Roshan Packages Limited (RPL): FY25 Corporate Briefing Takeaways – By Taurus Research

Nov 25 2025


Taurus Securities


  • Roshan Packages Limited, founded in 2002, is a leading packaging solutions provider specializing in the production of high- quality corrugated boxes, flexible packaging, and offset printing.
  • The Company’s revenue decreased to PKR 9.66Bn in FY25 from PKR 10.33Bn in the SPLY. The Company’s gross margin in FY25 was 8.01%, a decline from 8.57% in FY24. The Company’s net profit for FY25 was PKR 141Mn, a decline of 33.18% from last year. Earnings per share was PKR 0.99 (FY24: PKR 1.49). This overall decline was primarily due to severe macroeconomic headwinds and industry-specific challenges that suppressed demand and increased operational costs.
Pakistan Economy: Nov-2025: CA posts surplus of US$100mn – By JS Research

Dec 18 2025


JS Global Capital


  • Pakistan's current account balance posted a surplus of US$100mn in Nov-2025. The surplus is due to a sharp compression in imports supported by lower global commodity prices, alongside resilient remittances. During 5MFY26, CAD stood at US$812mn versus a surplus of US$502mn in the same period last year.
  • Remittances have played a pivotal role in stabilizing Pakistan's external account, consistently offsetting the trade deficit.
  • We expect current account to close the ongoing fiscal year with a deficit, driven by rising imports. However, stable global commodity prices should help contain import pressures, while strong remittances are likely to support external stability.
Morning News: C/A swings to $100m surplus in November – By HMFS Research

Dec 18 2025


HMFS Research


  • The current account posted a $100 million surplus in November, offering a respite after deficits in earlier months of the current fiscal year, according to the latest data released by the State Bank of Pakistan (SBP). The surplus followed a current account deficit of $291m in October. However, the SBP figures suggest the improvement in November was largely driven by lower imports, although exports also fell during the month. Exports and imports both declined in November compared with October. Exports fell 10pc, while imports dropped 12pc over the previous month, helping narrow the external gap.
  • Pakistan’s cargo transporters – including those operating between Karachi seaports and factories nationwide – called off the wheel jam strike on Wednesday, stating that the government had agreed to address their demands including increasing time for “20-feet long 10-wheel cargo vehicles” to 19 hours a day on roads. TGA, along with other nine transporters associations, remained on the strike for about seven days - from last Thursday to Wednesday – giving millions of rupees economic losses a day to the government exchequer and factory owners. “Moreover, the government has promised to allot 50 acres of land for the vehicle parking at Karachi NLC near American embassy.” https://www.brecorder.com/news/40397941/pakistan-cargo-transpor
Pakistan Economy: CAD: A Narrow Surplus, Built on Import Cuts – By AHCML Research

Dec 17 2025


Al Habib Capital Markets


  • Pakistan's external sector presented a paradox in Nov’25, registering a current account surplus of USD100mn, a sharp reversal from October’s USD291mn deficit. However, this monthly improvement belies a deeply concerning cumulative trend. Over the first five months of FY26, the current account has plunged into a deficit of USD812mn, a staggering 261% deterioration from the USD503mn surplus in the same period last year. This stark contrast reveals that the November surplus is a temporary aberration, not a structural correction. The surplus was largely engineered by a sharp USD656mn contraction in imports, while underlying export weakness and a heavy reliance on remittance inflows, which totaled USD3.19bn for the month, merely paper over chronic imbalances.
  • In Nov’25, despite the headline current account surplus, the goods trade gap stood at a substantial deficit of USD2.45bn. This was the result of exports falling by 10.7%YoY to USD2.27bn, while imports, though lower than the previous month, remained elevated at USD4.73bn. The decline in imports, particularly a USD239mn drop in petroleum products, offered temporary relief but does not signal improved competitiveness. Cumulatively, the picture is worse; the goods trade deficit for 5MFY26 widened to USD12.77bn. This expanding gap, driven by an 11.1% rise in imports against a mere 0.8% export growth, underscores a fundamental failure to boost the productive, export-oriented sectors of the economy.
Pakistan Economy: Nov’25 CA posts a surplus of USD 100Mn – By Taurus Research

