Pakistan Economy: Pakistan’s Economy Update 1QFY26 – By AHCML Research

Dec 31 2025


Al Habib Capital Markets


  • Pakistan's economy showed vigorous improvement in the 1QFY26, achieving GDP growth of 3.71%YoY. This represents a notable uptick compared to the 1.56% growth observed in the corresponding period of the prior fiscal year. The revival was largely fueled by a robust 9.38% rise in the industrial sector, accompanied by moderate agricultural growth of 2.89% and a stable 2.35% expansion in services.
  • The annual GDP growth rate for FY25 has been adjusted upward to 3.09%, a slight increase from the 3.04% approved in the 114th National Accounts Committee meeting. This revision underscores a marginally stronger economic performance than initially assessed.
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: 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: Evening Chronicle – By AHCML Research

Jan 1 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index posted a strong rebound, surging to an intraday high of 176,658.38 before closing at an all-time high of 176,355.49 and registering a gain of 2,301.17 points (1.32%). The rally was driven by broad- based buying, led primarily by Commercial Banks and Oil & Gas stocks, alongside selective strength in cement, fertilizer, and power sectors.
  • Positive sentiment prevailed on the eve of the new year, with fresh fund allocations for investment plans contributing to the momentum. On the macroeconomic front, headline inflation eased to 5.6%YoY in Dec’25, within the Ministry of Finance’s projected range, while the FBR’s provisional tax collection for the 1HFY26 stood at PKR 6,154 billion, falling short of the target by PKR 336 billion. In terms of index contribution, UBL, OGDC, ENGRO, HBL, and MEBL emerged as key drivers, collectively adding 1,086.27 points to the benchmark. On the volumes front, KEL led activity with 372.71 million shares, while overall market turnover stood at 1,399.85 million shares, reflecting healthy participation
Pakistan Economy: Pakistan’s Economy Update 1QFY26 – By AHCML Research

Dec 31 2025


Al Habib Capital Markets


  • Pakistan's economy showed vigorous improvement in the 1QFY26, achieving GDP growth of 3.71%YoY. This represents a notable uptick compared to the 1.56% growth observed in the corresponding period of the prior fiscal year. The revival was largely fueled by a robust 9.38% rise in the industrial sector, accompanied by moderate agricultural growth of 2.89% and a stable 2.35% expansion in services.
  • The annual GDP growth rate for FY25 has been adjusted upward to 3.09%, a slight increase from the 3.04% approved in the 114th National Accounts Committee meeting. This revision underscores a marginally stronger economic performance than initially assessed.
Morning News: Jul-Sept retail payments: Total value soars 6pc to Rs166trn QoQ – By AHCML Research

Dec 31 2025


Al Habib Capital Markets


  • Retail payments in Pakistan showed strong momentum during the first quarter of this fiscal year (FY26), with transaction volumes climbing to 2.8 billion, a 10 percent increase from the previous quarter, while the total value of payments rose 6 percent to PKR 166 trillion.
  • The government on Tuesday launched the country’s first-ever private-capital-funded Pakistan Skills Impact Bond (PSIB), backed by a guarantee from the Ministry of Finance to operationalize the inaugural Rs one billion pilot tranche of a three-year instrument to fund a wider and scalable Technical Skills Development Programme.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 30 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward momentum, reaching an intraday high of 174,805.15 before closing at a record 174,472.79, up 576.45 points (0.33%). Market sentiment was supported by Pakistan’s 1QFY26 GDP growth of 3.71%, according to the Federal Minister for Planning, Development, and Special Initiatives. Additionally, Pakistan plans to launch a Panda bond ahead of the Chinese New Year, says the Federal Minister of Finance and Revenue. Key contributors to the index were OGDC, UBL, PPL, PSO, and HUBC, adding a combined 576.45 points. TSBL led trading volumes with 57.46 million shares, while total market participation stood at 842.56 million shares.
Pakistan Economy: CPI for Dec’25 to clock in at 5.5% YoY – By AHCML Research

Dec 30 2025


Al Habib Capital Markets


  • Inflation for Dec’25 is likely to come in at 5.5% YoY, compared to same 6.1% YoY in Nov’25 and 4.1%YoY in the same period last year. On a monthly basis, CPI is expected to reduce 0.5%MoM, Headline inflation for Dec’25 is expected to ease the pace, primarily driven by a sharp decline in food prices, which make up 35% of the CPI basket.
  • Food inflation is projected at -1.2%MoM due to significant decline in the key food items, due to improving supply as it was hurt by flood in the country. Moreover, the easing POL product prices also to reduce the transport index. The upcoming Ramadan and Eid festival are expected to fuel inflation going forward.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 29 2025


