Pakistan Market Wrap: The benchmark index closed on a flat note – By IIS Research

Feb 10 2026


Ismail Iqbal Securities


  • The benchmark index closed on a flat note after a volatile trading session, with early selling pressure weighing on the market. However, a modest recovery from the day’s low was observed toward the close of the session. Trading volumes increased to 636mn shares today as compared to 598mn shares in the previous session. Today, the KSE-100 index lost 187 points to close at 182,154 level, down by -0.10% DoD. Banks, Technology, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 727 points from the index.
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 Market Wrap: Evening Chronicle – By AHCML Research

Feb 10 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, touching an intraday high of 183,217 before closing at 182,154, down 187 points (-0.10%) amid profit-taking. Broad-based selling was observed across key sectors, particularly Banks, Technology & Communication, Oil & Gas Exploration, Power Generation, and Textile Composite.
  • On the macro front, remittances surged 15.4% to $3.5 billion in January, while an IMF review mission is expected in the last week of this month to initiate talks for the third review under the $7 billion Extended Fund Facility (EFF) and the potential release of a $1 billion fourth tranche. Among major laggards, HBL, TRG, KEL, AKBL, and BAFL collectively shaved 460.03 points off the index. In terms of volume, K-Electric (KEL) led activity with 253.68 million shares, while total market turnover stood at 1,057.65 million shares.
Pakistan Market Wrap: The benchmark index closed on a flat note – By IIS Research

Feb 10 2026


Ismail Iqbal Securities


  • The benchmark index closed on a flat note after a volatile trading session, with early selling pressure weighing on the market. However, a modest recovery from the day’s low was observed toward the close of the session. Trading volumes increased to 636mn shares today as compared to 598mn shares in the previous session. Today, the KSE-100 index lost 187 points to close at 182,154 level, down by -0.10% DoD. Banks, Technology, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 727 points from the index.
Pakistan Market Wrap: KSE-100 closes at 182,154 down 187 points – By Alpha-Akseer Research

Feb 10 2026


Alpha Capital


  • The equity market opened strongly but could not sustain upward momentum as the session progressed. The KSE-100 Index experienced heightened volatility, moving between a low of 181,499 and an intraday high of 183,217, before closing at 182,154—down 187 points. Total volumes on the main board reached 631.6 million shares, with a cumulative traded value of PKR 29.5 billion.
  • The decline in the index was primarily led by HBL (-2.5%, -169 points), MEBL (-9.3%, -86 points), KEL (-8.4%, -74 points), AKBL (-4.2%, -67 points), and BAFL (-2.1%, -64 points). In terms of market activity, KEL and CNERGY led volumes, trading 253 million and 189 million shares, respectively.
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.
Technical Outlook: KSE-100 fall below the 30-DMA; cautious – By JS Research

Feb 10 2026


JS Global Capital


  • The KSE-100 index extended the decline to close at 182,340 level, down 1,789 points. Volumes stood at 931mn shares versus 1,273mn shares traded previously. The index has dropped below the 30-DMA which will now restrict upside at 183,848; a break above this level will resume the uptrend. Meanwhile, a fall below 180,993 (yesterday's low) will target the 50-DMA at 178,067 level. The RSI and the Stochastic Oscillator are heading down, supporting a negative view. We recommend investors to stay cautious on the higher side. The support and resistance are at 180,339 and 184,996 levels, respectively.
Morning News: govt expenses rise sharply to Rs. 10.14 trillion in first half of fy26 – By WE Research

Feb 10 2026



  • The federal government’s expenditure during July–December fy26 surged to Rs. 10.141 trillion, marking a sharp rise compared to the first quarter. Spending increased by Rs. 606.1 billion in q2, leading to deterioration in the budget balance, which fell from Rs. 2.119 trillion to Rs. 541 billion. Despite this, the government recorded a primary surplus of Rs. 4.105 trillion, indicating fiscal consolidation before debt servicing costs.
  • The government has renegotiated agreements with independent power producers (IPPs), which could reduce electricity costs by Rs. 1.4 trillion over the coming years. The revised deals aim to lower capacity payments and tariffs, easing the burden on consumers and the national exchequer. This move is expected to improve the financial sustainability of the power sector and reduce circular debt accumulation.
Askari Bank Limited (AKBL): 4QCY25 Result Review – By AKD Research

Feb 9 2026


AKD Securities


  • Askari Bank Limited (AKBL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR4.8bn (EPS: PkR3.3) for the quarter, down 32% YoY/36%QoQ. The result is below our expectation due to higher provisioning and non markup expenses. In addition to the result, bank announced a final cash payout of PkR1.75/sh, taking full-year CY25 cash payout to PkR5.0/sh.
  • NII was recorded at PkR22.2bn in 4QCY25, up by 14%YoY/down by 3%QoQ, due to increase in asset book despite decline in yields.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, facing selling pressure from early morning. Although a slight recovery from the day’s low was observed toward the end of the session Trading volumes decreased to 598mn shares today as compared to 799mn shares in the previous session. Today, the KSE-100 index lost 1,789 points to close at 182,340 level, down by -0.97% DoD. Banks, E&Ps, and Cement sectors were the major laggards in today's session, cumulatively shedding 1499 points from the index.
Pakistan Market Wrap: The benchmark index closed on a flat note – By IIS Research

