Morning News: Economy expands 3.71pc in 1QFY26 – By HMFS Research

Dec 31 2025


HMFS Research


  • Pakistan’s economy grew by 3.71 per cent in the first quarter (July-September) of the current fiscal year, a sizable increase from 1.56pc recorded in the same period last year. However, the economy slowed down when compared with the 6.17pc expansion in the previous quarter (April-June), apparently due to weak consumer demand and the impact of monsoon floods weighing on overall economic activity, according to data released by the National Accounts Committee (NAC) on Tuesday. The year-on-year quarterly growth was mainly driven by a 9.38pc increase in the industrial sector, followed by 2.89pc growth in the agriculture sector and 2.35pc in the services sector. The combined performance of these three key sectors contributed significantly to the overall economic expansion during the quarter.
  • Pakistan and the Asian Development Bank (ADB) on Tuesday signed two major climate resilience initiatives amounting to USD 304.5 million. These initiatives include: i) the Sindh Coastal Resilience Sector Project (SCRP) amounting to USD 180.5 million, and ii) the Punjab Climate Resilient and Low Carbon Agriculture Mechanization Project amounting to USD 124 million. Muhammad Humair Karim, Secretary, Ministry of Economic Affairs, expressed his sincere appreciation for ADB’s role as a trusted development partner and its continued support to Pakistan in advancing climate resilience, sustainable agriculture, and inclusive growth. He highlighted that the Sindh Coastal Resilience Project will promote integrated water resources and flood risk management, restore nature-based coastal defenses, and strengthen institutional and community capacity for strategic action planning.
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.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 5 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, surging to a intraday high of 183,964.37 points before settling at a new all-time high of 182,408.23, up 3,373.30 points (1.88%). Market sentiment remained firmly positive, supported by strong fertilizer off-take data and expectations of a policy rate cut in the upcoming SBP Monetary Policy Committee meeting. On the macro front, Pakistan and China held the seventh round of their Strategic Dialogue, reaffirming bilateral cooperation, while the Prime Minister directed authorities to accelerate bank lending to SMEs. Heavyweights including UBL, HBL, ENGROH, MCB, and EFERT were the key index drivers, collectively contributing 1,676.53 points. BOP led volumes with 95.46 million shares; as overall market participation reached 1,377.51 million shares.
Pakistan Market Wrap: The benchmark index closed on a high note – By IIS Research

Jan 5 2026


Ismail Iqbal Securities


  • The benchmark index closed on a high note, once again registering fresh all time highs both intraday and at market close, as New Year optimism, strong liquidity driven buying, and ongoing asset class conversion continued to fuel market momentum. Trading volumes increased to 632mn shares today as compared to 512mn shares in the previous session. Today, the KSE-100 index gained 3,373 points to close at 182,408 level, up by 1.88% DoD. Commercial Banks, Fertilizer, and Cement sectors were the major contributors in today's session, cumulatively adding 2555 points to the index.
Pakistan Market Wrap: A New Summit for the KSE-100 Amid Broad-Based Optimism – By HMFS Research

Jan 5 2026


HMFS Research


  • The KSE-100 Index extended its strong bullish trajectory, scaling fresh highs during the session as investor confidence remained firmly anchored to supportive economic cues. The benchmark touched an intra-day peak of 183,964, driven by improving domestic indicators, a decline in global oil prices—positive for both inflation dynamics and overall economic stability—and renewed optimism following USD 2bn investment commitments from Azerbaijan. The index remained firmly in positive territory throughout the session, ultimately closing at 182,408, marking a gain of 3,373 points.
  • Market participation was robust, with 633mn shares traded on the KSE-100 and 1.38bn shares across the broader market. Volume leadership was seen in BOP (95mn), PIBTL (80mn), and KEL (75mn). Going forward, the prevailing momentum is expected to remain supportive of the benchmark, underpinned by constructive economic developments and improving investor sentiment. That said, elevated valuations may invite intermittent profit-taking, a natural feature of such sharp rallies. In this backdrop, investors are advised to maintain a disciplined approach, closely monitor market dynamics, and focus on fundamentally strong stocks with longterm growth potential.
Pakistan Fertilizers: Urea sales to report 2% YoY growth in CY25 – By JS Research

