External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Commodities

<ul><li>The sector recorded 1 gas discovery during the month — Dolphin X-1 (operated by PPL).</li><li>During the month, the sector has not reported any dry well.</li><li>Oil and gas production rose 20% YoY and 4% YoY, respectively, owing to the disruption of RLNG supply.</li></ul>

The sector recorded 1 gas discovery during the month — Dolphin X-1 (operated by PPL).During the month, the sector has not reported any dry well.Oil and gas production rose 20% YoY and 4% YoY, respectively, owing to the disruption of RLNG supply.

Oil & Gas Exploration: Takeaways from Monthly Activity Report - Aug 2026

<ul><li>The sector recorded 1 gas discovery during the month — Rahi X-1 (operated by PPL).</li><li>During the month, the sector has not reported any dry well.</li><li>Oil and gas production rose 22% YoY and 10% YoY, respectively, amid continued disruption of RLNG supply.</li></ul>

The sector recorded 1 gas discovery during the month — Rahi X-1 (operated by PPL).During the month, the sector has not reported any dry well.Oil and gas production rose 22% YoY and 10% YoY, respectively, amid continued disruption of RLNG supply.

Oil & Gas Exploration: Takeaways From Monthly Activity Report - Jul 2026

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul>
<li>Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration.</li>
<li>This could keep diesel crack spreads and market GRMs elevated for longer than usual, reinforcing our positive view on structural refining tightness and benefiting refinery stocks.</li>
<li>Fuel retailers' marketing margins and profits in 4Q26E could suffer if the momentum of subsidy cuts exceed retail price increases.</li>
</ul>


Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration.
This could keep diesel crack spreads and market GRMs elevated for longer than usual, reinforcing our positive view on structural refining tightness and benefiting refinery stocks.
Fuel retailers' marketing margins and profits in 4Q26E could suffer if the momentum of subsidy cuts exceed retail price increases.


Tight Global Diesel Supply Keeps Cracks/GRMs High Longer; Marketing Margins at Risk

<ul><li>The sector recorded 1 hydrocarbon discovery during the month — Bobi Deep (operated by OGDC).</li><li>The sector also reported a dry well, Taban East (Gambat South), operated by PPL.</li><li>Oil and gas production rose 26% and 15% YoY, respectively, driven by the disruption in supply of RLNG.</li></ul>

The sector recorded 1 hydrocarbon discovery during the month — Bobi Deep (operated by OGDC).The sector also reported a dry well, Taban East (Gambat South), operated by PPL.Oil and gas production rose 26% and 15% YoY, respectively, driven by the disruption in supply of RLNG.

Oil & Gas Exploration: Takeaways From Monthly Activity Report - Jun 2026

Macroeconomics

<ul><li>Pakistan’s CPI Inflation jumped to 31.4% YoY in Sep-2023, breaking a three-months of YoY declining trend. The significant hike in inflation is due to higher local fuel and food prices.</li><li>On MoM basis, CPI inflation was up 2.0% in Sep 2023 as compared to 1.7% in Aug 2023 and last 3-month average of 1.6%.</li><li>This takes 1QFY24 average inflation to 29.04% compared to 25.11% in 1QFY23.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pakistan’s CPI Inflation jumped to 31.4% YoY in Sep-2023, breaking a three-months of YoY declining trend. The significant hike in inflation is due to higher local fuel and food prices.On MoM basis, CPI inflation was up 2.0% in Sep 2023 as compared to 1.7% in Aug 2023 and last 3-month average of 1.6%.This takes 1QFY24 average inflation to 29.04% compared to 25.11% in 1QFY23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Economy - Inflation up 31% YoY in Sep-2023 as Expected

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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Crude Oil (CL1 COM COMDTY)

Oil & Gas Exploration: Takeaways from Monthly Activity Report - Aug 2026

The sector recorded 1 gas discovery during the month — Dolphin X-1 (operated by PPL). During the month, the sector has not reported any dry...

Topline Securities

Oil & Gas Exploration: Takeaways From Monthly Activity Report - Jul 2026

The sector recorded 1 gas discovery during the month — Rahi X-1 (operated by PPL). During the month, the sector has not reported any dry well. Oil...

Topline Securities

Tight Global Diesel Supply Keeps Cracks/GRMs High Longer; Marketing Margins at Risk

Global diesel supply could tighten further if the US restricts diesel exports, a measure under consideration. This could keep diesel crack spreads...

Krungthai XSpring

Oil & Gas Exploration: Takeaways From Monthly Activity Report - Jun 2026

The sector recorded 1 hydrocarbon discovery during the month — Bobi Deep (operated by OGDC). The sector also reported a dry well, Taban East...

Topline Securities

Pakistan Economy - Inflation up 31% YoY in Sep-2023 as Expected

Pakistan’s CPI Inflation jumped to 31.4% YoY in Sep-2023, breaking a three-months of YoY declining trend. The significant hike in inflation is due...

Topline Securities

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