Pakistan Market Wrap: Momentum Lost in Mid-Session Crosswinds – By HMFS Research

Nov 18 2025


HMFS Research


  • The KSE-100 index opened the day on a strong bullish pulse, climbing 657 points in early trade as investors briefly leaned into optimism. Yet, as the session unfolded, familiar headwinds resurfaced. Geopolitical unease lingered in the background, while the latest current account reading—slipping back into deficit on the back of higher imports—tempered the morning’s momentum. What began in the green gradually shifted, with the index slipping into red and ultimately settling at 160,935, down 752 points.
  • Market participation, however, remained vibrant, with 303mn shares traded on the benchmark index and an impressive 1.54bn shares changing hands across the broader market. WTL (459mn), BML (166mn), and BECO (134mn) emerged as the day’s standout volume performers. Looking ahead, the market’s trajectory will continue to pivot on global cues and the pace at which domestic economic conditions stabilize. With valuations still offering pockets of compelling value, selective buying could re-emerge—though periodic profit-taking remains a natural part of the cycle. Investors are encouraged to stay attentive, read the evolving market rhythm carefully, and allocate capital toward fundamentally resilient companies positioned for longterm growth.
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.
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.
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: 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.
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: Momentum Pushes KSE-100 to Fresh Intraday Highs – By HMFS Research

Jan 7 2026


HMFS Research


  • The equity market sustained its bullish trajectory on Wednesday, with the benchmark index crossing the 187,000-point mark intraday for the first time, reflecting continued strength in investor sentiment. The rally was led by index heavy sectors, supported by expectations of improved corporate earnings alongside a positive macro signal, as Pakistan reported GDP growth of 3.71% in 1QFY26—up 215bps y/y—reinforcing confidence in the economic recovery. While some intraday consolidation was observed at higher levels, buying interest remained broad-based, allowing the index to close firmly in positive territory.
  • By close, the benchmark settled at 186,519, up 1,457 points, with trading activity remaining robust as 570mn shares were exchanged in the KSE-100, while 1.3bn shares were recorded on the All-Share Index. On the volume front, activity was led by KEL (78mn shares), HASCOL (59mn shares), and BOP (55mn shares). Looking ahead, momentum remains supported by improving earnings visibility and a constructive macro backdrop; however, elevated index levels warrant greater selectivity. We expect near-term activity to be more stock-specific, with any consolidation viewed as healthy so long as liquidity remains supportive. Investors are advised to remain vigilant and adopt a selective approach, focusing on stocks with strong fundamentals and sustainable long-term growth potential.
Pakistan Market Wrap: A New Summit for the KSE-100 Amid Broad-Based Optimism – By HMFS Research

Jan 5 2026


HMFS Research


  • The KSE-100 Index extended its strong bullish trajectory, scaling fresh highs during the session as investor confidence remained firmly anchored to supportive economic cues. The benchmark touched an intra-day peak of 183,964, driven by improving domestic indicators, a decline in global oil prices—positive for both inflation dynamics and overall economic stability—and renewed optimism following USD 2bn investment commitments from Azerbaijan. The index remained firmly in positive territory throughout the session, ultimately closing at 182,408, marking a gain of 3,373 points.
  • Market participation was robust, with 633mn shares traded on the KSE-100 and 1.38bn shares across the broader market. Volume leadership was seen in BOP (95mn), PIBTL (80mn), and KEL (75mn). Going forward, the prevailing momentum is expected to remain supportive of the benchmark, underpinned by constructive economic developments and improving investor sentiment. That said, elevated valuations may invite intermittent profit-taking, a natural feature of such sharp rallies. In this backdrop, investors are advised to maintain a disciplined approach, closely monitor market dynamics, and focus on fundamentally strong stocks with longterm growth potential.
Technical Outlook: Bulls Take Charge: KSE-100 Climbs +3.85% in First Week of 2026 – By HMFS Research

Jan 2 2026


HMFS Research


  • The KSE-100 Index commenced the new year on a strong note, closing the first week of 2026 at 179,034.93 points. This marks a robust gain of 6,634.20 points, or +3.85%, reflecting renewed investor confidence and a resurgence of bullish sentiment.
  • Following a prolonged consolidation phase during November and December, where the market traded within a narrow range, the bulls have gradually regained momentum. This breakout aligns with expectations that the new calendar year would bring fresh liquidity, improved sentiment, and a strategic repositioning by institutional investors.
Morning News: Inflation in Pakistan clocks in at 5.6% in December 2025: - By HMFS Research

