*Chase Securities* *What You Should Know Today* *26th February, 2025* *Key Headlines* 1. First review of $7bn EFF programme: Protracted IMF-govt talks likely 2. M2 falls by Rs174bn in a week 3. Iron, steel scrap importers: FBR withdraws EFS facility 4. Govt claims saving Rs1.5tr by revisiting IPP contracts 5. PEL, Electrolux join hands *Market Outlook: Oil Prices Retreat* A significant catalyst for market performance is the decline in international oil prices, which recently fell below the USD 70/bbl mark. This downward trend, combined with already declining coal prices, is expected to ease inflationary pressures as fuel prices decrease in the coming weeks. Consequently, lower fuel costs will enhance consumers' disposable income, which is likely to benefit cyclical sectors moving forward. The upcoming IMF review, scheduled to begin on March 3, 2025, and lasting for two weeks, is also in focus. Market participants are expected to closely monitor developments during the review meetings, as key decisions—including potential reductions in power tariffs and the resolution of the circular debt stock—are anticipated. Additionally, corporate earnings have been encouraging so far, with strong dividend payouts expected to boost market liquidity as a portion of these dividends is likely to be reinvested. Institutional liquidity inflows are further supporting positive market sentiment. Stock-specific catalysts, such as KAPCO's revised PPA announcement, MARI Energies' new discovery, and PAEL's strategic partnership with Electrolux, are expected to sustain investor interest in the near term. *Top Picks* OGDC, PPL, PSO, UBL, MEBL, BAFL, FFC, FATIMA, CHCC, MLCF, DGKC, SAZEW, GHNI, ATLH, AGTL, INDU, ISL, ASL, PSX, LOADS, COLG, GCIL, PAKT, IMAGE, SPEL, HUMNL, TGL, GHGL *Important Board Meetings Today* DHPL, CYAN, PTL, TREET, THAL, CNERGY, PAKD, SFL, SMCPL, HUBC, SEL, DCL, GAL, GHNI, SYM, NCL, QUICE, IBLHL, SHIELD, PPL, EFUG, MERIT - Corporate Results *Corporate Briefing* ALNRS, FRSM, MACFL, Sanghar Sugar *Start of Ex-Price today* CPPL- 10% Dividend *Last Day of Entitlement* NICL- 20% Dividend ICL- 20% Dividend ALTN- 97% Dividend CHCC- 15% Dividend BWCL- 80% Dividend *Other Key Events Today* Electrolux Products Launch Today