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.
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: 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.
Mutual Funds: Assets Under Management Remain Stagnant – By AHCML Research

Feb 13 2026


Al Habib Capital Markets


  • The mutual fund industry continues to witness strong structural traction, underpinned by the robust rally at the Pakistan Stock Exchange (PSX), ample market liquidity, and rising investor penetration. As of Jan’26, industry AUMs surged to PKR 4.48 trillion, reflecting a solid 11.52% YoY expansion, despite a marginal 0.49% MoM dip. The underlying trend remains constructive, with 16 out of 21 listed AMCs posting AUM growth during the month signaling broad based participation, improving risk appetite, and sustained confidence in professionally managed investment vehicles.
  • Based on AMC wise data Al Meezan Investment Management Limited retained its industry leadership in Jan’26 with AUMs of PKR 658bn, reinforcing its dominant franchise strength, sustained investor confidence, and consistent inflow momentum across diversified mandates.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 13 2026


Al Habib Capital Markets


  • The KSE-100 Index saw another volatile session, hitting an intraday high of 180,833 before closing at 179,604, down 909 points (-0.50%) amid profit-taking. Broad-based selling weighed on key sectors, including Commercial Banks, E&P companies, OMCs, and Auto stocks, while Cement and Fertilizer shares also declined sharply. Heightened political tensions further dampened investor sentiment.
  • On the macro front, the government is reportedly considering a cess on fertilizer companies to capture windfall profits, with proceeds earmarked for farmers’ benefit. Among major laggards, LUCK, UBL, OGDC, SYS, and EFERT collectively shaved 617.05 points off the benchmark. K-Electric (KEL) led trading activity with 131.14 million shares, as total market turnover reached 705.75 million shares.
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: 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: Evening Chronicle – By AHCML Research

Feb 6 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, touching an intraday high of 188,036 before closing at 184,310 down 3,703 points, or (-1.93% ) amid profit taking. The announcement of the Supreme Court case regarding NBP’s pension funds triggered selling pressure, as investors anticipated lower dividend payouts following potential cash outflows for pension fund payments. Furthermore, Barrick Gold’s board is reviewing all aspects of a gold and copper project in the Balochistan region due to security concerns, including capital allocation, as CEO Mark Hill stated during a post-earnings call. Additionally, the upcoming third IMF review at the end of the current month exerted pressure, reflecting concerns over slower progress on required economic reforms.
  • The uncertain geopolitical climate also dampened investor sentiment. Selling pressure was concentrated in Commercial Banks, Fertilizer, and Exploration & Production (E&P) stocks, due to a lack of fresh positive catalysts. High stakes Iran US negotiations over Tehran’s nuclear program commenced in Oman, with lingering disagreements raising fears of prolonged Middle East tensions. Major laggards such as NBP, FFC, PPL, UBL, and MEBL collectively dragged the index down by 1,573.11 points. On the volume front, K-Electric KEL led trading activity with 517.82 million shares, while the total market turnover stood at 1,266.28 million shares.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 4 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index continued its upward momentum, surging to an intraday high of 188,312 before settling at a new all-time high of 187,832, registering a gain of 931 points (0.50%). Gains were driven by broad-based buying, led by Commercial Banks with selective strength in Power Generation & Distribution.
  • On the macro front, Pakistan and Kazakhstan signed 36 agreements and MoUs across multiple sectors, including petroleum, mining, and maritime affairs, with the Prime Minister reiterating the $1bn bilateral trade target. In terms of index contribution, MEBL, ENGROH, NBP, UBL, & HMB, emerged as key drivers, collectively adding 739.61 to the benchmark. On the volumes front, KEL led activity with 590.87 million shares; while overall market turnover stood at 1,193.66 million shares, reflecting healthy participation.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) KSE-100 Index extended its upward momentum, hitting an intraday high of 187,519 before closing at 186,901, up 1,843 points (+1.00%). The rally was driven by broad-based buying in Commercial Banks, Fertilizer, Technology, Pharmaceuticals, and Textile composite sectors. Sentiment was further supported by strengthened trade and investment cooperation between Pakistan and Uzbekistan, Moreover, hopes of a de-escalation in US-Iran tensions. In terms of index contribution FFC, UBL, ENGROH, MEBL, and SYS collectively added 734.81 points. On the volume front, KEL led trading with 99.51 million shares, while total market turnover stood at 846.50 million shares.
Interloop Limited (ILP): Result Preview 2QFY26 – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • Interloop Ltd (ILP) is scheduled to announce its financial results for 2QFY26 on February 4, 2026. Interloop Ltd (ILP) reports robust 2QFY26 results with PAT surging 124% YoY to PKR2,580mn, driven by strong sales growth, improved gross margins, and a significant reduction in finance costs. However, PAT declined 7.8% QoQ due to gross margin compression from lower international textile prices and adverse currency movements, which outweighed a sequential sales increase and led to declines in operating and pre-tax profit.
  • We reiterate our Buy recommendation with Target Price of PKR115 per share, reflecting confidence in the company's continued execution and growth prospects.
Lucky Cement Limited (LUCK): Analyst Briefing 2QFY26 Highlights – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • LUCK has held an analyst briefing yesterday to discuss its financial results and future outlook. Below are the key takeaways from the briefing.
  • Pakistan cement domestic demand grew 12.5% YoY in 1HFY26 and Lucky Cement 1HFY26 sales increased to 3.36mn tons vs. 2.98mn tons in 1HFY25.
  • Approximately 56 - 57% of Lucky Cement’s energy mix comes from renewables, comprising 89.3 MW of solar capacity (including a planned 15 MW addition by Mar’26) and 28.8 MW of wind power. The remaining renewable contribution is generated through WHR systems.