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SBP Policy Rate Hike Expected as Inflation and Rising Oil Prices Increase Pressure
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SBP Policy Rate Hike Expected as Inflation and Rising Oil Prices Increase Pressure

Pakistan’s central bank is widely expected to raise its policy rate by 50 basis points on Monday as rising global inflation, higher oil prices and tighter monetary conditions intensify pressure on the economy. The expected move presents a difficult balancing act for the State Bank of Pakistan (SBP), which must contain inflation and preserve monetary stability without further undermining economic growth. With consumer inflation reaching 10.3% and international energy prices remaining elevated, policymakers face mounting pressure to respond while weighing the impact of higher borrowing costs on businesses, investment and government finances. Previous Monetary Policy Decision Reveals Divided Views The previous monetary policy decision highlighted differing views within the central bank’s policy committee. Seven members voted to maintain the policy rate, while three favoured an increase. Rising international inflationary pressures could strengthen the case for monetary tightening at the upcoming meeting. A 50-basis-point increase is viewed as a potential middle ground, allowing the SBP to address inflation risks without imposing a larger increase in borrowing costs that could further constrain economic activity. Global Inflation and Oil Prices Add to Domestic Pressures Global inflation is becoming increasingly difficult to contain, while major central banks have tightened monetary policy in recent months. Oil prices approaching $117 per barrel, alongside elevated diesel refining margins, are adding to inflation risks and increasing uncertainty for oil-importing economies such as Pakistan. Domestic consumer inflation has also reached 10.3%, raising concerns about persistent price pressures and their implications for household purchasing power. The ongoing Middle East conflict adds another layer of uncertainty, as higher energy costs threaten to push inflation higher and weigh on regional economic activity. Higher Interest Rates Could Weigh on Businesses and Growth Government bond yields have already risen, contributing to tighter financial conditions. A larger-than-expected policy rate increase could push borrowing costs higher for businesses and the government. For companies, more expensive financing could discourage capital expenditure, expansion and new investment. Higher debt-servicing costs could also place additional pressure on public finances. These risks are particularly significant while Pakistan’s economic recovery remains fragile. Policymakers must therefore weigh the benefits of containing inflation against the possibility that aggressive monetary tightening could slow economic activity. Supply-Side Inflation Limits the Impact of Monetary Tightening A key challenge for the SBP is that much of the current inflationary pressure originates from supply-side factors, including rising energy costs. Higher interest rates can help manage demand and inflation expectations, but they cannot directly resolve energy shortages, lower international oil prices or increase agricultural output. This limits the extent to which monetary policy alone can address the current inflationary environment. Managing these pressures will also require improvements in energy availability, supply chains and domestic production. Rupee Stability Faces Export Competitiveness Risks Pakistan has maintained relative currency stability, supported by remittances, rising foreign exchange reserves and subdued imports. However, the real effective exchange rate (REER) has climbed to 108.93, its highest level since 2018. A rising REER can indicate that domestic prices and costs are increasing relative to those of trading partners, potentially weakening export competitiveness. For exporters, the combination of domestic inflation, financing costs and uncertainty over international demand could complicate pricing and order planning. Exporters have been advised to keep forward bookings at three months or less, maintaining earlier guidance amid continued uncertainty. SBP Faces a Delicate Monetary Policy Decision The expected 50-basis-point increase reflects the challenge of responding to inflation without placing excessive pressure on economic activity. A measured adjustment could signal the central bank’s commitment to price stability while limiting the immediate impact on borrowing costs. However, the effectiveness of monetary tightening will depend partly on the duration of elevated global energy prices and the extent to which supply-side pressures persist. For Pakistan, the broader priority remains balancing monetary and external stability with the need to support investment, exports and sustainable economic growth.

Pakistan Railways Declares Three-Month Emergency Amid Rising Train Accidents
Pakistan

