Pakistan

Pakistan’s equity market closed the week with renewed optimism as the KSE-100 Index surged 1,289.83 points, ending Friday’s session at 169,864.52, up 0.77%. The bullish finish reflects the market’s growing confidence driven by strong sectoral performance, robust investor participation, and ongoing macroeconomic stability. The benchmark index traded in a wide intraday range of 1,631 points, touching a high of 170,052.87 and a low of 168,421.55, showcasing heightened activity and increased buying interest across major sectors. Total traded volume for the KSE-100 clocked in at 309.7 million shares, underscoring solid investor sentiment. Market Leaders and Laggards: Who Moved the Index? Out of 100 companies on the benchmark index:• 65 closed positive• 32 closed negative• 3 remained unchanged Top Gainers The session’s top performers were:• NML (+5.40%)• KAPCO (+3.76%)• CHCC (+3.74%)• MLCF (+3.19%)• MCB (+2.97%) Top LosersMeanwhile, the biggest decliners included:• PGLC (-3.88%)• SRVI (-3.57%)• JVDC (-3.16%)• GADT (-2.64%)• SSGC (-2.50%) Who Powered the Rally? Index Point Contributions: The stocks contributing the most points to the upside were:• FFC (+371.67pts)• MCB (+150.03pts)• SYS (+115.61pts)• PPL (+73.63pts)• HUBC (+72.37pts) Conversely, companies dragging the index lower included:• SRVI (-45.95pts)• ENGROH (-38.39pts)• DHPL (-17.56pts)• JVDC (-14.77pts)• DGKC (-12.91pts) Sector Performance: Fertilizers & Banks Lead the Charge Sector-wise, the KSE-100 gained strong support from:• Fertilizer (+442.80pts)• Commercial Banks (+312.43pts)• Cement (+176.23pts)• Oil & Gas Exploration (+155.20pts)• Technology & Communication (+123.67pts) A few sectors weighed on the index, including:• Investment & Securities (-53.98pts)• Leather & Tanneries (-45.95pts)• Property (-14.77pts)• Insurance (-8.87pts)• Tobacco (-5.71pts) Broader Market Overview: Healthy Activity Despite Lower Volume The All-Share Index closed at 102,725.12, gaining 553.85 points (0.54%). Market-wide:• Total volume: 873.03 million shares (down from 1.28 billion)• Traded value: Rs40.87 billion (down by Rs14.36bn)• Total trades: 378,060 across 482 companieso 259 closed upo 180 closed downo 43 remained unchanged Despite lower volumes compared to the previous session, the market displayed strong breadth and resilience. The Bigger Picture: A Remarkable Year for Pakistan’s Stock Market The KSE-100 continues its impressive run:• Up 44,237 points (35.21%) during the current fiscal year• Up 54,738 points (47.55%) in the 2025 calendar year so far These gains place the Pakistani equity market among the world’s top-performing indices, highlighting renewed investor confidence backed by improving macroeconomic indicators, strong corporate earnings, and positive foreign interest. Outlook: Can the Market Break New Records? The KSE-100’s strong close near the psychological level of 170,000 suggests that the momentum may continue into the coming sessions. With key sectors showing strength and macroeconomic conditions stabilizing, analysts anticipate further upside though volatility may persist as global markets react to geopolitical and oil price developments. Pakistan’s stock market continues to show that despite challenges, investor confidence and market fundamentals remain firmly on an upward trajectory.

KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Rehan Hanif has expressed grave alarm over the ongoing countrywide strike by goods transporters, warning that the complete suspension of cargo movement is pushing Pakistan toward an unprecedented trade and industrial crisis. He stressed that with import and export consignments now stranded across ports, highways, and industrial zones, the consequences for businesses, manufacturing, and national revenue could be severe, long-lasting, and extremely costly. In a statement issued, President KCCI stated that the halt in transportation has effectively shut down the movement of raw materials to factories and the dispatch of finished goods to domestic and international markets. He cautioned that this disruption, if prolongs further, can cause irreversible damage to Pakistan’s supply chains, severely undermine export commitments, and weaken the country’s credibility in global markets. S.I.T.E. Association of Industry (SAI) has have sounded the alarm over the nationwide strike by goods transporters, warning that the halt in cargo movement is rapidly strangling Pakistan’s industrial and trade supply chain. In a detailed statement, SAI President Ahmed Azeem Alvi said the recurring strikes by transporters are causing deep and lasting damage to the national economy. He urged the government to step in without delay, stressing that no group should be allowed to disrupt the flow of essential goods or undermine economic stability. Mr Alvi called on the government to immediately revive and expand railway freight services between Karachi and major cities across the country. He said the introduction of high speed cargo trains could dramatically cut transportation time and costs while ensuring a steady and reliable movement of goods. “The strike has brought export and import cargo to a standstill. Exporters are unable to meet delivery deadlines promised to international buyers, and this raises serious concerns about potential order cancellations,” he cautioned. He noted that containers stranded at ports are now incurring heavy demurrage and detention charges, placing an additional financial burden on the business community. Mr Alvi warned that if industries do not receive raw materials soon, production could grind to a complete halt—triggering a ripple effect across the economy. “This is an extremely alarming situation,” he said. “The government must act immediately to restore cargo movement and prevent long term damage to Pakistan’s industrial and commercial sectors.”

Gold prices in Pakistan recorded a sharp jump on Friday, continuing the strong upward trend driven by a weaker US dollar and bullish momentum in the international market. The local bullion market experienced notable gains across all major categories of gold and silver, reflecting global market strength. 24K Gold Jumps Rs10,700, All-Time High: According to the latest data released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of 24-karat gold rose by Rs10,700, pushing the per-tola rate to Rs454,262. Gold prices also increased on a 10-gram basis:: • 24K Gold (10 grams): Rs389,456 (up Rs9,174)• 22K Gold (10 grams): Rs357,014 This steady rise brings gold to one of its highest levels in Pakistan’s history, tightening investor interest and raising concerns for consumers ahead of the year-end wedding season. Silver Prices Also Rise : Silver followed in gold’s footsteps, witnessing a significant price jump in the domestic market.• 24K Silver (per tola): Rs6,684 – up Rs232• 24K Silver (10 grams): Rs5,730 – up Rs199 Silver’s upward momentum continues to attract small-scale investors who see it as a more affordable alternative to gold. Day-on-Day (DoD) & Monthly Performance: A quick look at the performance table shows just how much gold has appreciated during the year: Gold & Silver Price Summary (Pakistan Market)Date: 12 December 2025GOLD (24K per tola)• Today (Dec 12): Rs 454,262• Yesterday (Dec 11): Rs 443,562• Day Change: +Rs 10,700• 1 Month Change: +Rs 11,200• FYTD: +Rs 104,062• CYTD: +Rs 181,662 SILVER (per tola)• Today (Dec 12): Rs 6,684• Yesterday (Dec 11):: Rs 6,452• Day Change: +Rs 232• 1 Month Change: +Rs 1,022• FYTD: +Rs 2,902• CYTD: +Rs 3,334 The numbers make it clear: gold is one of the strongest-performing assets of the year, offering massive returns to investors who entered early. Global Market Update: In the international market, spot gold traded close to $4,329 per ounce, gaining nearly $53.4 (+1.25%) from the previous session. The rally was supported by: • A weaker US dollar• Safe-haven demand amid financial uncertainty• Increased speculative buying as markets expect a shift in US monetary policy This global push is directly fueling the domestic surge in Pakistan’s bullion market. Bottom Line: Gold Near Record Territory as Investors Shift Toward Safe Havens With both global and domestic markets posting strong gains, gold continues to establish itself as a top-performing safe-haven asset. As uncertainty persists across global markets and currencies fluctuate, investors in Pakistan are steadily increasing their exposure to bullion. Meanwhile, silver’s consistent climb also signals renewed confidence among retail investors. If current trends continue, Pakistan may witness another record high in gold prices before the end of the year.

