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.
Pakistan Market Wrap: KSE-100Dips as Investors Lock Profits Amid Global Tensions – By HMFS Research

Feb 19 2026


HMFS Research


  • The KSE-100 index endured intense selling pressure today as investors aggressively moved to lock in gains, resulting in a sharp and broad-based correction across the equity market. The benchmark plunged to an intra-day low of 7,206 points, with heavyweights from the fertilizer, banking, and E&P sectors leading the downturn. Escalating geopolitical tensions between the US and Iran dampened investor sentiment, triggering widespread profit-taking and amplifying volatility. By the close of the session, the index settled at 172,170, marking a record decline of 6,683 points (down 3.74%) from the previous day’s close.
  • Trading activity remained relatively moderate, with volumes recorded at 229mn shares on the KSE-100 index and 540mn shares in the overall market. The day’s volume leaders included WTL (84mn), KEL (62mn), and TSBLR1 (46mn). Going forward, market direction is likely to remain contingent upon geopolitical developments and evolving domestic economic indicators. Additionally, forthcoming result announcements from blue-chip companies could provide selective support to the benchmark. In this environment, investors are advised to remain vigilant, carefully assess market dynamics, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • The benchmark index closed on a sharply negative note, declining from the outset amid global uncertainty and rising oil prices, which weighed on investor sentiment. Trading volumes decreased to 229mn shares today as compared to 425mn shares in the previous session. Today, the KSE-100 index lost 6,683 points to close at 172,170 level, down by -3.74% DoD. Banks, Cement, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 3506 points from the index.
Pakistan Market Wrap: KSE-100 closes at 172,170 down 6,683 points – By Alpha-Akseer Research

Feb 19 2026


Alpha Capital


  • The equity market commenced the session on a negative footing and remained under sustained selling pressure throughout the day. The KSE-100 Index witnessed significant intraday volatility, fluctuating between 171,647 and 179,280 before settling at 172,170—down 6,683 points at close. Total traded volume on the main board reached 215.5 million shares, with an aggregate value of PKR 21.2 billion.
  • Key contributors to the index decline included FFC (-3.3%, - 539 points), ENGROH (-3.8%, -350 points), UBL (-2.4%, -347 points), OGDC (-4.7%, -302 points), and PPL (-5.5%, -298 points). On the activity front, KEL and BOP dominated volumes, with 58.8 million and 28.1 million shares traded, respectively.
Attock Cement Pakistan Limited (ACPL): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • Attock Cement Pakistan Limited is scheduled to announce its 2QFY26 results on 23 February, 2026 and is expected to report a PAT of PKR 1,027 million (EPS: PKR 7.48), up 76.8% YoY, driven by higher retention prices, volumetric growth, and the addition of a 4.8MW wind mill.
  • Sales revenue for the quarter is expected to reach PKR 11,622 mn, up 30.20% YoY.
Pakistan Market Wrap: Evening Note – By Vector Research

Feb 18 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 18 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index opened on a positive note, hitting an intraday high of 178,974 before closing at 178,853, up 5,702.68 points (+3.29%). The rally was driven by broad-based buying in the commercial banks, power generation, fertilizer, cement, and technology sectors.
  • Sentiment was supported by a $121 million current account surplus in Jan 2026, improving LSM growth during 1HFY26 to 4.82%, along with easing geopolitical tensions after Iran stated that good progress had been made in nuclear talks with the US. In terms of index contribution, UBL, HBL, MEBL, NBP, and MCB collectively added 2,698.54 points. On the volume front, KEL led trading with 116.97 million shares, while total market turnover stood at 693.28 million shares.
Pakistan Fertilizers: Demand Slump Masks Strong Cumulative Rabi Performance; Urea Surpluses Persist – By HMFS Research

Feb 18 2026


HMFS Research


  • January's sharp offtake declines — while jarring on a standalone basis — should be contextualized against the unusually strong frontloading seen in Oct–Dec 2025, which inflated the base. Cumulative Rabi urea offtake of 2,744K tones is running 12% ahead of last season, a constructive signal for fertilizer companies' top lines. The structural concern remains DAP demand destruction, now down 23% on a Rabi cumulative basis, likely reflecting farmer affordability pressures and substitution toward cheaper nitrogen sources. We believe elevated closing urea stocks (~602K tones) cap near-term upside on pricing but support volume visibility into Kharif.
  • In product terms, urea offtake of 218K tones was down 51.1% Y/Y and DAP at 39K tones declined 35.8% Y/Y. Both miss comfortably on any historical comparison, though we flag that the January 2025 base was itself elevated relative to seasonal norms
Pakistan Market Wrap: KSE-100 closes at 178,853 up 5,703 points – By Alpha-Akseer Research

