Author name: Web Desk

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has formally requested the Ministry of Maritime Affairs to urgently intervene and direct shipping lines, terminal operators, and port authorities to waive, suspend, or substantially reduce demurrage and detention charges for consignments that remained stuck at ports solely due to the nationwide goods transporters’ strike from 8th to 17th December 2025.In a letter sent to Federal Minister for Maritime Affairs Junaid Anwar Chaudhry, Chairman Businessmen Group Zubair Motiwala and President KCCI Rehan Hanif highlighted an extraordinary situation due to transporters strike that caused severe financial distress to the trading and industrial community. The strike resulted in a near-complete suspension of cargo movement to and from Karachi Port, Port Qasim, and associated terminals. During this period, import and export consignments remained immobilized at ports and terminals through no fault of the consignees or shippers, leading to the accumulation of heavy demurrage and container detention charges on a daily basis. They said that the prolonged disruption had a crippling impact on supply chains, production cycles, and export commitments. Exporters faced shipment delays, order cancellations, and loss of credibility with international buyers, while importers were unable to clear raw materials and essential inputs required for industrial operations. The demurrage and detention charges imposed during this forced stoppage have become an unbearable financial burden, particularly for small and medium enterprises, and threaten to erode already thin margins in an environment characterized by high energy costs, elevated interest rates, and overall cost pressures, they added.Chairman BMG and President KCCI mentioned that throughout the duration of the strike, KCCI, as the largest chamber of commerce in Pakistan, remained fully engaged in efforts to resolve the crisis. They actively mediated between goods transporters, port stakeholders, and relevant authorities, repeatedly cautioning that the continued paralysis of cargo movement amounted to economic sabotage and would inflict long-term damage on national trade and exports. KCCI’s consistent engagement and advocacy played an important role in facilitating dialogue and restoring normal operations; however, the financial consequences of the disruption continue to persist in the form of accrued demurrage and detention liabilities. They urged the Ministry of Maritime Affairs to intervene immediately and direct shipping lines, terminal operators, and port authorities to waive, suspend, or substantially reduce demurrage and detention charges for consignments that remained stuck at ports solely due to the transporters’ strike. They also requested that extraordinary facilitation measures be undertaken to ensure swift clearance of the backlog of containers so that trade flows may return to normal without additional financial strain on the business community. They firmly believe that timely intervention will not only mitigate the immediate losses suffered by the business community but will also reinforce confidence in the government’s commitment to safeguarding trade and industry during unforeseen crises.

Pakistan’s liquid foreign exchange reserves recorded a strong weekly increase in December 2025, driven primarily by fresh inflows from the International Monetary Fund (IMF). The latest data released by the State Bank of Pakistan (SBP) highlights improving external liquidity conditions and renewed confidence in Pakistan’s macroeconomic stabilization efforts. This business blog breaks down the current foreign reserves position, compares it with the previous week, and explains why the IMF disbursement is significant for Pakistan’s economy. Pakistan’s Current Foreign Exchange Reserves Position (as of 12 December 2025) As of 12 December 2025, Pakistan’s total liquid foreign reserves stood at USD 21.09 billion, marking a notable week-on-week increase. In text form, the reserves position is as follows:• Foreign exchange reserves held by the State Bank of Pakistan (SBP): USD 15.89 billion• Net foreign reservesiled exchange reserves held by commercial banks: USD 5.20 billion• Total liquid foreign exchange reserves: USD 21.09 billion Weekly Increase in SBP Reserves During the week ended 12 December 2025, SBP’s foreign exchange reserves rose by USD 1.3 billion, increasing from USD 14.59 billion to USD 15.89 billion. According to SBP, this sharp rise was mainly due to the receipt of SDR 914 million (approximately USD 1.2 billion) from the IMF under: • The Extended Fund Facility (EFF), and• The Resilience and Sustainability Facility (RSF). This inflow significantly strengthened Pakistan’s reserve buffers and improved short-term external financing comfort. Foreign Exchange Reserves Position: Previous Week (as of 5 December 2025) For comparison, Pakistan’s liquid foreign reserves position one week earlier, on 5 December 2025, was as follows: • SBP-held foreign exchange reserves: USD 14.59 billion• Net foreign exchange reserves held by commercial banks: USD 5.03 billion• Total liquid foreign exchange reserves: USD 19.61 billion During that week, SBP’s reserves increased only marginally by USD 12 million, reflecting relatively stable inflows before the IMF tranche was formally accounted for. SBP had already confirmed that the SDR 914 million IMF disbursement was received during that period, with its impact scheduled to appear in the reserves data for the week ending 12 December 2025 which is now fully reflected in the latest figures. Why the IMF Inflow Matters for Pakistan’s Economy The IMF-linked increase in foreign exchange reserves carries several positive implications for Pakistan’s economy, including: • Improved external sector stability, reducing immediate balance-of-payments pressure• Greater confidence in the Pakistani rupee, supporting exchange rate stability• Enhanced investor sentiment, particularly among foreign portfolio and direct investors• Stronger import cover, improving Pakistan’s ability to finance essential imports The rise in reserves also signals continued policy alignment with IMF reform commitments, a key factor closely watched by global financial markets and rating agencies. Outlook: What to Watch Next Going forward, market participants will closely monitor:• Further IMF-related inflows or program reviews• Export performance and remittance trends• SBP’s monetary and exchange rate policy stance• External debt repayments and rollover plans Sustaining reserve accumulation will be critical for Pakistan as it navigates global economic uncertainty and domestic fiscal challenges in 2026.

