Pakistan Market Wrap: Bearish Momentum Persists as Market Tests Lower Levels – By HMFS Research

Feb 17 2026


HMFS Research


  • The Pakistan Stock Exchange extended its downward trajectory today, as selling pressure persisted amid cautious investor sentiment. The KSE-100 Index fell sharply, reaching an intraday low 2,761 points below yesterday’s close, before recovering slightly to close at 173,150, marking a decline of 1,304 points for the session. Despite the late rebound, the market remained under pressure, reflecting ongoing profit-taking and risk aversion among institutional participants.
  • Trading activity remained active, with 425mn shares exchanged on the KSE-100, while the broader market recorded volumes of 709mn shares. Among the most actively traded stocks, KEL led with 123mn shares, followed by BOP at 80mn and WTL at 36mn shares. Looking ahead, market direction is likely to remain sensitive to macroeconomic developments and overall investor sentiment. Additionally, uncertainty arising from ongoing geopolitical tensions may weigh on market confidence. In this environment of elevated volatility and valuations, a disciplined investment approach is recommended, with selective focus on fundamentally strong companies offering sustainable growth potential.
Meezan Bank Limited (MEBL): Corporate Briefing Takeaways – By IIS Research

Feb 17 2026


Ismail Iqbal Securities


  • Meezan Bank reported an unconsolidated profit after tax (PAT) of PKR 89bn in CY25, reflecting a 12.8% YoY decline (vs. PKR 101.5bn in CY24). The main driver of the decline was the 12% YoY drop in net spread earned, primarily due to the average policy rate declining from 19.7% to 11.4%. This impact was partially offset by volumetric growth in de posits, which helped support overall earnings.
  • Management indicated that the overall impact of the CRR reduction is broadly neutral for the bank. While the reduction releases liquidity and provides potential earnings support, the bank has voluntarily introduced a self-funded export financing scheme to support exporters. As a result, much of the liquidity benefit from the CRR cut is expected to be redirected toward financing export growth.
Pakistan Market Wrap: Evening Note – By Vector Research

Feb 17 2026


Vector Securities


  • Evening Note.
Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Feb 17 2026


Topline Securities


  • Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook.
  • The bank’s deposit growth remained strong at 28% YoY, reaching Rs3.3bn in Dec-25. The bank maintained its current account ratio at 48%, while in absolute terms, current accounts grew by Rs361bn in 2025. CASA deposits increased by 25% YoY, bringing the CASA mix to 91% in Dec-25, compared to 93% in Dec-24. Term deposits rose by 9% YoY, primarily due to the replacement of high-cost State Bank borrowings, which had increased YoY amid better opportunity was available to invest in Sukuks.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 17 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index experienced a volatile session, hitting an intraday high of 176,131 before closing at 173,150, down 1,304 points (-0.75%), amid profit-taking. Broad-based selling was observed in banks, oil and gas exploration, fertilizer, cement, and pharmaceuticals.
  • Aggressive selling by foreign investors dampened investor sentiment, while the law and order situation further weighed on the market. PSO, HBL, ENGROH, UBL, and NBP collectively dragged the index down by 780.23 points. K-Electric (KEL) led in volumes with 122.54 million shares, as total market turnover reached 708.72 million shares.
Pakistan Market Wrap: Bearish Momentum Persists as Market Tests Lower Levels – By HMFS Research

Feb 17 2026


HMFS Research


  • The Pakistan Stock Exchange extended its downward trajectory today, as selling pressure persisted amid cautious investor sentiment. The KSE-100 Index fell sharply, reaching an intraday low 2,761 points below yesterday’s close, before recovering slightly to close at 173,150, marking a decline of 1,304 points for the session. Despite the late rebound, the market remained under pressure, reflecting ongoing profit-taking and risk aversion among institutional participants.
  • Trading activity remained active, with 425mn shares exchanged on the KSE-100, while the broader market recorded volumes of 709mn shares. Among the most actively traded stocks, KEL led with 123mn shares, followed by BOP at 80mn and WTL at 36mn shares. Looking ahead, market direction is likely to remain sensitive to macroeconomic developments and overall investor sentiment. Additionally, uncertainty arising from ongoing geopolitical tensions may weigh on market confidence. In this environment of elevated volatility and valuations, a disciplined investment approach is recommended, with selective focus on fundamentally strong companies offering sustainable growth potential.
Pakistan Market Wrap: KSE-100 closes at 173,150 down 1,304 points – By Alpha-Akseer Research

