Morning News: Oil Heads for Weekly Surge on Venezuela Blockade, Nigeria Strike – By Spectrum Research

Dec 26 2025


Spectrum Securities


  • Oil headed for the biggest weekly gain since late October, as traders tracked a partial US blockade of crude shipments from Venezuela and a military strike by Washington against a militant group in Nigeria.
  • Pakistan’s power sector has been at the crossroads for a while, facing an array of challenges, and grappling with a mix of financial, operational as well as policy issues. Escalating capacity payments only add to the worries.
Technical Outlook: KSE-100: Short term indicators are overbought – By JS Research

Jan 7 2026


JS Global Capital


  • KSE-100 index witnessed another positive session to close at 185,062 level, up 2,654 points DoD. Volumes stood at 1,306mn shares versus 1,384mn shares traded previously. The index is expected to test resistance between 185,480 and 186,875 levels as a break above that will target 188,870 level. However, any downside will find support within 182,335-183,910 range. 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 182,335 and 186,635 levels, respectively.
Morning News: Oil Declines as Trump Says Venezuela Will Give Some Crude to US – By Shajar Research

Jan 7 2026


Shajar Capital


  • Oil extended losses after Washington moved to exert greater control over Venezuela’s oil industry, with President Donald Trump saying the country would turn over millions of barrels of crude to the US. (Bloomberg)
  • The record-breaking global stock rally stalled in Asia as Japanese equities slipped amid rising tensions with China. (Bloomberg)
Morning News: Senate delegation to undertake rare US visit – By Vector Research

Jan 7 2026


Vector Securities


  • A high-level Senate delegation led by Deputy Chairman Syedaal Khan will pay an official visit to the United States from January 20 to 25, 2026, the Senate Secretariat announced on Tuesday, against the backdrop of a broader thaw in Pakistan-US relations over the past year. The Secretariat described the visit as a "historic milestone" in Pak-US parliamentary relations, marking the "beginning of a new institutional chapter in bilateral engagement". (ET)
  • A committee formed by Prime Minister Shehbaz Sharif has recommended 5% voluntary ethanol blending with petrol based on commercial viability and in consultation with oil marketing companies. Oil industry officials point out that the current ethanol production from sugarcane crushing stands at only 400,000 to 450,000 tons per year. Ethanol exports from Pakistan have been used for blending to produce E10-E15 fuel. At present, most of the ethanol produced in the country is exported due to price incentives. (ET)
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: Evening Chronicle – By AHCML Research

Jan 6 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended its upward momentum, reaching an intraday high of 185,481.45 points before closing at a new all-time high of 185,062.10, up 2,653.87 points (+1.45%). Market sentiment remained strong, supported by net buying over the last seven sessions from Banks (USD 44mn), Companies (USD 18mn), Brokers (USD 6.5mn), and Mutual Funds (USD 5.2mn). Moreover, a PKR345bn decline in government debt stocks over the past five months, the Prime Minister’s call for greater access to loans for SMEs and PKR820bn weekly increase in M2 were also supported the positive activity in the stock market. Heavyweights, including MCB, UBL, MEBL, HBL, and LUCK were the key index drivers, collectively contributing 1,898.22 points. KEL led trading volumes with 109.62 million shares, while overall market participation reached 1,300.56 million shares.
Pakistan Market Wrap: Evening Note – By Vector Research

Jan 6 2026


Vector Securities


  • Evening Note.
Pakistan Cement: Demand remains strong – By Foundation Research

Jan 6 2026


Foundation Securities


  • Cement sector dispatches rose by 2.3% YoY in Dec’25 to 4.3Mn tons, while capacity utilization increased to a mere of 59.1% vs. a muted 57.4% in the SPLY. Despite winter season, local sales exhibited a surge of 7.4% YoY to 3.7Mn tons, showing demand recovery trend amid improved macros. However, exports declined by a sizable 20.7% YoY to reach 0.6Mn tons. Decline in exports were on account of high base effect from South exports, absence of North exports due to Afghan border closure and compensating rise in domestic demand post floods.
  • Demand continues its uptrend where local dispatches grew by 4.9% MoM despite the winter season as historically cement sales dip during these months. Local demand continued to show early signs of recovery in the aftermath of floods, aided by improved macros. However, exports were significantly impacted, owing to Afghan border closure given absence of North exports and improved local sales.
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 Cement: Local dispatches up 6%, exports remain under pressure – By JS Research

