AKD Securities

𝐀𝐊𝐃 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 | 𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝟐𝟎𝟐𝟔 𝐊𝐒𝐄𝟏𝟎𝟎 𝐬𝐞𝐭𝐭𝐢𝐧𝐠 𝐧𝐞𝐰 𝐛𝐞𝐧𝐜𝐡𝐦𝐚𝐫𝐤𝐬 𝐃𝐞𝐜 𝟐𝟎𝟐𝟔 𝐈𝐧𝐝𝐞𝐱 𝐭𝐚𝐫𝐠𝐞𝐭: 𝟐𝟔𝟑,𝟖𝟎𝟎 KSE-100 is expected to continue its positive momentum due to further monetary easing driven by improving external account position and continuous focus on reforms amid political stability. We anticipate the KSE-100 Index to post a robust return of 53.0% in CY26 and to achieve a historic benchmark of US$100bn market capitalization , primarily driven by higher sustainable RoEs of banks, enhanced profitability along with improving cash flows of E&P and OMCs, and robust profitability of fertilizers. We have ‘Overweight’ stance on Banks, E&P, Fertilizer, Cement, OMCs, Autos, Textile and Technology. 𝐓𝐨𝐩 𝐏𝐢𝐜𝐤𝐬: 𝐎𝐆𝐃𝐂, 𝐏𝐏𝐋, 𝐔𝐁𝐋, 𝐌𝐄𝐁𝐋, 𝐇𝐁𝐋, 𝐅𝐅𝐂, 𝐄𝐍𝐆𝐑𝐎𝐇, 𝐏𝐒𝐎, 𝐋𝐔𝐂𝐊, 𝐅𝐂𝐂𝐋, 𝐈𝐍𝐃𝐔, 𝐈𝐋𝐏 𝐚𝐧𝐝 𝐒𝐘𝐒. Full Report research.akdsl.com/63902822173632… #Pakistan #AKD #SBP #PSX #Strategy #KSE100 #Oil #Gas #Technology #cement #Chemical #Auto #fertilizer #Bank @GovtofPakistan @CMShehbaz @PakPMO @MIshaqDar50 @Financegovpk @betterpakistan @Official_PetDiv @MoWP15 @RailwaysGovPk @NHMPofficial @TheNBPak @Financegovpk @akdsecurities @investinpak @DrMusadikMalik @abdul_aleemkhan @AliPervaiz450 @akleghari @KhawajaMAsif @mincompk @MuhAwaisAshraf @geonews_urdu @humnews_urdu @Dawn_News @etribune @DunyaNews @Profitpk @Daily_Express @endailypakistan @dailytimespak @Aaj_Urdu @BBCWorld @AJEnglish @MCBBankPk @HBLPak @BankAlfalahPAK @UBLDigital @BAHLOfficial @ToyotaPak @Honda @engro_group @ogdclofficial @PPL_Corporate @pakistanoil @SystemsLtd @pakstockexgltd @StateBank_Pak @TheNBPak

𝐒𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭 𝐑𝐚𝐭𝐢𝐨(𝐔𝐈𝐍 𝐖𝐢𝐬𝐞) #𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 #𝐊𝐒𝐄𝟏𝟎𝟎 #𝐏𝐒𝐗 #equities

𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 𝐄𝐪𝐮𝐢𝐭𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐥𝐨𝐰𝐬 #KSE100 #PSX #stockmarket

AKD Daily Technical KSE-100 MACD crossover occurred Market View — Technical The index began the session on a negative note and maintained a bearish tone throughout the trading day. It dropped to an intraday low of 3,564 points before eventually closing 1,552 points lower at 152,740. Market activity weakened significantly, with trading volumes declining by around 31% compared to the previous session. research.akdsl.com/63909940560922…

The entire AKD Securities team extends our heartfelt greetings to you and your family on the joyous occasion of Eid ul-Fitr. We pray that Allah grants you divine guidance, steadfast faith, renewed hope, and inner peace—not only during Eid but also throughout all aspects of your life. May He accept our prayers and good deeds, and lead us all toward continued success and fulfillment. Best Regards, AKD Research

Pakistan Liquid FX Reserve update (Mar 19, 2026) FX reserves held by the SBP increased by US$13mn WoW, ending the week at US$16.4bn as of Mar 13, 2026.

