Pakistan

The Securities and Exchange Commission of Pakistan (SECP) has issued a strong alert to the public as fraudulent online trading platforms intensify their operations across the country. These scams are using fake dashboards, fabricated profit records, and impersonated identities to deceive unsuspecting investors into depositing money. According to SECP’s latest press release, a growing number of unlicensed websites, mobile apps, and social media–based investment schemes are actively promoting claims of guaranteed, risk-free returns in stocks, commodities, and international markets, promises that no legitimate financial institution makes. How Scammers Operate: Fake Apps, False Profits, and Identity Theft: SECP highlighted that many of these illegal platforms are designed to closely imitate legitimate trading interfaces, creating an illusion of authenticity. Common tactics include: • Allowing users to make small initial withdrawals to build trust• Displaying fake profit charts and fabricated trading activity• Blocking access to funds once larger deposits are made• Using stolen identities of licensed brokers, financial institutions, government officials, and market experts• Pretending to offer free advisory or trading tips before redirecting users to unauthorized links These tactics have contributed to a surge in online trading scams, particularly targeting first-time investors and inexperienced traders. Only SECP-Licensed Brokers Are Authorized for Trading: The regulator emphasized that all securities and commodities trading in Pakistan must be conducted through SECP-licensed brokers only. To help investors verify legitimacy, SECP advised checking the official lists of authorized brokers available at: • SECP’s official website• Pakistan Stock Exchange (PSX)• Pakistan Mercantile Exchange (PMEX) Any platform operating without a license, whether a website, mobile app, or social media page is illegal and poses serious financial risks. Public Advisory: Do Not Share Personal or Financial Information: SECP urged investors to remain vigilant and avoid transferring money to any individual or platform that cannot be verified through official channels. The regulator further warned that sharing personal data, CNIC details, bank information, or mobile numbers with unknown online sources can lead to: • Identity theft• Data breaches• Unauthorized financial transactions• Significant monetary losses A Growing Threat to Retail Investors: With Pakistan seeing rising interest in online trading and digital investment tools, scammers are increasingly exploiting social media platforms, messaging apps, and fake websites to target the public. SECP’s latest warning aims to protect retail investors and encourage safe, regulated participation in the capital markets.

Pakistan Aluminium Beverage Cans Limited (PSX: PABC) has announced a major strategic investment aimed at expanding its footprint beyond packaging and into Pakistan’s fast-growing corporate farming sector. The company has approved the acquisition of 60% of the units of Alfalah Agri-Cultivation Fund–I from its associate company, Liberty Mills Limited, for Rs 621 million, according to a filing submitted to the Pakistan Stock Exchange (PSX) today. PABC Enters Agri-Tech and Corporate Farming Through Major Fund Acquisition: The Alfalah Agri-Cultivation Fund–I is a private equity fund focused on modern, mechanized, and sustainable agricultural initiatives in Pakistan. The fund’s investments include Terra Crop Innovations (Pvt) Ltd, a large-scale farming project based in the Cholistan Desert. According to PABC, this strategic move aligns with national priorities and is expected to support: • Enhanced food security• Increased agricultural exports• Import substitution through local production• Development of high-tech, climate-resilient farming The acquisition is part of PABC’s broader plan to diversify and tap into high-potential sectors connected to Pakistan’s long-term economic growth. Transaction Timeline and Corporate Approvals: PABC stated that the acquisition will be completed after fulfilling all customary legal and regulatory requirements. The Board of Directors has authorized company officials to undertake the necessary procedures to execute the transaction. This marks a continuation of the company’s strategy to expand and secure new revenue streams beyond its core beverage can business. Earlier Announcement: New Beverage Can Manufacturing Facility in Afghanistan: This development follows PABC’s earlier disclosure on 30 October 2025, when the company announced Board approval to establish a new beverage can manufacturing plant in Afghanistan. Key project details include:• Production capacity: 1.3 billion cans annually• Estimated capital expenditure: $110 million• Status: Subject to regulatory and customary approvals The Afghanistan facility is expected to enhance PABC’s regional presence, support export growth, and strengthen supply chain resilience. A Strategic Roadmap for Regional Growth and Diversification: These back-to-back decisions highlight PABC’s ongoing commitment to expanding its operational portfolio, diversifying investments, and strengthening long-term business sustainability. By entering the corporate farming sector while simultaneously exploring international manufacturing opportunities, Pakistan Aluminium Beverage Cans Limited is positioning itself for multi-sector growth across South Asia.