Dec 17 2025


Taurus Securities


  • Current Account (CA) for Nov’25 arrived in at a surplus of USD 100Mn, as against a deficit of USD 291Mn in Oct’25. Cumulatively, 5MFY26 CAD stood at USD 812Mn, up 2.6x over the SPLY. Improved performance of CA in Nov’25 can be attributed to: i) 11%MoM decrease in the trade deficit; and ii) 41%MoM decrease in the services deficit, respectively. Overall, balance on goods & services fell 13%MoM, pushing the CA into a surplus.
  • During the month, both goods imports and exports registered a decline of 12% and 14%, respectively. Wherein, exports suffered mainly due to a 19%MoM plunge in exports of value-added textiles as per SBP released data. Other manufacturing exports also reflected a MoM decrease of 23% attributable to lower demand, including the impact of closure of border with Afghanistan.
Morning News: Oil Falls Below $55 on Signs of Surplus and Ukraine Peace Talks – By Spectrum Research

Dec 17 2025


Spectrum Securities


  • West Texas Intermediate oil fell below $55 a barrel for the first time since February 2021 on signs that supply is outpacing demand. Signs of weakness are proliferating across the supply side of the oil market, with Middle Eastern crude prices entering a bearish pattern known as contango.
  • The demand side looks similarly fragile, with elevated premiums for fuels like gasoline and diesel relative to crude easing and weak job growth in the US signaling a potential slowdown in demand.
Roshan Packages Limited (RPL): Analyst briefing takeaways – By Insight Research

Nov 26 2025


Insight Securities


  • RPL posted topline of PKR9.7bn in FY25 vs. PKR10.3bn in SPLY, down by ~6% YoY. Similarly, company’s PAT fell by ~33% YoY mainly due to inflationary pressure and demand contraction. In 1QFY26, company’s revenue recorded an increase of ~28% YoY.
  • Regarding lower gross margins, management mentioned that due to subdued demand company is unable to pass on the inflationary pressure. However, company is focused on increasing its market share.
Roshan Packages Limited (RPL): FY25 Corporate Briefing Takeaways – By Taurus Research

Nov 25 2025


Taurus Securities


  • Roshan Packages Limited, founded in 2002, is a leading packaging solutions provider specializing in the production of high- quality corrugated boxes, flexible packaging, and offset printing.
  • The Company’s revenue decreased to PKR 9.66Bn in FY25 from PKR 10.33Bn in the SPLY. The Company’s gross margin in FY25 was 8.01%, a decline from 8.57% in FY24. The Company’s net profit for FY25 was PKR 141Mn, a decline of 33.18% from last year. Earnings per share was PKR 0.99 (FY24: PKR 1.49). This overall decline was primarily due to severe macroeconomic headwinds and industry-specific challenges that suppressed demand and increased operational costs.
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 Cements: Dec’25 dispatches up 5%MoM – By Taurus Research

Jan 5 2026


Taurus Securities


  • Total cement dispatches in Dec’25 went up by 5%MoM to 4.35Mn tons i.e. Both domestic and export sales were up 5% MoM. Increase in domestic sales was attributed to rise in the construction demand despite higher construction material cost, duties and taxes—cement manufacturers have requested the Government to give concessions on duties and taxes by framing an industry-friendly policy in order to support construction activities, making cement viable domestically as well as for exports.
  • Further, North players are concerned as exports were Nil in the second consecutive month due to the border closure with Afghanistan, searching for alternative destinations like Sri Lanka and Bangladesh via Sea route. Further, imposition of US tariffs is likely to put pressure on exports for South players. Hence, subdued outlook for exports is anticipated for FY26.
Oil Marketing Companies (OMC): Oil Marketing Companies Sales—Dec’25 – By Taurus Research

