Analyst Opinions

KSE 100 - KSE 100 Index
KSE-100 at Critical 169,600 Support: Bounce or Breakdown?
Muhammad Wajahat    9/30/2026 8:45:09 AM
KSE-100 Index is currently trading above the 169,600 support level, which also represents an important trendline support. The index has previously bounced back from this trendline on four occasions, making this the fifth test of the same support zone. If the index manages to sustain this support, it may move towards 172,700, followed by the next target of 175,800. However, if the 169,600 support fails to hold, the next support is seen at 165,800.
Link: https://scstrade.com/apaudio/KSE-100-122-1790681858758-ede13fa0.pdf
POL - Pakistan Oilfields Ltd.
Strategic Investments Extend POL’s Exposure Beyond Core Exploration & Production
Ahsan Muhammad Asif    9/28/2026 11:57:37 AM
Established Presence in Pakistan’s E&P Sector Pakistan Oilfields Limited (POL) is an established exploration and production (E&P) company headquartered in Rawalpindi, Punjab. The company operates as a subsidiary of the UK-domiciled Attock Oil Company (AOC) and forms part of the Attock Group’s energy operations in Pakistan. POL has a long-standing presence in the country’s upstream sector, with operating interests in several fields across the Potohar region, including Khaur, Balkassar, Dhulian, Joya Mair, Meyal, Pariwali, and Pindori. The company also holds non-operating interests in joint ventures such as Tal, Nashpa, and Adhi, providing exposure to a broader portfolio of producing assets. Diversified Exposure Across the Energy Value Chain POL's operations extend beyond exploration and production. The company holds a 25% stake in National Refinery Limited (NRL) and operates crude-oil pipeline infrastructure supplying Attock Refinery Limited (ARL). It also has a presence in the LPG business through its POLGAS brand and subsidiary, CAPGAS (Pvt.) Limited. This gives POL exposure to different stages of the domestic energy value chain, with upstream operations remaining the core component of its business. Strong Profitability and Cash Position POL reported revenue of PKR 68.764 billion in FY26, with a gross margin of 67% and a net profit margin of 50.6%. The company's financial performance is influenced by production volumes, realized oil and gas prices, operating costs, and developments in the regulatory environment. The company reported cash and bank balances of PKR 86.26 billion, while long-term investments stood at PKR 9.615 billion. The sizeable cash position represents an important component of the company's balance sheet and provides flexibility for investment and capital allocation. Established Dividend Distribution POL has a history of distributing cash dividends to shareholders. The dividend for FY26 stood at PKR 72.50/sh Key Investment Considerations The investment profile of POL is shaped by its established producing asset base, participation in multiple oil and gas fields, diversified energy interests, substantial liquidity, and dividend distribution history. At the same time, the company's financial performance remains exposed to changes in international oil and gas prices, production levels, reserve additions, development activity, taxation, and Pakistan's broader energy-sector policies. These factors remain important when assessing the company's future earnings and cash flows.
Link: https://scstrade.com/apaudio/POL-120-1790578652301-3a83820d.pdf
APL - Attock Petroleum Ltd.
APL: Integrated Downstream Network with Expanding Infrastructure and Diversified Energy Operations
Ahsan Muhammad Asif    9/28/2026 11:47:38 AM
Attock Petroleum Limited (APL) operates within an integrated downstream-upstream network through the Attock Group. The group’s value chain extends from exploration and production through Pakistan Oilfields Limited (POL), which holds a 7.02% stake in APL, to refining through Attock Refinery Limited (ARL), which holds a 21.88% stake in APL, and National Refinery Limited (NRL). Distribution Network APL ranks fourth among oil marketing companies (OMCs) in terms of market share and has continued to expand its retail and storage infrastructure. During FY26, the company added 33 new retail outlets, taking its nationwide network to 811 stations, including 44 company-operated sites. The company operates nine bulk oil terminals with a combined storage capacity of 210,885 MT as of FY25. Major facilities include Machike with a capacity of 60,998 MT, Port Qasim at 39,442 MT, Rawalpindi at 19,420 MT, and Dera Ismail Khan at 18,908 MT. Infrastructure Expansion APL continues to expand its logistics and storage footprint. Land acquisition has been completed for a new bulk oil terminal at Port Qasim, while capacity expansion is underway at the Rawalpindi and Machike facilities. Civil works have also commenced at Pashtoon Garhi (Taru Jabba). Liquidity Position APL’s short-term investments increased from PKR 38.46bn to PKR 47.87bn during the year. The portfolio comprised PKR 12.78bn in Treasury Bills, compared with PKR 11.37bn previously, while mutual fund investments increased from PKR 5.00bn to PKR 11.76bn. PIBs, including their short-term/current portion, stood at PKR 23.33bn. The company’s sizeable short-term investment base contributes to its non-operating income and provides liquidity alongside its core operating activities. Diversification Beyond Conventional Fuels APL has expanded into areas beyond its traditional petroleum retailing operations. The company currently operates three 180kW ultra-fast EV charging stations and is expanding its DC fast-charging infrastructure in collaboration with HUBCO Green and Huawei. Solar net-metering systems have also been deployed across multiple company outlets. In the LPG segment, APL has established a dedicated storage and filling facility in Rawalpindi. The facility was commissioned and commenced operations during FY26 following approvals from the Oil and Gas Regulatory Authority (OGRA) and the Explosives Department. Business Profile APL’s operations combine a nationwide petroleum retail network with bulk storage infrastructure and an integrated relationship with upstream and refining companies within the Attock Group. The company is also expanding into EV charging, LPG, renewable-energy applications, and non-fuel retailing, broadening its operating footprint beyond conventional fuel marketing.