Karachi: Gold prices in Pakistan recorded a notable decline, even as the international market saw a mild upward movement. According to the latest data released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the domestic bullion market reflected downward pressure amid mixed global cues. Gold Price in Pakistan Falls by Rs1,900 per Tola: The price of 24-karat gold dropped by Rs1,900, bringing the new rate to: • Rs441,862 per tola• Rs378,825 per 10 grams (down by Rs1,629) Similarly, 22-karat gold was quoted lower at Rs347,268 per 10 grams, reflecting the broader decline across the domestic gold market. Silver Prices Steady in the Local Market: Unlike gold, the price of silver remained unchanged nationwide. The latest rates are: • 24-karat silver: Rs6,102 per tola• Per 10 grams: Rs5,231 The stability in silver prices indicates a balanced local demand, despite fluctuations in global precious metals. Global Gold Price Shows Slight Uptrend: In the international market, spot gold traded around $4,207 per ounce, reflecting a $12.8 increase (0.31%) from the previous session. Analysts attribute this modest rise to expectations that the U.S. Federal Reserve may adopt a more cautious approach toward monetary easing during its ongoing two-day policy meeting. Global investors are closely watching interest rate signals, which typically influence gold’s attractiveness as a safe-haven asset. Market Outlook: What’s Next for Gold Prices? • Domestic gold prices may continue to fluctuate depending on USD-PKR exchange rates, import costs, and global monetary policy trends.• Internationally, gold could see additional volatility as traders assess the Federal Reserve’s stance on future rate cuts.• Stability in silver suggests a more measured market response compared to gold’s sharp movements.