Pakistan Railways Declares Three-Month Emergency Amid Rising Train Accidents

Pakistan Railways has declared a three-month emergency across the department to improve operational safety and restore public confidence in train travel following a series of accidents. The measures, introduced on the instructions of Railways Minister Hanif Abbasi, will remain in force until December 31. Under the new directives, field officers will not be allowed to take leave during the emergency period. They will also be required to visit operational sites every Sunday to supervise train movements personally rather than remain in their offices. Field Officers Face Stricter Monitoring Requirements The emergency introduces tighter supervision and reporting requirements for railway officials. Officers travelling between cities for official duties must use trains, allowing them to experience passenger conditions firsthand and strengthen monitoring of railway operations. Chief engineers from the civil and mechanical wings have been directed to submit daily reports to the ministry. The head of safety must also provide daily updates on operational risks and performance. Abbasi said the measures were intended to ensure the safest possible travel in line with the prime minister’s vision. The directives follow a rise in railway incidents that have resulted in fatalities, injuries and millions of rupees in damage to tracks and rolling stock. Pakistan Railways Records More Than 55 Accidents Pakistan Railways has recorded more than 55 accidents involving passenger and freight trains since January 1. Most incidents have occurred in the Sukkur, Karachi and Multan divisions, with recurring problems involving coal trains and ageing equipment. Notable incidents include the derailment of the Rawal Express near Kala Gujran, several coal-train mishaps near Khanpur and Khairpur, and a major accident involving the Rahman Baba Express in the Multan division. A shuttle train in Quetta was also damaged in an act of sabotage earlier this year. The repeated incidents have raised concerns among passengers about railway safety. Many travellers say they continue to rely on trains because alternative transport options are either limited or too expensive for regular journeys. Railways Minister Inspects Mughalpura Workshops On October 17, Abbasi visited the Steel and Carriage Shops in Mughalpura, where he inspected the electric arc furnace and the spectro laboratory used to test components manufactured at the facility. He instructed staff to maintain strict quality checks on all manufactured parts, highlighting the importance of component quality in railway operations. The inspection forms part of the broader effort to strengthen maintenance standards and improve the reliability of railway equipment. Can Tighter Supervision Improve Railway Safety? The three-month emergency places greater responsibility on field officers, engineers and safety officials to identify operational risks and report problems promptly. Daily reporting, mandatory site visits and closer monitoring are intended to improve accountability and help detect potential issues before they lead to accidents. However, sustained improvements will also depend on addressing ageing equipment, maintenance standards and infrastructure weaknesses. The effectiveness of the emergency measures will become clearer as Pakistan Railways implements the directives over the coming weeks.

KSE-100 Falls 2.4% Amid Saudi War Escalation
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KSE-100 Falls 2.4% Amid Saudi War Escalation

Pakistan’s stock market extended its decline during the outgoing week, with the benchmark KSE-100 Index shedding 4,045 points as escalating geopolitical tensions, rising oil prices and persistent selling pressure weighed on investor sentiment. The index closed at 162,375 points on Friday, down 2.4% week-on-week. Average daily trading volume declined 13.4% to 496 million shares, reflecting reduced investor participation amid heightened uncertainty. Geopolitical Tensions and Rising Oil Prices Weigh on Stocks The market remained volatile amid continued Houthi attacks on Saudi Arabia and reports that the United States was considering an attack on Iran following the midterm elections. Brent crude prices climbed 6.4% during the week, reaching $114.90 per barrel on Friday. The increase intensified concerns about inflation, Pakistan’s external account and the potential implications for monetary policy. Higher international oil prices can increase Pakistan’s import bill and place additional pressure on economic stability, adding to uncertainty for investors. Pakistan’s Economic Outlook Presents a Mixed Picture Pakistan’s economic indicators provided a mixed assessment of the country’s growth prospects. The World Bank projected economic growth of 3.8% for fiscal year 2027, while inflation was expected to rise to 8.2%, compared with 7.1% in the current fiscal year. The government revised its FY26 growth estimate to 3.65%, slightly below the provisional estimate of 3.7% but above the 3.1% growth recorded in FY25. Meanwhile, the State Bank of Pakistan’s foreign exchange reserves increased by $19 million to $21.49 billion as of October 16, offering a modest improvement in the country’s external reserve position. Banking Deposits and Industrial Indicators Show Growth Banking sector deposits increased 16% year-on-year to Rs40.8 trillion at the end of September 2026, reflecting continued growth in deposits across the financial system. Consumer auto financing also rose 33.6% to Rs407 billion in the first half of September, marking its 22nd consecutive monthly increase. In the agriculture sector, urea offtake surged 42% year-on-year to 611,000 tonnes in September, supported by inventory building ahead of the Rabi season. However, DAP offtake declined 30% to 68,000 tonnes amid higher domestic prices. Power generation increased 6% year-on-year in the first quarter of FY27, indicating a recovery in electricity consumption. Cotton arrivals also rose 8% to 4.1 million bales as of October 15. Fiscal Measures and Energy-Sector Liabilities Remain in Focus During the week, the finance minister sought Fitch Ratings’ assessment of Pakistan’s prospects for moving into the BB rating category. The government also approved a draft automobile policy for 2026–31, while the weekly Sensitive Price Indicator increased 0.65% week-on-week. The privatisation process advanced with the prequalification of 10 bidders for the sale of electricity distribution companies. However, financial pressures in the energy sector persisted. Power-sector circular debt reached Rs1.7 trillion, while gas-sector liabilities stood at Rs3.6 trillion as of June 30, 2026. These liabilities remain a concern for the broader economy and could continue to influence investor assessments of fiscal risks and the outlook for energy-sector reforms. Foreign Investors and Mutual Funds Lead Net Selling Foreign investors and mutual funds were the largest net sellers during the week, recording net sales of $5.7 million and $10.2 million, respectively. Individual investors provided some support to the market, leading net buying with purchases of $14 million. The contrasting flows reflected a cautious market environment in which local individual investors bought shares while institutional and foreign participants reduced their exposure. Market Capitalisation Declines Across Major Indices Pakistan’s market capitalisation fell to Rs18.01 trillion, equivalent to $65.07 billion, from Rs18.48 trillion, or $66.73 billion, a week earlier. The decline extended across major market indices: Modaraba, sugar and leasing companies were among the few sectors to post gains. Refinery, technology and communication, and woollen sectors recorded some of the steepest declines. Among individual stocks, THCCL, UPFL, PSEL, TPLR1 and BWCL were the leading gainers. PTC, PGCL, AHCL, ATRL and KAPCO ranked among the worst performers. KSE-100 Outlook Hinges on Monetary Policy and Regional Developments The near-term direction of the Pakistan stock market is likely to depend on geopolitical developments, international oil prices and the upcoming Monetary Policy Committee meeting. Expectations that the central bank will maintain the policy rate could provide some stability. A reduction in Middle East tensions and a retreat in oil prices may also help improve investor sentiment. Despite the recent correction, analysts see potential support from improving economic indicators and relatively attractive valuations. Stocks highlighted for investors include OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS. Investors will continue to monitor external risks, monetary policy decisions and corporate-sector developments to assess whether the market can stabilise after its latest weekly decline.

