Topline Securities Ltd

Triple Win for Topline! 🏆 Proud to be awarded Best Brokerage House, Best Equity Research Analyst, and Best Research Report at the 22nd Annual CFA Society Pakistan Excellence Awards. Excellence isn’t a goal — it’s our standard.

Today's FIPI Net: -2.67(US$mn) Today's Foreign Corporate Net: -3.51(US$mn)

Topline Market Review (Mar 24, 2026): Early Euphoria Fades as Thin Volumes Cap Gains The day began on a hopeful note, as the local bourse took cues from buoyant international markets. Easing geopolitical tensions and a dip in global oil prices set the stage for optimism, inviting bulls to charge early into the session. Momentum quickly picked up, driving the index to a strong intraday high of +4,702 points, reflecting renewed confidence across the board. But as the day unfolded, the enthusiasm began to fade. Despite the promising start, trading activity remained thin — a silent warning that the rally lacked strong hands behind it. With volumes failing to support the surge, the market gradually gave up a significant portion of its gains. By the closing bell, the index settled at 153,966, still in the green with a gain of 1,225 points (+0.80%), but well off its peak. Market activity remained subdued, with total volumes clocking in at 375 million shares, while turnover stood at PKR 22.97 billion. KEL dominated the volumes chart, with trading surpassing 35 million shares. On the index front, heavyweights ENGROH, FFC, LUCK, SYS, and HUBC led the charge, collectively contributing +1,184 points. Conversely, MCB, NBP, SAZEW, KOHC, and NESTLE acted as key laggards, dragging the index down by 237 points. Regards Topline Sales Desk

Pakistan Stock Exchange - Key Statistics

Board Meetings & Corporate Briefing

Celebrating the spirit of unity and the resolution that changed our history. Wishing everyone a very Happy Pakistan Day! #PakistanZindabad #23March #PakistanResolutionDay

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State Bank of Pakistan (SBP) has revised key parameters of the Affordable Housing Finance Scheme, increasing the maximum loan limit to Rs10mn from Rs3.5mn. The interest rate has also been changed to a flat rate of 5%. Given Pakistan’s estimated housing deficit, the scheme is expected to be a significant positive for the housing and construction sector.

Warmest wishes for a joyous Eid. We celebrate the values of dedication and unity as we look forward to a brighter, more prosperous future together.

We wish all our clients and employees a blessed Jummat-ul-Wida. May Allah accept our prayers and grant us His mercy and forgiveness

FX reserves held by SBP up by US$13mn to US$16.4bn for the week ending Mar 13, 2026. We expect SBP's Liquid FX Reserves to reach US$17.4bn in Jun-2026.

Today's FIPI Net: -1.37(US$mn) Today's Foreign Corporate Net: -0.99(US$mn)

Topline Weekly Review (Mar 19, 2026): KSE 100 Index declined by -0.73% on WoW basis, this weekly decline can be attributed to further escalation of Middle East conflict (US-Israel vs. Iran) and its resulting impact in energy prices. Important developments during the outgoing week were: 1) Pakistan posting a Current Account Surplus of US$427mn in Feb 2026 vs. Surplus of US$68mn in Jan 2026, 2) Pakistan Real Effective Exchange Rate (REER) decreasing to 102.54 in Feb 2026 compared to 103.3 in Jan 2026, 3) In T-Bill auction held during the week, yields rose by 51-100bps across different tenors, 4) Large Scale Manufacturing (LSM) Index up 10.5% YoY and 12.1% MoM in Jan 2026 and 5) Pakistan monthly IT exports for the month of Feb 2026 stood US$365mn (up 20% YoY but down 2% MoM). On flows end during the week foreign corporates and mutual funds were sellers in the market, as they sold equities worth $9.8mn and $4.6mn as of yesterday`s close; on the other hand during the week banks and individuals purchased equities worth $8.2mn and $2.5mn respectively as of yesterday`s close. Average daily traded volume and value stood at 321mn shares and PKR.20bn. Regards Topline Sales Desk

Topline Market Review (Mar 19, 2026): Investors kept a cautious approach on last trading session before the long weekend, as the index remained under pressure during the trading session to close at 152,740 level (down by -1%). Investor`s pessimism can be accredited to yesterday`s development where Israel`s attack on Iran`s South Pars Gas Field and in response Iran`s attack on Qatar’s LNG Gas facility, sent the crude oil prices soaring up. Top negative contribution to the index came from ENGROH, UBL, PPL, MEBL and EFERT, as they cumulatively contributed -640 points to the index. Traded value wise NBP (PKR.1.81bn), MARI (PKR.1.27bn), PPL (PKR.1.08bn), FFC (PKR.1.07bn) and LUCK (PKR.956mn) dominated the trading activity. Traded volume and value for the day stood at 324mn shares and PKR.19.36bn respectively. Regards Topline Sales Desk

SCRA: T-Bills Monthly Net Dollar Inflow/(Outflow) #SCRA #SBP #Pakistan #Topline

Pakistan Stock Exchange - Key Statistics

Pakistan Weekly SPI Alert Mar 19, 2026 Pakistan’s Weekly SPI for the period ending Mar 18, 2026 increased by 0.21% WoW and 7.04% YoY. To note, this YoY increase marks a 71-weeks high. Major increase WoW is observed in the prices of Tomatoes (24.85%), Chicken (7.33%) and Bread (1.08%). Regards Topline Research

PSX - Total Leverage (MTS, MFS and Future Open Interest)

Pakistan Important News and Pakistan Key Statistics

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Today's FIPI Net: -2.56(US$mn) Today's Foreign Corporate Net: -2.14(US$mn)