Jan 5 2026


Taurus Securities


  • Petroleum products off-take for Dec’25 stood at ~1.3Mn tons, reflecting a decrease of 5%MoM and an increase of 6%YoY. MS volumes increased 3%MoM and 11%YoY. Meanwhile, HSD volumes decreased by 19%MoM and 4%YoY, respectively. During 6MFY26, industry volumes were up 2%YoY with MS and HSD up 3%YoY respectively.
  • Industry sources report a combination of factors that the MoM decline was a result of, particularly typical seasonal demand variations after a peak in Nov’25. Moreover, it was noted that fuel prices experienced a 20% annual drop in 2025 amid lower cost of supply—driving demand, along with higher passenger sales sup porting demand too.
TPL Trakker Limited (TPLT): FY25 Corporate Briefing Takeaways – By Taurus Research

Jan 5 2026


Taurus Securities


  • TPL Tracker Limited (TPLT), a key player in Pakistan’s location-based services and IoT solutions industry, focuses on three core verticals: Vehicle Telematics, TPL Maps, and IoT Solutions. TPL is strategically positioned as a pioneer in leveraging technology for operational efficiency and cost optimization across industries. It comprises of three areas i.e. Trakker Middle East, TPL Maps and TPL Security. TPLT is a market leader in Telematics & LBS across Pakistan.
  • TPLT reported consolidated revenue of PKR 1.83Bn in FY25, reflecting a YoY decline of 43% mainly due to closure of the STE project, while the core business remained stable. Hence, gross margins fell 6pptsYoY. Finance costs declined 37%YoY. Consequently, PAT clocked in at PKR 3.8Mn from the loss of PKR 104Mn last year, up 1.0xYoY, resulting in an EPS of PKR 0.07/sh.
Pakistan Economy: Dec’25 NCPI eases to 5.6%YoY/-0.4%MoM – By Taurus Research

Jan 1 2026


Taurus Securities


  • Headline inflation for Dec’25 clocks-in at 5.6%YoY/-0.4%MoM, in line with expectations amid significant correction in food prices. Wherein, MoM prices for perishable food items posted a drop of 17.74% driven by the sharp correction in prices for Potatoes ( 17.9%MoM), Onions (-32.9%MoM), Tomatoes (-45.2%MoM) & Fresh Vegetables (-21.3%MoM) as the supply situation improved. Overall, food inflation was down 2.2%MoM.
  • Elsewhere, performance of other segments arrived in muted as anticipated including some of the core segments also. Utilities were up slightly for the month. While Clothing, Education, Restaurants & Hotels and Miscellaneous segments were the main contributors to the increase in core inflation for the month.
Burshane LPG (Pakistan) Limited (BPL): FY25 Corporate Briefing Takeaways – By Taurus Research

Dec 31 2025


Taurus Securities


  • Burshane LPG (Pakistan) Limited (BPL) is among the pioneers in LPG marketing and distribution in Pakistan, incorporated in 1966. The Company consistently developed its countrywide distribution network, primarily focused on serving domestic users and delivering reliable services.
  • BPL's strategic goal was to establish itself as a leader among oil marketing companies by diversifying sales markets, ensuring reliable supplies, and improving operational efficiency. Management strategy, strengthened by principles of the circular economy, built a new BPL founded on efficiency, integration, and new technologies to differentiate the brand in a highly fragmented industry with over 250 licensed players.
Morning News: Pakistan, KSA discuss regional situation – By Taurus Research

Dec 31 2025


Taurus Securities


  • Pakistan and Saudi Arabia held high level discussions focusing on the evolving regional security and political environment. Both sides emphasized the importance of stability in the Middle East and South Asia, especially amid ongoing conflicts and diplomatic challenges. (BR)
  • The suspension of trade between Pakistan and Afghanistan has disproportionately affected the Afghan economy, deepening its economic challenges. (Dawn)
Allied Bank Limited (ABL): 9MCY25 Corporate Briefing Takeaways – By Taurus Research

