Time: 02:21:17

KEL 7.71 / 99.79M 0.14 |

CNERGY 7.17 / 70.33M 0.55 |

FNEL 1.48 / 33.42M 0.01 |

WTL 1.32 / 28.89M 0.01 |

NBP 262.35 / 27.95M 11.08 |

BOP 29.52 / 25.13M -0.18 |

TELE 8.93 / 24.63M 0.56 |

WAVES 11.26 / 14.23M -0.04 |

PIBTL 17.03 / 13.30M -0.46 |

HASCOL 16.75 / 10.30M 0.12 |

MLCF 93.29 / 9.28M -2.92 |

FCCL 50.02 / 8.52M 0.02 |

PTC 56.53 / 7.10M -0.06 |

NCPL 62.18 / 6.93M -3.01 |

UNITY 13.17 / 6.80M -0.31 |

KOSM 4.14 / 6.57M 0.14 |

TSBLR1 0.44 / 6.48M 0.02 |

PACE 10.15 / 6.01M 0.20 |

GGL 16.32 / 5.40M -0.81 |

AGHA 7.01 / 5.20M -0.23 |

SEARL 92.24 / 5.12M -5.43 |

PRL 27.09 / 5.12M -1.02 |

GGGL 9.07 / 4.94M -0.85 |

PPL 213.51 / 4.91M -6.08 |

TRG 49.88 / 4.81M -2.06 |

FFL 16.61 / 4.76M -0.06 |

DFML 19.49 / 3.88M 1.77 |

SSGC 26.26 / 3.73M -1.39 |

PAEL 48.19 / 3.60M -0.71 |

TPLRF1 9.58 / 3.57M -0.37 |

NPL 68.72 / 3.54M -3.41 |

PIAHCLA 21.50 / 3.40M -0.83 |

LOADSR1 0.78 / 3.35M -0.24 |

TSBL 1.69 / 3.31M 0.10 |

MDTL 5.24 / 3.29M 0.52 |

AHCL 16.09 / 3.25M -0.61 |

TPLP 8.81 / 3.25M -0.10 |

HUBC 210.15 / 3.24M -0.91 |

DGKC 198.72 / 3.19M -14.52 |

BAFL 124.83 / 2.96M 5.12 |

UBL 450.04 / 2.94M -11.42 |

LSEVL 8.52 / 2.85M 0.31 |

HMB 122.60 / 2.85M 0.39 |

ASL 10.98 / 2.81M -0.08 |

MIIETF 16.60 / 2.57M 0.16 |

BAHL 167.08 / 2.54M -2.94 |

HUMNL 11.78 / 2.51M -0.21 |

TREET 24.12 / 2.50M -0.18 |

SYM 10.59 / 2.36M 0.02 |

PASL 2.24 / 2.34M 0.12 |

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NBP - National Bank Of Pakistan National Bank of Pakistan. (NBP) Unconsolidated Financial Results Final Quarter Results December 31, 2025 EPS 4Q = Rs. 9.06 Full Year EPS CY25= Rs. 40.38 Last Full Year EPS CY24 = Rs. 12.63 Yearly Growth = 220% Final Dividend CY25 Cash (Rs/share) 35.00 (350%) Bonus Shares = CY25 = Nil Current Price = Rs. 251.27 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 18/3/2026 To 30/3/2026

CNERGY - Cnergyico Pk Ltd. (Byco Petroleum) Cnergyico PK Limited. (CNERGY) Unconsolidated Financial Results Half Yearly Results December 31, 2025 EPS 2Q = Re. 0.65 EPS Half Year = Re. 0.54 Last Half Year EPS = Re. 0.30 Half Yearly Growth = 80% Interim Dividend = Rs. Nil Bonus Shares = Nil Current Price = Rs. 7.22

UBL - United Bank Ltd.United Bank Limited. (UBL) Unconsolidated Financial Results Final Quarter Results December 31, 2025 EPS 4Q = Rs. 11.78 Full Year EPS CY25= Rs. 51.33 Last Full Year EPS CY24 = Rs. 32.89 Yearly Growth = 59% Final Dividend CY25 Cash (Rs/share) 8.00 (160%) FACE VALUE Rs. 5.00 Bonus Shares = CY25 = Nil Current Price = Rs. 449.00 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 20/3/2026 To 26/3/2026