Feb 17 2026


Alpha Capital


  • The equity market began the session on a strong footing, however, it was unable to maintain its initial gains. The KSE-100 Index witnessed pronounced intraday fluctuations, moving between 171,693 and 176,131 before settling at 173,150, marking a decline of 1,304 points. Total traded volume on the main board reached 424.1 million shares, with an overall value of PKR 32.7 billion.
  • The primary drag on the index came from PSO (-6.1%, -210 points), HBL (-2.8%, -175 points), ENGROH (-1.6%, -149 points), UBL (-0.9%, -127 points), and NBP (-2.7%, -120 points). On the activity front, KEL and BOP dominated the volume leaders’ board, recording 63.8 million and 56.2 million shares traded, respectively.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 17 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, despite opening on a positive trend in the morning. The index remained volatile throughout the session, mainly as the market aligned itself with ongoing results announcements. Trading volumes increased to 425mn shares today as compared to 379mn shares in the previous session. Today, the KSE-100 index lost 1,304 points to close at 173,150 level, down by -0.75% DoD. Banks, OMCs, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 935 points from the index.
Millat Tractors Limited (MTL): 2QFY26 EPS at Rs12.06, down 21% YoY but up 4.7x QoQ – By Topline Research

Feb 17 2026


Topline Securities


  • Millat Tractors Limited (MTL) announced its 2QFY26 result today, wherein the company recorded unconsolidated profit of Rs2.4bn (EPS of Rs12.06), down 21% YoY but up 4.7x QoQ.
  • Result was higher than expectations due to higher-than-expected gross margins.
Pakistan State Oil (PSO): 2QFY26 EPS clocked in at PKR5.8 – By Insight Research

Feb 17 2026


Insight Securities


  • Pakistan State Oil (PSO) has announced its 2QFY26 result, in which company posted unconsolidated PAT of ~PKR2.7bn (EPS: PKR5.8) vs. PAT of ~PKR9.3bn (EPS: PKR20.0) in preceding quarter, down by 71% QoQ. The result is below our expectation amid lower than expected gross margins coupled with higher ETR.
  • Topline of the company increased by 3% QoQ in 2QFY26, mainly attributable to higher volumetric sales. To highlight, in 2QFY26 company’s petroleum offtakes Increased by 10% QoQ, while retail offtakes increased by 12% QoQ.
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.
Pakistan Market Wrap: Bearish Momentum Persists as Market Tests Lower Levels – By HMFS Research

Feb 17 2026


HMFS Research


  • The Pakistan Stock Exchange extended its downward trajectory today, as selling pressure persisted amid cautious investor sentiment. The KSE-100 Index fell sharply, reaching an intraday low 2,761 points below yesterday’s close, before recovering slightly to close at 173,150, marking a decline of 1,304 points for the session. Despite the late rebound, the market remained under pressure, reflecting ongoing profit-taking and risk aversion among institutional participants.
  • Trading activity remained active, with 425mn shares exchanged on the KSE-100, while the broader market recorded volumes of 709mn shares. Among the most actively traded stocks, KEL led with 123mn shares, followed by BOP at 80mn and WTL at 36mn shares. Looking ahead, market direction is likely to remain sensitive to macroeconomic developments and overall investor sentiment. Additionally, uncertainty arising from ongoing geopolitical tensions may weigh on market confidence. In this environment of elevated volatility and valuations, a disciplined investment approach is recommended, with selective focus on fundamentally strong companies offering sustainable growth potential.
Pakistan Market Wrap: Valuation Reality Check: Bulls Retreat Amid Intense Profit Taking – By HMFS Research