KARACHI, Dec 18 — The Pakistan Stock Exchange (PSX) extended its record-breaking rally on Wednesday, nearing 172,000 milestone, with the benchmark KSE-100 Index closing at a new all-time high of 171,961 points after gaining 1,646 points, or 0.97%.The bullish momentum remained robust throughout the session, fueled primarily by better-than-expected current account figures for November, which boosted investor sentiment and triggered fresh buying across major sectors.Fertilizer, banking, and cement stocks led the advance, collectively contributing over 1,500 points to the index. Key performers included ENGRO Holdings, Fauji Fertilizer Company (FFC), United Bank Limited (UBL), Lucky Cement (LUCK), and Bank AL Habib (BAHL).Market participation stayed healthy, with total traded volume reaching 947.7 million shares and turnover hitting Rs 54 billion. TPL REIT Fund I (TPLRF1) topped the volume charts with around 75.8 million shares changing hands.Corporate developments added to the positive vibe. Maple Leaf Cement Factory (MLCF) announced a public offer to acquire an additional 11.72% stake in Pioneer Cement at Rs 478.43 per share, complementing an earlier share purchase agreement for 58.03%, taking its intended total holding to 69.75%.In another notable deal, the Nishat Group signed an SPA to acquire up to 75.69% of Rafhan Maize Products Limited (RMPL), a leading maize-based food processor with annual sales of approximately Rs 75 billion. DG Khan Cement (DGKC) is set to secure a significant 32.71% stake as part of the transaction, underscoring rising M&A activity in the market.Analysts noted that sustained foreign inflows and improving macroeconomic indicators continue to support the bullish trend.Outlook: The index may push toward further highs in Thursday’s session, the last of the week. However, a decisive weekly close above the psychological 170,000 level will be crucial to confirm the uptrend and maintain investor confidence.

Maple Leaf Cement Factory Limited (PSX: MLCF) is moving decisively to strengthen its position in Pakistan’s cement sector, as it prepares to acquire majority control of Pioneer Cement Limited. Following a newly announced public offer, Maple Leaf Cement’s total shareholding in Pioneer Cement is expected to exceed 69%, marking a major consolidation move within the industry. Public Offer to Acquire Additional Shares Pioneer Cement has formally notified the Pakistan Stock Exchange (PSX) that it received a Public Announcement of Public Offer from Next Capital Limited, which is acting as the Manager to the Offer on behalf of Maple Leaf Cement. Under this public offer, Maple Leaf Cement intends to acquire up to 26.62 million ordinary shares, representing 11.72% of Pioneer Cement’s issued and paid-up share capital. The offer price has been set at Rs 478.43 per share, in line with regulatory requirements. Prior Share Purchase Agreement Already Secured This public offer comes in addition to a previously executed Share Purchase Agreement (SPA) signed on December 17, 2025. Under that agreement, Maple Leaf Cement has already agreed to acquire 131.82 million shares, which accounts for 58.03% of Pioneer Cement’s share capital, at the same price of Rs 478.43 per share. Aggregate Shareholding to Cross 69% Once both transactions are completed, Maple Leaf Cement’s aggregate ownership in Pioneer Cement will rise beyond 69%, effectively transferring management control of Pioneer Cement to Maple Leaf Cement. This level of ownership firmly establishes Maple Leaf as the controlling shareholder. Breakdown of the Acquisition • Through Share Purchase Agreement(s):Maple Leaf Cement is acquiring 131,820,554 shares, representing 58.03% of Pioneer Cement’s total share capital, at a price of Rs 478.43 per share.• Through Public Offer:The company is seeking to acquire 26,623,096 additional shares, equivalent to 11.72% of the issued share capital, also at Rs 478.43 per share. Regulatory Compliance and Market Transparency The acquisition process follows Maple Leaf Cement’s Public Announcement of Intention dated November 13, 2025, and is being conducted strictly in accordance with the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. This structured approach ensures regulatory compliance, transparency, and protection of minority shareholders. Strategic Impact on Pakistan’s Cement Sector Industry analysts view this acquisition as a strategic consolidation move aimed at enhancing operational efficiencies, expanding production capacity, and strengthening market positioning amid evolving demand dynamics in Pakistan’s construction and infrastructure sectors. With Maple Leaf Cement already among the leading players in the industry, gaining control of Pioneer Cement could unlock synergies in production, distribution, and cost optimization, potentially reshaping competitive dynamics within the cement market. Maple Leaf Cement’s acquisition of a controlling stake in Pioneer Cement marks one of the most significant corporate developments in Pakistan’s cement industry in 2025. As the transaction progresses toward completion, market participants will closely monitor its impact on valuations, sector consolidation, and future investment trends.