DYNO - Dynea Pakistan Ltd.Dynea Pakistan Limited. (DYNO) Financial Results Half Yearly Results December 31, 2025 EPS 2Q = Rs. 19.19 EPS Half Year = Rs. 29.32 Last Half Year EPS = Rs. 23.76 Half Yearly Growth = 23% Interim Dividend = Rs. 6.25 (125%) FACE VALUE Rs. 5.00 Bonus Shares = Nil Current Price = Rs. 290.01 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 9/3/2026 To 11/3/2026

HUBC - The Hub Power Company Ltd. ConsolidatedThe Hub Power Company Limited. (HUBC) Consolidated Financial Results Half Yearly Results December 31, 2025 EPS 2Q = Rs. 8.19 EPS Half Year = Rs. 17.16 Last Half Year EPS = Rs. 17.99 Half Yearly Growth = (5%) Interim Dividend = Rs. 5.00 (50%) Bonus Shares = Nil Current Price = Rs. 208.00 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 9/3/2026 To 11/3/2026

OGDC - Oil & Gas Development Company Ltd.Oil & Gas Development Company Ltd. (OGDC) Unconsolidated Financial Results Half Yearly Results December 31, 2025 EPS 2Q = Rs. 8.07 EPS Half Year = Rs. 16.98 Last Half Year EPS = Rs. 19.17 Half Yearly Growth = (11%) Interim Dividend = Rs. 4.25 (42.50%) Bonus Shares = Nil Current Price = Rs. 291.23 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 7/3/2026 To 9/3/2026

PNSC - Pakistan National Shipping Corp. ConsolidatedPakistan National Shipping Corporation. (PNSC) Consolidated Financial Results Half Yearly Results December 31, 2025 EPS 2Q = Rs. 10.92 EPS Half Year = Rs. 29.67 Last Half Year EPS = Rs. 42.29 Half Yearly Growth = (30%) Interim Dividend = Rs. 5.00 (50%) Bonus Shares = Nil Current Price = Rs. 548.99 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 9/3/2026 To 11/3/2026

DGKC - D. G. Khan Cement Company Ltd. D.G. Khan Cement Company Limited. (DGKC) Unconsolidated Financial Results Half Yearly Results December 31, 2025 EPS 2Q = Rs. 8.43 EPS Half Year = Rs. 13.36 Last Half Year EPS = Rs. 8.04 Half Yearly Growth = 66% Interim Dividend = Rs. Nil Bonus Shares = Nil Current Price = Rs. 214.21

MUREB - Murree Brewery Company Ltd.Murree Brewery Company Limited. (MUREB) Financial Results Half Yearly Results December 31, 2025 EPS 2Q = Rs. 39.44 EPS Half Year = Rs. 74.17 Last Half Year EPS = Rs. 66.64 Half Yearly Growth = 11% Interim Dividend = Rs. 12.00 (120%) Bonus Shares = Nil Current Price = Rs. 989.00 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 3/3/2026 To 4/3/2026

FABL - Faysal Bank Ltd.Faysal Bank Limited. (FABL) Unconsolidated Financial Results Final Quarter Results December 31, 2025 EPS 4Q = Rs. 4.41 Full Year EPS CY25= Rs. 14.30 Last Full Year EPS CY24 = Rs. 15.17 Yearly Growth = (6%) Final Dividend CY25 Cash (Rs/share) 2.00 (20%) Bonus Shares = CY25 = Nil Current Price = Rs. 95.80 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 20/3/2026 To 26/3/2026

Analyst Opinions

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MLCF - Maple Leaf Cement Factory Ltd. Consolidated2/25/2026 12:00:00 AMMaple Leaf Cement (MLCF) — 2QFY26 Result Review