Link: https://scstrade.com/apaudio/APL-113-1790578047724-9ff485cb.pdf
ICL - Ittehad Chemicals Ltd.
Powering future growth through biomass & caustic soda Flacker plant expansion
Ahsan Muhammad Asif    9/28/2026 10:53:05 AM
Biomass Power Plant Ittehad Chemicals Limited (ICL) is set to install a biomass-based power plant and has incorporated Bio Stacks (Private) Limited to monitor the raw material requirements associated with the project. The initiatives are expected to have an impact from FY26-27. Caustic Soda Flaker Plant The company is also set to install a caustic soda flaker plant as part of its capacity and product development initiatives. Financial Outlook Revenue is projected at PKR 34bn, while EPS is estimated at PKR 14. On the balance sheet, total assets are projected to increase to PKR 21bn from PKR 20bn, while equity is estimated at PKR 11bn. Balance Sheet The company’s overall debt has been on a declining trend, alongside the reported changes in its asset and equity base.
Link: https://scstrade.com/apaudio/ICL-114-1790574759083-faef7edc.pdf
PPL - Pakistan Petroleum Ltd.
PPL Large-Scale Presence in Pakistan’s E&P Sector
Ahsan Muhammad Asif    9/28/2026 10:25:07 AM
Pakistan Petroleum Limited (PPL) is a Pakistani state-owned oil and gas exploration and production (E&P) company headquartered in Karachi. It is one of the country's major E&P companies and contributes more than 20% of Pakistan's natural gas supplies. The company has interests in several major producing oil and gas fields, including the Sui gas field, alongside exploration and development activities across its domestic portfolio. Established Producing Assets with Expanding Exploration Activity PPL operates and holds a 100% working interest in the Kandhkot and Sui gas fields. Alongside its established domestic producing assets, the company has expanded its exploration activities beyond Pakistan through international interests, including Offshore Block 5 in Abu Dhabi, UAE, and historical operations in Yemen. During 9MFY26, PPL reported two discoveries in PPL-operated blocks and nine discoveries in partner-operated blocks, reflecting continued exploration activity across its portfolio. Diversification Beyond Hydrocarbons PPL also has exposure to non-hydrocarbon assets through its 50% joint venture interest in Bolan Mining Enterprises (BME), established with the Government of Balochistan. BME is involved in the mining of minerals including baryte, lead, and zinc. The company also holds an effective 8.33% interest in the Reko Diq Copper-Gold Project. The project represents a potential source of diversification beyond PPL's traditional oil and gas operations, with commercial production currently expected around FY28–29. Strong Earnings and Revenue Base In FY26, PPL generated annual revenue of PKR 264.014 billion and reported a gross margin of over 60% and a net profit margin of 37.32%. The company's earnings remain influenced by production volumes, realized oil and gas prices, field performance, development activity, and changes in the regulatory and fiscal environment. Growing Long-Term Investment Base PPL's long-term investments increased by 34.5% year-on-year to PKR 120.6 billion. The company's cash and bank balances stood at PKR 7.166 billion. The increase in long-term investments reflects the company's broader investment base and its participation in projects beyond its core producing assets. Dividend Distribution PPL is a dividend-paying company, with a FY26 dividend of PKR 6/sh Key Investment Considerations PPL's investment profile is primarily shaped by its large domestic producing asset base, continued exploration activity, international exposure, and investments in mining and other strategic projects. The Reko Diq project adds a potential long-term source of diversification beyond the company's traditional E&P operations. PPL's future financial performance will remain dependent on production levels, commodity prices, exploration outcomes, project execution, regulatory developments, and the timing and economics of its international and non-hydrocarbon investments.
Link: https://scstrade.com/apaudio/PPL-118-1790573081402-27e390e8.pdf
NPL NCPL estimations in the wake of JAECOO sales....
SCS Research update    9/25/2026 12:00:00 AM
We expect NPL & NCPL to report PKR 4-5/sh 4Q EPS & PKR 1.5/sh final dividend This is by virtue of 5000 JAECOO SUV sales till June 30 2026
GCWL - Ghani Chemworld Limited
GCWL may get a full impact of commercial operations that will be visible in the June quarter of 2026.
SCS Research update    9/25/2026 12:00:00 AM
The project has a 10-year tax holiday and its product is an import substitute - The Calcium Carbide plant in Hattar Special Economic Zone is a first-of-its-kind project in Pakistan and will help increase market share from 40% to 90-100% by import substitution - It enjoys a 10-year income tax holiday in the SEZ and management plans to fully capitalize on the 10-year tax holiday benefits - Commercial production actually started in 1st week of March 2026 - so Q3 March had only ~ 3 weeks of sales (Rs.105mn net sales) - June Qtr 2026 will be the first FULL quarter If June qtr results show proper utilization + export orders, the import-substitute + zero tax story kicks in
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO receivables update
SCS Research update    9/25/2026 12:00:00 AM
The YoY receivables decreased to PKR 414.81 bn in FY26 from PKR 437.45 bn in FY25 This is a recovery of PKR 22.65 bn in a year as per the balance sheet
ATRL - Attock Refinery Ltd.
ATRL Finds Support — Bullish Momentum Resumes
Muhammad Wajahat    9/24/2026 9:12:12 AM
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.