Akram Ali Becomes First in Pakistan to Unbox Official PTA-Approved iPhone Duo from Mercantile
Tech

Akram Ali Becomes First in Pakistan to Unbox Official PTA-Approved iPhone Duo from Mercantile

Akram Ali of ProPakistani has become the first person in Pakistan to unbox the official, PTA-approved iPhone Duo, Apple’s first foldable iPhone, supplied by Mercantile with a one-year official Apple warranty. The unboxing took place on the device’s global launch day, as shipments began. In a video shared on Instagram, Ali opens the sealed retail box featuring Mercantile’s gold authenticity sticker and QR code before unfolding the device to showcase its large inner display and dual rear cameras. iPhone Duo Unboxing Highlights Official Availability in Pakistan The unboxing highlights the arrival of officially supplied, PTA-approved units in Pakistan. Mercantile’s authenticity sticker and the one-year official Apple warranty distinguish the device’s official supply channel. Watch the unboxing video: https://www.instagram.com/reel/De1C0JpNlP3/?cplk=aGV4OHQxdmIwOWF5 iPhone Duo Features a 7.6-Inch Foldable Display The iPhone Duo introduces a foldable design to Apple’s iPhone lineup, featuring a 7.6-inch inner display, described as the largest ever on an iPhone, alongside a 5.4-inch outer screen for everyday use when the device is folded. Both displays support Apple Pencil, while the inner screen incorporates an under-display camera. Apple has also used a nanotexture finish intended to reduce the visibility of the crease, with a Grade 5 aluminium hinge connecting the two halves. The device measures 5.2mm in thickness when unfolded and 11.3mm when folded, weighing 254 grams. A20 Pro Chip, eSIM Connectivity and Extended Battery Life The iPhone Duo runs on Apple’s A20 Pro chip paired with the C2 modem. It uses eSIM-only connectivity, meaning the device does not include a physical SIM card tray. Apple claims the phone can deliver up to 44 hours of video playback on its outer display, highlighting battery performance as another feature of the foldable device. Dual 48MP Cameras and Touch ID Security On the rear, the iPhone Duo features two 48-megapixel cameras: a main camera and an ultrawide camera with 2x optical zoom. The device does not include a dedicated telephoto lens. For biometric security, Apple has integrated Touch ID into the side button instead of using Face ID. Users can also unlock the phone through an Apple Watch. With its foldable display, slim design and flagship hardware, the iPhone Duo marks a new development in Apple’s smartphone lineup. Its official unboxing in Pakistan on launch day also draws attention to the availability of PTA-approved units through Mercantile.

