Author name: Web Desk

Istanbul: A high-level delegation from Türkiye’s leading conglomerate Iç Holding, headed by Transportation and Infrastructure Group CEO Serhat Sogukpinar, met Federal Minister for Communications Abdul Aleem Khan in Istanbul on Saturday to discuss major investment opportunities in Pakistan’s infrastructure sector.Minister Aleem Khan highlighted Pakistan’s investor-friendly policies and the government’s priority to modernize roads, motorways, ports, airports, and communication networks. He invited Iç Holding to partner in upcoming large-scale projects to boost economic growth.The Turkish officials expressed strong interest in investing in Pakistan’s infrastructure pipeline and proposed joint ventures in transport and energy projects. Both sides agreed to maintain close coordination for swift implementation of potential collaborations.Established in 1969, Iç Holding is one of Türkiye’s most experienced firms in delivering bridges, motorways, airports, ports, and power plants, and other mega infrastructure projects globally.

OUR CORRESPONDENTKARACHI The Pakistan Stock Exchange (PSX) is set to relaunch Cash-Settled Futures (CSF) from December 1, 2025, marking a major overhaul of the derivatives segment aimed at improving market depth, transparency, and risk management. The National Clearing Company of Pakistan Limited (NCCPL) on Friday issued operational guidelines to market participants ahead of the relaunch. According to NCCPL, the clearing, settlement, and risk management functions for the revamped CSF market will be fully handled by the company under updated regulatory and tax frameworks. The relaunch also comes with significant cost relief, as the PKR 250,000 Market-wise Basic Deposit and NCCPL trade fees on CSF will remain waived for the first three months to encourage participation. A key upgrade in the redesigned CSF framework is the introduction of a more transparent Capital Gains Tax (CGT) mechanism. Settled positions will be taxed on actual trade prices, whereas daily mark-to-market (MTM) valuations will determine CGT for open positions. At contract expiry, any remaining open positions will be taxed using the ready-market closing price of the final trading day—bringing uniformity with global futures markets. NCCPL has also enhanced post-trade infrastructure, adding new filters and reports in its Post-Trade Risk Management System (PTRMS), including a dedicated CSF Actual Trade Price Report to track daily profit and loss and exposure. Cash management screens have been updated for settling banks, while brokers have been advised to obtain fresh Pledge Group IDs for margin-related collateral. The Designated Time Schedule (DTS) for the CSF market will mirror that of the ready and deliverable futures markets. Market officials say the relaunch is expected to revive derivatives trading, which has remained subdued in recent years due to structural and regulatory constraints. With improved tax clarity, operational efficiencies, and cost waivers, the new CSF platform is seen as a step toward deepening Pakistan’s capital markets and offering investors better hedging tools.

PSX Ends November on High Note: KSE-100 Hits 166,678 Points Amid Tax Relief Buzz and Sector Gains KARACHI: PSX closed November 2024 on a strong note, as the KSE-100 Index extended its upward momentum to settle at 166,678 points, gaining 1,304 points (up 0.99%). “The market opened firmly and sustained its positive trajectory throughout the session. The rally was fueled largely by institutional buying following media reports that the Prime Minister has directed the FBR to reduce the super tax rate on large corporations, boosting investor sentiment,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd. On the macro side, the Sensitive Price Index (SPI) for the week ending 27-Nov-2025 rose 4.32% year-on-year and 0.73% week-on-week. Meanwhile, on the corporate front, GHNI announced a partnership with Zhongtong Bus Holding to introduce and distribute luxury buses in Pakistan, adding excitement to the market. Sector-wise, Technology, E&P, Power, and Cement were the key drivers of today’s BullRun, with SYS, PPL, HUBC, OGDC, and LUCK collectively contributing 609 points to the index’s advance. Market participation remained strong, with 589.7 million shares traded and a total turnover of Rs 41.9 billion. SSGC topped the volume chart with 39.1 million shares traded. Weekly Review: PSX wrapped up the week on a strong note, posting a gain of 4,575 points or 2.82%. The KSE-100 Index opened at 162,206 and climbed to a weekly high of 167,005, while the low touched 160,565. The benchmark ultimately closed the week at 166,677, reflecting improved sentiment and sustained buying interest across key sectors. Outlook: PSX closed both the week and month on a strong note, with the KSE-100 index breaking above the 166k mark in the final session. Looking ahead, the index is expected to extend its bullish trend in the coming session and may even challenge new all-time highs in the upcoming week, given the strong momentum. However, on the downside, the 165k level is likely to act as the first key support.

