Technical Outlook: KSE-100: Range bound activity witnessed – By AKD Research

Dec 24 2025


AKD Securities


  • The index opened on a strong note but moved within a narrow range throughout the session, posting an intraday high of 663 points and a low of 236 points. It ultimately closed 130 points lower at 171,074. Investor participation weakened, with trading volumes dropping by 27% compared to the previous session. The MACD remains bullish as it continues to trade above its signal line, having crossed above it 25 sessions ago. Since the MACD moved above its moving average, the Index has gained 6.30%, fluctuating between a high of 172,674.66 and a low of 160,564.84. Meanwhile, the daily Parabolic SAR is positioned below the current index level, indicating a continuation of the prevailing uptrend.
  • Technically, the immediate support is seen at 170,900 and a breach below this could extend the decline toward 170,300 and 169,800. Conversely, resistance is expected around 171,800, followed by 172,500 and 173,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
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.
Technical Outlook: KSE-100: Range bound activity witnessed – By AKD Research

Dec 24 2025


AKD Securities


  • The index opened on a strong note but moved within a narrow range throughout the session, posting an intraday high of 663 points and a low of 236 points. It ultimately closed 130 points lower at 171,074. Investor participation weakened, with trading volumes dropping by 27% compared to the previous session. The MACD remains bullish as it continues to trade above its signal line, having crossed above it 25 sessions ago. Since the MACD moved above its moving average, the Index has gained 6.30%, fluctuating between a high of 172,674.66 and a low of 160,564.84. Meanwhile, the daily Parabolic SAR is positioned below the current index level, indicating a continuation of the prevailing uptrend.
  • Technically, the immediate support is seen at 170,900 and a breach below this could extend the decline toward 170,300 and 169,800. Conversely, resistance is expected around 171,800, followed by 172,500 and 173,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Upward ride continues – By AKD Research

Dec 19 2025


AKD Securities


  • The index began the session on a strong footing and maintained its bullish bias throughout the day, reaching an intraday high of 1,935 points. It eventually closed with a hefty gain of 1,647 points at 171,961. Investor participation eased, as trading volumes slipped by 10% compared to the previous session. KSE100 ended the day 11.1% below the upper Bollinger Band, while the bands themselves are 3.36% wider than normal. The MACD remains bullish, trading above its signal line, which it crossed 22 sessions ago. Since that crossover, the Index has advanced 6.85%, moving within a range of 172,249 on the upside and 160,565 on the downside.
  • Technically, the immediate support is seen at 171,500 and a breach below this could extend the decline toward 170,800 and 170,300. Conversely, resistance is expected around 172,500, followed by 173,100 and 173,900. It is recommended to accumulate positions on weakness with risk defined below support zone.
Morning News: KSE-100: Making a higher high – By AKD Research

Dec 16 2025


AKD Securities


  • The index opened on a strong note and witnessed increased volatility during the session, touching an intraday high of 1,137 points. It ultimately settled at 170,741, registering its highest-ever close with a gain of 877 points. Market participation strengthened, as trading volumes jumped by 33% compared to the previous session. The Index is currently trading 22.5% above its 200-period moving average, indicating a clear upward trend. There is a likelihood of rising volatility and sharp price swings in the near term. Volume indicators show moderate in flows into the Index, suggesting a mildly bullish undertone. Trend forecasting oscillators remain bullish and have maintained this stance for the past 13 trading sessions.
  • Technically, the immediate support is seen at 170,200 and a breach below this could extend the decline toward 169,700 and 169,300. Conversely, resistance is expected around 171,100, followed by 171,500 and 172,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Closed at historic high – By AKD Research

Dec 10 2025


AKD Securities


  • The index opened on solid ground and carried its bullish momentum through the session, touching an intraday high of 1,298 points. It wrapped up the day with a strong gain of 1,153 points, closing at 169,456. Investor interest strengthened noticeably, as trading volumes jumped 32% from the previous session. A long lower shadow emerged on the candle, a typically bullish signal. Over the last 10 sessions, the market has posted 6 positive and 4 negative closings, signaling a mild upside bias. The index also opened with an upside gap on healthy volumes which is an indication that raises the likelihood of a runaway gap, often indicative of a sustained continuation in trend.
  • Technically, the immediate support is seen at 169,000 and a breach below this could extend the decline toward 168,300 and 167,800. Conversely, resistance is expected around 170,000, followed by 170,700 and 171,500. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Bullish session amid improved volumes – By AKD Research