K-Electric’s long-running shareholder dispute has taken a decisive turn, as KE Holdings Limited (KEH) secured multiple victories across courts in the Cayman Islands and the UK, strengthening its position in the power utility’s board control saga. The developments were disclosed in a regulatory filing to the Pakistan Stock Exchange (PSX) Background of the Dispute: KEH — formerly IGCF SPV 21 Limited — gained its stake in K-Electric (PSX: KEL) through Sage Venture Group Limited, owned by business executive Shaheryar Chishty. The acquisition, completed in October 2022, followed arm’s length transactions supervised by the Grand Court of the Cayman Islands. Following the takeover, KEH nominated two directors: Mr. Shaheryar ChishtyMr. Darin Baur These nominations aligned with the KES Power Limited (KESP) Shareholders’ Agreement, which outlines governance rights among KEH, Al Jomaih Holding Co, and Denham Investments Ltd (NIG). However, Al Jomaih and NIG quickly moved to block these changes through an ex parte injunction obtained from the Sindh High Court (SHC) on October 21, 2022. However, Al Jomaih and NIG quickly moved to block these changes through an ex parte injunction obtained from the Sindh High Court (SHC) on October 21, 2022. Cayman Courts Rule Against Al Jomaih & NIG: In July 2023, the Grand Court of the Cayman Islands declared that the SHC proceedings violated the contractual shareholders’ agreement and ordered Al Jomaih and NIG to withdraw their actions. The case then advanced through several appeals. Recent Legal Milestones: December 5, 2025, Cayman Court of Appeal Decision: The Court of Appeal dismissed Al Jomaih and NIG’s appeal, effectively affirming KEH’s rights under the shareholders’ agreement. The decision lifted the stay on the earlier August 16, 2023 Order, which requires: Immediate termination of SHC proceedings against KEH, KESP, K-Electric, and Alvarez & MarsalA bar on initiating similar proceedings outside the Cayman Islands or English courtsA prohibition on pursuing any further steps in Pakistan regarding the dispute Privy Council Ruling, November 24, 2025 The Judicial Committee of the Privy Council, the highest appellate authority for Cayman Islands cases, upheld the anti-suit injunction against Al Jomaih and Denham. The Council criticized the appellants, stating: “Having made one volte-face… the appellants now seek to do so again. This is not how appellate litigation should be conducted.” These rulings represent five consecutive legal wins for KEH. New Evidence: Communications With Arif Naqvi: In separate proceedings on November 28, 2025, the Grand Court ordered Al Jomaih and NIG to disclose documents related to discussions with Arif Naqvi (founder of the collapsed Abraaj Group) in 2023. Emails presented by KEH suggested discussions between Al Jomaih’s representatives and Naqvi about: Challenging Sage’s acquisitionInfluencing KESP board decisionsPlanning litigation strategies KEH expressed “serious concern” over this relationship, given Naqvi’s ongoing legal challenges and pending extradition to the U.S. Questions Over Minority Shareholder Lawsuits Another case emerged on September 6, 2023, when: Two minority shareholdersAnd a self-described “concerned citizen” filed a lawsuit in SHC mirroring the earlier 2022 filing. KEH highlighted that these shareholders own only 7,500 shares, worth roughly Rs 41,000 ($145), prompting questions over: Who is funding the litigation:Whether the case is being used to prolong Al Jomaih and NIG’s claims KEH has urged Pakistani regulators to investigate. Next Steps: SECP & Board Restructuring KEH is now pressing for the removal of the SECP restriction placed on November 8, 2022, under Section 125 of the Securities Act 2015. According to KEH, “no basis remains” for this ban. Once: K-Electric will be required to hold an Extraordinary General Meeting (EGM) to elect a new board, including KEH-nominated directors. Both Chishty and Baur bring extensive experience in Pakistan’s power sector, something KEH believes will help K-Electric improve: Operational efficiency:Financial performance Service quality for Karachi The latest legal victories significantly strengthen KEH’s position in the ongoing K-Electric ownership and control dispute. With the Cayman and Privy Council rulings now settled, pressure is mounting on Al Jomaih and NIG to comply and withdraw their Pakistan-based legal challenges. What happens next, especially the SECP’s response and the timeline for K-Electric’s board restructuring, will be critical for the future governance and strategic direction of Pakistan’s largest power utility.

Pakistan-based wedding tech startup Shadiyana has raised $800,000 in an oversubscribed pre-seed round led by Indus Valley Capital (IVC), taking total funding close to $1 million. The capital will fuel product development and nationwide expansion as the company aims to bring efficiency and transparency to Pakistan’s massive Rs900 billion ($3.21 billion) wedding industry.Launched in Islamabad, Shadiyana’s all-in-one wedding planning platform has already crossed 500,000 users, onboarded 600+ verified vendors, and facilitated planning for over 30,000 weddings. The startup is now aggressively scaling into Lahore and Karachi while enhancing its mobile app with smarter tools for venue discovery, vendor management, budgeting, guest lists, and real-time coordination.“We get a rush from every new booking,” said Neelam Shoaib, Co-Founder and COO. “That passion drives us to transform Pakistan’s grand but chaotic wedding ecosystem into something seamless, smart, and truly ubiquitous.”With millions of weddings taking place annually in Pakistan, Shadiyana plans to deepen its vendor network across more cities, roll out advanced technology-driven features, and significantly strengthen its team in the coming months.