Jan 2 2026


HMFS Research


  • Pakistan’s headline inflation clocked in at 5.6% on a year-on-year (YoY) basis in December 2025, showed Pakistan Bureau of Statistics (PBS) data on Thursday, a reading in line with the Ministry of Finance estimate of 5.5-6.5%. The consumer price index (CPI) was recorded at 6.1% in November 2025. The CPI stood at 4.1% in December 2024. On a month-on-month basis, it decreased by 0.4% in December 2025, as compared to an increase of 0.4% in the previous month and an increase of 0.1% in December 2024. This takes the 6MFY26 inflation reading at 5.15% against 7.22% in 6MFY25.
  • In a bold move to tackle the country’s crippling energy crisis, Prime Minister Shehbaz Sharif on Thursday called for an urgent and aggressive push to explore and extract new oil and gas reserves, warning that continued reliance on costly petroleum imports is unsustainable. harif made it clear that Pakistan must shift its focus towards domestic energy production or risk deeper economic challenges. “We can no longer afford to rely on expensive imports,” he stated, underscoring the need for swift action. He also called for a digital overhaul of the oil and gas supply chain, from importation to the end consumer, highlighting how this will not only increase efficiency but also tackle the rampant smuggling of petroleum products. The meeting was briefed on recent developments in the oil and gas sector, with officials highlighting a significant discovery by the Oil and Gas Development Company Ltd. (OGDCL), with an estimated 4,100 barrels of oil set to be extracted daily.
Pakistan Market Wrap: New Year, New Highs: Bulls Carry Momentum into 2026 – By HMFS Research

Jan 1 2026


HMFS Research


  • The KSE-100 Index scaled fresh highs at the start of the new calendar year, extending its bullish run as the benchmark touched an intra-day peak of 176,658. Momentum remained firmly intact throughout the session, underpinned by easing inflationary pressures—December 2025 CPI came in at 5.6%—alongside a reduction in petroleum prices, which collectively supported risk appetite across equities. The index ultimately closed at 176,355, marking a solid gain of 2,301 points for the day. Sectoral leadership came from Banking and E&P stocks, which provided the bulk of the upward thrust.
  • Market participation was notably strong, with volumes rising to 799mn shares on the KSE-100 and 1.40bn shares across the broader market. Activity was concentrated in KEL (373mn), PIBTL (140mn), and BOP (55mn). Looking ahead, the government’s reform-driven policy framework is anticipated to enhance economic resilience, underpinning investor confidence and supporting equity market expansion. While the prevailing trend remains constructive, elevated valuations at current levels may invite intermittent profit-taking. Nonetheless, sustained interest from investors seeking strategic positioning suggests the market’s broader trajectory remains intact. Investors are advised to remain composed amid short-term fluctuations and focus on fundamentally strong names with long-term growth visibility.
Pakistan Market Wrap: KSE-100 Ends Year Lower Despite Historic Intra-Day High – By HMFS Research

Dec 31 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) closed the final session of the year on a softer note, capping off a volatile trading day marked by early optimism and subsequent profit-taking. The benchmark KSE-100 Index opened firmly and surged to an intraday high of 175,232.90, crossing the 175,000 level for the first time in history. However, the rally proved short-lived as investors moved swiftly to lock in gains, particularly following the strong year-end performance. Selling pressure emerged soon after the opening surge and intensified through the late morning session, dragging the index to an intraday low of 173,564. At close, the KSE-100 Index settled at 174,054, down 418 points on a day-on-day basis. Despite the index decline, market activity remained steady. Volumes stood at 414mn shares on the benchmark index, while 955mn shares were traded on the broader All-Share index, underscoring sustained investor participation.
  • Among individual names, KEL (96mn shares), PIAHCLA (62mn), and PIBTL (48mn) led the activity chart. Going forward, near-term market direction is likely to remain range-bound and selective, as investors reassess valuations following the sharp rally seen over recent weeks. With key macro triggers largely priced in, incremental upside may now hinge on earnings visibility, sector specific developments, and clarity on policy continuity into the new year. From an investment standpoint, we advise investors to avoid chasing momentum at elevated levels and instead use volatility-driven pullbacks to accumulate fundamentally strong stocks with earnings resilience and balance sheet strength.