Topline Securities Ltd

Alhamdulillah! Topline Securities has won a record 5 awards at the CFA Society Pakistan Annual Excellence Awards FY26! 🏆 🏆 Best Brokerage House – Winner 🏆 Best Economic Research House – Winner 🏆 Best Equity Research Analyst – Winner 🏆 Corporate Finance House of the Year – Runner-Up 🏆 Best Equity Research Report – Runner-Up This achievement reflects the dedication and hard work of Team Topline. We extend our heartfelt gratitude to our clients for their continued trust and confidence. We remain committed to raising the bar and delivering excellence. Proud of Team Topline!

For the first time in recent history, refinery Motor Spirit (MS/Petrol) cracks have turned negative on a 7-day rolling average basis under OGRA’s pricing methodology, with the spread standing at -US$1.0/bbl (MS: US$105.9/bbl vs. Dubai: US$106.9/bbl) effective November 6. On a daily basis, cracks remained negative at -US$5.0/bbl on November 5, as international MS prices continued to trade below Dubai crude. This will further squeeze refinery margins, which are already under pressure from the recently imposed Rs49/litre levy on petrol.

An excellent opportunity for Overseas Pakistanis! Invest in the Pakistan Stock Exchange (PSX) from anywhere in the world through your Roshan Digital Account (RDA). Invest in your homeland and build a secure future. 📲 Ready to invest? Contact us: 📞 Phone/WhatsApp: +92 320 3816875 🌐 Visit: topline.com.pk #ToplineSecurities #PSX #RoshanDigitalAccount #RDA #OverseasPakistanis #InvestInPakistan

Today's FIPI Net: -1.74(US$mn) Today's Foreign Corporate Net: -1.04(US$mn)

Topline Weekly Review (Nov 06, 2026): The KSE-100 Index gained 4.47% WoW, primarily driven by a decline in international crude oil prices and improved investor sentiment amid optimism surrounding a potential de-escalation of geopolitical tensions following the US midterm election results. Key developments during the outgoing week included: (i) CPI inflation for Oct-2026 clocked in at 9.61%, compared to 10.26% in Sep-2026 and 6.25% in Oct-2025; (ii) the government raised Rs400bn through the fixed-rate PIB auction, with cut-off yields declining by 10–11bps across various tenors; and (iii) the trade deficit widened to US$3.9bn in Oct-2026, reflecting an increase of 20% YoY and 10% MoM. Average daily traded volume and value during the week stood at 856mn shares and PKR.28.5bn respectively. Regards Topline Sales Desk

Topline Market Review (Nov 06, 2026): Taking cue from international markets investors preferred to book profit before the long weekend, as KSE 100 Index declined by 0.85% to close at 173,887 level. Top negative contribution to the index came from UBL, LUCK, ENGROH, FFC and PPL, as they cumulatively weighed down on the index by 606 points. Traded value wise OGDC (PKR.1.47bn), MLCF (PKR.1.09bn), DGKC (PKR.708mn) and BOP (PKR.662mn) dominated the trading activity. Traded volume and value for the day stood at 1.48bn shares and PKR.22.5bn respectively Regards. Topline Sales Desk

📢 𝗢𝗩𝗘𝗥𝗦𝗨𝗕𝗦𝗖𝗥𝗜𝗕𝗘𝗗! ✅ Pakistan’s first fintech-led microfinance bank moves closer to its public listing. The Book Building for ABHI Microfinance Bank Limited’s IPO has concluded at a strike price of PKR 15.50 per share. The issue was 1.6x oversubscribed, raising PKR 2.05 billion. Our sincere thanks to the foreign funds, local institutions and high-net-worth investors for the overwhelming trust they have placed in ABHI. 🙏 The next step is the Public Subscription, open to the general public. ▸ Public Subscription: 12–13 November 2026 ▸ 25% of the issue reserved for the general public Topline Securities is proud to serve as Joint Lead Consultant to the Issue. 📄 Prospectus: topline.com.pk/uploads/files… #ABHI #IPO #Oversubscribed #BookBuilding #PSX #Fintech #ToplineSecurities

Pakistan Stock Exchange - Key Statistics

Oil & Gas Development (OGDC) - Corporate Briefing Key Takeaways (Nov 06, 2026) #Oil #Gas #OGDC #Pakistan #CBS #Topline

Pakistan Weekly SPI Alert Nov 06, 2026 Pakistan’s Weekly SPI for the period ending Nov 05, 2026 increased by 0.29% WoW and increased by 12.31% YoY. This WoW increase was observed primarily driven by prices of Tomatoes (+54.18%), LPG (+3.72%), Potatoes (+2.07%). Regards, Topline Research

Topline Economy Alert Nov 06, 2026 Pakistan reported a trade deficit of US$3.9bn in Oct-2026, up 20% YoY and 10% MoM. Imports stood at US$6.8bn, up 12% YoY and 6% MoM, while exports stood at US$2.9bn, up 3% YoY and flat MoM. For 4MFY27, the trade deficit clocked in at US$14.6bn, up 16% YoY, as imports of US$26.0bn (up 13% YoY) outpaced exports of US$11.3bn (up 9% YoY). Regards, Topline Research #ExportImport #Trade #PBS #Economy #Pakistan #Topline

Board Meetings & Corporate Briefing

Topline Fertilizer Alert Nov 06, 2026 As per our channel checks, EFERT has increased the Urea prices by Rs50/bag, effective from Nov 06, 2026. To note, new MRP for Engro Urea stands at Rs 4,799/bag. Regards Topline Research

Government reduced Diesel prices by Rs5.56/Lit to Rs382.25/Lit; PDL remains same.

Government reduced Petrol prices by Rs9.41/Lit to Rs352.59/Lit; PDL remains same.

PSX - Total Leverage (MTS, MFS and Future Open Interest)

Pakistan Important News and Pakistan Key Statistics

FX reserves held by SBP up by US$33mn to US$21.52bn for the week ending Oct 23, 2026. #FXReserves #SBP #Economy #Pakistan #Topline

Today's FIPI Net: -4.35(US$mn) Today's Foreign Corporate Net: -2.51(US$mn)

Topline Market Review (Nov 05, 2026): The Pakistan Stock Exchange (PSX) extended its bullish momentum for the fourth consecutive session on Thursday, as strong buying interest across major sectors continued to support the benchmark index. The KSE-100 Index maintained its upward trajectory, gaining approximately 3,666 points (+1.96%) to reach 175,380 points during the closing session, further strengthening investor confidence and market sentiment. The positive momentum was primarily driven by easing geopolitical concerns, declining international oil prices and expectations of improved global economic stability following the US midterm election developments. Buying activity remained broad-based, with key sectors, including commercial banks, cement, automobile assemblers, oil and gas exploration companies and oil marketing companies, attracting significant investor interest. The KSE-100 Index touched an intraday high of approximately 176,605 points before witnessing some profit-taking at higher levels. Nevertheless, the broader market maintained a positive tone, On the contribution front, UBL, LUCK, MEBL, SYS and ENGROH emerged as the leading positive contributors, collectively adding approximately 1,293 points to the benchmark index. Their performance provided substantial support to the market's overall upward movement. Market activity remained steady, with regular-market volumes exceeding 999.8mn shares, while the total traded value stood at approximately PKR 46.1 billion. Regards Topline Sales Desk