Dun & Bradstreet Pakistan and Gallup Pakistan have released the 19th edition of the Consumer Confidence Index (CCI) for the first quarter of FY2025-26, revealing a notable dip in sentiment. The index fell to 86.4, down from 96.2 in the previous quarter—a 10.2% decline. Despite this drop, confidence remains 18.5% higher year-on-year, signaling improvement compared to the same period last year.The CCI tracks consumer perceptions of the economy and personal finances across four parameters: household financial situation, national economic conditions, unemployment, and savings. Both current sentiment and future outlook weakened this quarter. Current confidence plunged to 74.7 from 88, while future confidence eased to 98.2 from 104.3, reflecting cautious optimism.Inflation remains the top concern, with 84% of respondents reporting price hikes for essential goods. Unemployment also persists as a major challenge, with a net indicator of 56.5, highlighting widespread labour market strain. Perceptions of Pakistan’s economic situation dropped from 100.8 to 92.5, and fewer respondents expect improvement in the next six months. Encouragingly, optimism about household finances endures as 62% expect stability or improvement in the coming months. Commenting on the findings, Bilal I. Gilani, Executive Director at Gallup Pakistan, said: “This quarter’s drop in consumer confidence reflects inflation and weak job sentiment. People are less upbeat about the present, but they still expect the future to be better. This tells us that stability has helped, but it can only take confidence so far. Without real economic growth, consumer sentiment will not rise much further. In short — people are waiting for jobs and income to grow before they fully believe in a recovery” Zubair Qureshi, Chief Business Officer at Dun & Bradstreet Pakistan, added: “The Consumer Confidence Index is a critical barometer for understanding market sentiment. While short-term challenges persist this quarter, the resilience in household financial expectations signals that businesses have an opportunity to align strategies with evolving consumer priorities.”Confidence fell across all demographics, with urban respondents down 24%, rural down 21%. The steepest decline was witnessed among ages 30–49 (-27%). The survey was conducted telephonically among 2,132 respondents between September and October 2025.

Islamabad/Washington: The International Monetary Fund (IMF) Executive Board has formally approved the release of approximately $1.3 billion for Pakistan under its ongoing $7 billion Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) programs.This marks the third tranche disbursed to Pakistan since the 37-month EFF was signed in September 2024, bringing total disbursements to $3.3 billion.The approval follows the successful completion of the second review, during which Pakistan met all quantitative performance criteria and structural benchmarks well ahead of schedule.Key milestones highlighted by the IMF and Ministry of Finance: First current account surplus in 14 yearsInflation brought under firm control through disciplined fiscal and monetary policySignificant build-up in foreign exchange reserves, restoring investor confidenceCompletion of the Governance and Anti-Corruption Diagnostic ReportContinued energy sector reforms aimed at reducing circular debt and improving efficiencyIntegration of climate-resilient policies in the aftermath of the 2022 floods Previous tranches under the program: September 2024 → $1.0 billion (first tranche)May 2025 → $1.0 billion (second tranche)December 2025 → ~$1.3 billion (third tranche – approved today) Finance Ministry officials termed the swift approval a “strong endorsement” of the government’s reform agenda and its commitment to transparency and structural changes.With reserves bolstered and macroeconomic stability restored, the government has pledged to stay the course on energy pricing, tax reforms, and climate-related initiatives to ensure long-term sustainable growth.The next IMF review is tentatively scheduled for early 2026.

WOLFSBURG, Germany – Volkswagen Group will invest €160 billion ($186 billion) through 2030, CEO Oliver Blume announced on Monday, confirming a significant cutback as Europe’s largest carmaker grapples with deepening crises in its two biggest markets, China and the United States. The new five-year rolling plan (2026–2030) marks a €5 billion reduction from the previous €165 billion framework (2025–2029) and is €20 billion lower than the €180 billion plan set for 2024–2028, when spending had peaked. Blume described the move as “disciplined capital allocation” amid weak demand for electric vehicles in Europe, intensifying price wars with Chinese rivals, and looming U.S. tariffs under the incoming Trump administration. Approximately two-thirds of the €160 billion will flow into electrification and digitalization, while the remainder will support combustion-engine platforms, particularly in growth regions such as South America and India. The announcement comes just days after Volkswagen shocked Germany by threatening to close domestic plants for the first time in its 87-year history and amid stalled wage talks with labour unions. Analysts view the trimmed capex as evidence that Europe’s auto giant is entering a prolonged cost-cutting era to defend profitability.

