PSX benchmark index up 4.0%WoW
Pakistan Stock Exchange (PSX) remained positive during this past week ended on Friday April 17, 2026, supported by easing geopolitical tensions and softer oil prices. The benchmark Index surged by 6,748 points or 4.0%WoW to close at 173,939. Average daily trading increased to 1,264 million shares, from 918 million shares during the earlier week, up 37.6%WoW.
One of the key boosters of investors’ sentiments was an inflow of US$2.0 billion from Saudi Arabia, with an aggregate committed support of US$8.0 billion, including a rollover of US$5.0 billion.
Sentiments improved following the Prime Minister’s announcement of reduction in prices of motor spirit and high speed diesel.
Confidence was further supported by Pakistan’s role in in ceasefire in a US-Iran war on optimism around a second round of talks to take place in Islamabad.
Fertilizer and Autos remained in focus. Urea offtake increased by 86%YoY to 569,000 tons in March 2026, while DAP, CAN, and NP sales also surged.
Auto sales rose to 19,100 units in March 2026, up 46%YoY, primarily driven by strong tractor sales.
Pakistan posted a current account surplus of US$1.07 billion in March 2026, marking the third consecutive surplus.
Another important feature was reduction in T-Bills yield.
UBL’s higher than expected earnings for the first quarter supported the momentum.
Leather & Tanneries, Textile Weaving, and Vanaspati & Allied Industries emerged as top performing sectors, while, Woollen and Tobacco were the laggards.
Major buying was recorded by Individuals and Companies with a net buy of US$10.7 million and US$10.5 million. Banks and Insurance companies emerged as major seller with a net sell of US$22.1 million and US$9.6 million respectively.
Top performing scrips of the week were: GAL, GHNI, LOTCHEM, BOP, and SRVI, while laggards included: PTC, FATIMA, ATRL, MEBL, and BNWM.
According to AKD Securities, going forward, upcoming negotiations in Islamabad on US-Iran war would remain a key focus for investors. Any positive development would likely keep the market robust.
Despite the recent recovery, market continues to trade at attractive valuations.
According to the brokerage house the benchmark index is expected to reach 263,800.
Top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.
According to a report, AKD Cement Universe profitability is expected to decline by 16%YoY to PKR21.3 billion in 3QFY26, as compared to PKR25.4 billion during the same period last year, primarily due to 33%YoY lower other income given the absence of dividend from LEPCL.
Revenue is expected to improve by 7%YoY driven by 5%YoY increase in total offtakes, along with 4%YoY increase in average cement prices. Gross margins are anticipated to improve to 32.9%, from 32.6%, as higher offtakes, improved prices, and 14%YoY decline in grid tariffs along with incremental electricity package, are expected to outweigh higher coal prices.
On a cumulative basis, 9MFY26 earnings are projected to rise by 9%YoY to PKR76.1 billion, supported by higher sales and lower finance cost amid monetary easing.
The growth is primarily driven by: 1) higher offtakes, 2) improved gross margins, and 3) reduced finance cost. Company-wise, FCCL and PIOC earnings growth is mainly supported by increase in their offtakes, reflecting lower reliance on Afghan exports, coupled with higher prices. LUCK and DGKC benefit from increased sea exports and stronger pricing in both export and local markets. Additionally, finance cost of LUCK, FCCL, DGKC, PIOC is projected to decline on easing interest rates and deleveraging.
Notably, LUCK’s unconsolidated earnings are expected to decline due to the absence of dividends from LEPCL, as dividends were received in 1QFY26 compared to 3QFY25. KOHC, MLCF and CHCC to lag amid volume and margins pressure.
The brokerage house expects KOHC, MLCF, and CHCC profitability to decline, primarily driven by: 1) lower offtakes due to absence of exports amid Afghan border closure, 2) higher coal prices given increased reliance on imported coal, and 3) lower other income amid declining yields. Gross margins are projected to contract. MLCF is expected to consolidate following PIOC majority acquisition in mid-February 2026. However, the earnings contribution is likely to be largely offset by higher finance cost associated with acquisition-related borrowing.
The brokerage house maintains an ‘Overweight’ stance on cement sector, supported by: 1) demand recovery, 2) stability in gross margins, and 3) reduction in debt levels along with monetary easing.
Wahdat Poultry Farm Limited (WPFL) was incorporated on February 07, 2019, in Faisalabad, initially as a private limited company before being converted into a public limited company to facilitate its expansion. The Company is a pioneer in the “Farm Fresh” branded egg segment in Pakistan, focusing on high-quality, traceable, and nutritionally enriched poultry products.
The Company operates a state-of-the-art, vertically integrated poultry farm located in Sargodha. This integration covers the entire value chain: from in-house feed formulation and poultry rearing to automated egg collection, grading, and specialized packaging.
By controlling the feed composition, WPFL ensures its products are free from harmful residues and rich in essential nutrients.
To maintain global production standards, WPFL utilizes world-class automated technology from Big Dutchman (Germany) and Tecno (Italy). These systems manage everything from climate control and automated feeding to “zero-touch” egg collection, ensuring the highest levels of biosecurity and animal welfare.
The Initial Public Offering (IPO) is structured to raise capital for a transformative technological and capacity leap. The primary objective is to fund the establishment of a New Egg Pasteurization Plant—a strategic first for the Company—alongside the rearing of an additional 100,000-bird flock to bridge the current 30% unmet market demand.
The IPO aims to raise approximately PKR637 million (at floor price) through the issuance of 53.1 million ordinary shares. This includes a fresh issue of 50 million shares and an offer for sale of 3.1 million shares by the sponsors. The floor price is set at PKR12.00/ share with a 50% upper cap at PKR 18.00/ share.
The “BUY” recommendation for WPFL is based on: 1) Marquee Client Base (McDonald’s Global Vendor); 2) First-Mover Advantage in pasteurized and enriched egg segments; 3) High Vertical Integration reducing cost volatility; 4) Strong Export Track Record to the GCC; and 5) Attractive Valuation at a significant discount to sector peers.