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!

Pakistan Passenger Car Sales Reach 52-Month High of 24,418 Units in Oct 2026 Pakistan’s monthly passenger car sales reached 24,418 units in Oct 2026, marking a 52-month high, compared to 28,379 units recorded in Jun 2022. The strong recovery from the lows witnessed in 2023 reflects improving consumer demand, record-high auto financing, and renewed momentum in the automobile sector. The growth was primarily driven by Pak Suzuki Motor Company (PSMC) sales, which stood at 15,291 units during the month, as Alto and Swift sales reached record highs of 11,363 and 3,214 units, respectively.

Today's FIPI Net: +0.65(US$mn) Today's Foreign Corporate Net: +0.70(US$mn)

Don't put all your eggs in one basket! Spread your risk and maximize returns by diversifying your investments across top-performing sectors in the PSX. Let our experts guide you. 📲 Ready to invest? Contact us: 📞 Phone/WhatsApp: +92 320 3816875 🌐 Visit: topline.com.pk #ToplineSecurities #PortfolioDiversification #PSX #SmartMoney #InvestWisely

Topline Weekly Review (Nov 13, 2026): The KSE-100 Index gained 2.3% WoW, primarily driven by a decline in international crude oil prices and improving investor sentiment amid optimism over a potential de-escalation of geopolitical tensions following the US midterm election results. Key developments during the outgoing week included: (i) workers' remittances stood at US$3.9bn in Oct-2026, up 14% YoY and 8% MoM, taking 4MFY27 inflows to US$14.8bn, up 14% YoY; (ii) Pakistan recorded a fiscal surplus of Rs1,274bn (0.9% of GDP) in 1QFY27, down 40% YoY from Rs2,119bn (1.7% of GDP) in 1QFY26; (iii) the cement royalty case involving Punjab-based players concluded at the FCC, with the Court reserving its judgment, which is expected in the coming days; and (iv) MSCI added ATRL to the MSCI Pakistan Index in its November 2026 review, while Pakistan's weight in the MSCI Frontier Markets Index declined to 4.98% from 5.20%. Meanwhile, PAKOXY and FLYING were removed from the MSCI Frontier Markets Small Cap Index. Average daily traded volume and value during the week stood at 1,083mn shares and PKR 38.77bn, respectively. Regards Topline Sales Desk

Final Opportunity to Invest in ABHI Microfinance Bank. After a 𝟭.𝟲𝘅 oversubscribed book building, the public book for ABHI Microfinance Bank’s IPO is now 𝗳𝘂𝗹𝗹𝘆 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲𝗱. Applications remain open 𝘁𝗶𝗹𝗹 11:59PM , 𝟭𝟯 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿. 𝗔𝗽𝗽𝗹𝘆 𝗼𝗻𝗹𝗶𝗻𝗲: PSX e-IPO: eipo.psx.com.pk CDC e-IPO: cdceipo.com Topline Securities is proud to serve as Joint Lead Consultant to the Issue. #ABHI #IPO #PSX #ToplineSecurities

Topline Market Review (Nov 13, 2026): KSE-100 Recovers on MARI’s Copper-Gold Discovery, Closes in the Green The KSE-100 Index staged a notable intraday recovery, closing at 177,873, up 500 points (+0.28%). The benchmark remained volatile throughout the session, swinging between an intraday high of 1,910 points and a low of 508 points, reflecting mixed investor sentiment. Market sentiment received a significant boost towards the latter half of the session following material news from Mari Petroleum (MARI). Through its wholly owned subsidiary, Mari Minerals, the company announced a new porphyry copper-gold discovery at the East Siah Diq (ESD-1) target in Chagai, Balochistan. The development sparked renewed investor interest and helped turn sentiment positive, providing fresh impetus to the market's recovery. The discovery underscores the potential of Pakistan's mineral resources and adds to the growing optimism surrounding the country's mining and exploration sector. On the contribution front, MARI, LUCK, PPL, PSEL and FATIMA emerged as the leading positive contributors, collectively adding approximately 722 points to the benchmark index and providing substantial support to the market's overall performance. Meanwhile, market participation remained robust, with total traded volume reaching approximately 1,042mn shares, while traded value stood at around PKR 31bn. Regards Topline Sales Desk