𝗔𝗞𝗗 𝗦𝘁𝗼𝗰𝗸 𝗦𝗺𝗮𝗿𝘁 𝗪𝗲𝗲𝗸𝗹𝘆 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻 𝗪𝗲𝗲𝗸𝗹𝘆 𝘂𝗽𝗱𝗮𝘁𝗲 Market remained volatile throughout the week, amid persistent Middle East military conflict driving volatility in int’l oil prices. The benchmark index declined by 1,126pts or 0.7% during the week to close at 152,740pts on Thursday. Consequently, market participation moderated during the week, with avg. daily traded volumes declining to 418mn shares, compared to 548mn shares in the prior week. 𝗢𝘂𝗿 𝘁𝗼𝗽 𝗽𝗶𝗰𝗸𝘀 𝗶𝗻𝗰𝗹𝘂𝗱𝗲 𝗢𝗚𝗗𝗖, 𝗣𝗣𝗟, 𝗨𝗕𝗟, 𝗠𝗘𝗕𝗟, 𝗛𝗕𝗟, 𝗙𝗙𝗖, 𝗘𝗡𝗚𝗥𝗢𝗛, 𝗣𝗦𝗢, 𝗟𝗨𝗖𝗞, 𝗙𝗖𝗖𝗟, 𝗜𝗡𝗗𝗨, 𝗜𝗟𝗣 𝗮𝗻𝗱 𝗦𝗬𝗦. Full Report research.akdsl.com/63909536874966… #Pakistan #Strategy #Iran #MiddleEast #USA #War #Arablight

𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 𝐄𝐪𝐮𝐢𝐭𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐥𝐨𝐰𝐬 #KSE100 #PSX #stockmarket

𝐒𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭 𝐑𝐚𝐭𝐢𝐨(𝐔𝐈𝐍 𝐖𝐢𝐬𝐞) #𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 #𝐊𝐒𝐄𝟏𝟎𝟎 #𝐏𝐒𝐗 #equities

𝗠𝗮𝗿𝗶 𝗘𝗻𝗲𝗿𝗴𝗶𝗲𝘀 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗠𝗔𝗥𝗜 𝗱𝗶𝘀𝗰𝗼𝘃𝗲𝗿𝘀 𝗴𝗮𝘀 𝗮𝘁 𝗦𝗵𝗮𝗺𝘀-𝟭 𝗶𝗻 𝗠𝗮𝗿𝗶 𝗗&𝗣𝗟, 𝗗𝗶𝘀𝘁𝗿𝗶𝗰𝘁 𝗚𝗵𝗼𝘁𝗸𝗶, 𝗦𝗶𝗻𝗱𝗵 Mari Energies Ltd (MARI) has announced a major gas discovery at the exploratory well Shams-1, located in District Ghotki, Sindh. The exploratory well (100% working interest) was successfully tested in the Mari D&PL reservoir, with gas flow reaching 48mmcfd at a 64” choke size, while condensate flow at 64bpd. We anticipate the aforementioned discovery to contribute an annualized EPS impact of ~PkR6.4/sh (11% of FY26E earnings). Full Report research.akdsl.com/63909519480174… #Pakistan #Oil #Gas #Mineral #Mining #Technology @pakstockexgltd

𝗔𝗞𝗗 𝗗𝗮𝗶𝗹𝘆 𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 - 𝗠𝗮𝗿 𝟭𝟵, 𝟮𝟬𝟮𝟲 𝗞𝗦𝗘-𝟭𝟬𝟬: 𝗖𝗹𝗼𝘀𝗲𝗱 𝗮𝗯𝗼𝘃𝗲 𝟭𝟬-𝗦𝗠𝗔 The index commenced the session on a positive note and maintained a bullish tone throughout the trading day. It rallied to an intraday high of 4,668 points and eventually closed 4,276 points higher at 154,292. Market participation improved notably, with trading volumes rising by approximately 47% compared to the previous session. From a technical perspective, the KSE-100 closed 34.1% above the lower Bollinger Band, while the bands themselves are currently 104.21% wider than their normal range, indicating elevated volatility relative to the index’s usual behavior. Such expanded bands reflect heightened price fluctuations. Full Report research.akdsl.com/63909509276837… #Pakistan #KSE100 #Technical

