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.
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.
Morning News: Smaller Pakistani, Japanese banks deliver highest total returns in 2025 – By Vector Research

Jan 9 2026


Vector Securities


  • Smaller lenders in Pakistan and Japan delivered some of the highest total returns to investors among banks in Asia-Pacific in 2025, tracking the rally in local equity markets. (S&P)
  • Federal Minister for Energy Sardar Awais Ahmad Khan Leghari on Thursday held a meeting with World Bank Country Director Bolormaa Amgaabazar to review ongoing power sector projects and explore new collaboration. The minister called for World Bank support in developing battery storage systems, noting their importance for energy efficiency and grid stability. He said the Bank could help promote local investment in these systems. (PT)
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: 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.