CNERGY 13.47 / 158.26M -0.84 |

KEL 6.05 / 71.89M -0.48 |

FNEL 1.12 / 59.94M -0.07 |

PRL 92.14 / 49.02M -3.74 |

WTL 1.00 / 42.95M -0.03 |

MDTL 8.62 / 40.60M 0.32 |

TSBL 2.49 / 30.37M 0.13 |

PACE 10.49 / 21.84M 0.33 |

TISL 4.69 / 20.14M -0.17 |

AGHA 6.82 / 13.63M -0.60 |

STL 25.02 / 11.06M 0.10 |

FCSC 5.66 / 10.64M -0.11 |

PIAHCLA 23.43 / 8.85M 0.32 |

NBP 165.14 / 8.84M -5.43 |

TREET 22.78 / 8.67M -0.28 |

BECO 4.41 / 7.63M -0.13 |

BOP 30.56 / 7.23M -0.26 |

PIBTL 15.27 / 7.21M -0.50 |

DSIL 10.58 / 6.05M 1.00 |

ASTL 19.63 / 5.31M -0.35 |

ZUMA 28.61 / 5.17M 0.05 |

PPL 231.45 / 5.12M -1.38 |

SPSL 16.20 / 4.38M -0.11 |

NRL 546.90 / 3.97M -18.08 |

SSGC 23.90 / 3.94M -0.56 |

HBL 304.12 / 3.70M 0.82 |

ITANZ 34.99 / 3.66M 0.09 |

GCIL 30.50 / 3.56M -0.99 |

AKBL 106.93 / 3.46M -0.55 |

MLCF 93.94 / 3.42M -2.13 |

CLVL 30.78 / 3.20M -3.42 |

ASL 16.36 / 3.19M -0.19 |

TELE 7.76 / 3.17M -0.25 |

ZAL 42.14 / 3.08M 0.09 |

TBL 8.83 / 2.80M -0.54 |

FFL 15.00 / 2.65M 0.03 |

UNITY 8.10 / 2.49M -0.11 |

HUMNL 10.11 / 2.38M 0.05 |

PAEL 36.21 / 2.27M -0.82 |

FCCL 53.45 / 2.04M -0.96 |

OGDC 316.23 / 1.96M -3.30 |

DFSM 14.25 / 1.91M -1.58 |

NCPL 57.40 / 1.82M -0.41 |

TPLP 12.46 / 1.81M -0.32 |

KOSM 5.12 / 1.78M -0.10 |

PASL 2.58 / 1.74M 0.02 |

CLOV 6.57 / 1.74M 0.25 |

THCCL 75.93 / 1.72M -2.06 |

WAVES 9.12 / 1.67M -0.08 |

HASCOL 19.56 / 1.65M -0.32 |

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Announcements

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TRIPF - Tri-Pack Films Ltd. Tri-Pack Films Ltd. (TRIPF) Financial Results Half Yearly Results June 30, 2026 EPS 2Q-26 = Rs. 8.27 EPS CY-Half Year EPS - 26 = Rs. 9.32 Last CY-Half Year EPS - 25 = Rs. (12.07) Half Yearly Growth = 177% Interim Dividend CY-HY-26 Cash (Rs/ Share) Nil Bonus Shares = Nil Current Price = Rs. 154.07

ASL - Aisha Steel Mills Ltd.Aisha Steel Mills Ltd. (ASL) Financial Results Final Quarter Results June 30, 2026 EPS 4Q-26 = Re. 0.93 Full Year EPS FY-26= Re. 0.99 Last Full Year EPS FY-25 = Rs. (1.55) Yearly Growth = 173% Final Dividend FY-26 Cash (Rs / Share) Nil Bonus Shares = FY-26 = Nil Current Price = Rs. 15.20

CENI - Century Insurance Company Ltd. Century Insurance Company Ltd. (CENI) Financial Results Half Yearly Results June 30, 2026 EPS 2Q-26 = Rs. 3.32 EPS CY-Half Year EPS - 26 = Rs. 3.69 Last CY-Half Year EPS - 25 = Rs. 4.52 Half Yearly Growth = (18)% Interim Dividend CY-HY-26 Cash (Rs.8.00) 80% Bonus Shares = Nil Current Price = Rs. 59.42 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 01/9/2026 To 03/9/2026

SPEL - SPEL Ltd.SPEL Limited. (SPEL) Financial Results Final Quarter Results June 30, 2026 EPS 4Q-26 = Rs. 1.89 Full Year EPS FY-26= Rs. 5.99 Last Full Year EPS FY-25 = Rs. 6.60 Yearly Growth = (9)% Final Dividend FY-26 Cash (Re.0.50) 10% FACEVALUE Rs. 5.00 Bonus Shares = FY-26 = Nil Current Price = Rs. 48.12 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 03/10/2026 To 09/10/2026