ISLAMABAD: The Competition Commission of Pakistan (CCP) has issued show cause notices to ten sugar mills in Punjab for colluding in relation to start of crushing season and fixing the sugarcane procurement price at Rs. 400 per maund.CCP’s review found that representatives of these mills held a meeting on November 10, 2025, hosted Fatima Sugar Mills, where they collectively decided to commence crushing on November 28, instead of the Punjab Sugarcane Commissioner’s officially notified date of November 15. The mills also jointly agreed to fix the cane purchase price at Rs. 400 per maund, an act that constitutes collusive decision-making.The meeting was chaired by Rana Jameel Ahmad Shahid, Resident Director of Fatima Sugar Mills. It was attended by representatives of Sheikhoo Sugar Mills, Thal Industries Corporation, Tandlianwala Sugar Mills (Rehman Hajra Unit), JK-1 Sugar Mills, Ashraf Sugar Mills, and Kashmir Sugar Mills, while Siraj Sugar Mills, Two Star Sugar Mills, and Haq Bahoo Sugar Mills joined online.Under Section 4 of the Competition Act, 2010, any agreement or arrangement between market players to fix prices or coordinate on business decisions is strictly prohibited and constitutes a violation of competition law.There is a significant imbalance in negotiation power between sugar mill owners and farmers. Ideally, the sugarcane price should be determined through individual negotiations between each mill and farmers, based on the natural interplay of demand and supply. However, instead of allowing market forces to operate, all mill owners collectively and unilaterally fixed the price at PKR 400 per 40 kg.Taking cognizance of this collusion, the CCP has directed all ten mills to submit a written response within 14 days, explaining why legal proceedings should not be initiated against them for entering into prohibited agreements, influencing the sugarcane market, and gaining undue commercial advantage through a coordinated delay in crushing. Such delay crushing at the start of the season can disrupt the supply of sugar in the market, potentially leading to artificial shortages and a rise in retail sugar prices. Chairman CCP, Dr. Kabir Ahmed Sidhu, has issued a strict warning to all business associations and industry groups, stating, “No association or group of competitors will be allowed to form cartels or make collective commercial decisions that harm consumers and distort markets. CCP will take firm action against any entity found engaging in such anti-competitive behaviour and penalize.”

Islamabad: Motorists and businesses are set for significant relief as the government is expected to reduce petroleum product prices effective December 1, 2025, following a sustained decline in international oil and refined product prices.Leading brokerage house Arif Habib Limited (AHL) estimates a cut of Rs4.15 per litre in petrol prices, bringing the new rate to approximately Rs261.30 per litre from the current Rs265.45. High-Speed Diesel (HSD), widely used in transport and agriculture, is projected to become cheaper by Rs6.50 per litre, dropping to around Rs271.94 from Rs278.44.The reduction is driven by weaker global oil markets. During the November 17–27 review period, Brent crude averaged $63.43 per barrel (down 2.5%), WTI fell 1.4% to $59.04, and Arab Light declined 2.2% to $65.61 per barrel. Refined product prices also softened, with petrol and diesel spreads contracting by 6% and 8%, respectively.AHL stated, “As per our estimates, price of HSD is expected to decrease by Rs6.50/ltr, while MS price is expected to decline by Rs4.15/ltr, effective 1st Dec’25.”The Oil and Gas Regulatory Authority (Ogra) will submit its working to the Finance Ministry by November 30, with the final notification widely expected to reflect these reductions, offering much-needed respite amid easing global energy prices.

ISLAMABAD: Amid Increasing Russian Companies Intrest in Pakistan owing to digitalization, the Competition Commission of Pakistan (CCP) and the Federal Antimonopoly Service (FAS) of the Russian Federation have signed a Memorandum of Understanding to enhance bilateral cooperation in the field of competition policy. The MoU was signed by Chairman CCP Dr. Kabir Ahmed Sidhu and FAS Deputy Head Mr. Andrey Tsyganov during the 10th session of the Russia–Pakistan Intergovernmental Commission on Trade, Investment, Scientific and Technical Cooperation. The signing marks a significant step toward deepening institutional coordination, promoting fair market practices, and strengthening economic ties between the two countries. The MoU provides a structured framework for collaboration, including the exchange of expertise, best practices, and regulatory experience in areas such as cartel investigations, abuse of dominance, merger control, deceptive marketing, and sectoral competition assessments. Under the agreement, both authorities will engage through regular meetings, consultations, workshops, expert exchanges, and joint research initiatives. FAS was established 35 years ago and operates with a significantly wider mandate compared to the CCP. It has nearly 1,000 employees at its headquarters, whereas the CCP has around 250 staff members in Islamabad. FAS also maintains independent regional offices that play a highly effective role in curbing cartelization and deceptive marketing practices. The CCP stands to learn a great deal from Russia’s extensive regulatory experience, and both sides will hold joint sessions in the near future to deepen cooperation and knowledge sharing.The cooperation is expected to pave the way for stronger regulatory coordination, enhanced enforcement capacity, and more competitive and consumer-friendly markets in both Pakistan and Russia.