Link: https://scstrade.com/apaudio/ATRL-116-1790163661033-6c9799fb.pdf
NRL - National Refinery Ltd.
NRL Breakout Delivers — Eyes on Higher Targets
Muhammad Wajahat    9/24/2026 9:12:00 AM
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.
Link: https://scstrade.com/apaudio/NRL-117-1790163858428-4c286f4f.pdf
3 of Pakistan's 5 major refineries
SCS Research update    9/24/2026 12:00:00 AM
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.
NRL Surges Above Resistance: Fresh Upside Ahead
Muhammad Wajahat    9/22/2026 10:25:48 AM
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.
Link: https://scstrade.com/apaudio/NRL-103-1789992703093-2ce4154b.pdf
KSE 100 - KSE 100 Index
Trendline Holds, But Volumes Stay Weak
Muhammad Wajahat    9/22/2026 9:29:19 AM
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.
Link: https://scstrade.com/apaudio/KSE-100-99-1789988769674-9f0c2cbe.pdf
PSX - Pakistan Stock Exchange Ltd.
PSX: Structural growth in listings and retail participation supports earnings outlook
Muhammad Wajahat    9/22/2026 8:55:41 AM
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.
Link: files/technical-reports/102/report.pdf
EFERT - Engro Fertilizers Ltd.
Engro Fertilizers Ltd plant resumption notice at PSX
SCS Research update    9/21/2026 12:00:00 AM
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 Index
Bulls Defend 166,200: Recovery Momentum Builds
Muhammad Wajahat    9/16/2026 9:03:28 AM
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.
Link: https://scstrade.com/apaudio/KSE-100-86-1789469950540-f67c1987.pdf
GST Reduction on Hybrid Electric Vehicles (HEVs)
Ahsan Muhammad Asif    9/16/2026 12:00:00 AM
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)
Ghani Chemical Industries Limited (GCIL) Contract Award for Natural Gas Allocation
Neha Naz    9/15/2026 12:00:00 AM
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 - KSE 100 Index
KSE-100 at a Critical Trendline: Bounce or Breakdown?
Muhammad Wajahat    9/11/2026 8:29:56 AM
The KSE-100 Index is currently trading above an important trendline support, which has previously acted as a strong base for the market, with the index bouncing back from this trendline on three occasions. If the index manages to hold and sustain above this support, it could provide a basis for a recovery towards the 174,700 level. However, a decisive break below this trendline support would weaken the near-term outlook, with the next important support zone located around 164,800.
Link: https://scstrade.com/apaudio/KSE-100-85-1789064018237-08a90e17.pdf
ASL - Aisha Steel Mills Ltd.
ASL Bounces from Support — Upside Targets in Focus
Muhammad Wajahat    9/9/2026 9:01:14 AM
ASL has successfully taken support at its key support zone, reaffirming the strengthening technical structure and positive momentum. The stock has achieved its first upside target of PKR 17.10. We recommend investors continue to hold their positions for the remaining targets of PKR 18.39, PKR 19.97, and PKR 21.05. In line with the improving price structure, the stop-loss has been revised upward to PKR 15.90, aimed at protecting accumulated gains while maintaining disciplined risk management.
Link: https://scstrade.com/apaudio/ASL-84-1788865091849-072ef0de.pdf
KSE 100 - KSE 100 Index
KSE-100 at a Critical Juncture: 171,200 Holds the Key
Muhammad Wajahat    9/8/2026 9:05:22 AM
The KSE-100 Index has decisively broken below the 174,500 support level, confirming short-term technical weakness. The immediate downside target now stands at 171,200. If the index fails to sustain above 171,200, the next key support is expected around 165,250. For now, investors should remain cautious and closely monitor price action around these key levels before taking fresh positions.
Link: https://scstrade.com/apaudio/KSE-100-83-1788779650358-bc0511bc.pdf
ASL - Aisha Steel Mills Ltd.
ASL Gains Momentum After Key Resistance Breakout
Muhammad Wajahat    9/4/2026 9:07:51 AM
ASL has successfully broken above its long-term resistance zone, signalling a significant improvement in technical momentum and strengthening the bullish outlook. We recommend investors accumulate the stock within the PKR 16.08–16.40 range, with a strict stop-loss below PKR 14.42. Subject to sustained bullish momentum, the stock has the potential to target PKR 17.10, PKR 18.39, and PKR 19.97 in the coming sessions.
Link: https://scstrade.com/apaudio/ASL-80-1788459068591-de820de3.pdf
KSE 100 - KSE 100 Index
KSE-100 at a Critical Crossroads: 174,700 Holds the Key
Muhammad Wajahat    9/3/2026 9:03:53 AM
The KSE-100 Index is currently holding above the key support level of 174,700, which remains critical in determining the market’s near-term direction. Sustained trading above this level could trigger renewed buying interest, paving the way for a recovery towards 178,700 and potentially higher levels. However, a decisive break below 174,700, particularly on increased selling volume, would weaken the prevailing technical structure and may lead to further downside towards the next key support at 171,200. Therefore, investors are advised to closely monitor the 174,700 level as the key determinant of the market’s next directional move.
Link: https://scstrade.com/apaudio/KSE-100-79-1788351028382-22cd9766.pdf
FCEPL - Frieslandcampina Engro Pakistan Ltd.