SIFC to Strengthen Direct Engagement with Karachi Chamber, Facilitate Investment, Address Business Community’s Concerns
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SIFC to Strengthen Direct Engagement with Karachi Chamber, Facilitate Investment, Address Business Community’s Concerns

The Special Investment Facilitation Council (SIFC) has assured the Karachi Chamber of Commerce & Industry (KCCI) of closer coordination, direct engagement and support in addressing business community concerns, promoting investment and strengthening public-private sector collaboration. During a visit to KCCI, Colonel Abdullah Khan Sherani, Joint Secretary (Military) at SIFC and Head of its Sindh Provincial Office, said that establishing a direct working relationship with the Chamber’s newly elected leadership was a key priority. SIFC to Establish Direct Coordination with Business Bodies Colonel Sherani, who recently assumed his posting as SIFC’s permanent provincial representative in Sindh, said he was meeting key stakeholders to understand the province’s business and investment landscape. On the directions of SIFC Director General Asad ur Rehman Cheema, his first priority in Karachi was to visit KCCI, followed by engagement with other chambers and trade bodies across Sindh. He emphasised the need to identify the most pressing business concerns, develop a clear priority list and pursue their resolution systematically through the relevant departments and authorities. Acknowledging that several long-standing issues had already been raised at senior levels but remained unresolved, he assured KCCI that SIFC would play its facilitative role, keep its senior leadership informed and help take up matters requiring intervention by the Sindh government. He added that some issues fell under the Regulatory Reforms Wing, while others required action at different administrative levels. SIFC would coordinate with the relevant wings and arrange further engagement with KCCI to ensure that concerns reached the appropriate forums. BMG Calls for Practical Reforms to Revive Industrial Growth Speaking at the meeting, Chairman Businessmen Group (BMG) Zubair Motiwala urged SIFC to translate its mandate into tangible results by addressing structural challenges affecting industrial competitiveness, the investment climate and export growth. He said repeated meetings, presentations and assurances had failed to deliver meaningful outcomes, stressing that Pakistan urgently needed practical measures to reduce the cost of doing business, revive industrial activity and restore investor confidence. Motiwala expressed concern over the gap between policy discussions and implementation, noting that business leaders had repeatedly highlighted critical economic issues in meetings with senior government officials, including the Prime Minister, without seeing adequate corrective action. He emphasised that the challenges facing Karachi’s industrial sector extended beyond one city or chamber and reflected broader structural weaknesses in Pakistan’s economy. “Pakistan’s economy is under severe pressure, industries are closing and entrepreneurs are reluctant to make new investments. Everybody acknowledges the problems when we raise them, but the real question is why no concrete steps are taken to resolve them,” he observed. He said consultations with SIFC and other institutions would only be meaningful if followed by effective implementation. Motiwala also highlighted the importance of industrial growth in generating foreign exchange, creating employment, improving law and order, supporting social stability and expanding fiscal resources for healthcare, education and poverty alleviation. With population growth continuing and Karachi receiving additional migration from other parts of the country, he warned that insufficient investment and employment opportunities could further intensify socioeconomic challenges. “Fundamental structural reforms are indispensable if Pakistan wants to attract investment and move forward economically,” he said, questioning whether the government’s Uraan Pakistan economic transformation initiative was being implemented meaningfully. KCCI Seeks Urgent Action on Karachi’s Infrastructure and Investment Climate KCCI President Talat Mahmood called on SIFC to pursue urgent, results-oriented measures to address Karachi’s deteriorating infrastructure, law and order situation, traffic congestion and other fundamental challenges discouraging investment and undermining export potential. He stressed that Karachi’s economic importance warranted immediate attention at the highest levels. Pakistan, he said, could not attract meaningful foreign investment without first creating an enabling environment for domestic investors, who were already struggling with persistent structural and operational challenges. Mahmood expressed concern over the limited visible impact of initiatives undertaken by SIFC and other relevant institutions. He said the business community had held high expectations when SIFC was established to facilitate investment and remove barriers to economic growth, but many of those expectations had yet to translate into tangible improvements. He also regretted that Karachi had not received the infrastructure and connectivity benefits expected from the China-Pakistan Economic Corridor (CPEC). Port Connectivity and Metropolitan Development Remain Key Priorities Mahmood stressed that efficient port connectivity was essential for Karachi, Pakistan’s principal commercial and industrial hub. He urged SIFC to use its institutional influence to highlight critical infrastructure requirements in its recommendations and facilitate their consideration by the relevant government authorities. He further called for Karachi to be recognised as a metropolitan economic centre whose performance directly affects Pakistan’s exports, revenue generation, employment and investment outlook. The meeting underscored the business community’s demand for stronger institutional coordination, effective implementation of reforms and practical solutions to Karachi’s infrastructure and industrial challenges. For businesses, translating investment facilitation commitments into measurable improvements remains central to restoring investor confidence and strengthening Pakistan’s economic competitiveness.

