Pakistan Market Wrap: Evening Note – By JS Research

Jan 28 2026


Vector Securities


  • Evening Note.
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).
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.
LSE Ventures Ltd (LSEVL): 1HFY26 Corporate Analyst Briefing – By JS Research

Feb 18 2026


JS Global Capital


  • LSE Ventures Ltd (LSEVL) held its corporate briefing yesterday to discuss its financial outlook and recent results. To recall, the company reported EPS of Rs2.86 in 1HFY26, supported by other income of Rs836mn, primarily driven by gains associated with the listing of PACRA.
  • The company expects two key IPOs in 2026, with LSE SPAC 1 Limited expected to be completed before Mar-2026, followed by the listing of Pakistan GasPort Limited.
Technical Outlook: KSE-100 entering the key support range – By JS Research

Feb 18 2026


JS Global Capital


  • Bears continued to dominate the session as KSE-100 index extended the decline to close at 173,150 level, down 1,304 points DoD. Volumes stood at 716mn shares versus 773mn shares traded previously. The index is likely to test support at 171,693 (yesterday's low) where a fall below will target 169,584. However, any upside will face resistance between 173,650 and 176,150 levels, followed by 179,488 (50-DMA). The Stochastic Oscillator is oversold and the RSI is reaching the oversold region indicating limited downside risk. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 171,185 and 175,623 levels, respectively.
Technical Outlook: KSE-100 fall below the 50-DMA; cautious – By JS Research

Feb 17 2026


JS Global Capital


  • The KSE-100 index witnessed another negative session to close at 174,454 level, down 5,150 points. Volumes stood at 773mn shares versus 709mn shares traded previously. The index is expected to test support at 173,574 (yesterday's low) where a fall below will target 172,382 level. However, any upside will face resistance within 176,000-178,425 range, followed by the 50-DMA at 179,366 level. The RSI and the MACD are moving down, supporting a bearish view. We recommend investors to stay cautious at current level. The support and resistance are at 172,029 and 178,424 levels, respectively.
Pakistan Cements: 2QFY26 result previews – By JS Research

Feb 12 2026


JS Global Capital


  • We present 2QFY26 earnings expectations for D.G. Khan Cement Ltd (DGKC), Cherat Cement Ltd (CHCC), and Kohat Cement Ltd (KOHC).
  • We expect DGKC to report EPS of Rs6.98 in 2QFY26E, up 13% YoY, supported by improved margins on the back of softer coal prices and a significant reduction in financial charges amid aggressive deleveraging and monetary easing.
  • In contrast, CHCC and KOHC are expected to witness earnings decline of 20% and 22% YoY in 2QFY26E, with EPS projected at Rs9.4 and Rs2.91, respectively, primarily due to margin compression amid lower YoY retention prices in the North and relatively higher coal costs owing to the Afghan border closure.
Pakistan Economy: Sequential dip likely for Banks – By JS Research

Feb 11 2026


JS Global Capital


  • We preview 4QCY25 results for Pakistan banks which are expected to broadly report YoY decline in core income due to NIMs contraction amid declining yields.
  • Quarterly profits are likely to face pressure from weaker core income and declining asset yields, though non-interest income should offer partial support. Dividend policies for 4QCY25 are expected to be maintained.
Technical Outlook: KSE-100; 30-DMA to restrict upside – By JS Research

Feb 11 2026


JS Global Capital


  • KSE-100 index witnessed a volatile session to close at 182,154 level, down 187 points. Volumes stood at 1,062mn shares versus 931mn shares traded previously. The index is expected to test support at 181,499 (yesterday's low) where a fall below that will target the 50-DMA at 178,377 level. However, any upside will face resistance at the 30-DMA that is currently at 184,123 level. A break above that will cause the uptrend to resume. The RSI and the MACD are moving down, supporting a negative view. We recommend investors to stay cautious on the higher side. The support and resistance are at 181,363 and 183,080 levels, respectively.
Pakistan Market Wrap: View from the Desk – By JS Research

Feb 10 2026


JS Global Capital


  • The KSE-100 Index witnessed a volatile session today, losing 187 points to close at 182,153 level. Investor sentiment was ignited by the State Bank of Pakistan’s upward revision of the FY26 GDP growth forecast to arrange of 3.75% – 4.75%, coupled with robust January remittance inflows of US$ 3.5 billion. Declining inflation and easing monetary policy suggest further upside, though the index may face technical resistance near the 185,000mark.
Pakistan Economy: 7MFY26 Remittances clock in at US$23.2bn; +11% YoY – By JS Research

Feb 10 2026


JS Global Capital


  • Pakistan recorded monthly remittance inflow of US$3.5bn in Jan-2026, reflecting a 15% YoY increase. Cumulatively, during 7MFY26, overseas Pakistanis remitted US$23.2bn, marking an 11% YoY growth.
  • UAE remittances have regained momentum in recent months, with their share at 20% in Jan-2026 from a low of 17% in 1HFY24. Combined inflows from KSA and the UAE accounted for 41% of total remittances in Jan-2026, although KSA inflows recorded a slight dip during the month.
  • Remittances have played a pivotal role in stabilizing Pakistan’s external account, consistently offsetting the trade deficit. Their role has become even more important as external pressures resurface.
AGP Limited (AGP): At record high – By JS Research

Feb 10 2026


JS Global Capital


  • AGP is gaining momentum as it has closed at its all-time high level. The nearest resistance is at 247 as a break above that will target 272 in the short term. Though, we believe, the stock has potential to rise towards 328 in the medium term which is a return of 40% from current rate. The support is present at 206, while the key risk is defined below the 200-DMA that is currently at 196 level. Meanwhile, a bullish candle on daily and monthly chart with MACD Buy signal adds support to the bullish view. Also, the stock is trading above the key averages keeping the overall trend bullish.