ABL Islamic Stock Fund

ABL-ISF decreased by -6.01% in Oct 25 against -5.51% decrease in the benchmark, reflecting an underperformance of 50 basis points. In October 2025, the KMI-30 index closed at 232,700 points, posting a 5.51% MoM decline (-13,567 points). The average traded value fell 22.3% MoM to USD 73.08 million, while average volumes dropped 30.3% MoM to 137.7 million shares. Net FIPI outflows amounted to USD 25.94 million; however, on the domestic front, Individuals and Companies emerged as net buyers of USD 70.85 million and USD 16.61 million, respectively, whereas Insurance Companies and Other Organizations recorded net selling of USD 61.23 million and USD 11.19 million. Market performance during the month was shaped by key developments, including the SBP maintaining the policy rate at 11% and Pakistan signing a Staff-Level Agreement with the IMF on the 2nd EFF review, with board approval and tranche disbursement anticipated in December 2025. Bloomberg also reported a significant reduction in Pakistan's default risk, while the country's geopolitical standing improved amid strengthened relations with the US, its allies, and China. Moreover, a ceasefire agreement with the Taliban regime helped ease border tensions, though the temporary disruption of Pak-Afghan trade triggered spikes in food prices. Flood damages were estimated at PKR 822 billion (USD 2.9 billion). Inflation rose to 5.6% YoY in September 2025, with October NCPI recorded at 6.24% YoY. On the external front, the current account posted a surplus of USD 110 million in September 2025, while the 3MFY26 current account deficit stood at USD 594 million; the trade deficit widened 10% YoY, whereas remittances increased 8% YoY. Meanwhile the Prime Minister introduced the National Maeeshat Electricity Package, aimed at providing relief to agricultural and industrial consumers through concessional rates on incremental electricity usage.