ISLAMABAD – In a nation grappling with chronic economic woes, remittances from overseas Pakistanis have long been hailed as a vital lifeline, injecting $38 billion annually – equivalent to 10% of GDP – into the economy. Yet, a provocative new analysis by economist Atif Mian questions this narrative, arguing that these funds, born from the grueling sacrifices of 10 million expatriates toiling in low-wage jobs abroad, are ensnaring Pakistan in a “macroeconomic trap” rather than propelling it forward.Mian’s essay, published on his Substack, paints a stark picture of remittances as a double-edged sword. On one hand, they represent “free foreign exchange” from migrants enduring cramped living conditions in Gulf states and beyond, far exceeding the norm for countries at Pakistan’s income level – twice the expected ratio, as shown in comparative economic charts. Families back home rely on these transfers for survival, boosting immediate consumption and stabilizing household finances amid inflation and unemployment.However, the influx appreciates the rupee, triggering a classic “Dutch disease” effect: exports in tradable sectors like textiles and agriculture suffer as the currency becomes overvalued, making Pakistani goods uncompetitive globally. Investment-to-GDP ratios languish at historic lows, while consumption soars, perpetuating a cycle of stagnation. “If remittances are not managed properly, they can become a restraint on growth,” Mian warns, highlighting how this dynamic sustains elite rent-seeking in non-tradable industries like real estate, where politically connected tycoons convert windfalls into foreign assets.The irony is bitter: the sweat of poor laborers abroad inadvertently bolsters the purchasing power of the privileged at home. Pakistan’s export slump and prolonged currency overvaluation underscore the malaise, with bad policy – not migrant toil – as the culprit.Mian offers a roadmap out: The State Bank should aggressively build reserves during inflow spikes to curb overheating. A targeted foreign direct investment (FDI) strategy could channel funds into high-tech, export-oriented greenfield projects, mandating local partnerships for technology spillovers. Discourage speculative portfolio inflows and real estate bubbles to prioritize productivity.“Remittances don’t have to be a drag on growth. With the right macro policy, they can become a catalyst for financial stability, investment, and long-run development,” Mian concludes. As Pakistan eyes IMF talks and fiscal reforms, this critique arrives at a pivotal moment. Will policymakers heed the call, transforming expatriate resilience into national renewal, or let the trap tighten?

In a strong show of confidence from Pakistan’s capital market, Pak-Qatar Family Takaful Limited (PQFTL) made an impressive debut with its Initial Public Offering (IPO) being oversubscribed on the very first day of book building. The overwhelming investor interest underscores the company’s solid fundamentals and its position as a market leader in the fast-growing takaful industry. A Powerful Market Response on Day One: According to Shahid Ali Habib, CEO of Arif Habib Limited, a substantial volume of funds has already been deposited during the book-building process. He shared on his X (formerly Twitter) account that many more investors are expected to place their final bids on the last day of the offer a sign that sentiment around the IPO remains highly positive. The IPO consists of 50 million shares, representing 21.67% of post-IPO paid-up capital, with a floor price of Rs14 per share. Using the Dutch auction method, PQFTL will allocate 75% of shares to successful bidders while 25% is reserved for retail investors. A Market Leader With a Strong Track Record: Founded in 2006, Pak-Qatar Family Takaful is Pakistan’s first and largest dedicated Family Takaful operator. Today, it dominates the sector with: • 44% share of the overall family takaful market• Over 90% share of the dedicated takaful segment Such commanding strength doesn’t happen overnight. PQFTL has built its reputation by delivering consistent growth in net income and profit-after-tax (PAT). Its single-contribution products have played a vital role in accelerating asset accumulation while maintaining low acquisition costs of just 5% in FY24, a notable advantage in a competitive industry. A Forward-Looking Company With Long-Term Vision: The company’s ambition for innovation and diversification became clearer in 2022, when it became Pakistan’s first takaful operator to receive a Voluntary Pension Scheme (VPS) license. This strategic move positions PQFTL to capture long-term retirement savings, giving it a sustainable growth path for the coming decades. What the Oversubscription Really Means: The immediate oversubscription of PQFTL’s IPO indicates three important trends in Pakistan’s financial markets: For investors, PQFTL represents a rare opportunity to invest in a high-growth segment of Pakistan’s financial industry, one that continues to expand even during economic volatility. Pak-Qatar Family Takaful’s IPO success story is more than a market event, it’s a reflection of how Islamic finance, digital distribution, and long-term savings products are reshaping Pakistan’s financial landscape. As bids continue flowing in, all eyes are on the final book-building results, which are expected to set new benchmarks for future Shariah-compliant IPOs.

