Pakistan

Karachi: The Pakistani rupee appreciated 0.09% or Re0.26 against the US dollar in early inter-bank trading on Tuesday, reaching 280.25 by 10:00 AM. The local currency had closed at 280.51 on Monday. The greenback remained under pressure globally after US manufacturing contracted for a ninth straight month, with the ISM PMI falling to 48.2 in November. Weak new orders, employment, and persistent tariff drag intensified bets on a Federal Reserve rate cut. Markets now assign an 88% probability of a 25-bp reduction at the Fed’s December 10 meeting, up from 63% a month ago. The US Dollar Index slipped to 99.408, marking its seventh straight decline. Meanwhile, oil prices rose for a second day amid Ukrainian strikes on Russian energy infrastructure and escalating US-Venezuela tensions, indirectly supporting emerging-market currencies including the rupee.

Lahore: Federal Interior Minister Mohsin Naqvi on Tuesday categorically stated that no passenger possessing complete and genuine travel documents is being offloaded or will ever be stopped from travelling abroad.During a surprise visit to Allama Iqbal International Airport, Lahore, the minister reviewed FIA immigration counters and issued strict instructions: passengers carrying bogus or incomplete documents will “absolutely not” be allowed to travel. “Pakistan’s honour is the honour of all of us. Anyone who brings dishonour to the country cannot be permitted to leave,” Naqvi declared.The statement comes amid recent social media allegations of arbitrary offloading, which the FIA has already termed “fabricated and misleading.” The agency clarified that only travellers with legitimate purpose and verified documents are cleared.Minister Naqvi praised the FIA’s newly integrated high-speed system linking travel history with CNIC and passport data, reducing clearance time to as little as two minutes. Interacting directly with departing and arriving passengers, he received widespread appreciation for the improved experience.Commending FIA Director Ali Zia and his team, Naqvi stressed continued vigilance against human trafficking and illegal agents while ensuring genuine travellers face no inconvenience.

Islamabad: Pakistan’s trade deficit ballooned by 32.8% year-on-year to $2.855 billion in November 2025, marking the second-highest monthly deficit in the last five months, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.The sharp widening came on the back of a 15.4% annual drop in exports to $2.398 billion from $2.833 billion in November 2024, while imports rose 5.4% to $5.253 billion from $4.983 billion a year earlier.On a month-on-month basis, however, the trade gap narrowed 11.9% from $3.239 billion in October 2025, as both exports and imports declined sequentially.For the first five months of FY2025-26 (July–November 2025), the cumulative trade deficit swelled 37.2% to $15.469 billion compared with $11.277 billion in the corresponding period last year. During this period:Exports contracted 6.4% to $12.844 billion from $13.721 billionImports jumped 13.3% to $28.313 billion from $24.998 billionThe latest monthly figures place November 2025’s deficit just behind the $3.0 billion-plus gap seen earlier in the fiscal year, underscoring persistent pressure on the external account despite some monthly improvement.Analysts attribute the export decline to weak global demand, energy shortages, and competitiveness challenges, while import growth continues to be driven by machinery, petroleum, and food items despite administrative curbs.The deteriorating trade balance has also contributed to a sharp widening of the current account deficit, which surged 256% in the first four months of FY26.The State Bank of Pakistan and the Ministry of Commerce are expected to face renewed calls for urgent export-boosting measures and import rationalization to arrest the rapid depletion of foreign exchange reserves.