Jan 5 2026


JS Global Capital


  • As per provisional numbers for Dec-25, Urea off-take during the month is likely to post a noteworthy growth of 37% YoY, clocking in at 1.36mn tons. On the other hand, DAP off-take is likely to be down 42% YoY for the month. Cumulatively, Urea industry off-take to clock in at 6.7mn tons in CY25, up 2% YoY.
  • Company wise, FFC is expected to report Urea sales volume of 378k tons, up 1% YoY which includes 66k tons of granular Urea. EFERT, on the other hand, is likely to report sales of 644k tons (+56%YoY). While FATIMA is likely to report a volume of 259k tons, a 77% YoY jump.
  • Inventory levels are expected to decline to 0.3mn tons by Dec-25 end from 1.1mn in Nov-25, driven by stronger demand during Dec-2025 and the turnaround at FFC Plant-II, industry-wide production clocked in at ~520k tons.
Oil Marketing Companies (OMC): Volumetric growth rebounds – By Foundation Research

Jan 5 2026


Foundation Securities


  • Petroleum sales reversed the decline of last month to post positive growth of 6% YoY (down 5% MoM) at 1.4Mn tons despite decline in HSD sales of 4% YoY (down 19% MoM) given the 10-day dealer strike in Dec’25. Whereas MS/FO sales rose 11/40% YoY in the outgoing month. During 1HFY26, sales witnessed an increase of 2% YoY to 8.2Mn tons despite low utilization of FO. Company-wise analysis depicts that PSO/APL volumes fell 7/7% YoY, respectively, while WAFI/HASCOL volumes enhanced 10/9% YoY during Dec’25.
  • White oil: Domestic petroleum sales (ex-non Energy) depicted a 6% YoY incline during the month, while white oil sales climbed 4% YoY (down 9% MoM). Product wise, MS sales increased 11% YoY (up 3% MoM) to clock-in at 628K tons. Whereas, HSD sales dropped 4% YoY (down 19% MoM) to 553K tons during Dec’25. During 1HFY26, sales accelerated 2% YoY due to an increase of 3% YoY in White oil sales given improved macros. Whereas MS/HSD sales boosted 3/3% YoY in 1HFY26. Prices of MS/HSD moderated by 0.7/3.1% MoM to average Rs265.2/274.3/liter, respectively, during Dec’25.
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.
Technical Outlook: Bulls Take Charge: KSE-100 Climbs +3.85% in First Week of 2026 – By HMFS Research

Jan 2 2026


HMFS Research


  • The KSE-100 Index commenced the new year on a strong note, closing the first week of 2026 at 179,034.93 points. This marks a robust gain of 6,634.20 points, or +3.85%, reflecting renewed investor confidence and a resurgence of bullish sentiment.
  • Following a prolonged consolidation phase during November and December, where the market traded within a narrow range, the bulls have gradually regained momentum. This breakout aligns with expectations that the new calendar year would bring fresh liquidity, improved sentiment, and a strategic repositioning by institutional investors.
Pakistan Market Wrap: A New Summit for the KSE-100 Amid Broad-Based Optimism – By HMFS Research

Jan 5 2026


HMFS Research


  • The KSE-100 Index extended its strong bullish trajectory, scaling fresh highs during the session as investor confidence remained firmly anchored to supportive economic cues. The benchmark touched an intra-day peak of 183,964, driven by improving domestic indicators, a decline in global oil prices—positive for both inflation dynamics and overall economic stability—and renewed optimism following USD 2bn investment commitments from Azerbaijan. The index remained firmly in positive territory throughout the session, ultimately closing at 182,408, marking a gain of 3,373 points.
  • Market participation was robust, with 633mn shares traded on the KSE-100 and 1.38bn shares across the broader market. Volume leadership was seen in BOP (95mn), PIBTL (80mn), and KEL (75mn). Going forward, the prevailing momentum is expected to remain supportive of the benchmark, underpinned by constructive economic developments and improving investor sentiment. That said, elevated valuations may invite intermittent profit-taking, a natural feature of such sharp rallies. In this backdrop, investors are advised to maintain a disciplined approach, closely monitor market dynamics, and focus on fundamentally strong stocks with longterm growth potential.
Technical Outlook: Bulls Take Charge: KSE-100 Climbs +3.85% in First Week of 2026 – By HMFS Research

Jan 2 2026


HMFS Research


  • The KSE-100 Index commenced the new year on a strong note, closing the first week of 2026 at 179,034.93 points. This marks a robust gain of 6,634.20 points, or +3.85%, reflecting renewed investor confidence and a resurgence of bullish sentiment.
  • Following a prolonged consolidation phase during November and December, where the market traded within a narrow range, the bulls have gradually regained momentum. This breakout aligns with expectations that the new calendar year would bring fresh liquidity, improved sentiment, and a strategic repositioning by institutional investors.
Morning News: Inflation in Pakistan clocks in at 5.6% in December 2025: - By HMFS Research