Dec 30 2025


Taurus Securities


  • Allied Bank Limited (ABL) reported a sharp contraction in the balance sheet growth during 9MCY25, as net advances declined by 37% to PKR 658Bn compared to PKR 1,051Bn in CY24, significantly underperforming the industry, which recorded an ~18% decline. In contrast, net investments increased substantially, rising 80% to ~PKR 2,037Bn in 9MCY25 from PKR 1,130Bn in CY24, while industry investments grew by 22% over the same period. Consequently, total assets expanded by 13% to PKR 3,185Bn versus PKR 2,817Bn in CY24, outperforming the industry’s asset growth of 8%.
  • On the liabilities side, ABL’s borrowings increased by 29%, diverging from the broader banking sector, which recorded a 2% decline, while total liabilities grew by ~14% compared to an industry growth of 7%. Total deposits registered a 10% increase in 9MCY25.
Liven Pharma Limited (LIVEN): Corporate Briefing Takeaways – By Taurus Research

Dec 26 2025


Taurus Securities


  • Liven Pharma Limited was incorporated in Pakistan as a private Limited Company on October 21, 1991 and was converted into a public limited company on April 30, 1992. The principle activity of the Company is the manufacturing of pharmaceuticals and allied products.
  • In FY25, sales declined 48%YoY to PKR 127Mn from PKR 245Mn in the SPLY. Gross margins fell significantly by 11ppts, mainly driven by the transitional impact of post-merger integration and operational scaling. Similarly, administrative expenses increased significantly by 24xYoY while, finance costs went up by ~32xYoY.
  • Resultantly, LAT clocked in at PKR 584Mn compared to a profit of PKR 42Mn in the previous year; attributable to non-cash accounting adjustments from the reverse merger and deferred tax effects, with a minor impact from normal operational expenses. Consequently, LPS stood at PKR 8.37/sh.
Karam Ceramics Limited (KCL): Corporate Briefing Takeaways – By Taurus Research

Dec 26 2025


Taurus Securities


  • Karam Ceramics Limited (KCL) was incorporated in Pakistan as a public limited Company on April 8, 1979. The Company is engaged in manufacturing and sale of tiles with brand name is NOVA.
  • In FY25, the Company’s sales fell ~57% YoY to PKR 584Mn compared to PKR 1,348Mn in FY24, driven by a sustained decline in the construction activities, reducing demand for tiles during the period. Whereas gross losses remains persisted due to a combination of escalating operational costs and decreased production efficiency. Consequently, loss after tax (LAT) grew ~69%YoY to PKR 728Mn, mainly due to lower demand and aggressive competition from the Chinese manufacturers, the Company’s manufacturing plants operated below optimal capacity, limiting the ability to overcome fixed costs over a larger production volume, which further eroded profitability, resulting in an LPS of PKR 50.05/share.
Pakistan Economy: Dec’25 NCPI to drop to 5.8%YoY/down 0.3%MoM – By Taurus Research

Dec 24 2025


Taurus Securities


  • We expect headline inflation for Dec’25 to drop to 5.8%YoY, registering a MoM decline of 0.3% on the back of falling food inflation and muted performance of other segments. Accordingly, FY26 TD NCPI is expected to touchdown at 5.14%YoY.
  • To note we anticipate food inflation (35% weight) to clock-in at 1.32% for the month. Wherein, the MoM drop is attributable mainly to a sharp correction in prices for Tomatoes (-40%), On ions (-16%), Potatoes (-11%) and Sugar (-8%), respectively. How ever, slight uptick in prices for Wheat, Chicken and Eggs was observed. While, prices for other food items are likely to remain flat for the month—reflecting stable supply situation in the country.
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