Flat Topline Sequentially – EV/ton $50/ton Maple Leaf Cement Factory (MLCF) reported revenue of Rs 18.94bn in 2QFY26, compared to Rs 19.03bn in 2QFY25, reflecting a marginal YoY decline. The largely flat topline suggests stable dispatch volumes in a competitive cement market. Margins firmed up Gross profit declined to Rs 6.03bn, down 15% YoY from Rs 7.14 bn, even though we believe margins remained firm. MLCF reported a GP margin of ~30%. The companies in Punjab are facing the ignominy of 6% royalty charges. 2Q Bottom Line Reflects continuation of margins MLCF reported PAT of Rs 2.5 bn, down 22% YoY from Rs 3.23 bn. EPS came in at Rs 2.40/sh, compared to Rs 3.08/sh in 2QFY25, reflecting the impact of margin compression despite lower finance costs. The effective tax rate stood at 36% compared to 27% in SPLY. Earnings firmed up in 1HFY26 On a cumulative basis (1HFY26), performance appears comparatively stronger. MLCF revenue increased to Rs 35.42bn vs Rs 34.75 bn in 1HFY25, while net profit rose to Rs 5.12bn from Rs 4.27bn. The improvement is primarily attributable to reduced finance costs. In 7MFY26, the company sold 2.45 mn tons of cement. In our view, this reflects a capacity utilization of approximately 50% to 53%, i.e., 4.2mn tons of annual sales. MLCF is yielding EV/ton of $50/ton vs DGKC $53/ton – both of them are lower than the market average of $60-80/ton. SCS Research

APL - Attock Petroleum Ltd.2/24/2026 12:00:00 AMAttock Petroleum Limited (APL) – 2QFY26 Result Review

Earnings Overview Attock Petroleum Limited (APL) reported 2QFY26 earnings of PKR 2.61bn (EPS: PKR 20.97), down 5% YoY compared to PKR 2.74bn (EPS: PKR 22.01) in 2QFY25. While topline growth remained modest, with net sales increasing to PKR 122.9bn (+3% YoY), the quarter was characterized by a recovery in core operating margins. Gross profit clocked in at PKR 4.78bn, up 19% YoY, reflecting improved inventory gains and relatively better product spreads. Consequently, operating profit rose to PKR 3.63bn, marking a 35% YoY increase. Margin Dynamics The expansion in gross profitability highlights a more favorable margin environment during the quarter. Improved product spreads and inventory effects supported earnings at the operating level, suggesting that core marketing operations remained resilient despite sector-wide volatility. The strength in operating profit underscores that the underlying business fundamentals remained intact, with margin recovery serving as the primary driver of earnings. Cumulative Performance (1HFY26) On a cumulative basis, 1HFY26 earnings stood at PKR 6.42bn (EPS: PKR 51.60), up 25% YoY, highlighting that overall profitability remains on a growth trajectory despite quarterly volatility. The cumulative growth trend reinforces the view that earnings moderation in the quarter is largely cyclical rather than reflective of structural weakness. Dividend & Balance Sheet Comfort The company announced an interim dividend of PKR 20/share alongside the results. At the prevailing market price of PKR 585, the payout translates into an implied yield of approximately 3.4%. The dividend announcement, supported by the company’s liquidity position, reinforces APL’s defensive investment appeal. APL’s strong balance sheet, with the company holding approximately PKR 50bn in cash on its books. This translates into roughly PKR 420 cash per share SCS Research

HUBC - The Hub Power Company Ltd. Consolidated2/24/2026 12:00:00 AMHUBC Reports Impressive 2QFY26 Earnings – 2Q Dividend PKR 5/sh

The Hub Power (HUBC) reported a robust consolidated earnings performance in 2QFY26, with net profit clocking in at PKR 12.35bn (EPS: PKR 8.19), registering a substantial increase compared to PKR 5.48bn (EPS: PKR 3.25) in 2QFY25. The strong year-over-year growth was primarily underpinned by improved operational profitability and a notable rise in income from associates and joint ventures. Revenue and Gross Profit Revenue for the quarter stood at PKR 16.7bn, reflecting modest YoY growth, while gross profit increased to PKR 7.43bn (+16% YoY), indicating relatively stable cost dynamics and improved margin retention. Consequently, profit from operations strengthened materially, highlighting the resilience of HUBC’s core earnings base. Cumulative Performance (1HFY26) On a cumulative basis, 1HFY26 profitability stood at PKR 25.62bn (EPS: PKR 17.16), largely consistent with PKR 25.79bn (EPS: PKR 17.99) recorded in the corresponding period last year. While the half-year comparison remains broadly flat, the sharp recovery in quarterly earnings suggests improved earnings momentum and better income visibility. Dividend Yield 10% Alongside the result, HUBC announced an interim dividend of PKR 5/share. Notably, the company had already paid PKR 5/share earlier, bringing the cumulative payout to PKR 10/share for the period.