FCEPL Breaks Out Strongly as Bullish Momentum Continues
Muhammad Wajahat    9/2/2026 9:04:38 AM
FCEPL has successfully broken above its key resistance trendline, reaffirming the strength of its bullish technical structure and signalling sustained positive momentum. Having successfully achieved its first four upside targets, we recommend investors consider partial profit-taking at current levels to secure accumulated gains. Investors may continue to hold their remaining positions to participate in further upside potential, with the next targets set at PKR 161.22, PKR 167.54, and PKR 175.55. In line with the strengthening price structure and to maintain disciplined risk management, the stop-loss has been revised upward to PKR 142.65.
Link: https://scstrade.com/apaudio/FCEPL-78-1788289021251-1be21395.pdf
POWER - Power Cement Ltd.
POWER’s Profit increased by 3.6x YoY, Cement capacity utilization increased
Ahsan Muhammad Asif    8/31/2026 12:31:53 PM
POWER posted an impressive basic EPS of PKR 2.86 (diluted PKR 2.72). At the current market price, the stock trades at an attractive P/E ratio of 8.18x. The company posted a Net Income of PKR 3.78bn for the year, a massive 364% YoY increase (vs. PKR 815mn in SPLY), pushing Net Margin to 11%. Revenue grew 15% YoY from PKR 29.52bn to PKR 33.98bn, driven by improved market conditions and better price realization across both domestic and export markets. Total cement and clinker dispatches rose 7.49% to 2.56mn tons, fueled by a 31.21% surge in clinker exports (896,510 tons) that comfortably offset lower cement exports. Clinker production grew 13.38% to 2.42mn tons, lifting capacity utilization to 76% (vs. 67% in FY25). Gross Profit reached PKR 12.08bn (up 44% YoY) on operational efficiencies, expanding Gross Margin to 28%. A primary catalyst for the earnings breakout was a substantial 40% YoY reduction in finance costs to PKR 1.83bn. Overall growth was anchored by higher clinker dispatches, improved price realization, margin expansion, and debt-servicing relief. Enterprise Value (EV) stands at PKR 45.94bn alongside an EBITDA of PKR 8.42bn, translating to a highly competitive EV/ton of PKR 15,312 (USD 55.12). Per-share metrics show an EV/sh of PKR 35.60 against a BV/sh of PKR 18.61. On the balance sheet, POWER aggressively deleveraged by cutting long-term financing by 36% YoY to PKR 8.03bn. While long-term investments remained nil, short-term investments surged 111% YoY to PKR 0.30bn (vs. PKR 0.14bn) and cash & bank balances grew 40% YoY to PKR 0.80bn (vs. PKR 0.57mn in SPLY).
Link: https://scstrade.com/apaudio/POWER-72-1788160848290-2ef41f6b.pdf
DGKC - D. G. Khan Cement Company Ltd.
DGKC FY26 sanguine results
Ahsan Muhammad Asif    8/28/2026 4:51:28 PM
DGKC posted an impressive standalone EPS of PKR 26.08/sh (up 32% YoY from PKR 19.80/sh) alongside a final cash dividend of PKR 1.00/sh. We believe DGKC has shown rebound in earnings. At the current market price, DGKC trades at a P/E multiple of ~8.16x. DGKC book value reached PKR 120 bn which translates into book value per share of PKR 275/sh. DGKC also yields Enterprise Value of PKR 306.7/sh The net revenue (unconsolidated) increased by 11% YoY to PKR 79.56bn. The gross profit rose 12% YoY to PKR 20.73bn, yielding a gross margin of 26% (vs. 25.74% in FY25). The finance costs dropped by a massive 67% YoY to PKR 1.28bn (down from PKR 3.87bn in FY25). DGKC Net Profit increased by 32% YoY to PKR 11.42bn, translating into Net Profit Margin of 14%. Growth in key Balance Sheet numbers - Total Equity: Up 27.4% YoY to PKR 120.64bn (vs. PKR 94.7bn in FY25). - ?Investments: Long-term investments grew to PKR 54.31bn (vs. PKR 20.69bn in the SPLY); short-term jumped 78% YoY to PKR 42.72bn (vs. PKR 24.01bn in the SPLY). - ?Borrowings: Long-term borrowing rose to PKR 24.45bn; short-term increased 41% YoY to PKR 13.90bn. - DGKC now owns beneficial ownership in RMPL of ~ 31% - 32% (we are awaiting books to ascertain real value).
Link: https://scstrade.com/apaudio/DGKC-66-1787917740638-4dc267d5.pdf
DGKC - D. G. Khan Cement Company Ltd.
DGKC Bounces Off Trendline Support — Upside Targets in Sight
Muhammad Wajahat    8/25/2026 9:15:33 AM
DGKC has successfully taken support at its trendline, signalling improving technical momentum and presenting a favourable buying opportunity. We recommend investors accumulate the stock within the PKR 219.45–221.15 range, with a stop-loss below PKR 201.35. The stock is expected to target PKR 227.56, 235.65, and 247.15, subject to sustained bullish momentum.
Link: https://scstrade.com/apaudio/DGKC-59-1787571049071-7b5aee2a.pdf
POWER - Power Cement Ltd.
POWER Bounces Off Trendline Support — Bullish Upside Ahead
Muhammad Wajahat    8/25/2026 9:15:24 AM
POWER has successfully taken support at its trendline, signalling improving technical momentum and presenting a favourable buying opportunity. We recommend investors accumulate the stock within the PKR 23.10–23.35 range, with a stop-loss below PKR 20.50. The stock is expected to target PKR 24.15, 25.65, and 28.15, subject to sustained bullish momentum.