Pakistan’s Record IT Earnings Put Spotlight on Stablecoin as Payoneer Research Shows Global Platforms Moving Beyond Pilots
Tech

Pakistan’s Record IT Earnings Put Spotlight on Stablecoin as Payoneer Research Shows Global Platforms Moving Beyond Pilots

Pakistan’s record earnings from information technology and services exports are drawing attention to the growing role of stablecoins in cross-border payments, as global marketplaces and businesses increasingly integrate digital dollar-based payments into their financial operations. New research by Payoneer, a global financial technology company focused on cross-border business payments, indicates that stablecoins are moving beyond experimental projects to become part of mainstream financial infrastructure. The report, titled Stablecoin Steps Up, was unveiled at Money20/20 in Las Vegas. Payoneer Research Finds Stablecoin Adoption Expanding The report surveyed 265 senior payments, treasury and finance leaders at US-based marketplaces, platforms and enterprises with annual revenues of at least $100 million. According to the findings, 69% of respondents said their organisations were already using stablecoins in live operations, while 41% reported adoption at meaningful scale. Faster settlement was identified as the leading proven benefit, cited by 50% of respondents. Better access to markets and currencies followed at 41%, while 40% highlighted an improved recipient experience. The findings suggest that businesses are increasingly exploring stablecoins not only to accelerate payments but also to improve the efficiency of international financial transactions. Stablecoins Move Beyond Cross-Border Payments The research indicates that stablecoin adoption is expanding beyond the transfer of funds into broader financial services. One-third of surveyed organisations already offer stablecoin capabilities to their own customers, while half plan to introduce them within three years. Overall, 82% expect stablecoins to become part of their financial infrastructure over the same period. Payoneer noted that adoption often begins when a payment recipient wants to hold a dollar-denominated balance rather than immediately convert funds into local currency. This demand could be relevant for Pakistan’s estimated three million freelancers, many of whom work with international clients and platforms. However, the report also highlights practical challenges, including the “last mile” of converting digital dollars into spendable local currency. Regulatory requirements, transaction reconciliation and integration with existing financial systems remain additional obstacles to wider adoption. Pakistan’s Freelance Earnings Reach Record $197 Million The findings come as Pakistan’s freelance and digital services sector records strong earnings. According to State Bank of Pakistan data cited in the announcement, Pakistani freelancers earned a record $197 million in September 2026. This lifted earnings for the first quarter of fiscal year 2027 to approximately $550 million, representing a 46% increase year-on-year. The growth highlights the expanding importance of international digital services and the payment systems that connect Pakistani professionals with overseas clients. For freelancers and technology exporters, efficient cross-border payment infrastructure can influence settlement times, transaction costs and access to foreign currency earnings. Pakistan Develops Regulatory Framework for Virtual Assets Pakistan is also developing its regulatory framework for virtual assets. The Virtual Assets Act 2026 established the Pakistan Virtual Assets Regulatory Authority (PVARA) to license and supervise the sector. The regulatory development comes as policymakers examine ways to improve the efficiency of international transfers and reduce the cost of sending money into the country. According to the regulator’s estimate cited in the announcement, reducing transfer costs by one percentage point on approximately $40 billion in annual remittances could save Pakistan around $400 million each year. The potential role of stablecoins in the country’s financial system will depend on regulatory compliance, secure transaction arrangements and the availability of reliable channels for converting digital assets into local currency. Payoneer Highlights Integration and Recipient Access Rowland Berry, Payoneer’s Vice President for Stablecoin, said the company’s research showed that marketplaces and enterprises were using stablecoins to improve cross-border payments, manage treasury operations and develop new financial services for customers. He said the success of stablecoin adoption would depend on integrating the technology into existing systems, meeting regulatory requirements and ensuring recipients could access and use the funds they receive. For Pakistan, the combination of rising freelance earnings, expanding digital services exports and evolving virtual-asset regulation puts payment infrastructure in focus. While stablecoins may offer potential benefits in settlement speed and access to dollar-denominated balances, practical adoption will depend on compliance, integration and convenient conversion into usable local currency.

