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 Market Wrap: Evening Chronicle – By AHCML Research

Feb 12 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, hitting an intraday high of 182,757 before closing at 180,513 down 2,537 points (-1.39%) amid profit-taking. Broad-based selling was observed across key sectors, particularly Banks, Oil & Gas Exploration, Technology & Communication, Cement, and Power Generation & Distribution. Market sentiment remained under pressure due to EFERT’s below expected results. Additionally, Barrick Gold Corporation’s Reko Diq copper-gold project in Balochistan faces uncertainty as the company reviews its development timeline and capital budget amid escalating security risks. Among major laggards, PPL, EFERT, HUBC, SYS, and OGDC collectively erased 902 points from the index. On the volume front, K-Electric (KEL) led with 176.91 million shares traded, while total market turnover stood at 868.95 million shares.
Pakistan Market Wrap: Profit-Taking Storm Hits Market, Benchmark Closes Lower – By HMFS Research

Feb 12 2026


HMFS Research


  • The KSE-100 index opened in the red today, setting the stage for a profittaking session as investors adopted a cautious stance. Significant selling pressure was observed, with the E&P and Fertilizer sectors bearing the brunt of the declines. The index touched an intra-day low of 4324.56 points before gradually recovering to close at 180,512.64 level, down 2,537.16 points. The downward pressure was largely influenced by rising inflation projections for Q4, estimated at 8%, which diminished expectations of a policy rate cut, creating a tense market environment.
  • Political uncertainties further added to the bearish sentiment. Trading volumes remained healthy, with 448mn shares exchanged on the KSE-100 index and 869mn shares traded across the broader market. Key volume leaders included KEL (177mn), CNERGY (52mn), and AMTEX (40mn). Looking ahead, the market’s direction will remain sensitive to regional developments and domestic economic trends. Upcoming results from blue-chip companies and dividend-yielding stocks are expected to provide support over the longer term. Investors are advised to maintain vigilance, focusing on fundamentally strong stocks with long-term growth potential.
The Hub Power Company Limited (HUBC): Steady Earnings Despite Mixed Generation Trends – By IIS Research

Feb 12 2026


Ismail Iqbal Securities


  • As per NEPRA, total power generation in the country during 1HFY26 stood at 67,357 GWh, reflecting a 1.1% YoY increase. This growth was primarily driven by lower consumer tariffs following major PPA revisions and suspensions last year, along with government efforts to bring consumers back onto the national grid.
  • Within HUBCO’s portfolio, plant wise generation showed a mixed trend during the quarter. TEL’s load factor improved to 64% (from 58% SPLY), while Narowal’s utilization increased to 2% (from 0.1%). In contrast, CPHGC and TNPTL recorded lower utilization, declining to 1% (from 5%) and 51% (from 59%), respectively. Laraib’s generation declined to 101 GWh, reflecting seasonal trend. On the automobile front, PAMA data indicates consistent growth in auto sales, and we expect a similar trend for mega motors. The company has also launched two new models Sealion 7 and Atto 2 in Jan ‘26, profit contributions are expected to materialize going forward.
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.
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.
Engro Fertilizers Limited (EFERT): 4Q2025 EPS at Rs6.26, down 19% YoY – By Topline Research

Feb 12 2026


Topline Securities


  • Engro Fertilizers (EFERT) announced its 4Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs8.4bn (EPS: Rs6.26), down 19% YoY and up 44% QoQ. The result came lower than the industry’s expectations due to lower-than-expected gross margins along with the one-time recognition of super tax charge amounting to ~Rs2bn in 4Q2025.
  • This takes 2025 earnings to Rs22.6bn (EPS: Rs16.95), down 20% YoY.
  • Net sales of the company increased by 20% YoY and 86% QoQ at Rs102bn in 4Q2025 due to the surge in Urea and DAP offtakes.
Engro Fertilizers Limited (EFERT): 4QCY25 EPS clocked in at PKR6.26 – By Insight Research

Feb 12 2026


Insight Securities


  • EFERT has announced its 4QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR6.26) vs. PAT of PKR10.2bn (EPS: PKR7.70) in SPLY. The result is below our expectation, mainly due to lower than estimated gross margins and higher ETR.
  • Revenue for the quarter witness an increase of ~20%/86% YoY/QoQ to clock in at PKR101.7bn, attributable to higher volumetric sales.
  • Gross margins decreased by ~7ppts/5ppts YoY/QoQ, to clock in at ~28% in 4QCY25, possibly due to higher than estimated discounts on urea.
Morning News: SBP chief expects broader recovery than IMF forecast – By HMFS Research