Feb 16 2026


HMFS Research


  • The main bourse at the Pakistan Stock Exchange witnessed persistent selling pressure, extending the ongoing market downturn as investors gravitated towards profit-taking. Heightened offloading by institutional funds further accelerated the decline, with elevated valuations prompting investors to lock in gains accumulated during the recent rallies on the KSE-100 Index. The benchmark experienced a sharp intraday decline of 6,029 points before settling at 174,454, closing lower by 5,150 points at the end of the trading session. The prevailing bearish trend resulted in relatively subdued trading activity, with volumes clocking in at 379mn shares for the KSE-100 Index and 768mn shares in the overall market.
  • Volume leaders for the day included KEL (64mn), WTL (62mn), and BOP (56mn). Looking ahead, market direction is expected to remain contingent upon the country’s broader macroeconomic trajectory and evolving geopolitical developments. Potential policy measures, including the government’s consideration of tax relief for the property sector and a support package for the textile industry, may provide some stability to the index. Nonetheless, in the current volatile environment, investors are advised to maintain a cautious and disciplined approach, avoiding panic-driven decisions while capitalizing on dip buying opportunities in fundamentally strong companies with sustainable growth potential.
Pakistan Market Wrap: Market Tests 180K Level: From 2,200-Point Plunge to 909- Point Loss – By HMFS Research

Feb 13 2026


HMFS Research


  • The Pakistan Stock Exchange (PSX) came under significant pressure on Friday, as aggressive early-session selling dragged the benchmark KSE-100 Index down by more than 2,200 points intraday. The sharp decline reflected heightened geopolitical and domestic political uncertainties, which dampened investor risk appetite at the outset. However, value hunting and selective accumulation in the latter half of the session helped the index recover a substantial portion of its losses. The KSE-100 ultimately closed at 179,604 level, down 909 points day-on-day, signaling resilience despite elevated volatility. Despite the volatility, market activity remained robust.
  • Trading volumes on the KSE-100 reached 380mn shares, while total market volumes stood at 706mn shares—indicating continued participation and liquidity. Among volume leaders, KEL (131mn shares), PIBTL (35mn shares), and WTL (34mn shares) dominated turnover. Going forward, market direction will remain highly sensitive to regional geopolitical developments and evolving domestic macroeconomic landscape. Inflation trajectory and clarity on monetary policy will be key determinants of short-term sentiment. That said, upcoming corporate earnings announcements—particularly from index-heavy blue-chip names—along with attractive dividend yields in select sectors, are expected to offer valuation support at lower levels. Investors are advised to adopt a selective and disciplined strategy, prioritizing fundamentally strong companies with earnings visibility, stable cash flows, and resilient balance sheets. In the current environment, prudence and portfolio quality will remain critical to navigating volatility while positioning for medium-term recovery.
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.
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.
Pakistan Market Wrap: PSX Ends Higher Despite Choppy Trade – By HMFS Research

Feb 11 2026


HMFS Research


  • The Pakistan Stock Exchange (PSX) experienced a choppy yet decisively positive session, as early selling pressure dragged the index lower before a strong recovery took hold mid-morning. Sentiment improved after the State Bank of Pakistan’s governor signaled confidence in the economic outlook, projecting FY26 growth of up to 4.75%—countering the IMF’s recent downgrade. The SBP has revised its growth range upward to 3.75–4.75%, reflecting improved domestic momentum despite weaker exports and a widening trade gap in the first half of the fiscal year. Additionally, remittance inflows provided further support, rising over 11% YoY to USD 23.2bn during 7MFY26, reinforcing external account stability.
  • Strong accumulation in the final trading hours propelled the benchmark index firmly into positive territory, with the KSE-100 closing at 183,050 level—up 896 points. Market participation remained elevated, with traded volumes reaching 350mn shares on the KSE-100 and 731mn shares on the All-Share Index, reflecting sustained investor engagement. KEL (121mn shares), CNERGY (82mn shares), and FNEL (52mn shares) led the activity chart, dominating turnover for the session. In the short term, the market is likely to move within a limited range as investors assess elevated valuations alongside selective earnings strength and evolving macroeconomic and geopolitical landscape. Given this backdrop, a disciplined, stock-specific strategy remains prudent. Investors should capitalize on intermittent pullbacks to build exposure in fundamentally strong counters, while exercising caution in index-heavy names where valuations appear extended.
Morning News: Pakistan receives $3.5bn in remittances in January 2026 – By HMFS Research