KATI President Urges SBP to Bring Policy Rate Down to Single Digits
Pakistan

KATI President Urges SBP to Bring Policy Rate Down to Single Digits

Korangi Association of Trade and Industry (KATI) President Sheikh Umer Rehan has urged the State Bank of Pakistan (SBP) to reduce the policy rate to single digits at the upcoming Monetary Policy Committee (MPC) meeting, arguing that lower borrowing costs are essential to encourage industrialisation, investment and economic growth. He said high interest rates were increasing financial pressure on manufacturers, raising production costs and discouraging businesses from undertaking new investment projects. Without affordable financing, industries would struggle to expand production capacity, establish manufacturing facilities, create jobs and increase exports. High Interest Rates Add to Industrial Production Costs Sheikh Umer Rehan said Pakistan’s industrial sector was already facing multiple cost pressures, including high electricity and gas tariffs, expensive raw materials and a substantial tax burden. Costly bank financing was adding to these challenges, increasing the overall cost of doing business and weakening the competitiveness of Pakistani products in domestic and international markets. He stressed that reducing borrowing costs would help industrialists manage working capital requirements, expand operations and make investment decisions with greater confidence. According to the KATI president, monetary policy should take into account the financial needs of manufacturers, prevailing business costs and investment trends to support productive economic activity. KATI Calls for Affordable Financing to Boost Investment Sheikh Umer Rehan said an appropriate reduction in the policy rate could encourage businesses to expand production facilities, adopt modern technologies and establish new manufacturing units. Lower financing costs could also support employment generation and help businesses improve productivity, strengthening the industrial sector’s contribution to economic growth. He emphasised that a more supportive monetary environment was particularly important for industries seeking to increase production and compete in export markets. SMEs Need Easier Access to Credit The KATI president also highlighted the importance of affordable financing for small and medium-sized enterprises (SMEs), which play a significant role in industrial development, employment generation and economic activity. He said high borrowing costs could restrict smaller businesses’ ability to invest, manage cash flow and expand their operations. Improved access to reasonably priced credit, he added, would help SMEs strengthen their businesses, create employment opportunities and contribute more effectively to the national economy. KATI Appeals to SBP Governor for Single-Digit Policy Rate Sheikh Umer Rehan appealed to SBP Governor Jameel Ahmad and members of the Monetary Policy Committee to develop a clear strategy for gradually bringing interest rates down to single digits while considering concerns raised by the business community. He said a reduction in the policy rate would help encourage industrialisation, restore investor confidence and create a more favourable environment for business expansion. KATI maintains that affordable financing, combined with measures to address energy costs, taxation and other structural challenges, is necessary to strengthen industrial competitiveness and put Pakistan’s economy on a sustainable growth path.

Healthy Foods and Exercise, Along with Treatment, Can Help in Early Cure of Breast Cancer
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Healthy Foods and Exercise, Along with Treatment, Can Help in Early Cure of Breast Cancer

KARACHI: Timely screening, early diagnosis and prompt medical treatment can significantly improve outcomes for women with breast cancer, leading oncologists, mental health professionals and survivors stressed at a Pink October awareness seminar organised by the National Forum for Environment & Health (NFEH). The experts urged women not to delay medical examinations because of fear, embarrassment or misconceptions about diagnostic procedures. They emphasised that early detection, appropriate treatment, healthy lifestyle choices and emotional support all play important roles in breast cancer care. Mammography Can Help Detect Breast Cancer Earlier Dr Rufina Soomro, senior oncologist and Head of the Breast Surgery Department, explained that mammography is a specialised breast X-ray that can detect abnormalities before they become clinically apparent. She said early detection can improve the chances of effective treatment and may reduce the complexity or duration of treatment in some cases. Speaking as the keynote speaker at the seminar, organised as part of the World Health Organization’s global Pink October breast cancer awareness campaign, Dr Soomro recommended that women aged 40 and above discuss mammography with their healthcare providers. Screening at two-year intervals may be appropriate, depending on individual circumstances and medical advice. She also highlighted the importance of regular clinical breast examinations and breast self-awareness, encouraging women to seek medical advice when they notice unusual changes. According to Dr Soomro, breast cancer accounts for up to 35% of cancers among women in Pakistan, while approximately one in eight to nine women faces a lifetime risk. She added that women in Pakistan are diagnosed, on average, around a decade earlier than women in Western countries, reinforcing the need for awareness and timely medical attention. Medical Examinations and Biopsies Help Confirm Diagnosis Dr Soomro said qualified healthcare professionals could perform physical breast examinations, while trained midwives could help expand access to preliminary screening services. She stressed that a biopsy remains the definitive method for establishing a diagnosis when cancer is suspected and urged women not to avoid the procedure because of fear or misconceptions. She also cautioned that pain is not usually an early warning sign of breast cancer. Women should therefore consult healthcare professionals about unusual breast changes rather than waiting for pain to develop. Healthy Lifestyle Choices Support Overall Health Discussing prevention and risk factors, Dr Soomro highlighted smoking, alcohol consumption and obesity as factors associated with an increased risk of breast cancer. She encouraged women to maintain a balanced diet, exercise regularly and adopt healthier lifestyles. She recommended around four hours of physical activity each week and noted that breastfeeding is associated with a reduced risk of breast cancer. She also discussed reproductive factors, including the age at which a woman has her first child. Dr Zubala Yasir Lutfi, a food and nutrition expert, similarly emphasised the importance of a balanced diet containing essential nutrients to support overall health and immune function. The speakers stressed that healthy eating and physical activity should complement, rather than replace, medical screening and evidence-based cancer treatment. Breast Cancer Survivors Urge Women to Seek Timely Care Mahanaz Rahman, former Karachi Resident Director of the Aurat Foundation and a breast cancer survivor, encouraged women to overcome hesitation and seek timely medical advice, diagnosis and treatment. Diagnosed at the age of 75, Rahman called for awareness campaigns to reach women through communication channels they use every day. She urged mobile phone companies to revive breast cancer awareness messages as caller tunes, particularly during October. Recalling an earlier nationwide campaign led by Pakistan’s then First Lady, Rahman said the caller tunes had encouraged her to seek medical attention after she noticed early symptoms. Her experience, she said, demonstrated how accessible awareness messages could prompt women to take potentially lifesaving action. Senior journalist and breast cancer survivor Afia Salam also stressed the importance of vigilance among younger women, particularly those with a family history of the disease. She urged women to seek professional advice about their individual risk and appropriate screening, given the possible role of hereditary and genetic factors. Mental Health Support Essential for Patients and Families Dr Isra Hyder Shaikh, a psychiatrist, highlighted the need for accessible mental health services for women undergoing cancer treatment and their close relatives. She said psychological support could help patients and caregivers cope with the emotional challenges of diagnosis and treatment while maintaining morale and emotional wellbeing. Rahman also called for specialised counselling services, emphasising that women facing cancer need reassurance, guidance and compassionate care rather than additional psychological pressure. The speakers noted that emotional support should be an integral part of cancer care, helping patients and families navigate the treatment process. NFEH Calls for Affordable Screening Across Pakistan NFEH Secretary General Ruqiya Naeem, herself a breast cancer survivor, urged provincial governments, civil society, the corporate sector, non-profit organisations and philanthropists to establish a nationwide network of affordable screening, diagnostic and treatment facilities. She said women in rural and underprivileged communities often struggle to access or afford services available in major cities, potentially delaying diagnosis and treatment. Naeem called for the deployment of mobile medical vans equipped with breast screening and mammography facilities to reach women in remote areas. She emphasised that awareness campaigns must be accompanied by affordable diagnostics, timely referrals, accessible treatment and sustained public education. She added that access to healthcare should not depend on a woman’s financial circumstances or geographical location. NFEH Urges Action on Environmental Health Risks NFEH President Muhammad Naeem Qureshi called on the government and relevant regulatory authorities to investigate environmental factors that may contribute to Pakistan’s cancer burden and address pollution-related public health risks. The seminar concluded with a call for stronger public awareness, wider access to screening, timely diagnosis and compassionate support for patients and their families. The speakers stressed that early medical attention, evidence-based screening and coordinated healthcare services are essential to improving breast cancer outcomes and helping more women receive appropriate treatment before the disease advances.