Feb 18 2026


Alpha Capital


  • The equity market opened on a robust note and maintained its upward momentum throughout the session. The KSE-100 Index experienced notable intraday volatility, trading within a range of 174,329 to 178,974 before closing at 178,853—registering an impressive gain of 5,703 points. Total volume on the main board stood at 424.6 million shares, with a cumulative value of PKR 42.3 billion.
  • The rally was primarily driven by UBL (7.4%, 1,003 points), HBL (10%, 600 points), MEBL (5.9%, 422 points), NBP (8.7%, 370 points), and MCB (5.5%, 304 points). In terms of trading activity, KEL and BOP led the volume chart, with 117 million and 71 million shares exchanged, respectively.
Pakistan Economy: Jan’26 Surpluses, Built on Remittances and Import Compression – By AHCML Research

Feb 18 2026


Al Habib Capital Markets


  • Pakistan's Current Account has recorded third month of the year surpluses of USD 121mn in Jan’26, a sharp reversal from the deficit in Dec’25. However, over the 7MFY26 (July-Jan), the current account deficit stands at USD1,074mn, a staggering deterioration from the USD 564mn surplus recorded in the same period last year.
  • In Jan’26, the goods trade deficit stood at USD 2,591mn. Exports fell by 8.7%YoY to USD 2,746mn (from USD 3,008mn in Jan’25), while imports declined 2.6%YoY to USD 5,337mn (from USD 5,481mn) and 7%MoM from Dec-25's USD 5,737mn.
Pakistan Economy: Jan’26 CA posts a surplus of USD 121Mn – By Taurus Research

Feb 18 2026


Taurus Securities


  • Current Account (CA) for Jan’26 posted a surplus of USD 121Mn, as against a deficit of USD 265Mn in Dec’25. Cumulatively, 7MFY26 CAD clocked-in at ~USD 1Bn, up ~2.9x over the SPLY.
  • The surplus in Jan’26 can be attributed to: i) 13%MoM decline in the trade deficit due to 7%MoM contraction in goods imports; and ii) 25%MoM drop in the services deficit, respectively. Hence, the balance on goods & services was down 14%MoM.
Pakistan Market Wrap: KSE-100Dips as Investors Lock Profits Amid Global Tensions – By HMFS Research

Feb 19 2026


HMFS Research


  • The KSE-100 index endured intense selling pressure today as investors aggressively moved to lock in gains, resulting in a sharp and broad-based correction across the equity market. The benchmark plunged to an intra-day low of 7,206 points, with heavyweights from the fertilizer, banking, and E&P sectors leading the downturn. Escalating geopolitical tensions between the US and Iran dampened investor sentiment, triggering widespread profit-taking and amplifying volatility. By the close of the session, the index settled at 172,170, marking a record decline of 6,683 points (down 3.74%) from the previous day’s close.
  • Trading activity remained relatively moderate, with volumes recorded at 229mn shares on the KSE-100 index and 540mn shares in the overall market. The day’s volume leaders included WTL (84mn), KEL (62mn), and TSBLR1 (46mn). Going forward, market direction is likely to remain contingent upon geopolitical developments and evolving domestic economic indicators. Additionally, forthcoming result announcements from blue-chip companies could provide selective support to the benchmark. In this environment, investors are advised to remain vigilant, carefully assess market dynamics, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • The benchmark index closed on a sharply negative note, declining from the outset amid global uncertainty and rising oil prices, which weighed on investor sentiment. Trading volumes decreased to 229mn shares today as compared to 425mn shares in the previous session. Today, the KSE-100 index lost 6,683 points to close at 172,170 level, down by -3.74% DoD. Banks, Cement, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 3506 points from the index.
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research

Feb 19 2026


Topline Securities


  • We reiterate our BUY stance on Oil and Gas Development Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a total return of 48% (including dividend yield of 5%). The stock was highlighted as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then, OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
  • This is despite a recent correction of 12.1% in the stock price over the last one month, amid concerns surrounding the Reko Diq project, which we believe have overplayed.
Pakistan Market Wrap: KSE-100 closes at 172,170 down 6,683 points – By Alpha-Akseer Research

