Pakistan

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.

Karachi: The Pakistan-Afghanistan Joint Chamber of Commerce & Industry (PAJCCI) has once again urged the Ministry of Commerce, FBR, Customs, and all relevant authorities to take immediate action as the Pakistan–Afghanistan border trade crisis worsens. PAJCCI President Mr. Junaid Makda expressed deep concern over the rapidly deteriorating situation affecting Pakistani transporters, traders, kinnow exporters, and logistics operators.Mr. Makda highlighted that our earlier apprehensions remain unresolved, and with no concrete relief measures in place, the situation is worsening with each passing day the alarming condition of Pakistani truck drivers stranded inside Afghanistan, many of whom have been stuck for several weeks. Reports indicate that transporters and their vehicles have come under fire and faced violent attacks, creating grave safety risks for the drivers. Many are now enduring severe food shortages, no cash in hand, deteriorating living conditions, and a complete lack of basic support, as all their resources have been depleted. A similar humanitarian crisis persists on the Pakistani side, where hundreds of drivers remain immobilized at border points without food, shelter, or essential assistance.In addition, PAJCCI drew attention to the emerging crisis in kinnow exports, especially after the recent meeting convened by the Ministry of Commerce (MOC) to deliberate on regional trade bottlenecks, which was followed by the State Bank of Pakistan’s communication vide letter No. EPD/Imports&TBML/MOC/Iran&CIS/1043424/2025 dated November 19, 2025, declining the request to exempt the Financial Instrument (FI) requirement for exports to Iran and CIS countries via the Iran land route. With SBP refusing this facilitation and with OFAC restrictions already blocking settlement channels kinnow exporters are now left without any workable payment mechanism, placing the entire season at risk. Last year Kinnow exports reached $110 Million dollars and this year they are projected at $100 Million Dollar; however, Exporters are unable to ship kinnow consignments to their traditional regional markets, and many contracts are now in jeopardy, putting growers, exporters, and supply-chain workers in trouble amid peak export season.Mr. Makda highlighted that thousands of containers carrying bilateral, transit, and Central Asian Republics (CARs) cargo remain stranded across Pakistan, including consignments destined for Afghanistan, Uzbekistan, and other regional economies. The prolonged blockade has resulted in severe financial losses for traders, transporters /carrier operators and clearing agents, who are now compelled to bear daily port demurrage and shipping line detention charges of USD 150–200 per container, despite having no control over the delays. PAJCCI emphasized that the prevailing circumstances clearly constitute a force majeure situation, as these disruptions are extraordinary, unavoidable, and beyond the control of all stakeholders. In view of this, PAJCCI has urged the authorities to grant an immediate and comprehensive waiver of all demurrage and detention charges to prevent further financial strain on the already distressed trade community.PAJCCI emphasized that the overall crisis has now moved far beyond commercial disruption and has escalated into a humanitarian, financial, and logistical emergency, severely affecting vulnerable workers, traders, and their families.PAJCCI reiterated that while national security remains paramount, the situation now demands swift, compassionate, and solution-oriented intervention, as thousands of workers, families, exporters, and businesses continue to suffer under circumstances beyond their control.

ISLAMABAD: Pakistan has approved an ambitious roadmap to boost halal meat exports to Malaysia from the current negligible $38,000 to $200 million within the next 3-5 years, under direct instructions from Prime Minister Shehbaz Sharif.The decision was taken in a high-level inter-ministerial committee meeting jointly chaired by Special Assistant to PM Haroon Akhtar Khan, Federal Minister for Commerce Jam Kamal Khan, and Federal Minister for National Food Security Rana Tanveer Hussain.The committee granted formal “industry status” to the halal meat sector, paving the way for subsidized electricity, gas tariffs, duty exemptions on machinery, and easier financing. A detailed business plan with clear timelines and responsibilities has been finalized after extensive consultation with public and private stakeholders.Key initiatives include establishment of modern slaughterhouses meeting Malaysian standards, aggressive vaccination and control of foot-and-mouth disease, improvement in cold-chain logistics, and dedicated financial incentives through the State Bank and commercial banks.Haroon Akhtar Khan declared, “These measures will enable Pakistani halal beef and buffalo meat to capture a significant share of the global market while creating thousands of jobs and valuable foreign exchange.”

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.