SITE Association of Industry
Business

Rising Costs Threaten GSP+ Edge; SAI Chief Urges Policy Stability, Value Addition

SITE Association of Industry (SAI) President Abdul Hadi has urged the government to reduce industrial production costs, maintain consistent policies and expand international market access, warning that rising input expenses and changing global trade arrangements are weakening Pakistan’s export competitiveness. In a statement on the country’s industrial outlook, he said Pakistan’s textile sector, which accounts for around 60% of national export earnings, faces growing pressure from high operating costs and intensifying competition. Sustained export growth, he stressed, requires investment in modern technology, higher productivity and a transition towards value-added manufacturing. Textile Exports Grow Amid Rising Production Costs According to figures cited by the association, Pakistan’s textile and apparel exports reached $18 billion in FY26, contributing approximately 8.5% to gross domestic product (GDP) and providing employment to nearly 40% of the industrial workforce. Exports increased 5.26% year-on-year to $5.026 billion in the first quarter of FY27. However, Abdul Hadi cautioned that rising production costs and competition from regional exporters could threaten the sector’s growth momentum. He said Pakistan remained heavily dependent on relatively low-value-added products, including yarn, fabric and basic home textiles. This dependence limits the industry’s ability to capture higher returns from international markets. The SAI president called for greater investment in technical textiles, branded apparel and other higher-margin products to strengthen Pakistan’s participation in global supply chains. Declining Cotton Production Adds to Industry Pressures Abdul Hadi also highlighted declining domestic cotton production as a major concern for textile manufacturers. Lower local availability has increased the industry’s reliance on imported raw materials, exposing producers to additional costs. According to the figures provided, Pakistan’s cotton import bill increased 54.9% in FY25, adding to the financial pressure on manufacturers. He stressed the need to improve domestic cotton production and strengthen coordination between the agricultural and industrial sectors. A reliable supply of quality cotton at competitive prices, he said, would help reduce input costs and support the long-term sustainability of textile manufacturing. Changing Trade Arrangements Threaten Pakistan’s GSP+ Advantage The SAI chief warned that evolving international trade agreements and changes in preferential market access could place Pakistani exporters at a competitive disadvantage. Preferential access to the European Union and the United Kingdom has supported Pakistan’s textile and apparel exports. However, improved market access for competing countries could weaken Pakistan’s relative position in key export destinations. Abdul Hadi described Pakistan’s Generalised Scheme of Preferences Plus (GSP+) status with the European Union as an important pillar of its export performance. The arrangement provides preferential, including duty-free, access for eligible Pakistani products to the European market. He cautioned that trade agreements involving India and the European Union could intensify competition for Pakistani exporters if competing suppliers receive improved access to the same markets. He urged the government to strengthen trade diplomacy, pursue new export destinations and take practical measures to reduce the cost of doing business rather than relying indefinitely on existing trade preferences. Policy Stability and Affordable Energy Key to Export Growth Abdul Hadi emphasised that consistent industrial policies, reliable infrastructure, affordable energy and an investment-friendly business environment are essential to expanding manufacturing capacity and export earnings. He called on federal and provincial governments to work closely with industrial associations to remove structural bottlenecks, improve industrial efficiency and encourage investment in modern production facilities. According to the SAI president, unpredictable policies and high operating expenses can discourage investment and limit manufacturers’ ability to compete with regional producers. He said a clear, long-term industrial strategy should prioritise policy continuity, value addition, productivity improvements and market diversification. Value Addition Needed to Strengthen Pakistan’s Export Base The SAI president said Pakistan must move beyond low-value-added textile production to capture greater value from its manufacturing capabilities. Investment in technology, improved product quality and the development of higher-margin product categories would be important to achieving this transition. He stressed that stronger domestic raw-material production, competitive energy costs and wider access to international markets would help protect the textile sector’s export position. A coordinated approach involving policymakers, industrial associations, manufacturers and the agricultural sector, he added, is necessary to strengthen foreign exchange earnings, support employment and realise Pakistan’s broader industrial potential.