Link: https://scstrade.com/apaudio/POWER-60-1787594735325-8ceb6d4b.pdf
GWLC - Gharibwal Cement Ltd.
GWLC Turns Bullish Above Trendline — Rally Potential Strengthens
Muhammad Wajahat    8/25/2026 9:15:14 AM
GWLC has successfully broken above a key trendline resistance, reinforcing its bullish momentum and improving technical outlook. We recommend investors accumulate in the PKR 54.34–55.15 range, with upside targets of PKR 58.23, PKR 61.92, and PKR 65.25, subject to sustained market strength and healthy volume participation. For disciplined risk management, the stop-loss has been revised upward to PKR 50.05.
Link: https://scstrade.com/apaudio/GWLC-61-1787595471403-69f5e036.pdf
NRL - National Refinery Ltd.
NRL Bullish Setup Confirmed — Hold & Trail
Muhammad Wajahat    8/24/2026 9:26:40 AM
NRL has successfully taken support at its key support zone, reaffirming the stock’s bullish technical structure and renewed buying interest. Having already achieved its first two upside targets, we recommend investors continue to hold positions for the remaining targets of PKR 549.96, PKR 571.35, and PKR 591.98. In line with the improving price structure, the stop-loss has been revised upward to PKR 492.31, securing gains while maintaining disciplined risk management.
Link: https://scstrade.com/apaudio/NRL-58-1787515349899-863da7ed.pdf
POWER - Power Cement Ltd.
Power Cement Ltd Projections For FY26, lowest EV/ton play
Neha Naz    8/24/2026 12:00:00 AM
We expect POWER to report 4QFY26 EPS of PKR 0.68/sh, translating into a full-year FY26 basic EPS of PKR 2.59/sh (diluted EPS of PKR 2.45/sh). We expect full-year Revenue to reach PKR 35.26bn, supported by expected quarterly topline progression from PKR 9.17bn in 3QFY26 to PKR 9.63bn in 4QFY26. We expect POWER’s Gross Profit for FY26 to reach PKR 12.27bn, reflecting a healthy Gross Margin of 34.79%. Furthermore, we expect FY26 Operating Profit to be PKR 7.40bn (20.98% margin), easily covering selling and admin expenses for the year, which we expect to be PKR 3.76bn and PKR 0.63bn, respectively. We expect finance costs for the year to be PKR 1.92bn and net profits for FY26 to total ~PKR 3.41bn, yielding a Net Profit Margin of ~10%. Based on these earnings projections, we expect POWER’s FY26 P/E to settle at 8.36x. But we expect POWER's valuation to revolve around one of the lowest EV/ton of PKR 13,303 ($47.96) as per the SCS cement sector universe.
Link: http://scstrade.com/research/Research%20Reports/General/Power%20Cement%20Ltd%20Projections%20For%20FY26%20lowest%20EVton%20play.pdf
APAG - Agro Processors & Atmospheric Gases Limited (APAG)
(APAG) is engaged in the refining, processing and marketing of edible oils and related food products. The company’s flagship brand is Soya Supreme, while its product portfolio also includes Malta, Taqat, Supremo, Champion and Smart.
Ayezan    8/21/2026 4:11:05 PM
Company Overview APAG refines and markets edible oils and food products under brands including Soya Supreme, Malta, Taqat, Supremo, Champion and Smart. Its product mix comprises approximately 64% cooking oil, 35% vanaspati/margarine and 1% sauces. Soya Supreme contributes around 70% of sales and reportedly carries higher margins than other brands. The company operates from 2.48 acres of freehold industrial land with installed capacity of 90,000 MT per annum for oils and margarine, and 5,000 MT for sauces. APAG has received Shariah-compliant certification from AL Hilal Advisor. Financial Performance FY25 sales increased 17.6% YoY to PKR 18.1bn. PAT rose to PKR 557mn from PKR 213mn in FY24. Management has also indicated FY25 PAT of PKR 601mn, corresponding to a net margin of approximately 3%. In 9MFY26, PAT reached PKR 602mn, exceeding full-year FY25 earnings. Gross margin improved to 15.93% from 14.35%, while net margin increased to 3.80% from 3.08%. IPO Details and Use of Proceeds APAG intends to raise PKR 1,857.59mn at a floor price of PKR 32.00 per share. The issue comprises 58.05mn shares, representing 15% of post-IPO capital. Approximately PKR 1,402.51mn will fund CAPEX to increase capacity by 30,000 MT to 120,000 MT annually. The remaining PKR 455.08mn will support working capital, raw-material procurement (PKR 187mn) and marketing expansion into Punjab, KPK and Gilgit-Baltistan (PKR 268.13mn). Export Business Export sales were approximately PKR 1.5bn in FY25, representing around 12% of total sales. Key markets include Afghanistan, Qatar, UAE and the wider MENA region, with European exports planned for 1QFY27. Exports primarily comprise vanaspati and margarine under Taqat and Champion brands. Afghanistan exports receive advance USD payments with 2–3 week delivery. Management estimates export margins at 12–15% and notes LC retirement discounts of PKR 1–1.5 on advance remittances. The company has supplied institutional clients including Pakistan Navy (PKR 300mn tender) and Army, plus participated in UN aid programmes with US payments over the past three years. Tax and Import Structure APAG operates under the Export Facilitation Scheme with duty exemptions on exports. Export turnover is taxed at 1.25%, while local operations face 29% corporate tax plus 8% super tax, with an estimated 2% tax saving post-finance bill. As a manufacturer, APAG imports crude oil for refining and can adjust the 2% advance income tax paid at import stage. Cost Structure and Capacity Raw material costs represent 88–90% of sales. Oil is imported primarily from Malaysia and Indonesia at USD 1,000–1,200 per metric tonne. Capacity utilisation was 47.8% in FY26. The planned BMR initiative aims to increase throughput from 120 to 150–160 tonnes per hour, improving fixed-cost absorption. Energy Initiatives APAG plans biomass installation, solar expansion, and economiser installation to reduce energy costs and SSGC gas dependency. Gas prices declined approximately 10% due to lower RLNG prices, with the pricing structure at 80% SSGC and 20% variable. Industry Overview Edible-oil consumption grew 17.3% YoY to 4.89mn MT in FY25. Per-capita consumption increased to 20.3 kg from 17.6 kg. Imports accounted for 72.3% of consumption, with local production at 27.2%. Cottonseed represents 74.2% of domestic oilseed production. Valuation Applying a forward P/E range of 13.0x–18.0x to APAG's estimated forward earnings results in an indicative fair value of approximately PKR 39.1 per share.