Feb 10 2026


Ismail Iqbal Securities


  • The benchmark index closed on a flat note after a volatile trading session, with early selling pressure weighing on the market. However, a modest recovery from the day’s low was observed toward the close of the session. Trading volumes increased to 636mn shares today as compared to 598mn shares in the previous session. Today, the KSE-100 index lost 187 points to close at 182,154 level, down by -0.10% DoD. Banks, Technology, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 727 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, facing selling pressure from early morning. Although a slight recovery from the day’s low was observed toward the end of the session Trading volumes decreased to 598mn shares today as compared to 799mn shares in the previous session. Today, the KSE-100 index lost 1,789 points to close at 182,340 level, down by -0.97% DoD. Banks, E&Ps, and Cement sectors were the major laggards in today's session, cumulatively shedding 1499 points from the index.
Meezan Bank Limited (MEBL): Stable Sequential Performance, In Line with Expectations – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • Meezan Bank Limited (MEBL) announced its 4QCY25 results, posting unconsolidated earnings of PKR 12.1/share, down 11% YoY while up by 4% QoQ. The result is inline with our expectations. The bank also declared final cash dividend of PKR 7/share, taking the cumulative CY25 payout to PKR 28/share.
  • Net Interest Income (NII) declined by 12% YoY while up by 3% QoQ, indicating that the major impact of asset repricing has already been incurred. Non markup income declined by 36% YoY and 27% on QoQ basis, due to absence of gain on sale of securities and loss on FX income while fee income remained flat on YoY/QoQ basis.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 6 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, facing selling pressure from early morning. Although a slight recovery was observed by the end of the first session, the momentum weakened again following news of the Islamabad blast. Trading volumes increased to 799mn shares today as compared to 768mn shares in the previous session. Today, the KSE-100 index lost 3,703 points to close at 184,130 level, down by -1.97% DoD. Banks, E&Ps, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 2494 points from the index.
Interloop Limited (ILP): Earnings Beat Expectations on Higher Other Income – By IIS Research

Feb 4 2026


Ismail Iqbal Securities


  • ILP reported an unconsolidated EPS of PKR 2.47 for 2QFY26, up 3x YoY and 24% QoQ, materially above our expectation of PKR 1.9. The earnings surprise was largely driven by higher than expected other income, which we believe likely stems from derivative financial instruments, similar to last quarter, where other income of PKR 700mn was primarily attributable to FX derivative gains on forward dollar bookings. However, detailed account is awaited. The results were accompanied by a cash dividend of PKR 2.00 per share, which was above consensus expectations and likely reflects an improved cash position.
  • Net sales clocked in at PKR 43.6bn, up 3% YoY but flat QoQ. Cost discipline remained evident as cost of sales declined 2% YoY, leading to an improvement in gross margins to 24% versus 23% in the previous quarter and 20% in 2QFY25. This margin expansion reflects better pricing, product mix, and input cost management.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note opening high early in the session, with momentum further supported by record monthly exports of USD 3.06bn. Trading volumes increased to 390mn shares today as compared to 216mn shares in the previous session. Today, the KSE-100 index gained 1,843 points to close at 186,901 level, up by 1.00% DoD. Banks, Fertilizer, and Technology sectors were the major contributors in today's session, cumulatively adding 1242 points to the index.
Commercial Banks: Flat Earnings; Payouts Intact – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • We preview the IIS Banking Universe’s 4QCY25 results, where aggregate earnings are expected to remain largely flat QoQ at PKR 100bn, while delivering a 16.5% YoY growth. Despite continued pressure on net interest margins amid a declining interest-rate environment, earnings remained resilient, supported by balance-sheet expansion, contained credit costs, and disciplined expense management.
  • Net interest income is expected to increase 3.6% QoQ to PKR 340.5bn and 11.7% YoY, even as reinvestment yields remained under pressure. Margin compression was partially offset by volumetric growth, with deposits rising 20% YoY and 5.7% QoQ, supporting earning asset expansion. An improving deposit mix further helped cushion margins. On a full-year basis, CY25E NII is projected to grow 15.4% YoY, reflecting the sector’s ability to navigate a softer rate cycle.
Lucky Cement Limited (LUCK): 1HFY26 Corporate Briefing Takeaways – By IIS Research

Feb 2 2026


Ismail Iqbal Securities


  • Lucky Cement Limited held it’s corporate briefing today to discuss the financial results of 1HFY26 and future outlook of the company. Key highlights of the briefing are follows:
  • Local dispatches increased by 7% to 1.7mn tons in 2QFY26 (vs. 1.6mn tons in 1QFY26), in line with improving industry demand, which rose to 11.6mn tons from 9.6mn tons. Consequently, domestic market share declined to 15.9% in 1HFY26 from 16.0% in SPLY.
  • On the export front, market share fell to 32.5% from 37.6% due to lower volumetric dispatches, which declined to 1.5mn tons in 1HFY26 from 1.8mn tons in SPLY. Exports to Afghanistan were impacted by 100k tons in 1HFY26 following border closures.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 2 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after an initial dip at the start of the session. Activity remained largely stock specific as investors positioned themselves for the ongoing results season. Trading volumes decreased to 216mn shares today as compared to 344mn shares in the previous session. Today, the KSE-100 index gained 883 points to close at 185,058 level, up by 0.48% DoD. Banks, E&Ps, and Autos sectors were the major contributors in today's session, cumulatively adding 707 points to the index.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Jan 30 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after a volatile session. The market remained upbeat in the first half, recovering from yesterday’s losses, while further gains in the second half were supported by news of electricity tariff relaxations. However, profit taking toward the end of the session trimmed some of the intraday gains. Trading volumes decreased to 344mn shares today as compared to 408mn shares in the previous session. Today, the KSE-100 index gained 1,836 points to close at 184,174 level, up by 1.01% DoD. Banks, Cement, and E&Ps sectors were the major contributors in today's session, cumulatively adding 1166 points to the index.