EPCL - Engro Polymer & Chemicals Ltd.Engro Polymer & chemicals Ltd. (EPCL) Unconsolidated Financial Results Half Yearly Results June 30, 2026 EPS 2Q-26 = Rs. 1.33 EPS CY-Half Year EPS - 26 = Rs. 1.89 Last CY-Half Year EPS - 25 = Rs. (3.11) Half Yearly Growth = 161% Interim Dividend CY-HY-26 Cash (Rs./share) Nil Bonus Shares = Nil Current Price = Rs. 35.00

FECTC - Fecto Cement Ltd.Fecto Cement Ltd. (FECTC) Financial Results Final Quarter Results June 30, 2026 EPS 4Q-26 = Re. 0.99 Full Year EPS FY-26= Rs. 13.22 Last Full Year EPS FY-25 = Rs. 12.14 Yearly Growth = 9.0% Final Dividend FY-26 Cash (R4.00) 40% Bonus Shares = FY-26 = Nil Current Price = Rs. 114.82 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 16/10/2026 To 26/10/2026

SLM - Service Long March Tyres LimitedService Long March Tyres Ltd. (SLM) Financial Results Final Quarter Results June 30, 2026 Full Year EPS FY-26= Rs. 1.83 Last Full Year EPS FY-25 = Rs. 1.39 Yearly Growth = 34.9% Final Dividend FY-26 Cash (Re 0.83) 41.50% Bonus Shares = FY-26 = Nil Current Price = Rs. 686.20 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 12/9/2026 To 19/9/2026

JSGCL - JS Global Capital Ltd.JS Global Capital Ltd. (JSGCL) Financial Results Half Yearly Results June 30, 2026 EPS 2Q-26 = Rs. 6.30 EPS CY-Half Year EPS - 26 = Rs. 13.78 Last CY-Half Year EPS - 25 = Rs. 9.21 Half Yearly Growth = 49.6% Interim Dividend CY-HY-26 Cash (Rs./share) Nil Bonus Shares = Nil Current Price = Rs. 173.86

PRL - Pakistan Refinery Ltd. Pakistan Refinery Ltd. (PRL) Financial Results Final Quarter Results June 30, 2026 EPS 4Q-26 = Rs. 5.88 Full Year EPS FY-26= Rs. 25.05 Last Full Year EPS FY-25 = Rs. (7.40) Yearly Growth = 438.6% Final Dividend FY-26 Cash Nil Bonus Shares = FY-26 = Nil Current Price = Rs. 74.50 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 25/9/2026 To 2/10/2026

HMB - Habib Metropolitan Bank Ltd.Habib Metropolitan Bank Ltd. Unconsolidated (HMB) Financial Results Half Yearly Results June 30, 2026 EPS 2Q-26 = Rs. 4.11 EPS CY-Half Year EPS - 26 = Rs. 8.78 Last CY-Half Year EPS - 25 = Rs. 11.04 Half Yearly Growth = (20.%) Interim Dividend CY-HY-26 Cash (Rs./share) 2.50 (25%) Bonus Shares = Nil Current Price = Rs. 114.10 Book Closure Distribution The Share Transfer Books of the Company will be Closed From 25/8/2026 To 27/8/2026

Analyst Opinions

Test

ATRL - Attock Refinery Ltd.9/24/2026 9:12:12 AMATRL Finds Support — Bullish Momentum Resumes

ATRL has successfully taken support from its key support zone, signaling a positive shift in technical momentum and presenting a favourable buying opportunity. We recommend investors accumulate the stock within the PKR 1,168.97–1,170.51 range, with a stop-loss placed below PKR 1,099.15. On the upside, the stock is expected to target PKR 1,194.35, PKR 1,221.47, and PKR 1,252.25, subject to sustained bullish momentum and the breakout remaining intact.

NRL - National Refinery Ltd.9/24/2026 9:12:00 AMNRL Breakout Delivers — Eyes on Higher Targets

NRL has successfully broken out of its key resistance zone, signaling strengthening technical momentum and reinforcing the stock’s bullish outlook. The stock has achieved its first three upside targets, and investors are advised to continue holding positions for the remaining targets of PKR 585.65, 601.25, and 625.35. In line with the improving price structure, the stop-loss has been revised upward to PKR 522.35 to secure accumulated gains while maintaining disciplined risk management.