DGKC - D. G. Khan Cement Company Ltd. 2/24/2026 12:00:00 AMDGKC 2QFY26 Result Review

D.G. Khan Cement posted a robust growth in profitability of PKR 3.85bn, up 28% YoY during 2QFY26, despite a slight decline in topline revenue. The company posted 1HFY26 EPS of PKR 13.59/sh, which is up 61% YoY from PKR 8.42/sh. The quarterly revenue stood at Rs 22.95 bn, marginally lower than Rs 23.43 bn in 2QFY25, reflecting a ~2% YoY decline. The slight drop in sales suggests either softer dispatch volumes or pricing pressure in the domestic/export market. However, the real strength of the quarter lies in margin expansion. Profitability Increased Gross profit increased significantly to Rs 7.04 bn compared to Rs 5.84 bn in the same quarter last year, registering a ~20% YoY growth. Gross margins improved to approximately 30.7% from around 24.9% last year. This indicates strong cost control, improved retention prices, and likely benefits from lower coal or energy costs. The margin improvement clearly shows operational efficiency gains. Decline in Finance Cost: A major positive driver of earnings this quarter was the sharp decline in finance costs. Finance cost dropped to Rs 505mn from Rs 1.07bn in 2QFY25 — a decline of more than 50% YoY. This reduction reflects lower interest rates and significant debt repayment during the period. The impact of lower finance charges directly boosted bottom-line growth. As a result, PBT rose to Rs 5.88 bn compared to Rs 4.33 bn last year. After taxation, Profit After Tax (PAT) stood at Rs 3.85 bn, up from Rs 3.01 bn, showing a strong ~28% YoY increase. Earnings per share (EPS) for the quarter improved to Rs 8.62 versus Rs 6.56 last year, reflecting solid earnings expansion. Long-Term Borrowing Decline: The balance sheet shows a significant strengthening compared to June 2025. Long-term borrowings declined from Rs 13.43 bn to Rs 6.13 bn, reflecting aggressive deleveraging. This explains the sharp drop in finance costs. Equity Increased & Book Value Increased: Total equity increased from Rs 99.6 bn in June 2025 to Rs 117.0 bn, and Book value increased to Rs 267/sh in December 2025, driven by higher retained earnings. Liquidity improved substantially, with short-term investments rising sharply and cash balances increasing from under Rs 1 bn to over Rs 2.4 bn. The company is now in a much stronger financial position compared to last year.

MLCF - Maple Leaf Cement Factory Ltd. Consolidated2/23/2026 12:00:00 AMThe PIOC purchase deal 88.28% holding!

MLCF recently showed an intention to acquire PIOC. Based on this Purchase Agreement Intention (PAI), the company recently completed the transaction by purchasing shares from the public. The 26.62mn shares, which represents 11.72% holding is bought at the rate of PKR478.43/sh. MLCF acquired 131,820,554 ordinary shares (constituting 58.03% of the shareholding interest) on February 20, 2026. MLCF already holds 42,082,047 (18.53%) along with its group associates, and together with the aforementioned acquisition. MLCF and its associates' collective stake now stands at 88.28% in the ordinary shares and control of PIOC, thereby rendering PIOC a subsidiary of MLCF.

POWER - Power Cement Ltd.2/11/2026 12:00:00 AMPower Cement depicts lowest EV per ton among players

POWER is Arif Habib Group’s flagship cement plant on Karachi Super Highway with 3.375 million tons annual capacity, using FLSmidth Denmark technology similar to DGKC Hub. ? It trades at one of the lowest valuation metrics in the sector, with EV around 42–43 USD/ton versus other southern plants at roughly 51–55 USD/ton. ? Company debt has come down to about PKR 16.67bn in 1QFY26 from PKR 18.45bn, and around 1150bps rate easing in FY25 should support lower finance costs and better profitability. POWER posted earnings of PKR 0.6 per share in 1QFY26, and the report projects FY26 EPS at about PKR 2.32 per share. ? Exports are emerging as a key driver: Jan’26 exports were 191k tons, with exports forming ~55% of dispatches from the southern zone over 7MFY26, where POWER holds 15%+ share in Sindh/Balochistan dispatches. ? The house view is that ML10 (motorway/route) development and cheaper coal–backed clinker exports can be important positive triggers for POWER’s outlook.

2/10/2026 12:00:00 AMKSE-100 Cautious Approch

KSE-100 looks not good A decisive breakdown below the neckline 182,000 would confirm the Head & Shoulders pattern and open the door for a corrective move toward the 177,500–175,000 zone.