In a significant move that could reshape regional trade dynamics, Pakistan has officially offered Turkmenistan access to its deep-sea ports in Karachi and Gwadar. The development came during Prime Minister Shehbaz Sharif’s two-day visit to Ashgabat, where he met Turkmen President Serdar Berdimuhamedov on the sidelines of an international forum. The proposal marks a strategic shift toward closer regional integration, opening new land and sea routes that could transform Pakistan into a major commercial gateway for Central Asia. A New Trade Corridor for Central Asia: Turkmenistan, a landlocked nation heavily dependent on overland routes, has long sought diversified access to global markets. Pakistan’s offer aims to create: • New alternative trade corridors• Reliable access to South Asia, the Middle East, and the wider global market• Expanded land-and-sea connectivity that benefits both countries According to official statements, the ports of Karachi and Gwadar are well positioned to support Turkmenistan’s growing trade ambitions, particularly as Central Asian nations look to reduce their logistical dependence on traditional routes. Strategic Diplomacy in Ashgabat: Prime Minister Shehbaz Sharif and President Berdimuhamedov met during international celebrations marking 30 years of Turkmenistan’s permanent neutrality, a globally recognized UN designation. During the meeting, the Pakistani premier highlighted how both ports especially Gwadar, located near vital shipping lanes can serve as high-value gateways for Central Asian exports and imports. Sharif also expressed gratitude to the Turkmen government for assisting in the evacuation of Pakistani citizens from Iran earlier this year during heightened tensions between Iran and Israel. High-Level Delegation from Pakistan: The Pakistani delegation included:• Ishaq Dar – Deputy Prime Minister• Awais Leghari – Federal Minister for Energy• Atta Tarar – Federal Minister for Information Their presence signals Pakistan’s intention to expand cooperation in energy, logistics, and trade infrastructure, even though no formal agreements or investment figures were announced during this round of talks. Energy Cooperation: A Long-Term Opportunity: Turkmenistan is one of the world’s major natural gas exporters, while Pakistan continues to face unresolved energy challenges. Both nations have previously explored major energy projects such as the TAPI gas pipeline, which is proposed to run through Afghanistan. While progress has been slow, renewed diplomatic engagement may help revive long-term energy cooperation discussions. Invitations for High-Level Visits in 2026: Prime Minister Shehbaz Sharif extended formal invitations to:• President Serdar Berdimuhamedov, and• Former President Gurbanguly Berdimuhamedov, now recognized as the National Leader of the Turkmen People for official state visits to Pakistan in 2026. These visits could push forward economic agreements, investment frameworks, and energy partnerships. Participation in Global Peace Forum: Shehbaz Sharif is also attending the International Forum on Peace and Trust, organized to mark the UN’s declaration of 2025 as the International Year of Peace and Trust. The forum reflects Turkmenistan’s long-standing diplomatic identity centered around neutrality and peaceful cooperation. Why This Matters for Regional Business & Investment: Pakistan’s offer has the potential to:• Position Karachi and Gwadar as regional trade hubs• Strengthen economic ties between South Asia and Central Asia• Enhance Pakistan’s relevance in global supply chains• Open doors to future energy, logistics, and infrastructure investments If fully realized, the collaboration could reshape commercial flows across the region, making Pakistan a central player in Central Asian trade connectivity.

