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.
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.
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.
Cherat Cement Company Ltd. (CHCC): 1QFY26 Result Review – By AKD Research

Oct 27 2025


AKD Securities


  • Revenue inclined by 6%YoY to PkR10.3bn, where 19%YoY increase in volumes during the quarter outweigh the impact of 14%YoY decline in retention prices.
  • Gross margins declined to 36.3% from 40.0% in SPLY, driven by increase in royal ty rates in KPK region. Notably, royalty rates in KPK region increased to PkR350/ ton compared to PkR250/ton during SPLY.
  • We maintain a ‘Buy’ stance on CHCC with a Jun’26 DCF target price of PkR605.6/ sh. Our liking for the scrip is driven by; i) company’s strong deleveraging, bring ing its D/E to just 0.14x, ii) robust margins, supported by increased reliance on local coal (~60%) and expansion in solar capacity to 23MW, and iii) lower royalty rates in the region.
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.
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 Petroleum Limited (PPL): Earnings dip on higher opex and normalized taxation charge – By AKD Research

Feb 13 2026


AKD Securities


  • Pakistan Petroleum Limited (PPL) reported 2QFY26 financial results earlier today, with consolidated earnings clocking in at PkR20bn for the second quarter (EPS: PkR7.40), down 26% YoY — slightly below expectations. Alongside the result, company also announced a half-yearly cash dividend of PkR2.0/sh, taking cumu lative cash payout to PkR4.0/sh for the first half (payout ratio: 27%).
  • Net Sales stood at PkR61.8bn during 2QFY26, up 1%YoY. Regarding hydrocar bon production, PPL’s estimated oil and gas output clocked in at 11.1kbpd (up 4%YoY) and 554mmcfd (down 1%YoY) as per PPIS data.
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.
Technical Outlook: KSE-100: Range bound activity witnessed – By AKD Research

Dec 24 2025


AKD Securities


  • The index opened on a strong note but moved within a narrow range throughout the session, posting an intraday high of 663 points and a low of 236 points. It ultimately closed 130 points lower at 171,074. Investor participation weakened, with trading volumes dropping by 27% compared to the previous session. The MACD remains bullish as it continues to trade above its signal line, having crossed above it 25 sessions ago. Since the MACD moved above its moving average, the Index has gained 6.30%, fluctuating between a high of 172,674.66 and a low of 160,564.84. Meanwhile, the daily Parabolic SAR is positioned below the current index level, indicating a continuation of the prevailing uptrend.
  • Technically, the immediate support is seen at 170,900 and a breach below this could extend the decline toward 170,300 and 169,800. Conversely, resistance is expected around 171,800, followed by 172,500 and 173,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Upward ride continues – By AKD Research

Dec 19 2025


AKD Securities


  • The index began the session on a strong footing and maintained its bullish bias throughout the day, reaching an intraday high of 1,935 points. It eventually closed with a hefty gain of 1,647 points at 171,961. Investor participation eased, as trading volumes slipped by 10% compared to the previous session. KSE100 ended the day 11.1% below the upper Bollinger Band, while the bands themselves are 3.36% wider than normal. The MACD remains bullish, trading above its signal line, which it crossed 22 sessions ago. Since that crossover, the Index has advanced 6.85%, moving within a range of 172,249 on the upside and 160,565 on the downside.
  • Technically, the immediate support is seen at 171,500 and a breach below this could extend the decline toward 170,800 and 170,300. Conversely, resistance is expected around 172,500, followed by 173,100 and 173,900. It is recommended to accumulate positions on weakness with risk defined below support zone.
Morning News: KSE-100: Making a higher high – By AKD Research

Dec 16 2025


AKD Securities


  • The index opened on a strong note and witnessed increased volatility during the session, touching an intraday high of 1,137 points. It ultimately settled at 170,741, registering its highest-ever close with a gain of 877 points. Market participation strengthened, as trading volumes jumped by 33% compared to the previous session. The Index is currently trading 22.5% above its 200-period moving average, indicating a clear upward trend. There is a likelihood of rising volatility and sharp price swings in the near term. Volume indicators show moderate in flows into the Index, suggesting a mildly bullish undertone. Trend forecasting oscillators remain bullish and have maintained this stance for the past 13 trading sessions.
  • Technically, the immediate support is seen at 170,200 and a breach below this could extend the decline toward 169,700 and 169,300. Conversely, resistance is expected around 171,100, followed by 171,500 and 172,000. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Closed at historic high – By AKD Research

Dec 10 2025


AKD Securities


  • The index opened on solid ground and carried its bullish momentum through the session, touching an intraday high of 1,298 points. It wrapped up the day with a strong gain of 1,153 points, closing at 169,456. Investor interest strengthened noticeably, as trading volumes jumped 32% from the previous session. A long lower shadow emerged on the candle, a typically bullish signal. Over the last 10 sessions, the market has posted 6 positive and 4 negative closings, signaling a mild upside bias. The index also opened with an upside gap on healthy volumes which is an indication that raises the likelihood of a runaway gap, often indicative of a sustained continuation in trend.
  • Technically, the immediate support is seen at 169,000 and a breach below this could extend the decline toward 168,300 and 167,800. Conversely, resistance is expected around 170,000, followed by 170,700 and 171,500. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Bullish session amid improved volumes – By AKD Research

Dec 8 2025


AKD Securities


  • The index began the day on a strong footing and stayed bullish throughout the previous session, reaching an intraday high of 1,640 points. It eventually closed with a mild gain of 802 points at 167,086. Market participation strengthened, as trading volumes rose by 35% from the prior session. KSE100 is currently trading 21.4% above its 200-period moving average, indicating a continued upward trend. Volatility remains extremely low relative to the average over the last 10 sessions. Volume indicators show moderate inflows into the Index, reflecting a mildly bullish tone. Trend-forecasting oscillators also remain bullish and have maintained this stance for seven consecutive periods.
  • Technically, the immediate support is seen at 166,500 and a breach below this could extend the decline toward 165,800 and 165,100. Conversely, resistance is expected around 167,800, followed by 168,500 and 169,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Technical Outlook: KSE-100: Low volumes given little price action – By AKD Research

Dec 5 2025


AKD Securities


  • The index started the day on a strong note but became volatile as trading progressed, hitting an intraday high of 672 points and a low of 259 points. It ultimately closed with a modest gain of 138 points at 166,284. Market participation declined, with trading volumes falling by 35% compared to the previous session. Over the past 10 sessions, the market has seen 4 positive closes and 6 negative closes, resulting in a net of 2 negative sessions. Volume indicators show moderate inflows into the Index, reflecting a slightly bullish tone. Trend forecasting oscillators remain bullish and have maintained this stance for the past six sessions.
  • Technically, the immediate support is seen at 165,800 and a breach below this could extend the decline toward 165,200 and 164,500. Conversely, resistance is expected around 166,800, followed by 167,500 and 168,100. It is recommended to accumulate positions on weakness with risk defined below support zone.
Pakistan Cements: Cement offtakes fall on weaker exports – By AKD Research

Dec 3 2025


AKD Securities


  • Cement offtakes declined by 3%YoY to 4.14mn tons during Nov’25, driven by 27%YoY fall in exports.
  • Industry-wide utilization declined to 60% (-2.0ppts YoY), compared to 62% in SPLY.
  • We expect domestic cement dispatches to increase by 7.3%YoY in FY26 and 8.4% YoY in FY27, mainly driven by a revival in domestic activity, given the fall in interest rates.
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