Pakistan Market Wrap: KSE-100 closes at 170,314 down 133 points – By Alpha-Akseer Research

Dec 17 2025


Alpha Capital


  • The equity market opened on a strong footing; however, it could not maintain the early momentum as the session progressed. The KSE-100 Index recorded an intraday high of 171,393 and a low of 169,230 before closing at 170,314, reflecting a decline of 133 points. Market participation remained robust, with total traded volume at 435.1 million shares and an estimated turnover of PKR 37.6 billion.
  • The decline in the index was primarily driven by LUCK (-2.4%, -175 points), ENGROH (-1.7%, -122 points), OGDC (-1.6%, -94 points), FFC (-0.4%, -69 points), and DHPL (-10%, -63 points). In terms of volumes, BOP and KEL led trading activity, recording volumes of 90.6 million and 43.7 million shares, respectively.
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 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.
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.
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.
Pakistan Market Wrap: KSE-100 closes at 186,519 up 1,457 points – By Alpha-Akseer Research

Jan 7 2026


Alpha Capital


  • The equity market opened the session with strong positive momentum and continued to advance steadily throughout the day. The KSE-100 Index reached an intraday high of 187,015 and a low of 184,897, before settling at 186,519, marking a solid gain of 1,457 points. Trading activity remained robust, with total volumes clocking in at 569.5 million shares and an estimated turnover of PKR 66.1 billion.
  • The rally was primarily driven by significant contributions from HUBC (4.2%, 296 points), PPL (2.6%, 142 points), ENGROH (1.6%, 135 points), MCB (2.1%, 127 points), and MEBL (1.3%, 94 points). On the volume front, KEL and BOP led market participation, recording traded volumes of 77.9 million and 54.5 million shares, respectively.
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: 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 Market Wrap: KSE-100 closes at 182,408 up 3,373 points – By Alpha-Akseer Research

Jan 5 2026


Alpha Capital


  • The equity market opened on a strong positive note and maintained its momentum throughout the trading session. The KSE-100 Index touched an intraday high of 183,964 and a low of 179,535 before closing at 182,408, marking a gain of 3,373 points for the day. Market participation remained robust, with total volumes reaching 633.1 million shares and an estimated turnover of PKR 63.2 billion.
  • The rally in the index was driven primarily by gains in UBL (5.1%, 709 points), HBL (5%, 331 points), ENGROH (3.4%, 276 points), MCB (3.3%, 181 points), and EFERT (3.6%, 179 points). On the volume front, BOP and PIBTL led trading activity, with volumes of 95.5 million and 79.7 million shares, respectively.
Morning News: Urgent need to fast-track govt’s ambitious economic reforms: PM - By Alpha-Akseer Research

Jan 2 2026


Alpha Capital


  • In a forceful kick-off to 2026, Prime Minister Shehbaz Sharif on Thursday directed that ministries take immediate and decisive action, underscoring the urgent need to fast-track the government’s ambitious economic reforms aimed at steering the country’s faltering economy back on track.
  • In a bold move to tackle the country’s crippling energy crisis, Prime Minister Shehbaz Sharif on Thurs day called for an urgent and aggressive push to explore and extract new oil and gas reserves, warning that continued reliance on costly petroleum imports is unsustainable.
Pakistan Market Wrap: KSE-100 closes at 174,054 down 418 points – By Alpha-Akseer Research

Dec 31 2025


Alpha Capital


  • The equity market opened strongly in positive territory but failed to maintain its early momentum. The KSE-100 Index recorded an intraday high of 175,233 and a low of 173,564 before settling at 174,054, down 418 points for the session. Market activity remained moderate, with total traded volume at 413.5 million shares and an estimated turnover of PKR 33 billion.
  • The index’s decline was primarily driven by LUCK (-2.5%, -184 points), FFC (-1%, -165 points), NBP (-1.6%, -69 points), DGKC (-3.7%, -65 points), and CHCC (-4.6%, -59 points). In terms of volumes, KEL and PIBTL led market activity with traded volumes of 96 million and 47.5 million shares, respectively.