CSF 💼 IMF💰 Airbus 🛬

Another Week, Another Pulse!

The IMF Board Review on December 8th has been the talk of the town. Everyone's holding their breath, hoping for a "thumbs up" that would unlock a hefty US$1.2 billion lifeline—$1 billion from the Extended Fund Facility (EFF) and $200 million from the Resilience and Sustainability Facility (RSF).

This cash injection is economically significant. It's expected to bolster foreign-exchange reserves, support crucial reforms in the fiscal and energy sectors, and provide relief for those nagging external financing needs. The approval, however, comes with a caveat, Pakistan needs to meet some pretty strict structural benchmarks, especially around governance and anti-corruption reforms.

Even with the IMF decision looming, the federal government decided to offer the public a nice weekend surprise! On Sunday, they announced a cut in fuel prices for the next fortnight, with Petrol down by Rs 2 and High-Speed Diesel (HSD) down by Rs 4.79. Every little bit helps!

Another positive news, the State Bank of Pakistan (SBP) reported a modest but welcome bump in foreign-exchange reserves, now hovering around US$14.56 billion. When you include commercial bank holdings, the total liquid reserves are roughly US$19.6 billion. This slight increase offers a little "breathing room" against imports and external shocks. However, the economic reality check isn't far behind...

On the manufacturing floor, the domestic mobile-phone industry is facing headwinds. Production fell by about 34% year-on-year in October 2025, and 23% compared with September. This is amidst ongoing chatter about a possible reduction in the PTA tax on imported phones. The irony? Local producers supplied an incredible 94% of the country's total demand. This is fueling the debate: should the taxes be kept unchanged to boost production further?

Hold onto your seats! The entire aviation world was stunned when the Airbus was grounded. The shocking twist? The fault wasn't a cracked fuselage or a faulty engine... it was the SUN! We're still processing the details on how celestial rays could bring a modern marvel to a standstill, but talk about a cosmic flight delay!

Here’s your five-minute recap of everything you need to know.

🎧 Listen now on your favorite platform:

Youtube - https://rb.gy/xrrpz5

SoundCloud - https://tinyurl.com/3mhd9p2m

Spotify- https://tinyurl.com/36jbc289

STOCK MARKET:

The Pakistan Stock Exchange (PSX) ended the week on a strong note, with the KSE-100 Index rising by 1,304 points to close at 166,677.70. The upbeat trend was fueled by improved investor sentiment, supported by expectations of IMF Board approval and the anticipated disbursement of funds, which is expected to bolster foreign exchange reserves. Overall, the index finished the week up 2.82% and recorded a 5.18% gain for the month.

PSX to relaunch cash-settled futures market on December 1

The Pakistan Stock Exchange (PSX) will relaunch its cash-settled futures (CSF) market on December 1, 2025, marking a key step in expanding and modernizing its derivatives segment. The relaunch will offer brokers and market participants greater convenience and operational efficiency, supported by a three-month waiver of CSF trading fees and deposit requirements to encourage early adoption. The exchange has completed all system preparations for a smooth rollout and released the trading and settlement schedule for initial contracts. This initiative is expected to broaden trading choices and enhance liquidity in the PSX derivatives market.

Pakistan textile giant plans major expansion in renewable energy, yarn, and dairy

Nishat Mills Limited (NML) is undertaking a broad expansion spanning renewable energy, textiles, and dairy. Management of NML made this announcement during its corporate briefing session. The company plans to increase its solar power capacity, expand open-end yarn production with 3,000 additional rotors, and establish a new workwear garments unit. Its dairy arm is also receiving significant investment, with Rs 3.9 billion already deployed. The strategy aims to diversify revenue streams and strengthen competitiveness amid challenging global textile market conditions.

DGKC’s subsidiary to launch “Milkfields” in coming days

D.G. Khan Cement Company’s (DGKC) subsidiary, Nishat Dairy Private Limited, is set to launch a new milk brand called Milkfields in the coming days. Developed in collaboration with Turkish dairy company SÜTAS, the brand will begin its marketing campaign soon. The move reflects DGKC’s strategy to diversify beyond cement and expand into Pakistan’s dairy sector with fresh and processed milk products.

ECONOMY:

Govt raises over Rs1tr in treasury auctions

The Government of Pakistan raised over Rs 1.03 trillion in recent auctions of treasury bills, long-term bonds, and Islamic sukuk, driven by strong investor demand. In the short-term treasury bill auction, bids worth Rs 1.803 trillion were received, of which Rs 749 billion were accepted. Yields on the accepted securities were largely stable or slightly lower than in previous auctions, indicating continued investor confidence.

Govt to pass burden of LNG cargoes on to RLNG consumers

The government has decided not to absorb potential losses from diverted LNG cargoes under the NPD clause, and will pass those costs directly to RLNG consumers — including power plants, export‑oriented industries, and new domestic users. As a result, RLNG prices are likely to rise, increasing energy costs for electricity generation, industrial usage, and new RLNG-based connections.

FUNDS IN VIEW:

Who made it to the Top 10 AMCs this month? 👀

The top 3 AMCs held their ground, showing consistent performance . Meanwhile, ABL Funds climbed 2 spots to claim the 6th position! On the flip side, UBL Fund Managers and AL Habib Asset Management Limited slipped a bit but still secured spots in the Top 10.

Be part of this growing investor community today! 🚀

_{Today’s Pulse by Capital Stake is brought to you by Maha Jafer Butt}