Oil & Gas Development Company Limited (OGDC): Corporate Briefing Takeaways – By IIS Research

Nov 24 2025


Ismail Iqbal Securities


  • To recall, OGDC has posted PAT of PKR 170bn in FY25 vs. PKR 209bn in SPLY. Profitability was affected by lower crude oil prices (US$ 60.8/bbl vs. US$ 68.7/bbl), forced production curtailments, and higher exploration write-offs due to 4 dry wells.
  • In FY25, OGDCL’s share of 2D seismic activity declined to 34% of the industry, com pared to 45% in FY24. In contrast, the company’s share in 3D seismic activity was 74% of the industry, down from 89% in FY24.
Oil & Gas Development Company Limited (OGDC): Corporate Briefing Takeaways – By IIS Research

Nov 24 2025


Ismail Iqbal Securities


  • To recall, OGDC has posted PAT of PKR 170bn in FY25 vs. PKR 209bn in SPLY. Profitability was affected by lower crude oil prices (US$ 60.8/bbl vs. US$ 68.7/bbl), forced production curtailments, and higher exploration write-offs due to 4 dry wells.
  • In FY25, OGDCL’s share of 2D seismic activity declined to 34% of the industry, com pared to 45% in FY24. In contrast, the company’s share in 3D seismic activity was 74% of the industry, down from 89% in FY24.
Oil & Gas Development Company Limited (OGDC): FY25 Corporate Briefing Takeaways – By Taurus Research

Nov 24 2025


Taurus Securities


  • OGDC’s revenue declined to Rs 401.18Bn from Rs 463.7Bn, with gross and net profit margins falling to 58% and 42% respectively from 61% and 45% in FY24. Earnings per share (EPS) stood at Rs 39.5, down from Rs 48.59, while the price-to earnings (P/E) ratio increased to 5.58 from 2.79. Dividend per share (DPS) increased to Rs 15.05 from Rs 10.10 in FY24.
  • OGDC drilled 15 wells in FY25, contributing 28% to the industry total compared to the industry average of 38 wells. Net oil production declined to 30,919bpd from 33,117bpd in FY24, while net gas and LPG production fell to 652MMSCFD and 642MT/D respectively, down from 717MMSCFD and 717MT/D in FY24, contributing approximately 49% of the country’s oil reserves and 31% of the country’s gas reserves. Forced production curtailment by SNGPL and UPL from Qadirpur, Nashpa, Chanda, Dhok Hussain, Togh, Bettani, TAL, and Uch fields impacted daily net production by 1,790 barrels of oil, 91MMSCFD of gas, and 72 tons of LPG.
Oil & Gas Development Company Limited (OGDC): Result Preview 1QFY26 – By AHCML Research

Oct 27 2025


Al Habib Capital Markets


  • Oil & Gas Development Company Limited is anticipated to report a PAT of PKR 37,340mn (EPS: PKR 8.7) for 1QFY26, reflecting decline of 9% YoY.
  • Net sales for the quarter are expected to reach PKR 92,792mn, down 12% YoY, due to the lower Oil and Production along with decline in the Arab light crude oil prices.
  • Gross margins are estimated at 56%, down 9pps YoY up 15pps QoQ.
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.
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.
Pakistan Market Wrap: The benchmark index closed on a high note – By IIS Research

Jan 5 2026


Ismail Iqbal Securities


  • The benchmark index closed on a high note, once again registering fresh all time highs both intraday and at market close, as New Year optimism, strong liquidity driven buying, and ongoing asset class conversion continued to fuel market momentum. Trading volumes increased to 632mn shares today as compared to 512mn shares in the previous session. Today, the KSE-100 index gained 3,373 points to close at 182,408 level, up by 1.88% DoD. Commercial Banks, Fertilizer, and Cement sectors were the major contributors in today's session, cumulatively adding 2555 points to the index.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Jan 1 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, kicking off the year with a strong start. All sectors demonstrated robust performance, with significant market activity observed across the board, reflecting investor optimism and a broad-based rally in stocks. Trading volumes increased to 799mn shares today as compared to 414mn shares in the previous session. Today, the KSE-100 index gained 2,301 points to close at 176,355 level, up by 1.32% DoD. Commercial Banks, Oil & Gas Exploration Companies, and pharmaceuticals sectors were the major contributors in today's session, cumulatively adding 1610 points to the index.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Dec 30 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, registering a new all time high both intraday and at the close. The rally was largely driven by improved liquidity, with sentiment echoing past year end trends as investors positioned for a typical year end push. Trading volumes increased to 415mn shares today as compared to 360mn shares in the previous session. Today, the KSE-100 index gained 576 points to close at 174,473 level, up by 0.33% DoD. Oil & Gas Exploration Companies, Commercial Banks, and Oil & Gas Marketing Companies sectors were the major contributors in today's session, cumulatively adding 673 points to the index.
Morning News: Oil rises as market weighs Venezuela supply risks – By IIS Research