Feb 12 2026


HMFS Research


  • Central bank chief expects the economy to grow as much as 4.75 percent this fiscal year, pushing back against a recent downgrade by the International Monetary Fund. Governor Jameel Ahmad, in written responses to Reuters, argued the recovery is broader and more durable than headline export data suggest. The State Bank of Pakistan (SBP) raised its FY26 growth forecast to 3.75–4.75 percent at its January meeting, 0.5 percentage point higher than its previous range, despite a contraction in exports in the first half of the year and a widening trade deficit.
  • The Finance Minister welcomed Pommersheim, Deputy Assistant Secretary, and appreciated the longstanding support and engagement of the United States in Pakistan’s economic development, particularly cooperation in multilateral financial frameworks. Both sides exchanged views on Pakistan’s economic outlook, reform agenda, and avenues for enhancing bilateral economic cooperation. The Finance Minister also highlighted growing investor confidence, citing recent indigenous investment initiatives and increased private-sector participation.
Morning News: Saudi Arabia eyes Pakistan’s rice sector – By IIS Research

Feb 12 2026


Ismail Iqbal Securities


  • Saudi Arabia has shown interest in investing in corporate farming in Pakistan’s rice sector to ensure a stable, reliable supply of rice through structured, long-term arrangements between the two countries.
  • The Saudi government has dispatched a high-level delegation to Pakistan to explore avenues of cooperation in various sectors, apparently to finalise a priority agenda ahead of the expected visit of Saudi Crown Prince and Prime Minister Mohammed bin Salman.
Bank AL Habib (BAHL): Result Review – By Topline Research

Feb 11 2026


Topline Securities


  • Bank AL Habib (BAHL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs5.8bn (EPS of Rs5.20), down 23% YoY and 16% QoQ.
  • The 4Q2025 result came lower than industry expectations due to higher-than-expected operating expenses.
  • We maintain a buy stance on BAHL, with the stock currently trading at a 2026E PE ratio of 7.2x, PBV ratio of 1.2x, and dividend yield of 9.0%.
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.
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.
Pakistan Autos: Sales poised for strongest month in ~3.5 years – By JS Research

Feb 9 2026


JS Global Capital


  • We expect, the three major auto players including Indus Motor Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR) and Pak Suzuki Motor Company Ltd to post a cumulative growth of 43% YoY to ~19.7k units in Jan-2026, taking volumes to their highest level since Jun-22.
  • On a MoM basis, volumes are expected to surge 82%, largely due to the January effect as consumers defer purchases in Dec-25 to buy the new year's model. In 7MFY26, volumes have grown 42% YoY, with broad-based recovery across all three players, led by HCAR and INDU at 68% and 61%, respectively.
Pakistan Economy: Exports boost Jan-2026 cement dispatches – By JS Research

Feb 6 2026


JS Global Capital


  • Cement dispatches stood at 4.54mn tons in Jan-2026, up 13% YoY, primarily driven by a 61% YoY surge in export dispatches, led by a 79% YoY increase from the South, while North exports remained nil for the 3rd consecutive month. Local dispatches, meanwhile, saw a slowdown in momentum, with growth moderating to 4% YoY during the month.
  • In 7MFY26, total cement dispatches rose 11% YoY, supported by a 12% YoY increase in local dispatches. Export growth, however, remained muted at 3% YoY, as a 10% YoY rise in South exports was largely offset by a 23% YoY decline in North exports owing to the Afghan border closure.
Technical Outlook: KSE-100: Formation suggests further upside – By JS Research

Feb 6 2026


JS Global Capital


  • KSE-100 index extended the gain to close at 187,832 level, up 931 points DoD. Volumes stood at 1,195mn shares versus 849mn shares traded previously. The index is expected to test resistance at 188,312 (Wednesday's high) where a break above that will target the all-time high at 191,033 level. However, any downside will find support between 186,420 and 187,130 levels, respectively. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. We recommend investors to 'Buy on dips', keeping stoploss below 186,428 level. The support and resistance are at 187,130 and 188,423 levels, respectively.