KARACHI: Chairman Businessmen Group (BMG) Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Rehan Hanif have expressed profound grief, shock, and deepest sympathies with the bereaved family of three-year-old Ibrahim, who tragically lost his life after falling into an open manhole near NIPA Chowrangi in Gulshan-e-Iqbal.In a joint statement, Zubair Motiwala and Rehan Hanif said that the horrifying manner in which the innocent child disappeared in front of his parents has shaken the conscience of the entire city, adding that this tragedy is not merely an unfortunate incident but a glaring example of the criminal negligence and administrative collapse that Karachi continues to suffer.They lamented that despite the incident occurring around 11 p.m., the rescue operation remained painfully slow and disorganized, with authorities failing to provide adequate machinery or timely assistance. The family and locals, they noted with distress, were forced to arrange machinery on their own, while the official rescue teams stood helplessly without equipment. The operation was even suspended during the night due to lack of resources, and only after public protest and outrage did heavy machinery finally arrive at the scene. They termed it heartbreaking and unforgivable that the child remained unlocated for fourteen long hours, only to be recovered nearly one kilometer away after being swept through the drainage system. They further noted that this is not an isolated case as Karachi has witnessed numerous similar deaths over the past few years due to open manholes, broken covers, and unsafe drainage points, resulting in an estimated fifteen to twenty casualties annually, many of them young children. They said that these recurring incidents expose the deep-rooted structural negligence in Karachi’s civic management, where public safety is consistently ignored and accountability is nonexistent. Every year, families are destroyed, children are buried, and yet nothing changes. Karachi has become a city where even a walk on the road has become a life-threatening risk, they added with deep frustration.They further said that this tragedy must serve as a wake-up call for the authorities. They stressed that those responsible for the negligence that led to Ibrahim’s death must be immediately identified and held accountable, without excuses or political maneuvering. They urged the government to initiate a comprehensive citywide inspection of all manholes, drains, and open pits across Karachi, irrespective of which agency controls which jurisdiction. Strong, tamper-proof covers must be installed immediately and the government must streamline responsibilities among civic bodies to eliminate confusion during emergencies.Zubair Motiwala and Rehan Hanif said that the tragic death of young Ibrahim is a painful reminder of how unsafe and poorly managed Karachi has become. They stated that the business community of Karachi stands firmly with the bereaved family and demands urgent reforms to prevent such incidents in the future. They further voiced grave concerns over the horrendous condition of major arterial roads, particularly University Road, Bara Board, Yasinabad and Karimabad Underpass etc. which he said have virtually ceased to exist due to prolonged and unplanned excavation, broken surfaces, standing water and abandoned construction work. They emphasized that these unsafe and chaotic road conditions are directly contributing to fatal accidents, injuries, and loss of precious lives as citizens navigate dangerously damaged stretches amidst speeding dumpers, water tankers, and unregulated traffic.Chairman BMG and President KCCI appealed Mayor Karachi Barrister Murtaza Wahab to immediately expedite all incomplete development work and publicly announce a clear and specific timeline for the completion of these critical road projects.

Karachi: Ghani Dairies Limited (GDL), a subsidiary of the diversified Ghani Group, will raise Rs2.5 billion through an Initial Public Offering (IPO) at the Pakistan Stock Exchange (PSX). The issue consists of 104.2 million ordinary shares (24.28% of post-IPO paid-up capital) with a face value of Re1 each.75% of the shares (78.15 million) will be offered through the book-building method at a floor price of Rs24 per share, while the remaining 25% will go to retail investors at the strike price.Proceeds will fund herd expansion by importing 1,000 pregnant heifers, upgrading farm infrastructure, and bolstering working capital. This will lift raw milk production capacity from 17,840 tons per annum in FY2025-26 to 33,570 TPA by FY2026-27 and 38,371 TPA by FY2027-28.Established in 2020, GDL supplies 100% of its output to leading dairy processors under long-term contracts. The IPO marks the latest listing move in Pakistan’s food and agri sector following Matco Foods’ plan last month to separately list its subsidiary Falak Foods.

Karachi: The body of 3-year-old Ibrahim, son of Nabeel, was recovered Monday morning from a manhole in Gulshan-e-Iqbal Block 6 near Nipa Chowrangi after a 14-hour rescue operation. The child had fallen into the open sewer Sunday night while shopping with his parents.Rescue 1122, Edhi volunteers and other teams participated in the operation. The body was shifted to Jinnah Postgraduate Medical Centre for medico-legal formalities.The grieving family alleged that despite repeated calls to authorities throughout the night, no immediate rescue was launched. The child’s grandfather claimed even the Karachi Mayor’s phone was switched off.Mayor Murtaza Wahab condoled with the bereaved family and announced an inquiry into why the manhole was left uncovered, promising strict action against those responsible.This is the 20th death in Karachi this year due to open manholes and drains, including several children and women.