9/24/2026 12:00:00 AM3 of Pakistan's 5 major refineries

Refinery update... 3 of Pakistan's 5 major refineries - Cnergyico (Pakistan's largest), Attock Refinery (ATRL), and National Refinery (NRL) - have now formally signed the Upgrade Agreements to start their modernization. They signed with Inter State Gas Systems (ISGS) - the government company appointed to manage the escrow account where the upgrade money is kept. Under which policy: Amended 2023 Brownfield Refinery Policy. "Brownfield" means upgrading existing refineries, not building new ones. Under this policy: - Refineries get to keep extra money from fuel sales (2.5% - 10% incremental incentive on petrol/diesel) in an escrow account. - That money can only be used for the upgrade project. - If they don't upgrade, they have to return the money. Importance for refineries 1. Modernize plants: Current Pakistani refineries are old (1960s-70s tech), they waste a lot of crude. 2. Efficiency: New tech will produce more petrol/diesel from same crude. 3. Euro-V fuels: Currently Pakistan produces Euro-II / III. Euro-V is much cleaner, low-sulphur - less pollution, better for new cars. 4. Energy security: Pakistan imports 60%+ of its petrol/diesel as finished product because local refineries can't make enough. After upgrade, import bill will drop and local production will rise. Government and refineries have moved from just talking about the policy for 2 years to actually signing and starting execution.

NRL - National Refinery Ltd.9/22/2026 10:25:48 AMNRL Surges Above Resistance: Fresh Upside Ahead

NRL has decisively broken above its key resistance trendline, signaling a positive shift in technical momentum and strengthening the stock’s bullish outlook. We recommend investors accumulate the stock within the PKR 527.92 – 531.35 range, with a stop-loss placed below PKR 475.35. Sustained momentum above the breakout level could drive the stock towards our upside targets of PKR 539.35, 552.35, and 571.35.

KSE 100 - KSE 100 Index9/22/2026 9:29:19 AMTrendline Holds, But Volumes Stay Weak

The KSE-100 Index has once again taken support at the key trendline highlighted in our previous updates, from which the market has already bounced three times. While this support remains technically significant, trading volumes continue to remain subdued amid ongoing geopolitical uncertainty, indicating limited market participation and signs of exhaustion. Given the current market environment, we recommend avoiding fresh positions until the index establishes a clear directional move supported by stronger volumes and technical confirmation.

PSX - Pakistan Stock Exchange Ltd.9/22/2026 8:55:41 AMPSX: Structural growth in listings and retail participation supports earnings outlook

SCS Research sees PSX as remaining well positioned to benefit from rising market activity, supported by multiple new listings, improving account openings in the Sahulat & Roshan Digital category, and a potential value unlock from CDC’s expected listing. The exchange’s ~40% stake in CDC provides additional optionality, while earnings are expected to improve meaningfully in FY27. Revenue drivers: ~Multiple listings in 1HCY26 should support fee income. ~New account openings are likely to drive higher trading volumes. SCS is also one of the front runners in account openings which included normal UIN activation, Sahulat & Roshan Digital a/c opening. ~ Also, SCS sees a growing potential trend of minors' account openings. ~CDC’s widely anticipated listing whilst September is a positive catalyst for PSX. ~PSX owns ~40% of CDC, which adds value. ~ PSX also holds a beneficial holding in National Clearing (NCCPL) of 49.71% and e-clear Services 25%. ~FY26 EPS stood at PKR 2.8, while FY27 EPS is expected at PKR 5.0/sh. ~PSX is yielding FY27 P/E of 8.5x.

EFERT - Engro Fertilizers Ltd.9/21/2026 12:00:00 AMEngro Fertilizers Ltd plant resumption notice at PSX

EFERT has announced that its EnVen Plant successfully resumed operations on September 19, 2026, after completing maintenance activities. This follows EFERT's earlier notification of the plant shutdown, issued on September 7, 2026. This is positive for EFERT.

KSE 100 - KSE 100 Index9/16/2026 9:03:28 AMBulls Defend 166,200: Recovery Momentum Builds

The KSE-100 Index has taken support around the 166,200 level, which remains an important near-term support for the market. If the index manages to sustain above this level, we expect the current recovery to continue, with the next upside level around 174,650. However, a decisive break below 166,200 would weaken the current setup and could lead to further downside toward the next support zone around 162,000. For now, 166,200 remains the key level to watch for the market’s next directional move.

