Pakistan’s benchmark index, KSE-100, closed in the red, down 830.92 points from its previous close of 168,893.08.

The index saw significant volatility, swinging between an intraday high of 169,379.97 points and a low of 165,811.87 points. It dropped over 1,000 points during the morning session, recovered slightly by midday, but ultimately fell into the red to close at 168,062.16 points.

Trading activity remained reasonable, with volumes recorded at 222,442,620 shares, at a value of Rs18,971,818,996.

Among the most active stocks, Unity Foods Limited led the volumes chart, falling 9.96 per cent to Rs10.67 on 50,304,604 shares. It was followed by First National Equities Limited, which gained 1.32pc to Rs1.54 on 36,245,681 shares, and The Bank of Punjab, which declined 0.35pc to Rs31.70 on 30,604,655 shares.

On the gaining side, Gulistan Spinning Mills Limited emerged as the top advancer, climbing 19.42pc to Rs6.15. Media Times Limited followed with an 11.04pc increase to Rs6.54, while Paramount Spinning Mills Limited rose 10.77pc to Rs5.76.

Meanwhile, the decliners were led by LOADS Limited (Right), which plunged 37.5pc to Rs0.40. Gulshan Spinning Mills Limited fell 10.21pc to Rs4.22, and Escorts Investment Bank Limited slipped 10.01pc to Rs21.57.

This dip in the market came as Pakistan has launched Operation Ghazab lil-Haq against the Afghan Taliban after “unprovoked firing” from across the border.

On Thursday, the benchmark index recovered slightly, gaining 4,266.79 points after this week’s previous sessions saw a sustained sell-off.

In company news, Engro Holdings (ENGROH) released its results for the fourth quarter of 2025 on Friday. The results were better than expected due to lower than expected Effective Tax Rate (ETR), according to analysts at Topline Securities.

Engro Holdings Limited closed 0.78pc higher, trading at Rs271.34.

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Engro Holdings (ENGROH) released its results for the fourth quarter of 2025 on Friday. The company reported a profit attributable to equity owners of Rs13.6 billion, which works out to earnings per share (EPS) of Rs11.31.

This is 17 per cent lower than the same period last year, but 111pc higher than the previous quarter. The results were better than expected due to lower than expected Effective Tax Rate (ETR), according to analysts at Topline Securities.

For the full year 2025, Engro’s profit after tax (PAT) for its owners reached Rs55.6bn, or EPS of Rs46.20, compared with Rs12.9bn, EPS of Rs26.78, in 2024.

According to Topline Securities, this includes a one-time gain from reversing previous accounting adjustments for the company’s thermal energy assets.

Excluding this one-time item, the yearly profit is Rs29bn, or EPS of Rs24.13. The reversal happened because Engro had planned to sell its thermal energy business, but the SPA was terminated, so they reversed these adjustments.

Performance of Subsidiaries

Engro Fertilizers Limited (EFERT) saw its earnings drop 19pc compared with last year, to Rs8.4bn in 4Q2025. This was mainly due to lower gross margins and adjustments for the super tax, according to Topline Securities.

Engro Polymer Company Limited (EPCL) reported a loss of Rs446 million in 4Q2025, or a loss per share (LPS) of Rs0.49. This compares with a profit of Rs2.1bn in the same period last year. The loss came because profit margins fell to 5.5pc, down from 14.1pc in 4Q2024 and 11.3pc in the previous quarter, according to Topline Securities.

Tax Rate Helped Earnings

Engro’s ETR for 4Q2025 was 18pc, down from 27pc in 4Q2024 and 4pc in 3Q2025. This was helped by a tax reversal in its tower business. For the full year 2025, the ETR was 23pc, compared with 40pc in 2024, which helped boost overall profits according to Topline Securities.

Dividend and Outlook

Engro did not declare a cash dividend this quarter, as it plans to use the funds for its tower business acquisition.

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Pakistan’s benchmark KSE-100 index recovered modestly by 11:55am on Friday, rising 65 points from its previous close of 168,893.08 after plunging more than 1,000 points earlier in the morning session.

The index witnessed notable volatility, swinging between an intraday high of 169,379.97 points and a low of 165,811.87 points.

Trading activity remained reasonable, with volumes recorded at 173,907,577 shares, at a value of Rs12,913,331,068.

Among the most active stocks, Unity Foods Limited led the volumes chart, falling 9.96pc to Rs10.67 on 49,674,838 shares. It was followed by First National Equities Limited, which gained 0.66pc to Rs1.53 on 34,058,253 shares, and The Bank of Punjab, which declined 0.31pc to Rs31.71 on 28,048,100 shares.

On the gaining side, Gulistan Spinning Mills Limited emerged as the top advancer, climbing 19.42pc to Rs6.15. Media Times Limited followed with a 12.05pc increase to Rs6.60, while Power Cement (Pref) rose 10.02pc to Rs24.27.

Meanwhile, the decliners were led by LOADS Limited (Right), which plunged 53.12pc to Rs0.30. Trust Securities & Brokerage Limited (R) fell 10.53pc to Rs0.34, and Tri-Pack Films Limited slipped 10pc to Rs162.92.

This dip in the market comes as Pakistan has launched Operation Ghazab lil-Haq against the Afghan Taliban after “unprovoked firing” from across the border.

On Thursday, the benchmark index recovered slightly, gaining 4,266.79 points after this week’s previous sessions saw a sustained sell-off.

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