Jan 2 2026


HMFS Research


  • Pakistan’s headline inflation clocked in at 5.6% on a year-on-year (YoY) basis in December 2025, showed Pakistan Bureau of Statistics (PBS) data on Thursday, a reading in line with the Ministry of Finance estimate of 5.5-6.5%. The consumer price index (CPI) was recorded at 6.1% in November 2025. The CPI stood at 4.1% in December 2024. On a month-on-month basis, it decreased by 0.4% in December 2025, as compared to an increase of 0.4% in the previous month and an increase of 0.1% in December 2024. This takes the 6MFY26 inflation reading at 5.15% against 7.22% in 6MFY25.
  • In a bold move to tackle the country’s crippling energy crisis, Prime Minister Shehbaz Sharif on Thursday 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. harif made it clear that Pakistan must shift its focus towards domestic energy production or risk deeper economic challenges. “We can no longer afford to rely on expensive imports,” he stated, underscoring the need for swift action. He also called for a digital overhaul of the oil and gas supply chain, from importation to the end consumer, highlighting how this will not only increase efficiency but also tackle the rampant smuggling of petroleum products. The meeting was briefed on recent developments in the oil and gas sector, with officials highlighting a significant discovery by the Oil and Gas Development Company Ltd. (OGDCL), with an estimated 4,100 barrels of oil set to be extracted daily.
Pakistan Market Wrap: New Year, New Highs: Bulls Carry Momentum into 2026 – By HMFS Research

Jan 1 2026


HMFS Research


  • The KSE-100 Index scaled fresh highs at the start of the new calendar year, extending its bullish run as the benchmark touched an intra-day peak of 176,658. Momentum remained firmly intact throughout the session, underpinned by easing inflationary pressures—December 2025 CPI came in at 5.6%—alongside a reduction in petroleum prices, which collectively supported risk appetite across equities. The index ultimately closed at 176,355, marking a solid gain of 2,301 points for the day. Sectoral leadership came from Banking and E&P stocks, which provided the bulk of the upward thrust.
  • Market participation was notably strong, with volumes rising to 799mn shares on the KSE-100 and 1.40bn shares across the broader market. Activity was concentrated in KEL (373mn), PIBTL (140mn), and BOP (55mn). Looking ahead, the government’s reform-driven policy framework is anticipated to enhance economic resilience, underpinning investor confidence and supporting equity market expansion. While the prevailing trend remains constructive, elevated valuations at current levels may invite intermittent profit-taking. Nonetheless, sustained interest from investors seeking strategic positioning suggests the market’s broader trajectory remains intact. Investors are advised to remain composed amid short-term fluctuations and focus on fundamentally strong names with long-term growth visibility.
Pakistan Market Wrap: KSE-100 Ends Year Lower Despite Historic Intra-Day High – By HMFS Research

Dec 31 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) closed the final session of the year on a softer note, capping off a volatile trading day marked by early optimism and subsequent profit-taking. The benchmark KSE-100 Index opened firmly and surged to an intraday high of 175,232.90, crossing the 175,000 level for the first time in history. However, the rally proved short-lived as investors moved swiftly to lock in gains, particularly following the strong year-end performance. Selling pressure emerged soon after the opening surge and intensified through the late morning session, dragging the index to an intraday low of 173,564. At close, the KSE-100 Index settled at 174,054, down 418 points on a day-on-day basis. Despite the index decline, market activity remained steady. Volumes stood at 414mn shares on the benchmark index, while 955mn shares were traded on the broader All-Share index, underscoring sustained investor participation.
  • Among individual names, KEL (96mn shares), PIAHCLA (62mn), and PIBTL (48mn) led the activity chart. Going forward, near-term market direction is likely to remain range-bound and selective, as investors reassess valuations following the sharp rally seen over recent weeks. With key macro triggers largely priced in, incremental upside may now hinge on earnings visibility, sector specific developments, and clarity on policy continuity into the new year. From an investment standpoint, we advise investors to avoid chasing momentum at elevated levels and instead use volatility-driven pullbacks to accumulate fundamentally strong stocks with earnings resilience and balance sheet strength.
Morning News: Economy expands 3.71pc in 1QFY26 – By HMFS Research

