Six analytical lenses
on one market
All research is specific to the KSE-100 universe. Every piece anchored to a named mechanism, a named sector, and a named falsifier.
Weekly macro transmission analysis. How a rate decision, CPI print, or policy change travels from the event to named KSE-100 sectors and companies. Published Friday or Saturday.
Browse →KSE-100 breadth, advance/decline data, institutional flows, forward P/E versus the 10-year average. Index-level analysis — not prediction.
Browse →At least two named KSE-100 companies per piece, with verified financial data from filings. Revenue drivers, cost structure, regulatory risk, and relative valuation.
Browse →Weekly NCCPL flow data parsed by investor type and sector. Foreign versus domestic institutional positioning. Block trade detection and anomaly flagging.
Browse →Filing-sourced financials, circular debt exposure as a percentage of receivables, FCF versus reported EPS divergence, capital allocation track record, and relative valuation.
Browse →One piece per month on the first Thursday. Timeless explainers: how circular debt accumulates, what FIPI measures, how to read a PSX quarterly filing, forward P/E interpretation.
Browse →Recent publications
The most recent publications — full articles in the research archive.
The rate hold was consensus. The mechanism that matters is where PIB yields move next — and what that does to the NIM spread for commercial banks still heavy on fixed-rate government securities.
PPL's Q3 FY26 filing puts circular debt receivables at Rs 583.4bn. At the OGDC PHL settlement pace, the gap between reported EPS and actual cash generation remains the central analytical question for the sector.
Mutual funds drove the week's move almost entirely. FIPI at $1.9m is nominal. Insurance selling at $59.7m is the more interesting signal — likely duration repositioning rather than equity risk-off.
From event to equity market
Every analysis follows the same transmission chain. Headlines report what moved. This research explains why — through all seven layers.
The triggering fact — confirmed, sourced, and dated. SBP decision, CPI print, company filing, regulatory change.
Interest rates, inflation, exchange rate, fiscal stance, external account. How the event moves the macroeconomic variables.
Which sectors are exposed, by how much, and through which mechanism. Beneficiaries and losers named explicitly.
Named KSE-100 companies assessed. FCF vs reported EPS, circular debt exposure, re-rating direction — never a price target.
One email.
Every Saturday.
Four sections: market summary table, The Mechanism (~300 words), sector data, and the watchlist. Free. Primary sources throughout.
Education & analysis, not investment advice. Unsubscribe any time.