Feb 19 2026


Alpha Capital


  • The equity market commenced the session on a negative footing and remained under sustained selling pressure throughout the day. The KSE-100 Index witnessed significant intraday volatility, fluctuating between 171,647 and 179,280 before settling at 172,170—down 6,683 points at close. Total traded volume on the main board reached 215.5 million shares, with an aggregate value of PKR 21.2 billion.
  • Key contributors to the index decline included FFC (-3.3%, - 539 points), ENGROH (-3.8%, -350 points), UBL (-2.4%, -347 points), OGDC (-4.7%, -302 points), and PPL (-5.5%, -298 points). On the activity front, KEL and BOP dominated volumes, with 58.8 million and 28.1 million shares traded, respectively.
Faysal Bank Ltd (FABL): 4QCY25 Result Review – By AKD Research

Feb 19 2026


AKD Securities


  • Faysal Bank Ltd (FABL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR6.7bn (EPS: PkR4.4) for the quarter, up 105%YoY/34% QoQ. The result is above our expectations due to higher than anticipated gain on sale of securities. In addition to the result, bank announced a final cash payout of PkR2.0/ sh, below our expectations of PkR2.5/sh, taking CY25 cash payout to PkR6.5/sh.
  • Net spread earned was recorded at PkR17.6bn in 4QCY25, down by 13%YoY/1% QoQ due to reduction in yields along with impact of MDR introduction on saving accounts.
D.G. Khan Cement Company Limited (DGKC): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • D.G. Khan Cement Company Limited is scheduled to announce its 2QFY26 results on 23 February 2026 and is expected to report a PAT of PKR 2,652 million (EPS: PKR 6.05), down 2.5% YoY.
  • Quarterly sales are projected at PKR 19,932mn, down 8.1% YoY, mainly due to lower exports after the Afghan border closure.
Attock Cement Pakistan Limited (ACPL): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • Attock Cement Pakistan Limited is scheduled to announce its 2QFY26 results on 23 February, 2026 and is expected to report a PAT of PKR 1,027 million (EPS: PKR 7.48), up 76.8% YoY, driven by higher retention prices, volumetric growth, and the addition of a 4.8MW wind mill.
  • Sales revenue for the quarter is expected to reach PKR 11,622 mn, up 30.20% YoY.
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Technical Outlook: KSE-100 expected to test resistance at the 50-DMA – By JS Research

Feb 19 2026


JS Global Capital


  • KSE-100 index showed sharp recovery to close at 178,853 level, up 5,703 points DoD. Volumes stood at 698mn shares versus 716mn shares traded previously. The index is expected to test resistance at 179,699 (50-DMA) where a break above that will target the 30-DMA currently at 184,064 level. However, any downside will find support between 175,800 and 177,385 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. Investors are recommended to 'Buy on dips', with risk defined below 175,796 level. The support and resistance are at 175,796 and 180,442 levels, respectively.
Morning News: IT exports rise 20pc in 7MFY26 – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • Information technology (IT) exports surged 20 per cent year-on year (YoY) to reach $2.6 billion in the first seven months of FY26, according to a Topline Research report issued on Wednesday.
  • Foreign Direct Investment (FDI) in Pakistan fell sharply 51 percent during the first seven months of the current fiscal year (FY26).
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Pakistan Economy: Jan’26 CA posts a surplus of USD 121Mn – By Taurus Research

Feb 18 2026


Taurus Securities


  • Current Account (CA) for Jan’26 posted a surplus of USD 121Mn, as against a deficit of USD 265Mn in Dec’25. Cumulatively, 7MFY26 CAD clocked-in at ~USD 1Bn, up ~2.9x over the SPLY.
  • The surplus in Jan’26 can be attributed to: i) 13%MoM decline in the trade deficit due to 7%MoM contraction in goods imports; and ii) 25%MoM drop in the services deficit, respectively. Hence, the balance on goods & services was down 14%MoM.
Bank of Punjab Limited (BOP): 4QCY25Result Review – By Taurus Research

Feb 18 2026


Taurus Securities


  • 4QCY25 EPS: PKR 1.2. 4QCY25 PAT down 18%YoY. CY25 EPS: PKR 4.7; CY25 PAT up 17%YoY over the SPLY. Further, BOP also announced a final DPS of PKR 1.50, taking the full-year payout to PKR 2.5/sh. – below expectations.
  • Net Interest Income (NII): NII arrived in flat on a sequential basis contrary to expectations amid pressure on margins. Wherein, interest income posted a drop of 4%QoQ along with a 6%QoQ drop in the cost of funds.
Millat Tractors Limited (MTL): 2QFY26 EPS clocked-in at PKR 12.06 – By Taurus Research