Feb 11 2026


HMFS Research


  • The inflow of overseas workers’ remittances into Pakistan stood at $3.46 billion in January 2026, the State Bank of Pakistan (SBP) data showed on Tuesday. Remittances increased by nearly 15.4% year-on-year (YoY), compared to $3.0 billion recorded in the same month last year. Monthly remittances were down 4% from $3.59 billion in December. During the first seven months of the fiscal year (7MFY26), remittance inflows stood at $23.2 billion, up from $20.9 billion in 7MFY25, a jump of 11.3%.
  • Prime Minister Shehbaz Sharif on Tuesday said Pakistan and Kuwait share strong brotherly relations, which were set to further strengthen through bilateral economic, investment and trade cooperation. He made the remarks while addressing a ceremony in Islamabad in connection with the issuance of a digital licence to Raqami Islamic Digital Bank. The prime minister congratulated Raqami Islamic Digital Bank on becoming the third licenced digital retail bank in Pakistan. He expressed hope that the bank would not only be Sharia-compliant but would also offer features that would significantly support and promote the growth of banking in the country. “This development will go a long way in further enhancing bilateral economic relations between Pakistan and Kuwait,” the prime minister said.
Pakistan Market Wrap: Investor Caution Pulls KSE-100 Lower Amid E&P and Banking Pressure – By HMFS Research

Feb 9 2026


HMFS Research


  • The equity market traded in negative territory for the majority of today’s session after a brief green start. The KSE-100 index experienced a sharp intra-day decline of 3,137 points before gradually recovering to close at 182,340, down by 1,789 points from the previous session. The primary driver of today’s sell-off was Moody’s revision of the banking sector outlook from positive to stable, which weighed heavily on investor sentiment. Profit-taking was also observed in the E&P sector, contributing to the downward pressure.
  • Trading activity remained robust, with 598mn shares exchanged on the KSE100 index and 928mn shares traded across the broader market. Top volume contributors included KEL (302mn), BOP (53mn), and AGHA (47mn). Looking ahead, the market is expected to remain sensitive to international developments and geopolitical tensions. However, supportive macroeconomic indicators could help restore bullish momentum in the near term. Investors are advised to maintain vigilance, monitor evolving market conditions, and focus on fundamentally strong stocks with long-term growth potential.
Pakistan Market Wrap: Market Under Pressure: Geopolitical Uncertainty Sparks Sharp KSE-100Decline – By HMFS Research

Feb 6 2026


HMFS Research


  • The KSE-100 Index witnessed a sharp correction during today’s trading session, as investor sentiment weakened amid heightened geopolitical concerns, profit-taking at elevated valuations, and a broader risk-off environment. Rising uncertainty and cautious positioning triggered broad based selling across key sectors, exerting sustained pressure on market performance throughout the session. Consequently, the benchmark index closed at 184,129.58 points, registering a steep decline of 3,702.5 points from the previous close.
  • Despite the negative close, trading activity remained robust, with 799mn shares traded on the KSE-100 Index and 1.3bn shares exchanged across the All-Share Index, indicating sustained investor participation and active portfolio rebalancing. KEL (518mn shares) led volumes, followed by NBP (51mn shares) and FNEL (50mn shares). Looking ahead, market direction is expected to remain volatile in the near term, with sentiment likely to be shaped by geopolitical developments, macroeconomic signals, and the ongoing corporate earnings season. While short-term pressure may persist, medium-term fundamentals remain supportive, with selective opportunities likely to emerge in fundamentally strong stocks.
MCB Bank Limited (MCB): Earnings soften amid margin compression and normalization of non-core income – By HMFS Research

Feb 4 2026


HMFS Research


  • MCB Bank Limited (MCB) has announced its consolidated results for the year ended December 31, 2025, reporting profit after tax of PKR 58.8bn, translating into EPS of PKR 49.29 (in line with our expectations), down ~7.6% Y/Y compared to PKR 63.5bn (EPS: PKR 53.35) in CY24. The earnings decline largely reflects pressure on net interest income, higher operating costs, and normalization in non-markup income, partially offset by lower provisioning charges. On the payout front, MCB gave PKR 36/ per share as dividend with PKR 9 distributed in its final quarter (also in line with HMFS expectations).
  • Net markup/interest income declined ~4% Y/Y to PKR 161.2bn, primarily due to, a sharp rise in interest expense (~32% Y/Y). Non-markup income rose trivially by ~0.4% Y/Y to PKR 41.4bn Aided by improved FX income (~13% Y/Y), sharp increase in Dividend income (~52% Y/Y), and Income from derivates (~3x Y/Y).