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.