The Economic Coordination Committee (ECC) is set to convene an important session tomorrow, with the Circular Debt Management Plan for FY 2025–26 topping a comprehensive 11-point agenda. The high-stakes meeting is expected to produce several major decisions impacting Pakistan’s energy, petroleum, digital governance, and trade sectors. Circular Debt, Iran Power Agreement Among Top Priorities: At the heart of tomorrow’s meeting is the long-awaited Circular Debt Management Plan, a critical policy framework aimed at stabilizing Pakistan’s power sector amid rising financial stress. The ECC will also review a significant summary on the electricity purchase agreement with Iran, an arrangement that is vital for addressing power needs in Pakistan’s border regions. OMC and Dealer Margin Increase Under Consideration: The Petroleum Division is set to present proposals seeking a possible increase in margins for Oil Marketing Companies (OMCs) and petroleum dealers. Any adjustment to margins could have broad implications for fuel pricing and sector sustainability. Rs 1.28 Billion Grant for Pakistan Digital Authority Likely to Be Approved: In a move to strengthen digital governance, the ECC is expected to approve a technical supplementary grant of Rs 1.28 billion for the Pakistan Digital Authority, a step aimed at improving federal-level digital transformation initiatives. Commerce Division Summaries: Court Ruling, Import Ban, and Gift Scheme Revisions: Several key proposals from the Commerce Division are on the agenda, including:• Implementation of the Lahore High Court decision• A proposed ban on the import of chloroform• Amendments to the vehicle import procedure under the Gift Scheme• Additional trade-related summaries for reviewThese discussions could reshape regulations in Pakistan’s import and trade environment. Housing Subsidy, Development Funds & PASCO Dissolution Also on the Table: The committee will also consider:• Approval of a Rs 5 billion technical supplementary grant for housing sector subsidies• Matters related to the release or surrender of development funds under the Cabinet Division• A summary regarding the dissolution of PASCO and the formation of a special-purpose vehicle for the Wheat Stock Management Company These decisions could shape public-sector financing and agricultural supply chain governance. ECC to Review Budgetary Support for PIA Holding Company: Adding to the extensive agenda, the ECC will deliberate on budgetary release matters for the PIA Holding Company, as the government continues efforts to restructure and stabilize national aviation governance. Major Policy Decisions Expected:With a diverse and consequential agenda, from energy sector reforms to trade regulations and digital investments, tomorrow’s ECC meeting is poised to deliver significant economic policy decisions that could influence Pakistan’s fiscal landscape in the months ahead.

Pakistan’s equity market kicked off the week with strong optimism as the KSE-100 Index surged 1,218 points – that’s a solid 0.73% gain – to close at 168,303. Investors cheered a perfect trifecta of positive triggers: the IMF Board meets today to approve a fresh $1.2 billion tranche, the ECC will review the Circular Debt Management Plan tomorrow, and political uncertainty eased after the Ministry of Defence formally announced the new Chief of Defence Forces. “Today’s bullish momentum was driven by several key developments: 1) The IMF Board of Directors is meeting today to consider approval of a $1.2 billion tranche for Pakistan; 2) The ECC is scheduled to review the Circular Debt Management Plan for FY25–26 tomorrow; 3) The Ministry of Defence officially announced the appointment of the Chief of Defence Forces, reducing uncertainty on the political front,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd. On the corporate side, PTC hit the upper cap post company notice regarding that company is accepting the Pakistan Telecommunication Authority’s conditional approval for acquiring control of Telenor Pakistan and Orion Towers. Among major movers, FFC, SYS, NBP, PTC and DGKC collectively contributed 847 points, while HBL, UBL, KTML, SAZEW and HUMNL jointly shaved off 125 points. Market activity stayed moderate, with 781 million shares traded and total turnover reaching Rs 49.9 billion. PTC led the volumes with 60.8 million shares. Outlook: Going forward, the market is expected to attempt a new all-time high, with the energy sector likely to lead the rally. Anticipation of a potential circular debt disbursement tomorrow continues to fuel positive sentiment and may trigger fresh buying interest across key E&P and power sector stocks.