Dec 8 2025


AKD Securities


  • The index began the day on a strong footing and stayed bullish throughout the previous session, reaching an intraday high of 1,640 points. It eventually closed with a mild gain of 802 points at 167,086. Market participation strengthened, as trading volumes rose by 35% from the prior session. KSE100 is currently trading 21.4% above its 200-period moving average, indicating a continued upward trend. Volatility remains extremely low relative to the average over the last 10 sessions. Volume indicators show moderate inflows into the Index, reflecting a mildly bullish tone. Trend-forecasting oscillators also remain bullish and have maintained this stance for seven consecutive periods.
  • Technically, the immediate support is seen at 166,500 and a breach below this could extend the decline toward 165,800 and 165,100. Conversely, resistance is expected around 167,800, followed by 168,500 and 169,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Low volumes given little price action – By AKD Research

Dec 5 2025


AKD Securities


  • The index started the day on a strong note but became volatile as trading progressed, hitting an intraday high of 672 points and a low of 259 points. It ultimately closed with a modest gain of 138 points at 166,284. Market participation declined, with trading volumes falling by 35% compared to the previous session. Over the past 10 sessions, the market has seen 4 positive closes and 6 negative closes, resulting in a net of 2 negative sessions. Volume indicators show moderate inflows into the Index, reflecting a slightly bullish tone. Trend forecasting oscillators remain bullish and have maintained this stance for the past six sessions.
  • Technically, the immediate support is seen at 165,800 and a breach below this could extend the decline toward 165,200 and 164,500. Conversely, resistance is expected around 166,800, followed by 167,500 and 168,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Pakistan Cements: Cement offtakes fall on weaker exports – By AKD Research

Dec 3 2025


AKD Securities


  • Cement offtakes declined by 3%YoY to 4.14mn tons during Nov’25, driven by 27%YoY fall in exports.
  • Industry-wide utilization declined to 60% (-2.0ppts YoY), compared to 62% in SPLY.
  • We expect domestic cement dispatches to increase by 7.3%YoY in FY26 and 8.4% YoY in FY27, mainly driven by a revival in domestic activity, given the fall in interest rates.
Technical Outlook: KSE-100: Profit taking witnessed – By AKD Research

Dec 3 2025


AKD Securities


  • The index began the session on a strong note but turned volatile as the day progressed, registering an intraday high of 1,227 points and a low of 616 points. It eventually reversed earlier gains and closed with a decline of 420 points at 167,642. Market participation softened slightly, with trading volumes falling by 5% from the previous session. The Index touched a two-month high where profit-taking kicked in, erasing all intraday gains at one stage. It closed 1.3% below the upper Bollinger Band, while the Bands themselves are just 0.13% wider than usual. Over the last 10 sessions, the market has posted 6 positive and 4 negative closings. The MACD remains bullish, trading above its signal line since the last 10 sessions. Since turning bullish, the Index has gained 4.17% and moved between 169,289 and 160,565.
  • Technically, the immediate support is seen at 167,100 and a breach below this could extend the decline toward 166,800 and 166,300. Conversely, resistance is expected around 168,200, followed by 168,800 and 169,600. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Continues to surge – By AKD Research

Dec 2 2025


AKD Securities


  • The index started the session on a strong note and saw volatility throughout the day, marking an intraday high of 1,569 points and a low of 653 points. It eventually closed with a robust gain of 1,384 points at 168,062. Market participation ticked up slightly, with trading volumes increasing by 4% compared to the previous session. The Index remains 23.1% above its 200-period moving average, maintaining its broader uptrend. There are signs that volatility may pick up ahead, potentially bringing sharper price swings. Volume indicators suggest balanced inflows and outflows, while trend forecasting oscillators remain bullish, a stance they have maintained for the past three sessions.
  • Technically, the immediate support is seen at 167,700 and a breach below this could extend the decline toward 167,100 and 166,800. Conversely, resistance is expected around 168,400, followed by 168,800 and 169,600. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Strong bullish continuation – By AKD Research

Dec 1 2025


AKD Securities


  • The index opened strongly and maintained its upward trajectory throughout the session, hitting an intraday high of 1,632 points. It ultimately finished with a solid increase of 1,304 points at 166,678. Market activity strengthened notably, with trading volumes jumping 69% from the previous session. A rising window was formed, typically indicating continued bullish momentum. With 5 rising windows recorded in the last 50 sessions, this latest one further reinforces the bullish outlook. Among momentum indicators, the RSI (Relative Strength Index) is currently showing a reading of 63.35.
  • Technically, the immediate support is seen at 166,500 and a breach below this could extend the decline toward 166,100 and 165,600. Conversely, resistance is expected around 167,000, followed by 167,700 and 168,400. It is recommended to accumulate positions on weakness with risk defined below support zone.