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.
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.
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.