Habib Bank Limited Reports Sharp Decline in Provisions for Third Quarter
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Habib Bank Limited Reports Sharp Decline in Provisions for Third Quarter

Habib Bank Limited (HBL) recorded a significant improvement in its provisions during the third quarter of calendar year 2026, reporting a net reversal of PKR 1.238 billion in September compared with a provision charge of PKR 994 million in the preceding quarter. The favourable movement in provisions supported the bank’s profitability, with profit before tax rising 6.6% quarter-on-quarter to PKR 41.948 billion. Profit after tax increased 6.5% sequentially to PKR 19.575 billion, reflecting continued earnings growth despite moderate changes in core income. HBL Provisions Reverse After Earlier Charges HBL’s consolidated provisions declined substantially, moving from a charge in the June quarter to a net reversal in September. On a year-on-year basis, provisions fell 138.9% from a charge of PKR 3.182 billion recorded in the same quarter last year. For the first nine months of 2026, total provisions amounted to PKR 4.089 billion, down 50.7% from PKR 8.297 billion in the corresponding period of 2025. The reversal contributed to the bank’s improved quarterly earnings. Profit before tax increased 14% year-on-year to PKR 41.948 billion, while profit after tax rose 15.6% to PKR 19.575 billion. The lower provision expense may reflect improved asset quality, recoveries or the reversal of previously recognised charges. However, further details would be needed to determine the precise factors behind the movement. Earnings and Dividend Payouts Remain Firm HBL reported earnings per share of PKR 13.33 for the third quarter and declared a cash dividend of PKR 6.00 per share. For the nine-month period, earnings per share increased to PKR 36.84 from PKR 34.97 a year earlier. Cumulative dividends reached PKR 18.00 per share, compared with PKR 14.00 in the same period last year. The increase in cumulative earnings and dividend distributions highlights the bank’s continued capacity to generate profits and return capital to shareholders. Interest and Non-Interest Income Support Performance Net interest income rose 0.7% year-on-year to PKR 70.140 billion in the third quarter of 2026. Non-interest income increased 12% over the same period, while total income grew 3.5%. Non-markup expenses increased 4.8% year-on-year, and the cost-to-income ratio stood at 57.7%. Net interest income accounted for 72.9% of total income, underlining its importance to the bank’s overall revenue base. The figures indicate that earnings growth was supported by higher non-interest income and lower provisions, while relatively modest growth in net interest income and rising expenses remained important considerations. Asset Quality and Investor Returns in Focus The substantial decline in provisions is a key development in HBL’s third-quarter results. Sustaining lower provisioning levels could support future profitability, although the trend will depend on the performance of the bank’s loan portfolio, recoveries and broader credit conditions. The bank’s effective tax rate stood at 53.3% for the quarter. Its reported price-to-book ratio was 0.85 times, while its trailing 12-month dividend yield stood at 8.2%. Investors will continue to monitor HBL’s asset quality, income growth, operating costs and provisioning requirements in coming quarters to assess whether the improvement in earnings can be sustained.

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