ISLAMABAD: The Competition Commission of Pakistan (CCP) has authorized the proposed acquisition of Elite Hospitality Ventures (Private) Limited by JS Hotel REIT. The approval granted under Section 11 of the Competition Act, 2010 and the Competition (Merger Control) Regulations, 2016. JS Hotel REIT is a newly established Shariah-compliant Hybrid REIT Scheme operating under the Real Estate Investment Trust Regulations, 2022. It intends to acquire shares of Elite Hospitality Ventures through a Share Purchase Agreement. The Target entity is a Special Purpose Vehicle formed to develop and operate a planned four-star “Hilton Garden Inn” hotel in Hyderabad. In its assessment, the Commission reviewed the nature of the transaction, its effect on market structure, and potential competitive implications in the relevant market in Hyderabad. CCP noted that neither party is currently active in the hospitality sector, therefore, the transaction creates no horizontal overlap or vertical linkage. The Commission concluded that the acquisition is non-horizontal and poses no risk of reducing competition, distorting the market, or creating or strengthening a dominant position. The transaction has therefore been authorized under Section 31(1)(d)(i) of the Competition Act, 2010.

KARACHI: Leading brokerage house Taurus Securities Limited has issued a highly bullish “Pakistan Investment Outlook 2026” report, projecting the KSE-100 index to reach 206,000 points by December 2026, implying a total return of 30% (24% price appreciation + 6% dividend yield) from current levels.The flagship index has already delivered ~45% return CYTD 2025, touching an all-time high of 169,989 in early October and currently trading around 166,678, making PSX one of the top-performing markets globally.Taurus attributes the ongoing three-year bull run to sharp reduction in political risk, successful continuation of IMF reforms, monetary easing, stable rupee, improving corporate earnings (especially cyclicals) and strong local buying that absorbed over $360 million of foreign selling since 2023.Despite the index now trading near its 10-year average forward P/E of ~8x, the house believes valuations remain attractive given the ongoing macroeconomic recovery, pending positive triggers (circular debt resolution, 2nd IMF EFF tranche in early December), and significant discount to regional peers and Pakistan’s own FY12-15 growth cycle.Top conventional picks include MEBL, BOP, MCB, HBL, FFC, OGDC, PPL, LUCK, MLCF, FCCL, INDU, PSO, AGP, SEARL, ILP, MUGHAL, ISL, CNERGY and PAEL. High-alpha ideas: PIBTL, BBFL, TOMCL, INIL, GCIL, CPHL and PTC.

ISLAMABAD: Pakistan and Egypt have resolved to significantly enhance bilateral trade and investment, currently standing at around $300 million, through structured business-to-business collaboration.Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, addressing a joint press conference with visiting Egyptian Foreign Minister Dr Badr Ahmed Mohamed Abdelatty, announced that Pakistan will share a curated list of 250 leading Pakistani business houses with Egypt. The list, to be prepared under the leadership of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), will represent key sectors and be selected through a transparent process.“We had very focused discussions on strengthening commercial engagement,” Dar said, emphasizing the willingness of both sides to move beyond the current modest trade volume.During the visit, Dr Abdelatty called on President Asif Ali Zardari, who stressed elevating ties across all domains and appreciated Egypt’s role in regional diplomacy, particularly on Gaza. The Egyptian Minister also held talks with Chief of Army Staff Field Marshal Syed Asim Munir at GHQ, where both sides reaffirmed commitment to enhanced defence cooperation, military exchanges, training programs and regional stability.Dr Abdelatty also interacted with Pakistani business leaders, highlighting untapped potential in trade and investment partnerships between the two brotherly nations.