Technical Outlook: KSE-100: Swings within a range – By AKD Research

Nov 19 2025


AKD Securities


  • The index opened on a strong note but remained volatile throughout the session, hitting an intraday high of 657 points and a low of 1,103 points. It ultimately ended the day with a loss of 752 points, closing at 160,935. Market participation slowed down, with trading volumes declining by 42% from the previous session. The KSE100 finished 50.0% above the lower Bollinger Band, while the Bands remain 17.12% narrower than usual. Over the last 10 sessions, there were an equal number of positive and negative closes (5 each). The MACD has turned bullish as it moved above its signal line in the latest session. Since this crossover, the Index has fluctuated between a high of 162,345 and a low of 160,584.
  • Technically, the immediate support is seen at 160,600 and a breach below this could extend the decline toward 160,100 and 159,600. Conversely, resistance is expected around 161,600, followed by 162,300 and 162,700. It is recommended to accumulate positions on weakness with risk defined below support zone.
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.
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.