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.
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.
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.
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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