Dec 26 2025


Ismail Iqbal Securities


  • Oil prices climbed on Friday after the U.S. ordered increased economic pressure on Venezuelan oil shipments and carried out airstrikes against Islamic State militants in northwest Nigeria at the request of Nigeria's government. Brent crude futures rose 24 cents, or 0.4%, to $62.48 per barrel by 0114 GMT. U.S. West Texas Intermediate (WTI) crude was up 23 cents, also 0.4%, at $58.58.
  • Pakistan and the Asian Development Bank (ADB) signed two major initiatives — a power transmission strengthening project and an accelerating state-owned enterprise (SOE) transformation program totaling $730 million that would relieve overloading of existing transmission lines and improve operational efficiency.
Pakistan Market Wrap: The benchmark index closed on a flat note – By IIS Research

Dec 23 2025


Ismail Iqbal Securities


  • The benchmark index closed on a flat note, with the absence of positive triggers keeping investors cautious and prompting a wait and see approach for a fresh catalyst. Trading volumes decreased to 239mn shares today as compared to 327mn shares in the previous session. Today, the KSE-100 index lost 130 points to close at 171,074 level, down by -0.08% DoD. Oil & Gas Exploration Companies, Fertilizer, and Oil & Gas Marketing Companies sectors were the major laggards in today's session, cumulatively shedding 209 points from the index.
Morning News: Gold prices hit record highs in global, local markets – By IIS Research

Dec 23 2025


Ismail Iqbal Securities


  • Gold prices climbed to historic highs on Monday in both international and domestic markets, driven by strong safe-haven demand and sustained buying momentum.
  • Pakistan and Iraq agreed to move ahead with practical steps to expand bilateral cooperation, including efforts to raise trade volumes and establish direct banking channels.
Pakistan Market Wrap: The benchmark index closed relatively flat after a volatile session – By IIS Research

Dec 17 2025


Ismail Iqbal Securities


  • The benchmark index closed relatively flat after a volatile session. The market opened in positive territory, but early gains were eroded as volatility picked up toward the close, with banking stocks providing some cushion to limit the downside. Trading volumes decreased to 435mn shares today as compared to 475mn shares in the previous session. Today, the KSE-100 index lost 133 points to close at 170,314 level, down by -0.08% DoD. Cement, Oil & Gas Exploration Companies, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 512 points from the index.
Pakistan Market Wrap: The benchmark index closed on a slightly negative note after a volatile session – By IIS Research

Dec 16 2025


Ismail Iqbal Securities


  • The benchmark index closed on a slightly negative note after a volatile session. The market opened on a positive footing and registered a new all time intraday high as investors initially celebrated the surprise rate cut; however, gains were eroded later in the session as volatility picked up toward the close. Trading volumes increased to 475mn shares today as compared to 410mn shares in the previous session. Today, the KSE-100 index lost 294 points to close at 170,447 level, down by -0.17% DoD. Oil & Gas Exploration Companies, Fertilizer, and Cement sectors were the major laggards in today's session, cumulatively shedding 551 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Dec 11 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, remaining volatile throughout the session. Early on, the index crossed its all-time intraday high before retreating, with choppiness persisting as the day progressed. Trading volumes increased to 656mn shares today as compared to 497mn shares in the previous session. Today, the KSE-100 index lost 877 points to close at 168,575 level, down by -0.52% DoD. Cement, Fertilizer, and Commercial Banks sectors were the major laggards in today's session, cumulatively shedding 868 points from the index.
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