Dec 31 2025


HMFS Research


  • Pakistan’s economy grew by 3.71 per cent in the first quarter (July-September) of the current fiscal year, a sizable increase from 1.56pc recorded in the same period last year. However, the economy slowed down when compared with the 6.17pc expansion in the previous quarter (April-June), apparently due to weak consumer demand and the impact of monsoon floods weighing on overall economic activity, according to data released by the National Accounts Committee (NAC) on Tuesday. The year-on-year quarterly growth was mainly driven by a 9.38pc increase in the industrial sector, followed by 2.89pc growth in the agriculture sector and 2.35pc in the services sector. The combined performance of these three key sectors contributed significantly to the overall economic expansion during the quarter.
  • Pakistan and the Asian Development Bank (ADB) on Tuesday signed two major climate resilience initiatives amounting to USD 304.5 million. These initiatives include: i) the Sindh Coastal Resilience Sector Project (SCRP) amounting to USD 180.5 million, and ii) the Punjab Climate Resilient and Low Carbon Agriculture Mechanization Project amounting to USD 124 million. Muhammad Humair Karim, Secretary, Ministry of Economic Affairs, expressed his sincere appreciation for ADB’s role as a trusted development partner and its continued support to Pakistan in advancing climate resilience, sustainable agriculture, and inclusive growth. He highlighted that the Sindh Coastal Resilience Project will promote integrated water resources and flood risk management, restore nature-based coastal defenses, and strengthen institutional and community capacity for strategic action planning.
Morning News: Oil falls $1 on supply glut: - By HMFS Research

Dec 29 2025


HMFS Research


  • Oil prices fell by more than $1 a barrel on Friday as investors weighed a looming global supply glut and a reduced war risk premium, amid hopes of a Ukraine peace deal ahead of talks this weekend between Ukrainian President Volodymyr Zelensky and US President Donald Trump. Brent crude futures fell $1.03 or 1.65pc to $61.21 per barrel by 11:42am EDT (1642 GMT). US West Texas Intermediate (WTI) crude fell $1.05 or 1.8pc to $57.30.
  • Amid improving fiscal space, the International Monetary Fund (IMF) has projected a declining Public Sector Development Programme (PSDP), rising defence spending and generally stabilising interest payments from the current year onwards through the fiscal year 2030. IMF projections show that interest payments for the last fiscal year (FY25) were originally estimated at 7.7 per cent of GDP but ended at 7.8pc. For the current year, the Fund has revised its estimate to 6.5pc of GDP from 6.7pc in view of lower policy rates. Based on detailed interactions with the government as part of the second review of its $7 billion Extended Fund Facility, the IMF said the PSDP expenditure, originally estimated at 0.9pc of GDP in FY25, had been contained to 0.7pc to make up for the revenue shortfalls. The PSDP has been estimated to stay unchanged at 0.7pc for the current year. Conversely, the size of defence expenditure would make a comeback both in absolute terms and as a share of the national economy.
Pakistan Market Wrap: Muted Activity Keeps KSE-100 in Consolidation Mode – By HMFS Research

Dec 24 2025


HMFS Research


  • The benchmark index endured a relatively subdued session today, trading within a narrow range as investor activity remained largely cautious. The market oscillated between an intraday high of +514 points and a low of -433 points, reflecting a lack of conviction on either side. By close, the index shed 244 points, settling at 170,830, as mild profit-taking capped any upside momentum. Trading volumes offered little support to sentiment, remaining unremarkable with 320mn shares exchanged on the benchmark index and 809mn shares on the All-Share.
  • Activity was concentrated in PIBTL (62mn), BOP (61mn), and PIAHCLA (54mn), indicating selective interest rather than broad-based participation. Going forward, the market’s range-bound behavior underscores growing investor hesitancy near record levels, with participants awaiting clearer macro cues, policy direction, and corporate triggers before committing fresh capital. The absence of strong follow through buying suggests upside may remain capped in the near term unless supported by incremental positive developments. Investors are advised to adopt a selective and disciplined approach, focusing on fundamentally strong names with earnings visibility, while remaining mindful of near-term volatility and potential consolidation at elevated index levels.
Pakistan Market Wrap: KSE-100 Consolidates Near Record Levels Amid Cautious Trading – By HMFS Research

Dec 22 2025


HMFS Research


  • The KSE-100 Index remained largely range-bound, indicating consolidation after the recent record-setting rally. The benchmark opened higher and gained traction in early trade, touching an intraday high of 763 points on selective buying in indexheavy stocks. However, the move lacked sustainability as investors adopted a cautious stance at elevated levels, leading to mild profit-taking and sideways movement for the rest of the session.
  • The index closed at 171,204 points, down 200 points, reflecting a pause in momentum rather than a shift in the broader trend. Market activity stayed moderate, with KSE-100 volumes at 327mn shares and total market volumes at 682mn shares, signaling measured participation. Trading interest remained concentrated in a few names, led by KEL with 113mn shares, followed by TPLRF1 (49mn shares) and PIAHCLA (29mn shares), underscoring continued rotation within speculative and high-beta stocks. Going forward, market direction is likely to hinge on incremental triggers, with consolidation at current levels viewed as healthy in the context of improving macro fundamentals. Investors are advised to remain vigilant and focus on fundamentally strong stocks that offer sustainable long-term growth potential.
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