The Pakistani rupee (PKR) continued its steady trajectory on Thursday, posting a marginal gain against the US dollar in the interbank market. The local currency appreciated by 1.14 paisa, closing the day at PKR 280.36 per USD, slightly stronger than the previous close of 280.37. Despite the modest move, the rupee showed relative stability throughout the session, touching an intraday high (bid) of 280.40 and a low (ask) of 281.40, reflecting a calm trading environment amid improving sentiment in the currency market. Open Market: Dollar Remains Range-Bound: In the open market, exchange companies quoted the US dollar at:• Buying: PKR 280.60• Selling: PKR 281.40 The close alignment between interbank and open-market rates highlights increased supply and better liquidity, which has helped reduce volatility over the past few weeks. PKR Shows Mixed Movement Against Major Global Currencies: While the rupee held firm against the dollar, it showed a divergent trend when compared to other major international currencies. Euro (EUR)• PKR depreciated by 1.49 rupees (0.46%)• Closed at PKR 328.08 vs. previous 326.59 British Pound (GBP)• PKR weakened by 1.20 rupees (0.32%)• Settled at PKR 374.83 versus 373.63 earlier Swiss Franc (CHF)• PKR dropped by 2.47 rupees (0.71%)• Closed at PKR 350.83 Japanese Yen (JPY)• PKR slipped by 0.77 paisa (0.43%)• Closed at PKR 1.7977 compared to 1.7900 previously Chinese Yuan (CNY)• PKR eased by 1.67 paisa (0.04%)• Finished at PKR 39.72 Interestingly, the rupee showed slight strength against Gulf currencies: Saudi Riyal (SAR)• Gained 0.70 paisa (0.01%)• Closed at PKR 74.71 UAE Dirham (AED)• Gained 0.73 paisa (0.01%)• Closed at PKR 76.33 Rupee’s Performance in FY25 and CY25: The Pakistani rupee has displayed a mixed but improving pattern this year. Current Fiscal Year (FY25)• PKR has appreciated by 3.40 rupees (1.21%) against the USD Calendar Year (CY25)• PKR has depreciated 1.81 rupees (0.65%) so far The overall trend shows that while global currency pressures remain, Pakistan’s local unit is benefiting from better inflows, improved sentiment, and tighter administrative measures. Outlook: Stability Continues Amid Global and Local Shifts: The rupee’s slight gain against the dollar and its controlled movement across major currencies signal a market that is gradually stabilizing. With improving foreign exchange reserves, restrained imports, and steady remittance flows, analysts expect the PKR to maintain a narrow trading range in the near term. However, external factors such as global oil prices, geopolitical developments, and Federal Reserve rate decisions will continue to influence PKR’s direction.

Karachi, December 11, 2025 – Pakistan’s mutual fund industry has shattered another milestone, crossing the PKR 4.3 trillion mark for the first time in history. According to data released by Optimus Capital Management, total Assets Under Management (AUM) jumped 2.2% month-on-month to a record PKR 4,306 billion as of November 30, 2025, adding a massive PKR 90 billion in fresh inflows in just 30 days. The surge was powered by aggressive risk-taking by investors: equity funds grew 3.5% MoM and their share in total industry AUM climbed to an all-time high of 14.4% (up 20 basis points). Shariah-compliant income and equity funds remained the biggest beneficiaries, attracting the lion’s share of new money. Read More: https://theboardroompk.com/retail-investors-fuel-pakistan-stock-exchanges-40-surge-in-2025-highest-turnover-since-2017/ Al Meezan Investments retained its dominant position with PKR 667 billion (+4.1% MoM), while NBP Funds (PKR 509 bn) and HBL Asset Management (PKR 360 bn) held second and third spots respectively. Notably, HBL Asset Management overtook MCB Funds for the first time. Smaller players stole the show on growth: Lucky Cement-backed Lucky Investment Ltd surged 8.0% MoM, JS Investments rose 4.8%, and Lakson Investments gained 4.5%. Meanwhile, money market funds witnessed marginal outflows for the second consecutive month as investors rotated toward higher-yielding equity and income categories amid expectations of further policy rate cuts. Industry officials described the PKR 4.3 trillion milestone as a “turning point” for capital market depth in Pakistan. “Retail participation has never been this strong. The jump in equity allocation to 14.4% reflects growing confidence in the stock market rally and falling fixed-income yields,” said a senior fund manager. With the KSE-100 up over 80% year-to-date, analysts expect the industry to comfortably breach PKR 4.5 trillion before March 2026.