Feb 17 2026


Taurus Securities


  • 2QFY26: EPS: PKR 12.06; DPS: PKR 20; PAT: PKR 2,406Mn, up 4xQoQ.
  • MTL’s revenue stood at PKR 20.9Bn in 2QFY26, up 7%YoY and 2xQoQ, primarily due to a ~2x increase in units sold to 6,335 tractors during the quarter (vs. 2,177 units in 1QFY26). This rise was attributed mainly to the green tractor financing Scheme by the Government of Punjab towards the end of the year 2025. Looking ahead, demand is expected to normalize in the upcoming quarter due to the absence of the green tractor financing Scheme during that period and end of the Rabi season.
Habib Sugar Mills Limited (HABSM): Corporate Briefing Takeaways – By Taurus Research

Feb 17 2026


Taurus Securities


  • Habib Sugar Mills Limited is a public limited company incorporated in Pakistan on February 08, 1962. The Company is engaged in the manufacturing and marketing of refined sugar, ethanol, liquidified carbon dioxide (CO2), household textiles, providing bulk storage facilities and trading of commodities.
  • The Company has crushed around 746,000 metric tons of sugarcane as of February 15, 2026, resulting in the production of approximately 79,000 tons of sugar with a recovery rate of 10.7%.
Allied Bank Limited (ABL): 4QCY25Result Review – By Taurus Research

Feb 17 2026


Taurus Securities


  • 4QCY25 EPS: PKR 8.3. 4QCY25 PAT up 21%YoY. CY25 EPS: PKR 31.7; CY25 PAT down 18%YoY over the SPLY. Also, ABL announced a final cash dividend of PKR 4.0/sh., taking the CY25 DPS to PKR 16.0 – slightly above with expectations.
  • Net Interest Income (NII): Dipped 2%QoQ wherein interest income was down 3%QoQ, attributable to re-pricing of earning assets amid falling interest rates. Whereas, interest expenses were also down 4%QoQ as a result of lower cost of funds mainly.
Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Takeaways – By Taurus Research

Feb 13 2026


Taurus Securities


  • MIRKS’s sugar production declined to 52,997MT in SY25 from 66,101MT in SY24, down 20%YoY, while paper production rose to 42,658MT from 31,968MT in the SPLY, up 33%YoY. Molasses production declined to 26,286MT from 30,110MT, down 13%YoY, while sucrose recovery fell slightly to 10.42% from 10.73% in the SPLY. The Company also exported 5,003 MT of sugar during SY25.
  • Net sales increased to PKR 12.6Bn in SY25, up 5%YoY from ~PKR 12Bn, driven by higher sugar prices and improved paper output. A net loss of ~PKR 251Mn was in reported in SY25 compared to ~PKR 2.2Bn in SY24, with a LPS of PKR 3.77 versus PKR 39.17 in the SPLY.
Bank of Punjab Limited (BOP): Company Update – By Taurus Research

Feb 12 2026


Taurus Securities


  • We upgrade our Dec’26 target price for the Bank of Punjab Lim ited (BOP) to PKR 50/sh. (PKR 46/sh. earlier) following the slight revision in our valuation assumptions, as well as incorporating the Bank’s upcoming 4QCY25 results (scheduled for February 17, 2026); maintaining our ’BUY’ stance offering an upside of 31% over the LDCP, coupled with a CY26E dividend yield of 8% - translating into a total return of 39%.
  • 4QCY25 consolidated earnings to arrive at PKR 7.1Bn (EPS PKR 2.2/sh.). Wherein, we anticipate the Bank’s Net Interest Margin to showcase QoQ improvement on account of the declining cost of funds mainly, attributable to the re-pricing of a substantial portion of the Bank’s term deposits i.e. 66% of the TDR portfolio, as per the management guidance.
Meezan Bank Limited (MEBL): 4QCY25 Result Review – By Taurus Research

Feb 9 2026


Taurus Securities


  • 4QCY25 EPS: PKR 11.9. 4QCY25 PAT down 16%YoY. CY25 PAT down 11%YoY. Further, MEBL has also announced a final cash dividend of PKR 7.00/sh., taking the CY25 dividend payout to PKR 28.0/sh. – in-line with expectations.
  • Net Spread Earned (NSE): Down 12%YoY/Up 3%QoQ. Wherein, the sequential uptick can be attributed to higher yields on earning assets, and surge in OMO related borrowings leading to higher arbitrage gains overall.
Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
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