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.
Pakistan Market Wrap: Evening Note – By Vector Research

Feb 18 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 18 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index opened on a positive note, hitting an intraday high of 178,974 before closing at 178,853, up 5,702.68 points (+3.29%). The rally was driven by broad-based buying in the commercial banks, power generation, fertilizer, cement, and technology sectors.
  • Sentiment was supported by a $121 million current account surplus in Jan 2026, improving LSM growth during 1HFY26 to 4.82%, along with easing geopolitical tensions after Iran stated that good progress had been made in nuclear talks with the US. In terms of index contribution, UBL, HBL, MEBL, NBP, and MCB collectively added 2,698.54 points. On the volume front, KEL led trading with 116.97 million shares, while total market turnover stood at 693.28 million shares.
Pakistan Fertilizers: Demand Slump Masks Strong Cumulative Rabi Performance; Urea Surpluses Persist – By HMFS Research

Feb 18 2026


HMFS Research


  • January's sharp offtake declines — while jarring on a standalone basis — should be contextualized against the unusually strong frontloading seen in Oct–Dec 2025, which inflated the base. Cumulative Rabi urea offtake of 2,744K tones is running 12% ahead of last season, a constructive signal for fertilizer companies' top lines. The structural concern remains DAP demand destruction, now down 23% on a Rabi cumulative basis, likely reflecting farmer affordability pressures and substitution toward cheaper nitrogen sources. We believe elevated closing urea stocks (~602K tones) cap near-term upside on pricing but support volume visibility into Kharif.
  • In product terms, urea offtake of 218K tones was down 51.1% Y/Y and DAP at 39K tones declined 35.8% Y/Y. Both miss comfortably on any historical comparison, though we flag that the January 2025 base was itself elevated relative to seasonal norms
Pakistan Market Wrap: KSE-100 closes at 178,853 up 5,703 points – By Alpha-Akseer Research

Feb 18 2026


Alpha Capital


  • The equity market opened on a robust note and maintained its upward momentum throughout the session. The KSE-100 Index experienced notable intraday volatility, trading within a range of 174,329 to 178,974 before closing at 178,853—registering an impressive gain of 5,703 points. Total volume on the main board stood at 424.6 million shares, with a cumulative value of PKR 42.3 billion.
  • The rally was primarily driven by UBL (7.4%, 1,003 points), HBL (10%, 600 points), MEBL (5.9%, 422 points), NBP (8.7%, 370 points), and MCB (5.5%, 304 points). In terms of trading activity, KEL and BOP led the volume chart, with 117 million and 71 million shares exchanged, respectively.
Cherat Cement Company Ltd. (CHCC): Earnings declined on lower prices – By AKD Research

Feb 18 2026


AKD Securities


  • Revenue declined by 11%YoY to PkR9.4bn, mainly due to 13%YoY drop in local retention prices despite 11%YoY higher local offtakes. Notably, total offtakes declined by 2%YoY to 0.64mn tons due to lower exports amid Afghan border closure.
  • Gross margins slightly improved to 36.3% from 36.0% in SPLY, driven by higher proportion of local sales in the mix.
Pakistan Economy: Jan’26 Surpluses, Built on Remittances and Import Compression – By AHCML Research

Feb 18 2026


Al Habib Capital Markets


  • Pakistan's Current Account has recorded third month of the year surpluses of USD 121mn in Jan’26, a sharp reversal from the deficit in Dec’25. However, over the 7MFY26 (July-Jan), the current account deficit stands at USD1,074mn, a staggering deterioration from the USD 564mn surplus recorded in the same period last year.
  • In Jan’26, the goods trade deficit stood at USD 2,591mn. Exports fell by 8.7%YoY to USD 2,746mn (from USD 3,008mn in Jan’25), while imports declined 2.6%YoY to USD 5,337mn (from USD 5,481mn) and 7%MoM from Dec-25's USD 5,737mn.
Habib Bank Limited (HBL): Result Review – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Habib Bank Limited (HBL) announced its 4QCY25 results, reporting consolidated EPS of PKR 10.5, up 7% YoY but down 9% QoQ. The result came in slightly below our expectations, primarily due to weaker non-markup income. The bank declared a final cash dividend of PKR 6/share, above our expectation of PKR 5/share, taking the CY25 cumulative payout to PKR 20/share.
  • Net interest income (NII) grew by 17% YoY, supported by volumetric expansion which largely offset margin compression. However, on a QoQ basis, NII declined by 2% as the impact of asset repricing had largely materialized. Non-markup income fell sharply by 50% YoY, mainly due to losses on sale of securities and the absence of one-off other income recorded in the same period last year.
Habib Bank Limited (HBL): 4QCY25 EPS clocked in at PKR10.5 – By Insight Research

Feb 18 2026


Insight Securities


  • HBL has announced its 4QCY25 result, wherein it has posted consolidated HBL (PKR mn) 4QCY25 4QCY24 3QCY25 YoY QoQ CY25 CY24 YoY PAT of PKR15.4bn (EPS: PKR10.5) vs. PAT of PKR14.6bn (EPS: PKR9.8) in SPLY. The result is broadly inline with our estimates. However, NII came higher than estimates due to healthy volumetric growth, which was partially offset by higher than estimated provisioning and ETR.
  • Net interest income clocked in at PKR68.2bn in 4QCY25, up by 13% YoY. The increase is mainly attributable to volumetric growth. To highlight, deposits grew by ~27%/9% YoY/QoQ in 4QCY25.
Cherat Cement Company Limited (CHCC): Earnings Above Estimates; Margins Stable – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Cherat Cement (CHCC) announced its 2QFY26 results, reporting net profit of PKR 2.02bn, down 4% QoQ and 11% YoY. The result is slightly above our expectations mainly due to stronger than anticipated gross margins.
  • Net sales declined by 11% YoY, primarily driven by lower bag prices in the North region and reduced exports following the Afghan border closure, which, according to the company, account for around 7% of total sales. Cost of goods sold declined by roughly 12% YoY, likely supported by operational efficiencies including the induction of EV dumpers that helped reduce freight costs, along with the installation of around 9MW solar capacity contributing to lower energy expenses. The decline in costs helped maintain gross margins at around 36%, broadly in line with 1QFY26 and 2QFY25 levels.
Technology & Communication: IT Exports up by 19% YoY to US$374mn in Jan-26 – By Topline Research

Feb 18 2026


Topline Securities


  • Pakistan recorded monthly IT exports of US$374mn in Jan-26, up 19% YoY but down 14% MoM. This takes 7MFY26 to US$2.6bn, reflecting a 20% YoY growth.
  • Net IT Exports (Exports-Imports) displayed a monthly number of US$314mn, up 12% YoY.
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.
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.