Link: https://scstrade.com/apaudio/APAG-56-1787307861279-e024117b.pdf
OGDC - Oil & Gas Development Company Ltd.
OGDC: Trendline Support Sparks a New Buying Opportunity
Muhammad Wajahat    8/21/2026 9:04:56 AM
OGDC has taken support from its key trendline, reinforcing its bullish technical structure and signalling a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 319.46–321.50 range, with a strict stop-loss placed below PKR 303.25. On the upside, the stock has the potential to advance towards PKR 328.54, PKR 337.52, and PKR 345.32, provided the positive momentum remains intact.
Link: https://scstrade.com/apaudio/OGDC-55-1787249363418-02c55b43.pdf
FCL - Fast Cables Ltd
Fast Cables results view
Muhammad Wajahat    8/20/2026 2:30:20 PM
The company is well positioned to capitalize on demand from DISCOs FCL is now in the limelight after the government initiated the privatization of Faisalabad Electric (FESCO) The NML group is a frontrunner in acquiring FESCO In this context, FCL will likely receive project-based orders from privatized DISCOs FCL continues to report sales and profit growth FCL reported FY26 EPS of PKR 3.28/sh vs PKR 1.97/sh reported last year SCS is positive on FCL, which depends on demand for cables and related electrical products, viz. Solar Cables, overhead conductors, verticals, and building wires, etc. SCS believes liberalization of T&D will spur a surge in such companies, viz. Fast Cables, Pakistan Cables, etc.
Link: https://scstrade.com/apaudio/FCL-54-1787215658124-1476a798.pdf
KSE 100 - KSE 100 Index
KSE-100 at Crucial Support: Bounce or Breakdown?
Muhammad Wajahat    8/19/2026 5:40:04 PM
The KSE-100 Index is currently testing a crucial support level around 175,700, which will play a key role in determining the market’s next direction. If this support holds and the index sustains above this level, we could see a recovery towards 180,000, followed by 185,000. However, a decisive break below 175,700 could trigger further selling pressure, potentially dragging the index towards the 170,000 level. Therefore, 175,700 remains the key level to watch in the upcoming sessions.
Link: https://scstrade.com/apaudio/KSE-100-52-1787143203757-6d092ec7.pdf
FCEPL - Frieslandcampina Engro Pakistan Ltd.
FCEPL: Long-Term Breakout Unlocks Strong Upside Potential
M Wajahat    8/18/2026 12:00:00 AM
FCEPL has successfully broken above its long-term resistance zone, signalling strengthening bullish momentum and an improving technical outlook. We advise investors to consider accumulating positions within the PKR 126.50–127.59 range. Based on the prevailing chart structure, the stock has the potential to advance towards PKR 133.35, PKR 141.55, and PKR 147.21, provided the bullish momentum remains intact and is supported by healthy volume participation. To ensure prudent risk management, a strict stop-loss at PKR 119.05 is recommended.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20FCEPL%20Aug%2018,%202026...pdf
SLM - Service Long March Tyres Limited
SLM- Service Long March Tyres | Earnings Growth & Valuation
SCS Research update    8/18/2026 12:00:00 AM
We continue our coverage of SLM. The Chinese-origin tyre company is trading at an FY28 Price-to-Sales multiple of 1.8x, which could be in line with major Indian producers such as MRF and Apollo. SLM reported YoY EPS growth of 32% at PKR 1.82/share vs PKR 1.38/share reported in FY25. Revenue was up 44% YoY to PKR 71.7bn vs PKR 49.8bn in FY25. Equity increased by 68% to PKR 45.7bn vs PKR 27.2bn in FY25, which is a positive sign. Accumulated profits also rose to PKR 23bn vs PKR 12.5bn, which is notable. Property value and cash balances continue to rise steadily. Total assets increased by 47% to PKR 78bn vs PKR 52.8bn in FY25. Liabilities also increased, with total loans up by 6%. Total liabilities rose 26% to PKR 32.3bn vs PKR 25.6bn in FY25. SLM is trading at a P/S valuation of 1.8x based on forecasted FY28 sales. We expect the FY28 Price-to-Sales multiple of 1.8x to be in line with top Indian tyre brands such as MRF and Apollo. The Chinese parent, Chaoyang Long March, owns a listed entity in China, Zhongce Rubber, which trades at ~49 Yuan on the Shanghai Stock Exchange.
