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.
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.
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.
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: KSE-100 closes at 174,454 down 5,150 points – By Alpha-Akseer Research

Feb 16 2026


Alpha Capital


  • The equity market opened the session on a positive note but failed to sustain its early momentum. The KSE-100 Index experienced significant intraday volatility, trading within a range of 173,574 to 179,969 before closing at 174,454, down by 5,150 points. Total volume on the main board stood at 378.7 million shares, with a cumulative value of PKR 37.4 billion.
  • Major contributors to the index decline included UBL (-4.2%, -598 points), ENGROH (-3.3%, -315 points), FFC (-1.8%, -295 points), HBL (-3.9%, -250 points), and BAHL (-4.6%, -221 points). In terms of activity, KEL and BOP led the volume chart, with 63.8 million and 56.2 million shares traded, respectively.
Pakistan Market Wrap: KSE-100 closes at 179,604 down 909 points – By Alpha-Akseer Research

Feb 13 2026


Alpha Capital


  • The equity market began the session on a mixed footing and remained volatile throughout the day. The KSE-100 Index witnessed notable intraday fluctuations, moving within a range of 178,237 to 180,833 before settling at 179,604, reflecting a decline of 909 points. Total traded volume on the main board reached 377 million shares, with an aggregate value of PKR 30.5 billion.
  • Key stocks weighing on the index included LUCK (-2.5%, -179 points), UBL (-1%, -144 points), OGDC (-1.9%, -125 points), SYS (-2%, -90 points), and EFERT (-1.8%, -79 points). In terms of trading activity, KEL and PIBTL dominated the volume leaderboard, recording 176.9 million and 52.2 million shares traded, respectively.
Pakistan Market Wrap: KSE-100 closes at 183,050 up 896 points – By Alpha-Akseer Research

Feb 11 2026


Alpha Capital


  • The equity market commenced the session on a strong footing and remained largely steady throughout the day. However, the KSE-100 Index witnessed notable intraday volatility, fluctuating between a low of 182,055 and a high of 183,802 before settling at 183,050, reflecting a gain of 896 points. Total volumes on the main board reached 349.6 million shares, with an aggregate traded value of PKR 25 billion.
  • Key contributors to the index’s positive performance were ENGROH (4.4%, 412 points), LUCK (2.5%, 172 points), FABL (9.1%, 126 points), MCB (2.1%, 124 points), and BAFL (2.9%, 86 points). In terms of trading activity, KEL and CNERGY led the volumes chart, recording 120.6 million and 81.6 million shares traded, respectively.
Pioneer Cement Limited (PIOC): 2QFY26 EPS clocks in at PKR 7.04, down 9% YoY – By Alpha-Akseer Research

Feb 11 2026


Alpha Capital


  • PIOC announced its 2QFY26 results today wherein the company reported an EPS of PKR 7.04, down 9% YoY. This takes cumulative earnings for 1HFY26 to PKR 12.65/share, up 4% YoY. Contrary to expectations, no dividend was announced along with the results.
  • Net sales for 2QFY26 clock in at PKR 10.3bn, up 15% YoY from PKR 8.9bn SPLY, driven by a 28% YoY increase in local dispatches to ~0.7mn tons, outpacing the North’s 12% YoY growth and offsetting a 4% YoY decline in net retention.
  • Gross margins for 2QFY26 clocked in at 30%, down 12 ppts YoY primarily reflecting the effect of increased royalty charge on 6% of ex-factory price instead of net retention. The compression in margins also reflect upward pressure on fuel cost driven by Afghan border closure.
Pakistan Market Wrap: KSE-100 closes at 182,154 down 187 points – By Alpha-Akseer Research

Feb 10 2026


Alpha Capital


  • The equity market opened strongly but could not sustain upward momentum as the session progressed. The KSE-100 Index experienced heightened volatility, moving between a low of 181,499 and an intraday high of 183,217, before closing at 182,154—down 187 points. Total volumes on the main board reached 631.6 million shares, with a cumulative traded value of PKR 29.5 billion.
  • The decline in the index was primarily led by HBL (-2.5%, -169 points), MEBL (-9.3%, -86 points), KEL (-8.4%, -74 points), AKBL (-4.2%, -67 points), and BAFL (-2.1%, -64 points). In terms of market activity, KEL and CNERGY led volumes, trading 253 million and 189 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 182,340 down 1,789 points – By Alpha-Akseer Research

Feb 9 2026


Alpha Capital


  • The equity market began the session on a firm footing but failed to maintain momentum at higher levels. The KSE-100 Index remained volatile, trading within a range of 180,993 to an intraday high of 185,717, before settling at 182,340, reflecting a decline of 1,789 points. Total volumes on the main board reached 597.7 million shares, with an aggregate traded value of PKR 50.6 billion.
  • The downturn in the index was largely driven by OGDC (-3.5%, contributing -243 points), MEBL (-2.3%, -178 points), PPL (-2.9%, -173 points), UBL (-1.2%, -172 points), and LUCK (-2.4%, -166 points). On the activity front, KEL and BOP dominated trading volumes, recording 302 million and 53 million shares, respectively.
Pakistan Market Wrap: KSE-100 closes at 184,130 down 3,703 points – By Alpha-Akseer Research

Feb 6 2026


Alpha Capital


  • The equity market opened on a subdued note and remained under pressure throughout the trading session. The KSE-100 Index fluctuated within a range of 183,547 to an intraday high of 188,036 before closing at 184,130, down 3,703 points. Total volumes on the main board stood at 798.2 million shares, with a total traded value of PKR 48.3 billion.
  • The decline in the index was primarily led by NBP (-8%, -396 points), FFC (-2.3%, -384 points), PPL (-5%, -313 points), UBL (-1.9%, -278 points), and MEBL (-2.6%, -202 points). In terms of activity, KEL and NBP led the volumes chart, with traded volumes of 517.8 million and 51.2 million shares, respectively.
Morning News: Pakistan, Kazakhstan agree to raise trade to USD 1bn – By Alpha-Akseer Research

Feb 6 2026


Alpha Capital


  • Pakistan and Kazakhstan on Wednesday agreed to strengthen bilateral trade, investment, and regional connectivity, with a goal of raising trade to USD 1bn within two years and advancing a multi-country transport corridor linking Central and South Asia.
  • In the first auction after a surprise status quo in the monetary policy, the cut-off yields on the treasury bills were increased on Wednesday by up to 39 basis points, bringing the returns close to the State Bank’s policy rate of 10.50 per cent.