𝗧𝗔𝗖𝗧𝗜𝗖𝗔𝗟 𝗧𝗥𝗔𝗗𝗜𝗡𝗚 𝗜𝗗𝗘𝗔 𝗣𝗔𝗘𝗟 | 𝗦𝗬𝗦 | 𝗣𝗣𝗟

AKD Daily Pakistan Fertilizer - Nutrients supply to remain comfortable despite gas supply risks Nitrogenous nutrient offtakes declined in Feb'26, with urea and CAN volumes both falling by 28%YoY. We maintain our overweight stance on the sector due to stable earning outlook and higher dividend yields, with FFC and ENGROH as our preferred picks. research.akdsl.com/63909449440409… #FFC #Efert #FATIMA

𝐒𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭 𝐑𝐚𝐭𝐢𝐨(𝐔𝐈𝐍 𝐖𝐢𝐬𝐞) #𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 #𝐊𝐒𝐄𝟏𝟎𝟎 #𝐏𝐒𝐗 #equities

𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 𝐄𝐪𝐮𝐢𝐭𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐥𝐨𝐰𝐬 #KSE100 #PSX #stockmarket

𝗖𝗼𝗺𝗺𝗼𝗱𝗶𝘁𝘆 𝗽𝗿𝗶𝗰𝗲𝘀 𝗺𝗼𝘃𝗲𝗺𝗲𝗻𝘁 𝘀𝗶𝗻𝗰𝗲 𝘀𝘁𝗮𝗿𝘁 𝗼𝗳 𝗠𝗶𝗱𝗱𝗹𝗲 𝗘𝗮𝘀𝘁 𝗰𝗼𝗻𝗳𝗹𝗶𝗰𝘁 #Pakistan #MiddleEastwar #Energy #Cement #Fertilizer #Chemical #Steel #Iran #USA #Textile

𝗣𝗔𝗕𝗖’𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝘀𝘂𝗹𝘁 𝗳𝗼𝗿 𝗖𝗬𝟮𝟱 #Pakistan #AluminiumBeverage #Cans

𝗔𝗿𝗮𝗯 𝗟𝗶𝗴𝗵𝘁 𝘀𝗵𝗲𝗱𝘀 𝗨𝗦$𝟭𝟰/𝗯𝗯𝗹 𝗼𝗻 𝗗𝗼𝗗 𝗯𝗮𝘀𝗶𝘀 #Pakistan #MiddleEast #Iran #USA #Arablight

𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗚𝗹𝗼𝗯𝗮𝗹𝗙𝗼𝗼𝘁𝘄𝗲𝗮𝗿 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗦𝗚𝗙’𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝘀𝘂𝗹𝘁 𝗳𝗼𝗿 𝗖𝗬𝟮𝟱 #Pakistan #SGF #Import #export #footwear #leather #ServiceIndustries

𝗔𝘀𝗸𝗮𝗿𝗶 𝗕𝗮𝗻𝗸 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗔𝗞𝗕𝗟 - 𝗖𝗬𝟮𝟱 𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗕𝗿𝗶𝗲𝗳𝗶𝗻𝗴 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 Askari Bank Ltd (AKBL) held its analyst briefing earlier today, where-in the management discussed the following: Company’s standalone NPAT for CY25 stood at PkR22.8bn (EPS: PkR15.7), up 8%YoY, while total asset/equity base as of Dec’25 were PkR2.9tn/PkR151.7bn (up 16%/25%YTD). Bank’s CAR improved to 21.6% as of Dec’25 vs 21.4% in SPLY. Full Report research.akdsl.com/63909437218663… #Pakistan #AKBL #AskariBank #KSE100 @pakstockexgltd @StateBank_Pak