Link: https://www.linkedin.com/in/mahsan178/
PSO - Pakistan State Oil Company Ltd. Consolidated
PSO Clears Key Resistance, Setting the Stage for Further Gains
M Wajahat    8/18/2026 12:00:00 AM
PSO has successfully broken above its long-term resistance zone, signalling strengthening bullish momentum and a significantly improved technical outlook. We advise investors to consider accumulating positions within the PKR 382.30–384.35 range. Based on the prevailing chart structure, the stock has the potential to advance towards PKR 399.91, PKR 412.35, and PKR 435.21, provided bullish momentum remains supported by healthy volume participation. To ensure prudent risk management, a strict stop-loss at PKR 345.60 is recommended.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PSO%20Aug%2018,%202026...pdf
PRL - Pakistan Refinery Ltd.
PRL Record Rally Continues — More Upside Ahead
M Wajahat    8/17/2026 12:00:00 AM
PRL has marked a new all-time high, further reinforcing its bullish technical structure and reflecting sustained buying interest. The stock has successfully achieved its eighth upside target, reaffirming the strength of the prevailing uptrend. Investors are advised to continue holding positions for the remaining upside targets of PKR 81.32, PKR 88.25, and PKR 95.69. In line with the strengthening price structure, the stop-loss has been revised upward to PKR 69.95 to protect gains while maintaining disciplined risk management
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PRL%20Aug%2017,%202026...pdf
NRL - National Refinery Ltd.
NRL Breakout Retest Signals Strong Upside Potential
M Wajahat    8/17/2026 12:00:00 AM
NRL has successfully broken above its key resistance zone and is currently retesting the breakout level, reaffirming its bullish technical structure and signalling renewed buying interest. The stock has already achieved its first upside target, and with momentum remaining strong, investors are advised to continue holding positions for the next targets of PKR 523.35, PKR 549.96, and PKR 571.35. In line with the strengthening price structure, the stop-loss has been revised upward to PKR 462.60 to protect gains while maintaining disciplined risk management.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20NRL%20Aug%2017,%202026...pdf
PSX - Pakistan Stock Exchange Ltd.
Buy Zone Alert: PSX Between PKR 53.48–53.60
M Wajahat    8/13/2026 12:00:00 AM
PSX has presented a favourable buying opportunity, with the stock offering an attractive entry point within the PKR 53.48–53.60 range. Investors are advised to accumulate the stock within this range. The expected upside targets stand at PKR 56.50, 60.35, and 63.90. To effectively manage downside risk, a strict stop-loss should be maintained at PKR 47.91
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PSX%20Aug%2013,%202026...pdf
PRL - Pakistan Refinery Ltd.
The PRL is currently owned by PSO | Result Review:
Ahsan Muhammad Asif    8/13/2026 12:00:00 AM
PRL Equity increased to PKR 42.2bn in FY26, a 60% YoY increase. The PRL book value has increased in the current results to PKR 67.88 from PKR 42.22. The PRL reported robust FY26 earnings. The final EPS is recorded at PKR 25.05/sh. The 4Q earning is PKR 5.88/sh. The company's total debt has been reduced to PKR 16.5bn from PKR 27.8bn, a 40.6% reduction. The PRL margins have increased, which eases the company's profitability. This is inline with global phenomenon where GRMs of refineries continue to increase to current global scenario. PRL is a beneficiary of the government's policies of changing oil prices overnight. The Ex-Refinery price, which is the selling price of the refineries, is continuously reviewed by OGRA. We expect another substantial performance from PRL in the September quarter results. This ownership is watched closely in the wake of growing Saudi-Pakistan ties. PRL is being considered one of the best refineries in Pakistan.
Link: https://www.linkedin.com/in/mahsan178/
FCCL - Fauji Cement Company Ltd.
Fauji Cement Company Limited (FCCL) – FY26 Financial & Operational Performance
Neha Naz    8/12/2026 12:00:00 AM
Income Statement Highlights: FCCL delivered a strong financial performance in FY26, driven by top-line growth, operational efficiencies and reduced financing costs. Currently, FCCL is yielding a trailing PE of 8.8x & leading PE of 5.8x. Revenue grew by 5% YoY to Rs. 93.69bn (up from Rs. 88.96bn), while Gross Profit rose 4% YoY to Rs. 32.72bn, yielding a solid 35% Gross Profit Margin. This profitability was backed by strategic cost optimization initiatives, including higher reliance on local coal, alternative fuels, captive power generation and in-house PP bag production. Operating profit consequently edged up 2% YoY to Rs. 26.67bn. Further supporting bottom-line expansion, finance costs fell 28% YoY to Rs. 4.17bn due to accelerated debt repayments, finance income jumped 67% YoY to Rs. 1.78bn and bottom-line earnings were boosted by FCCL's share of net profit from its equity-accounted investment in Attock Cement. As a result, Net Income surged 21% YoY to Rs. 16.18bn, driving EPS up 22% to Rs. 6.60. FCCL gave a dividend payout of Rs. 1.50 per share. Balance Sheet & Deleveraging Highlights: - Significant Deleveraging: Long-term loans were reduced by 36.69% YoY, dropping from Rs. 24.208bn to Rs. 15.327bn, significantly easing financial risk. - Improved Liquidity: Cash and bank balances surged by 38.16% YoY, increasing from Rs. 2.665bn to Rs. 3.682bn. - Strategic Equity Investment: FCCL recorded a new long-term equity investment of Rs. 21.196bn in FY26 following its joint acquisition of Attock Cement (ACPL) with KAPCO. Cash Flow Highlights: - Strategic Growth Outflow: FCCL deployed Rs. 20.914bn toward the acquisition of Attock Cement Pakistan Ltd in FY26. - Aggressive Debt Settlement: Repayment of long-term loans expanded by 291% YoY, jumping to Rs. 18.199bn compared to Rs. 4.657bn in FY25. - Higher Cash Payouts: Total dividend distribution increased by 25% YoY to Rs. 3.061bn (up from Rs. 2.447bn in FY25), reinforcing capital return to shareholders.