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended its upward momentum, hitting an intraday high of 174,411.72 points before closing at a record 173,896.34, up 1,496 points (0.87%). Market sentiment was buoyed by reports of the UAE taking a $1 billion stake in the Fauji Foundation, according to Deputy Prime Minister. Additionally, Pakistan has emerged on the radar of U.S. firms for critical mineral exports, as reported by the Financial Times. Among major contributors were FFC, UBL, PTC, EFERT, and SYS, collectively adding 956.81 points to the index. WTL led trading volumes with 52.8 million shares, while total market participation stood at 855.26 million shares.
Pakistan Economy: UAE's Strategic Investment in Fauji Foundation Group – By AHCML Research

Dec 29 2025


Al Habib Capital Markets


  • This landmark deal represents a major strategic and financial shift for Pakistan. By converting a USD1.0bn UAE deposit into equity stakes within the Fauji Foundation Group, a diversified conglomerate with holdings in fertilizers, energy, food, and banking, Pakistan will erase a significant external liability from its books. This move, to be completed by March 31, 2026, directly eases pressure on the country's balance of payments and foreign exchange reserves. Furthermore, Pakistan has secured assurances for the rollover of an additional USD2bn loan due in 2026, providing crucial medium-term stability. For the United Arab Emirates, the transaction is a strategic pivot from short-term lending to long-term asset acquisition. It grants the UAE direct ownership in profitable, established companies that are central to Pakistan's economic infrastructure, particularly in strategic sectors like energy and food security.
  • This equity-based model transforms a financial claim into a tangible, revenue-generating investment within a key regional partner's economy, aligning with broader sovereign investment goals. The UAE's investment in the Fauji Foundation marks a major shift, bringing sovereign credibility and stable capital to its listed leaders like FFC, FCCL, MARI, and FFL. This partnership de-risks these companies, enhances their governance, and primes them for a valuation re-rating. The resulting surge in investor confidence is poised to positively impact the broader market, offering a compelling opportunity that combines established local market leadership with premier international financial backing.
Pakistan Strategy: Pakistan Investment Strategy 2026 – By AHCML Research

Dec 26 2025


Al Habib Capital Markets


  • The PSX is positioned for strong performance in CY26, driven by multiple tailwinds: a rotation from fixed income to equities, continued IMF support, greater political stability, an improved international image, and regional calm post-May '25 ceasefire. Further catalysts include expected defense agreements, declining CDS spreads, sovereign rating upgrades, moderating inflation, lower interest rates, a stable PKR/USD, and improving market liquidity. Growth is amplified by surging new PSX accounts and rising AUM in mutual funds. Trading at a deep discount to regional averages, the KSE-100 offers an attractive entry for alpha-seeking investors. We estimate the KSE-100 Index to reach 206,908 points by Dec’26. This upward trajectory will be driven by a projected 7.5% corporate earnings growth and a 6.0% dividend yield.
  • Pakistan's economy is on track for sustained recovery, with GDP growth projected at 3.2% in FY26 and 3.9% in FY27. This growth is supported by growth in Industrial and service sector as lower interest rates and a stable PKR reduced the cost of production. Inflation is expected to moderate to 7-8%YoY in FY26, aided by stability in PKR against USD, moderate commodity prices fluctuation and completion of major energy tariff adjustments.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 23 2025


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed another volatile session during the rollover week, touching an intraday high of 171,867.31 points before closing at 171,073.73, down 130.44 points (-0.08%) amid profit-taking. Selling pressure was evident across key sectors, particularly Cement, Fertilizer, Technology & IT Services, and Oil & Gas Exploration & Production, as investors trimmed exposure at elevated valuations.
  • On the sectoral front, the bid-opening process for the divestment of a 75% stake in Pakistan International Airlines (PIA) commenced, with two of the three pre-qualified bidders submitting offers above the minimum expected price of PKR 100bn. Among major laggards, ENGROH, FFC, SYS, LUCK, and OGDC which cumulatively shaved 352.32 points off the benchmark. In the volumes chart, PIAHCLA led activity with 45.03 million shares, while total market participation stood at 650.14 million shares.