BML - Bank Makramah Ltd.(Summit Bank) 2/2/2026 12:00:00 AMBML Update

Bank Makramah Limited (BML) has restructured its share capital with a reduction factor of 18.99003516. As a result, both the share price and the number of shares have been adjusted proportionally. We advise you not to sell your shares, as your share quantity will be automatically adjusted according to the factor.

PIAHCLA - PIA Holding Company Ltd. (A)12/22/2025 12:00:00 AMBe Cautious in PIA

We anticipate significant volatility in PIA due to its privatization process on December 23. Your strategy should be to sell during strength. Based on our understanding, the reference price could be around PKR 85-110 billion, which translates to approximately PKR 16.6 - 21.1 per share.

10/30/2025 12:00:00 AMKSE-100 Analysis

Hidden bullish divergence on the KSE 100 chart, the marked support area around 158,000 looks strong, and buyers are defending it. A bounce or upward continuation is likely if the support holds and RSI begins to rise again. If price closes below the support zone, If price closes below 156,000, it invalidates the hidden bullish divergence and opens room toward 152,000–153,000 next support.

KSE 100

164,626.29

-1,632.25

(-0.98 %)

Vol: 351,261,866

KSE 30

50,342.53

-575.34

(-1.13 %)

Vol: 122,549,541

KMI 30

229,014.42

-3,757.34

(-1.61 %)

Vol: 138,557,998

Volume Leaders

Symbol	Price	Volume
KEL	7.71	99,786,190
CNERGY	7.17	70,330,560
FNEL	1.48	33,421,278
WTL	1.32	28,889,284
NBP	262.35	27,953,901
BOP	29.52	25,128,535
TELE	8.93	24,633,523
WAVES	11.26	14,232,193
PIBTL	17.03	13,301,331
HASCOL	16.75	10,297,193

Gainers

Symbol	Price	Change %
MDTL	5.24	9.92
CHBL	10.48	9.54
SSML	24.83	9.24
ITANZ	16.90	9.11
AHTM	112.04	9.09
BFMOD	18.59	9.09
DFML	19.49	9.08
ASLPS	17.43	9.06
NAGC	61.58	9.05
QUET	18.33	8.89

Losers

Symbol	Price	Change %
LOADSR1	0.78	-29.63
GUSM	5.15	-17.28
AGSML	8.13	-12.18
JVDCPS	96.37	-11.11
JDMT	78.62	-11.10
JLICL	179.94	-11.10
JSIL	39.92	-11.10
SGPL	17.49	-11.09
FIBLM	10.37	-11.09
JSBL	13.55	-10.70

SCRA

Yearly(July, 2021 up to 16-Nov-2021)

$-322.61mn

Monthly (Nov, 2021 up to 16-Nov-2021)

$-49.40mm

Daily (16-Nov-2021)

-5.05mn

Total Portfolio Investment (5-Nov-2021)

$1,445mn

FIPI

Gross Buy

USD 12.74mn

Gross Sell

USD -14.05mn

Net Sell

USD -1.32mn

GDR

MCB (1 GDR = 2 Shares)

3.00

OGDC (1 GDR = 10 Shares)

6.50

UBL (1 GDR = 4 Shares)

6.40

LUCK (1 GDR = 4 Shares)

13.00

HUBC (1 GDR = 25 Shares)

31.54

Currency Rates

U.S Dollar

279.52

U.K Pound

378.06

Euro

329.92

Japanese Yen

1.78

U.A.E Dirham

76.30

Commodities Rates

WTI Crude

$ 66.14

Brent Crude

$ 71.00

Cotton $/lb

$ 66.08

Gold 100oz FUTR

$ 5,202.39

Silver Future

$ 89.40

World Markets

DOW

49,174.81(+370.75)

NASDAQ

22,863.68(+236.41)

SP500

6,890.11(+52.36)

NEKKEI225

58,854.00(+1532.91)

SHANGHAI

4,162.30(+44.89)

BSE

82,896.03(+670.11)

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KSE-100 looks not good A decisive breakdown below the neckline 182,000 would confirm the Head & Shoulders pattern and open the door for a corrective move toward the 177,500–175,000 zone.

We anticipate significant volatility in PIA due to its privatization process on December 23. Your strategy should be to sell during strength. Based on our understanding, the reference price could be around PKR 85-110 billion, which translates to approximately PKR 16.6 - 21.1 per share.

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