SNBL - Soneri Bank Ltd.
Valuations - Expected 2QCY26 / PE 4.9x
SCS Research update    8/12/2026 12:00:00 AM
We expect SNBL to report 2Q EPS of PKR 1.24/sh.This translates into 1HCY26 EPS of ~PKR 2.47/sh SNBL valuation looks noticeable on PBV of 0.79x. SNBL yields CY26 P/E of 4.9x. Likewise, the SNBL payout ratio will remain stable. We expect an annual payout ratio of 32% vs. 36% reported in CY25 We are estimating NIMs in the range of 4.1%. We are expecting growth in the asset side of the balance sheet whilst cash balances, investments, and advances are all growing. We expect total assets and equity to also grow. We expect SNBL to deliver resilient earning, maintain an improving dividend profile. SNBL is currently valued at ~0.79x P/BV, supported by a noticeable 6.25% dividend yield. Positive on PBV
KSE-100 Breakout: Hold Above 179,500 to Target 188,000
M Wajahat    8/11/2026 12:00:00 AM
The KSE-100 Index has broken above the 178,000–179,500 resistance zone and is currently attempting to sustain above this breakout area. If the index successfully sustains above this zone, we could see further upside towards the 188,000 level. However, if the index fails to hold the breakout and slips back below the resistance zone, it may move towards the next support at 175,000.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20Aug%2011,%202026...pdf
NRL - National Refinery Ltd.
NRL Breaks Resistance, Bullish Momentum Takes Charge
M Wajahat    8/11/2026 12:00:00 AM
NRL has confirmed a breakout above its key resistance zone, signalling a positive shift in technical momentum and presenting a favourable buying opportunity. Investors are advised to accumulate the stock within the PKR 492.95–494.35 range, with a stop-loss placed below PKR 449.49. On the upside, the expected targets are 509.31, 523.35 , and PKR 549.96, provided the breakout remains intact.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20NRL%20Aug%2011,%202026...pdf
PRL - Pakistan Refinery Ltd.
PRL Hits New High, Seventh Target Achieved — Bullish Momentum Intact
M Wajahat    8/11/2026 12:00:00 AM
PRL has marked a new all-time high, further strengthening its bullish technical structure and reflecting sustained buying interest. The stock has successfully achieved our seventh upside target, reaffirming the strength of the prevailing uptrend. Investors are advised to continue holding their positions for the remaining upside targets of PKR 75.25, 81.32, and 88.25. To protect gains and effectively manage downside risk, the stop-loss has been revised upward to PKR 63.11
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PRL%20Aug%2011,%202026...pdf
Positive News for Cement Companies:
Neha Naz    8/7/2026 12:00:00 AM
- The Central Development Working Party (CDWP) has approved seven major development projects worth Rs252.974 bn, focusing on infrastructure and institutional capacity building across education, technology and housing sectors. - Four higher education projects totaling Rs12.437 bn include upgrades to Women University AJ&K Bagh, Emerson University Multan, Hyderabad Institute for Technology and Management Sciences, and KBCMA College of Veterinary and Animal Sciences. - Three large-scale schemes worth Rs240.537 bn were referred to ECNEC for final approval: the Pakistan Space Centre (Rs37.131 bn) to enhance satellite development under SUPARCO, the Lahore Water and Waste Water Management Project (Rs31.592 bn) for safe drinking water and pipeline replacement, and the Greater Karachi Bulk Water Supply Scheme (K-IV Phase-I, Rs171.814 bn) to expand water capacity. - This is positive news for the cement and construction sectors such as DGKC, BWCL, FCCL, etc, as these projects will drive significant demand for building materials and infrastructure development across multiple regions, increasing dispatches and revenues.
PTC - Pakistan Telecommunication Co. Ltd.
PTC Rebounds from Key Support, Bulls Eye Higher Targets
M Wajahat    8/7/2026 12:00:00 AM
PTC has rebounded from its key support zone, reinforcing its bullish technical structure and indicating renewed buying momentum. Investors are advised to accumulate the stock within the PKR 73.16–74.05 range. As long as the stock sustains above its key support, the expected upside targets are PKR 77.85, PKR 82.87, and PKR 93.41. To manage downside risk effectively, a strict stop-loss should be maintained at PKR 67.05.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20PTC%20Aug%207,%202026...pdf
KSE-100 Clears 179,500 as Bullish Momentum Accelerates
M Wajahat    8/7/2026 12:00:00 AM
The KSE-100 Index successfully broke above the key resistance zone of 178,000–179,500 yesterday, a level we had identified in advance. Today's session further reinforced the bullish momentum with another strong move higher. If the index continues to sustain above this breakout zone, the next upside target remains 188,000. However, if it fails to hold these levels, a pullback toward the 175,000 level for a retest remains a possibility.
Link: https://scstrade.com/research/Research%20Reports/General/Technical%20Analysis%20Report%20KSE100%20Aug%207,%202026...pdf