after the two nations signed a mutual defence pact last year. (Dawn)
Morning News: Govt decides to fully deregulate sugar sector – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • In a significant policy shift, the government, in collaboration with the farming community and sugar industry representatives, has decided to fully deregulate the sugar sector, marking a key step in implementing structural reforms recommended by the International Monetary Fund (IMF).
  • Describing PIACL’s PKR 650bn debt as a “black hole,” the Public Accounts Committee (PAC) expressed concern over the Finance Division’s continued inability to develop a viable repayment strategy.
Morning News: Pakistan, Saudi in talks on JF-17 jets-for-loans deal: Reuters report – By HMFS Research

Jan 8 2026


HMFS Research


  • Pakistan and Saudi Arabia are in talks to convert about $2 billion of Saudi loans into a JF-17 fighter jet deal, two Pakistani sources said, deepening military cooperation months after the two nations signed a mutual defence pact last year. One of the sources said the discussions were limited to the provision of JF-17 Thunder fighter jets, the light combat aircraft jointly developed by Pakistan and China and produced in Pakistan, while the second said the jets were the primary option among others under discussion.
  • The National Electric Power Regulatory Authority (Nepra) has reduced the national average uniform electricity tariff by 62 paise per unit for the next six months, effective January 1. The regulator has determined separate consumer-end tariffs for each distribution company (ex-Wapda Discos) in view of their differing revenue requirements and permitted levels of transmission and distribution (T&D) losses. For CY26, the national average tariff has been set at Rs33.38 per kWh, down from Rs34.00 per kWh in 2025-26.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Jan 7 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, once again setting fresh all time highs both intraday and at market close for the fifth consecutive session. The 2026 rally continued in full swing, driven by strong liquidity inflows and ongoing asset class conversion, keeping investor optimism firmly intact. Trading volumes decreased to 570mn shares today as compared to 597mn shares in the previous session. Today, the KSE-100 index gained 1,457 points to close at 186,519 level, up by 0.79% DoD. Power Generation & Distribution, Oil & Gas Exploration Companies, and Cement sectors were the major contributors in today's session, cumulatively adding 689 points to the index.
Mari Energies (MARI): Allocation of Gas from Mari Field – By Topline Research

Jan 8 2026


Topline Securities


  • Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices). The gas will be transported to consumers through Sui companies' network under the Third-Party Access (TPA) rules 2018 with applicable wheeling charges, in our view.
  • Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd. Until the completion of these developments, the gas supply will continue in its current form.
Oil Marketing Companies (OMC): OMC sales up 6% YoY and down 5% MoM in Dec 2025;1HFY26 sales up 2% YoY – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.35mn tons in Dec 2025, up 6% YoY and down 5% MoM.
  • The YoY increase is due to economic recovery, lower inflation, and control of smuggling, whereas the MoM decrease in sales is attributable to the strike by transporters. To highlight, Transporters went on a nationwide strike on Dec 08, 2025 which continued for 10 days.
  • This takes total sales for 1HFY26 to 8.2mn tons, reflecting a 2% YoY increase compared to 8.02mn tons in 1HFY25.
Pakistan Fertilizers: Pakistan’s Urea sales for Dec 2025 at all time high of 1,356k tons; Inventory at 0.31mn tons – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from company/dealers through higher discounts offerings. This takes 2025 urea offtakes to 6.73mn tons, up 2% YoY compared to 6.57mn tons in 2024, respectively. To note, in 11M2025, urea sales was down 4%.
  • As per our checks, EFERT has maintained discount around Rs400/bag during the month of Dec 2025. However, this discount was rolled back to Rs150 /bag at the start of the new year. Similarly, FFC also offered discount of Rs 150–200 per bag during the same period.
Pakistan Economy: Pakistan GDP grew 3.7% in 1QFY26 – By Topline Research

Dec 31 2025


Topline Securities


  • National Accounts Committee (NAC) released GDP estimates for 1QFY26, showing growth of 3.7% YoY which is highest first quarter growth in 4 years and higher than last 8 years average 1Q growth of 3.3%. While the committee has also revised up FY25 growth estimates marginally to 3.09% from earlier 3.04%.
  • The growth estimates of 1Q are higher than our expectations mainly due to 8-year high 1Q industrial growth of 9.4%, thanks to 25% growth in electricity, gas and water supply sectors and 21% growth in construction sector.
Pakistan Market: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25 – By Topline Research

Dec 29 2025


Topline Securities


  • As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.
  • The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.
  • Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.
Pakistan Technology: IT Exports in Nov-25 up by 14% YoY to record US$356mn – By Topline Research

Dec 17 2025


Topline Securities


  • Pakistan recorded monthly IT exports of US$356mn in Nov-25, up 14% YoY but down 8% MoM. These monthly IT exports in Nov-25 are higher than the last 12-month average of US$337mn.
  • YoY growth in IT exports during the month is due to (1) IT export companies growing client base globally, especially in the GCC region, (2) relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35% to 50% in the Exporters’ Specialized Foreign Currency Accounts, (3) allowance of equity investment abroad through these foreign currency accounts and (4) stability in PKR encouraging IT exporters to bring higher portion of profits back to Pakistan.
Pakistan Economy: SBP reduced policy rate by 50bps – By Topline Research

Dec 15 2025


Topline Securities


  • Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) has reduced policy rate by 50bps to 10.50% in today’s meeting. This came as a surprise in our view as majority of the participants were expecting rates to remain unchanged.
  • As per MPC statement, Inflation averaged within the target range of 5–7% during 5MFY26. Alongside the strengthening of economic activity, the MPC noted the available space to reduce the policy rate to support sustainable economic growth. To note, SBP expects GDP growth for FY26 to remain in upper half of the projected range of 3.25%-4.25%.
Pakistan Economy: Monetary Policy Survey – By Topline Research

Dec 9 2025


Topline Securities


  • State Bank of Pakistan (SBP) is scheduled to hold last Monetary Policy Committee (MPC) meeting of this calendar year 2025 on Dec 15, 2025. Majority of the market participants are expecting no change in interest rate. Similarly, we also expect status quo in upcoming monetary policy meeting.
  • In a Poll conducted by Topline Securities, 70% of the market participant expect interest rate to remain unchanged. This is almost like last poll result where 72% were expecting rate to remain unchanged.
Pakistan Market: Pakistan Listed Consumer Comp Sheet – By Topline Research

Dec 4 2025


Topline Securities


  • Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x. Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.
Pakistan Fertilizers: Pakistan’s Urea sales for Nov 2025 Surged 133% MoM and 25% YoY; Inventory at 1.05mn tons – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers. As per our checks, EFERT has maintained discount between the range of Rs300-350/bag during the month, while FFC maintained the avg. discount of Rs80/bag, respectively.
  • However, in 11M2025, urea offtakes slightly declined to 5.37mn tons, down 4% YoY compared to 5.58mn tons in 11M2024, respectively.
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