9/16/2026 12:00:00 AMGST Reduction on Hybrid Electric Vehicles (HEVs)

Key Development: FBR has reduced GST on locally manufactured/assembled Hybrid Electric Vehicles (HEVs) = 2000cc from 25% to 18% Notification: S.R.O. 1525(I)/2026 Details: - Previous GST: 25% - New GST: 18% - Applicability: Locally manufactured or assembled HEVs with engine capacity up to 2000cc - Effective: via S.R.O. 1525(I)/2026 SCS Take: POSITIVE for Auto Sector 1. Price Reduction: The 7% cut in GST should translate into ~PKR 300K - PKR 500K price drop on popular HEVs like Toyota Corolla Cross, Honda HR-V, Haval H6 HEV 2. Demand Boost: Makes HEVs more affordable vs petrol variants. SCS expects higher volumes for assemblers with HEV lineup - INDU, HCAR, GHNL 3. Policy Support: Aligns with govt's push for fuel efficiency and lower import bill. Favors localization over CBU imports 4. Margin Support: Lower taxes can help improve affordability without hurting OEM margins Watchpoints: Pass-through to end consumer prices, impact on monthly sales volumes, and any clarification on CKD kit duties. SCS views this as a structural positive for HEV adoption in Pakistan. Source: FBR S.R.O. 1525(I)/2026

GCIL - Ghani Chemical Industries Ltd.(G3 Technologies) 9/15/2026 12:00:00 AMGhani Chemical Industries Limited (GCIL) Contract Award for Natural Gas Allocation

SCS RESEARCH UPDATE Ghani Chemical Industries Limited (GCIL) Contract Award for Natural Gas Allocation - REP033 Highlights from PSX Notice: - Contract Party: OGDC to allocate gas to GCIL under the awarded contract - Source: Designated quota of raw natural gas from the field - Purpose: Processing into value-added hydrocarbon products - Products Covered: - CNG – Compressed Natural Gas - LPG – Liquefied Petroleum Gas - Hydrocarbon condensates SCS Take: POSITIVE Securing a dedicated gas quota from OGDC provides GCIL with feedstock visibility to expand into downstream fuels. 1. Revenue Diversification: Expands GCIL beyond industrial/medical gases into higher-margin CNG/LPG business 2. Vertical Integration: Partnership with OGDC, one of Pakistan’s largest E&P companies, de-risks supply 3. Key Monitorables: Project capacity, capex outlay, gas pricing mechanism, and commercial operations date We will incorporate the impact into our estimates once GCIL discloses project economics and timelines. Source: PSX Notice SCS Research

KSE 100

170,498.94

-1,733.57

(-1.01 %)

Vol: 314,815,905

KSE 30

50,739.69

-544.11

(-1.06 %)

Vol: 126,191,200

KMI 30

244,205.16

-2,620.37

(-1.06 %)

Vol: 97,926,880

Volume Leaders

Symbol	Price	Volume
CNERGY	13.47	158,261,615
KEL	6.05	71,889,086
FNEL	1.12	59,942,915
PRL	92.14	49,020,334
WTL	1.00	42,952,227
MDTL	8.62	40,595,351
TSBL	2.49	30,372,384
PACE	10.49	21,844,686
TISL	4.69	20,135,261
AGHA	6.82	13,627,375

Gainers

Symbol	Price	Change %
DSIL	10.58	9.45
FCIBL	37.17	9.09
ASHT	48.72	9.09
PICT	49.60	9.09
PIM	48.88	9.08
FRCL	86.95	9.03
PINL	11.19	6.97
GEMPACRA	43.01	6.91
CCM	47.53	5.39
TSBL	2.49	5.22

Losers

Symbol	Price	Change %
PKGI	37.13	-11.12
BUXL	502.62	-11.11
ASTM	95.31	-11.11
CLVL	30.78	-11.11
SARC	81.67	-11.11
FPJM	29.63	-11.10
SGPL	28.57	-11.10
DFSM	14.25	-11.09
IDEAL	46.47	-9.92
DINT	61.88	-9.52

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 14.71mn

Gross Sell

USD -14.65mn

Net Buy

USD 0.06mn

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

278.35

U.K Pound

373.25

Euro

316.58

Japanese Yen

1.73

U.A.E Dirham

75.75

Commodities Rates

WTI Crude

$ 91.30

Brent Crude

$ 102.11

Cotton $/lb

$ 82.62

Gold 100oz FUTR

$ 4,315.70

Silver Future

$ 64.44

World Markets

DOW

51,511.59(-352.10)

NASDAQ

26,936.04(-308.24)

SP500

7,706.03(-58.61)

NEKKEI225

65,791.33(+772.38)

SHANGHAI

3,892.76(-43.76)

BSE

74,161.75(-666.50)

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EFERT has announced that its EnVen Plant successfully resumed operations on September 19, 2026, after completing maintenance activities. This follows EFERT's earlier notification of the plant shutdown, issued on September 7, 2026. This is positive for EFERT.

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