SAZEW has repeated a similar long-term structure: an explosive bullish rally, consecutive high-volume months, bearish RSI divergence, and a subsequent correction of approximately 70%. - 2016–2018: Price rallied from around PKR 9 to 154, followed by a 70.87% correction. - 2023–2026: Price surged from around PKR 65 to 2,487 in approximately 2.5 years, again showing consecutive high-volume months and bearish RSI divergence. - Current structure: Price has started correcting from its peak, with the monthly RSI weakening toward the 50 level. Key question: Will SAZEW repeat its previous cycle with another deep correction, or eventually reclaim its all-time high? The historical pattern highlights a potential cyclical similarity, not a guaranteed outcome. A reclaim of the previous high may take considerable time, while price confirmation and volume behaviour will be crucial in assessing the next phase. #SAZEW #PSX #TechnicalAnalysis #stockmarket #PSX #psxupdates #KSE100 #KSE100index #PriceAction #TimeCycles #ElitePriceAction

SAZEW is approaching a potential reversal zone on the weekly timeframe as the Gartley harmonic pattern develops near trendline support. Fibonacci ratios align with the projected D point, making this a key area to monitor for a possible bullish reversal. A confirmed reversal with price-action strength could signal a recovery, while a breakdown below the support zone may weaken the setup

PSX is consolidating within a potential bullish flag after a strong upward move. Price is approaching a key confluence zone around 37.0–38.0, where previous resistance has turned into support, aligning with the rising trendline. A possible retest or liquidity sweep may occur before the next move. Wait for a confirmed flag breakout and a strong reaction from trendline support to validate the bullish continuation scenario. A breakdown below this confluence zone would weaken the bullish structure.

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Key Takeaway: Steady earnings growth and a fantastic dividend, but the cost of doing business is rising. 💰 Dividend Announcement The Board declared a 3rd interim cash dividend of Rs. 8.00 per share. Cumulative dividends for 2026 now stand at Rs. 23.50 per share. No bonus or right shares were announced. The record date is November 3, 2026. 📈 Financial Performance (Standalone) MEBL continues to show resilience and growth, finishing the nine months strongly: - 9M Profit After Tax (PAT): Rs. 74.53 billion (↑ 10.9% YoY) - 9M EPS: Rs. 41.35 (vs Rs. 37.42) - Q3 PAT: Rs. 25.65 billion (↑ 21.8% YoY) — The third quarter was notably strong. - Total Income: Rs. 229.00 billion (↑ 8.0%) - Fee & Commission Income: Rs. 19.67 billion (↑ 17.2%) - FX Income: Rs. 7.02 billion (↑ 72.8%) 🏦 Balance Sheet Growth The bank's core funding base is expanding impressively: - Deposits: Grew 19.1% to Rs. 3.93 trillion. - Total Assets: Grew 12.2% to Rs. 5.41 trillion. - Investments: Grew 16.7% to Rs. 3.04 trillion. ⚠️ The Margin & Cost Reality Check While the top line grew, the underlying pressures are clear: - Costs are climbing: Operating expenses jumped 20% (Rs. 68.97 billion). - Deposit costs are eating margins: Return paid on deposits increased 25.3%, which is faster than the 5.0% growth in net profit from Islamic financing. - Cash flow moderated: Operating cash flow declined 21.6% YoY (though still a massive Rs. 573.69 billion). ⚖️ The Verdict Fundamentally strong, but the margin squeeze is real. MEBL remains a cash-generating machine, and its dividend payout is excellent. The Q3 earnings surge proves it can still grow. However, the cost of deposits is rising faster than the income from its core lending/financing, and operating expenses are up significantly. For investors: The core Islamic banking story is intact, and the dividend yield remains highly attractive. But watch the net interest margins (NIMs) in the next quarter. If deposit costs keep outpacing financing income, earnings growth will slow down. Currently, the other income (fees and FX) is what's saving the bottom line.