Jan 6 2026


JS Global Capital


  • Cement dispatches clocked in at 4.35mn tons in Dec-2025, reflecting a modest growth of 1% YoY, as a 6% YoY increase in local dispatches was largely offset by a 21% YoY decline in exports, primarily due to nil exports from North-based players amid the Afghan border closure.
  • In 1HFY26, total cement dispatches increased by 10% YoY, led by a 13% YoY rise in local dispatches, while exports saw a marginal decline of 4% YoY due to a 19% YoY drop in North region exports, with Southern region exports remaining flat YoY.
Morning News: Oil Edges Higher with Ukraine Talks and China’s Pledge in Focus - By Spectrum Research

Dec 29 2025


Spectrum Securities


  • Oil tricked higher as US-led talks to end the war in Ukraine failed to yield a breakthrough, and China vowed to support growth next year.
  • Russia has almost doubled exports of liquefied petroleum gas in the January - November period to ex-Soviet republics in Central Asia and Afghanistan to 1.016 million metric tons, industry sources told Reuters on Friday.
  • The Federal Board of Revenue (FBR) has conveyed to the Inland Revenue officials that the amount of reward for meritorious services shall not be more than 24 salaries during the financial year in the case of each employee.
Morning News: Oil Heads for Weekly Surge on Venezuela Blockade, Nigeria Strike – By Spectrum Research

Dec 26 2025


Spectrum Securities


  • Oil headed for the biggest weekly gain since late October, as traders tracked a partial US blockade of crude shipments from Venezuela and a military strike by Washington against a militant group in Nigeria.
  • Pakistan’s power sector has been at the crossroads for a while, facing an array of challenges, and grappling with a mix of financial, operational as well as policy issues. Escalating capacity payments only add to the worries.
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.
Morning News: Oil Rises from Lowest Since October on Broader Market Optimism – By Spectrum Research

Dec 12 2025


Spectrum Securities


  • Oil rallied from its lowest close in almost two months, buoyed by bullishness in broader financial markets.
  • The tax machinery on Thursday told Prime Minister Shehbaz Sharif that it may miss the first half-year's downward revised target by Rs560 billion without support from the office of the attorney general, amid a warning by the Ministry of Finance about the implications of a huge revenue shortfall for government expenditure.
Morning News: Pakistan tells Afghanistan: Act against TTP or no trade – By Spectrum Research

Nov 17 2025


Spectrum Securities


  • The Foreign Office on Friday made it clear that no meaningful trade or economic engagement with Afghanistan can take place as long as the Afghan Taliban regime continues to harbour and support terrorist groups targeting Pakistan.
  • Oil prices fell in early Asian trade on Monday, erasing last week's gains, as loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack.
Morning News: Macroeconomic stability in FY25 – By Spectrum Research

Oct 17 2025


Spectrum Securities


  • The State Bank of Pakistan (SBP) Thursday said a prudent monetary policy stance and continued fiscal consolidation strengthened macroeconomic stability in FY25. Moreover, favourable global commodity prices and IMF’s Extended Fund Facility (EFF) further supported improvement in overall macroeconomic conditions.
  • Pakistan is actively working to diversify its international trade settlement mechanisms and promote the use of local currencies.
Morning News: Tighten fiscal, monetary policies, IMF tells Pakistan – By Spectrum Research

Oct 16 2025


Spectrum Securities


  • With the signing of a Staff Level Agreement (SLA), the IMF has asked Pakistan to continue tightening the fiscal and monetary policies as well as reducing intervention in commodity markets.
  • The International Monetary Fund (IMF) has projected an increase of 0.4 percent in Pakistan’s government net debt, increasing from 65.3 percent of GDP in 2025 to 65.7 percent in 2026. According to the IMF report “Fiscal Monitor, Spending Smarter: How Efficient and Well-Allocated Public Spending Can Boost Economic Growth,” the gross debt for the Pakistani government is projected to decrease from 71.6 percent of GDP in 2025 to 71.3 percent in 2026. The Fund has projected a decline in government expenditure from 21.1 percent of GDP in 2025 to 20.4 percent in 2026. The government revenue is projected at 16.2 percent of GDP for 2026, against 15.7 percent for 2025and 12.7 percent during the same period of 2024. The Fund has projected the government’s primary balance at 2.5 percent for 2026 against 2.4 percent in 2025. Further, the government’s overall balance is projected at - 4.1 percent for 2026 against - 5.3 percent in 2025.
Morning News: Oil Holds Sharp Drop with Focus on Gaza Plan and Global Supply – By Spectrum Research

Oct 10 2025


Spectrum Securities


  • Oil held the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply.
  • In a striking courtroom admission, Supreme Court Justice Jamal Khan Mandokhail conceded on Thursday that all 24 judges of the country’s top court, whether “willingly or unwillingly,” have accepted the controversial 26th Constitutional Amendment.