SICPA Pakistan, a trusted leader in secure identification, authentication, and traceability solutions, celebrated its 30th anniversary, marking three decades of dedicated service and strategic partnership in Pakistan. A prestigious ceremony was held in Karachi to commemorate the milestone. The event was graced by Governor State Bank of Pakistan (SBP) Jameel Ahmed as the chief guest, alongside senior SBP officials, representatives from the Pakistan Security Printing Corporation (PSPC) and SICPA’s leading brand-protection partners from across the country. State Bank Governor Praises SICPA’s Role in National Security Printing: Addressing the ceremony, SBP Governor Jameel Ahmed congratulated SICPA on completing 30 successful years in Pakistan and commended its vital contribution to supplying high-quality security inks used in the printing of Pakistani currency. He expressed satisfaction over the productive partnership between SICPA and the Pakistan Security Printing Corporation, highlighting the successful technology transfer and the local production of various security ink categories. The Governor also encouraged SICPA Pakistan to explore opportunities for becoming a regional hub for security ink exports to neighboring countries, strengthening Pakistan’s position in the secure printing and authentication industry. He acknowledged SICPA’s ongoing technical support for the country’s upcoming new banknote series, praising the company’s innovative solutions. Highlighting a Legacy Built Over 30 Years: In his opening address, Rizwan Butt, Managing Director of SICPA Inks Pakistan (Private) Limited, reflected on the company’s remarkable journey and longstanding collaboration with the State Bank of Pakistan and PSPC. He noted that since its establishment in 1995 as a supplier of security inks for banknote printing, SICPA Pakistan has significantly expanded its technological capabilities and operational footprint. Key milestones include: • 2007: Expansion into brand-protection solutions• 2012: Large-scale facility upgrades• 2022: Introduction of advanced QUAZAR® technology Today, SICPA Pakistan provides brand-protection services to over 60 leading brands across diverse industries. Butt emphasized that these investments reflect the company’s commitment to supporting the State Bank’s goals of enhancing cash automation, authentication, and security standards across Pakistan’s financial ecosystem. SICPA Switzerland Recognizes Pakistan Team’s Excellence: Arnaud Laurence, Managing Director, Currency Services and Solutions at SICPA Switzerland, applauded SICPA Pakistan for establishing itself as a trusted name in secure printing and brand protection within the region. He praised the leadership of Managing Director Rizwan Butt and the relentless dedication of the SICPA Pakistan team, which he said had strengthened the company’s presence not only in Pakistan but across the broader region. Laurence reaffirmed SICPA’s commitment to investing in next-generation technologies and advanced digital solutions. He added that SICPA is proud to remain a reliable partner for Pakistan’s future security-printing needs and stands fully prepared to support the launch of the new banknote series as well as the growing demand for brand-protection solutions across industries. A Strategic Milestone for Pakistan’s Secure Future: SICPA Pakistan’s 30-year celebration underscores its enduring contribution to the nation’s financial security infrastructure. From secure banknote inks to advanced traceability and authentication technologies, the company continues to play a pivotal role in strengthening trust, transparency and protection across Pakistan’s economic landscape. As SICPA looks ahead, it remains committed to building innovative solutions that support Pakistan’s secure, digital and economically resilient future.

Sazgar Engineering Works Limited (PSX: SAZEW), one of Pakistan’s leading automotive manufacturers, has posted another steady month of production and sales performance for November 2025. The company continues to show resilience in a challenging market environment, strengthening its position in both the three-wheeler and four-wheeler segments. Four-Wheeler Production & Sales, November 2025: In November, SAZEW manufactured 1,357 four-wheelers, including its popular off-road models and passenger vehicles. Sales for the same category stood at 1,109 units, reflecting the company’s consistent demand in the local market. While sales showed a slight dip compared to October 2025 where the company sold 1,379 units, the production increase signals steady supply chain improvement and market confidence for future growth. Three-Wheeler Segment Shows Stronger Momentum: The three-wheeler category once again proved to be a strong performer. In November 2025: • Production: 1,742 units• Sales: 1,749 units This slight outperformance in sales over production points to healthier demand and strong dealer movement. However, these numbers are lower than October 2025, when SAZEW produced 2,575 units and sold 2,344 units. Despite the month-to-month variation, the segment maintains strong traction in urban and semi-urban mobility markets. SAZEW’s Growing Footprint in Local & International Markets: Sazgar Engineering Works remains one of the most dominant players in Pakistan’s automotive landscape, best known for its: • CNG 4-stroke auto rickshaws• Three-wheelers• Automotive wheel rims• Expanding range of off-road and passenger vehicles With modern production facilities and a rapidly growing international dealer network, the company continues to diversify and expand its footprint in both domestic sales and global export markets. As the mobility landscape evolves, Sazgar Engineering’s steady production numbers reflect strong operational capability and consistent market demand. With the three-wheeler segment performing solidly and the four-wheeler category showing stable growth, SAZEW is positioned to continue strengthening its market share through 2026.