Pakistan Economy - Pakistan posted fiscal surplus of 0.9% of GDP in 1QFY27; Primary surplus at 2.1% of GDP vs. 2.8% in 1QFY26 (Nov 13, 2026) #Economy #Fiscal #GDP #Surplus #Pakistan #Topline

Topline Economy Alert Nov 13, 2026 Pakistan Fiscal Operations – Fiscal surplus down 40% YoY to Rs1,274bn (0.9% of GDP) Pakistan posted a fiscal surplus of Rs1,274bn (0.9% of GDP) in 1QFY27, down 40% YoY from Rs2,119bn (1.7% of GDP) in 1QFY26. The decline was primarily attributable to a 20% YoY drop in SBP profit to Rs1,933bn, resulting in a 14% YoY contraction in non-tax revenue. Meanwhile, total expenditure increased 16% YoY, largely driven by a 23% YoY rise in mark-up payments to Rs1,700bn. Regards, Topline Research

Pakistan Weekly SPI Alert Nov 13, 2026 Pakistan’s Weekly SPI for the period ending Nov 05, 2026 decreased by 0.46% WoW and increased by 11.21% YoY. This WoW decline was primarily driven by prices of Petrol (7.42%), Diesel (6.10%), Onions (1.70%) and Bananas (1.03%). Regards, Topline Research

Board Meetings & Corporate Briefing

Be part of Pakistan’s evolving fintech landscape. Following an encouraging response during Book Building, with 1.6x oversubscription at a strike price of PKR 15.50 per share, ABHI Microfinance Bank Limited’s IPO has now moved to the Public Subscription phase. The opportunity to become a shareholder is now open! 📅 12–13 November 2026 ⏰ Public Subscription closes at 11:59 PM on Friday, 13 November 2026. With a minimum investment of PKR 7,750 (500 shares), you can participate in ABHI Microfinance Bank’s public offering — without requiring a brokerage account. How to Apply: PSX e-IPO: eipo.psx.com.pk CDC e-IPO: cdceipo.com 📄 Read the Prospectus: psx.com.pk/psx/pride/main-bo… Topline Securities is proud to serve as the Joint Lead Consultant to the Issue. Don't miss the opportunity to participate in Pakistan's growing digital financial services sector.

Government reduced Diesel prices by Rs4.0/Lit to Rs360.0/Lit; PDL remains the same.

Government reduced petrol prices by Rs3.0/Lit to Rs332.0/Lit; PDL remains the 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$11mn to US$21.57bn for the week ending Nov 06, 2026. #FXReserves #SBP #Economy #Pakistan #Topline

Today's FIPI Net: +1.29(US$mn) Today's Foreign Corporate Net: +1.30(US$mn)

Pakistan Automobiles - Car sales grew by 41% YoY and 62% MoM to 24,418 units in Oct 2026 (Nov 12, 2026)

Pakistan Secondary Market Bond Yields

Topline Market Review (Nov 12, 2026): The Pakistan Stock Exchange (PSX) witnessed a bearish trading session on Thursday, as selling pressure weighed on investor sentiment. The benchmark KSE-100 Index declined by 1,710 points (-0.95%) to close at 177,373 points, reflecting cautious investor positioning and profit-taking across the market. Investor sentiment remained subdued amid broad-based selling pressure, with market participants adopting a cautious stance following the recent rally. The decline reflected profit-taking and weakness in key index-heavy stocks. On the contribution front, UBL, FFC, HUBC, LUCK and SYS emerged as the leading negative contributors, collectively shave approximately 931 points to the benchmark index. Market activity with total market volume reaching approximately 1,070mn shares, while traded value stood at around PKR 31.6bn. Regards Topline Sales Desk