The bourse rebounded on Thursday as renewed institutional buying in value names and improving corporate earnings helped restore confidence in index-heavyweight shares, after rollover-week deleveraging left the market with a firmer base.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index reached an intraday high of 168,424.02 (up 3,797.73 points, or 2.31%) and a low of 162,953.63 (down 1,672.66 points, or -1.02%) compared to the previous close of 164,626.29.
“Renewed institutional buying in value stocks and improving corporate earnings helped restore sentiments in index heavyweight stocks,” said Huzaifa Riaz, Director, Mayari Securities (Pvt) Limited.
“The reversal also followed a phase of systematic deleveraging earlier during the rollover week, offering the market a firmer base for the next move,” he added.
National Bank of Pakistan (NBP) posted record earnings of Rs85 billion for calendar year 2025, up 227% from a year earlier, with EPS of Rs39.9 and a highest-ever cash dividend of Rs35 per share (vs Rs8 in 2024). On a quarterly basis, profit was Rs19.3 billion, down 13% YoY and 16% from the previous quarter. Net interest income rose 45% to Rs248.6 billion, driven by a 42% decline in interest expense that more than offset a 28% drop in interest income.
JS Bank Limited reported profit before tax of Rs6.19 billion for 2025 (vs Rs6.37 billion a year earlier). Profit after tax was Rs2.79 billion, while EPS stood at Rs1.36 (vs Rs1.39 in 2024). Total income increased 4.0% YoY to Rs40.31 billion; net interest income was flat at Rs27.15 billion, while non-mark-up income rose 17% to Rs13.16 billion. Total assets grew 3% to Rs655.64 billion, and the deposit mix improved as non-remunerative deposits rose 12% YoY to Rs222.12 billion, lifting their share to 41% from 38%.
United Bank Limited (UBL) reported consolidated fourth-quarter earnings of Rs29.9 billion (EPS Rs11.9), up 15% YoY but down 15% from the previous quarter. For full-year 2025, UBL posted earnings of Rs130 billion (EPS Rs51.9), up 73% from 2024, and declared a final dividend of Rs8 per share, taking the total 2025 payout to Rs29.5 per share. Topline Research said the fourth-quarter result fell short of industry expectations due to higher non-interest expenses, with operating costs rising 21% YoY and 34% QoQ to Rs43.6 billion.
Pakistan’s non-bank financial sector expanded in the second half of 2025, with total assets rising 21% to Rs6.84 trillion by December 31, 2025, from Rs5.63 trillion at end-June, according to the Securities and Exchange Commission of Pakistan (SECP).
Mutual funds managed Rs4.5 trillion—66.3% of total assets—with allocation of 44% in money market funds, 23% in income funds and 14% in equity funds. Mutual fund investor accounts rose 8.0% to 845,000 by end-December, while voluntary pension scheme accounts reached 143,154, up 30% since June 2025.
The lending segment posted the fastest growth, with assets up 65% over six months to Rs824 billion, while Sharia-compliant assets stood at Rs2.47 trillion (about 36% of total). The number of registered non-bank financial companies and Mudaraba entities increased to 185 from 174.
On the previous session on Wednesday, the KSE-100 fell 1,632.25 points (0.98%) to close at 164,626.29, after trading between 168,191.65 and 164,229.36.
