Smog 🌫️ Markets 📈 Bonds 💵

Another Week, Another Pulse!

Smog has once again choked major cities in Pakistan, pushing air quality to hazardous levels and bringing the climate crisis back into sharp focus. Amid this environmental emergency, the 27th Amendment was officially passed—triggering intense debate over its implications for the country's political future.

On the economic front, there were signs of cautious optimism. The State Bank’s foreign exchange reserves reached a four-year high, and remittances rose by 12% year-on-year, a welcome relief in tough times. However, the spike in sugar prices—hitting a record high of Rs. 229 per kilogram—has added further strain to household budgets.

Fuel prices brought mixed news: petrol rates remain unchanged, but high-speed diesel has become more expensive for the next two weeks. In an effort to curb cash hoarding, the State Bank also introduced tighter controls on dollar transactions, requiring banks to deposit dollars directly into customers’ accounts.

Looking ahead, Pakistan is expecting a much-needed boost as the IMF Board meets on December 8 to approve a $1.2 billion tranche—funds that could arrive as early as December 9. Yet, the World Bank’s latest outlook remains cautious, forecasting GDP growth at just 3% in FY26 due to the lingering effects of recent floods.

It was a week of highs and challenges. Here’s your five-minute recap of everything you need to know.

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The Pakistan Stock Exchange recovered after three weeks of losses, gaining momentum from clearer political signals and renewed investor optimism. The KSE-100 index ended the week up 1.26%, fueled by mutual fund activity.

The week started on a strong note, but panic selling followed two terrorist attacks in Islamabad and Wana, pulling the index below 158,000. Investors returned in the next sessions, seizing value opportunities and pushing the market past 161,000 points by the close.

Maple Leaf Cement Factory likely to acquire Pioneer Cement

Maple Leaf Cement Factory (MLCF) has announced plans to potentially acquire Pioneer Cement, which would increase its production from 8 million to over 13 million tons. MLCF already owns a portion of Pioneer, while the Habibullah group holds the majority, and the rest belongs to public investors. If the deal goes through, MLCF will become a much bigger player in Pakistan’s cement industry, giving it greater market reach and capacity. The next steps include regulatory approvals and shareholder decisions before the acquisition can be completed.

Gillette Pakistan Ltd Officially Applies for Voluntary Delisting from PSX

Gillette Pakistan (GLPL) has officially applied to be voluntarily removed from the Pakistan Stock Exchange as it prepares to close its local manufacturing and switch to a third-party distributor model. The move aligns with the global strategy of its parent company, Procter & Gamble (P&G), which is shifting business models in certain markets to focus on growth and efficiency. P&G’s subsidiary, SABV, already owns over 91% of Gillette Pakistan, and it will buy back the remaining 8% from minority shareholders at a minimum price of Rs. 216.49 per share, completing the transition away from the stock market.

Pace Pakistan Ltd Approves Overseas Expansion with UAE Venture

Pace Pakistan Ltd (PACE) is taking its first step into international markets with plans to develop a commercial project in Dubai, UAE. The company has purchased land in Dubai and will set up a new subsidiary to manage the venture. According to its notice to the Pakistan Stock Exchange, Pace is now looking for a development partner for the project, while the Board has authorized the CEO to complete all necessary formalities and take required actions to move the plan forward.

Pakistan to Re-Enter Eurobond Market After Five Years

Pakistan is set to return to the global debt market for the first time in nearly five years by issuing dollar bonds next year, with plans to also raise $250 million through Yuan-denominated bonds. The move comes as investor confidence grows, supported by the IMF and a 24 percent surge in Pakistan’s dollar bonds this year, the best performance in Asia. Easing global financial conditions, including expected US Federal Reserve rate cuts, have further encouraged international investors, giving Pakistan renewed access to global funding.

Government rejects plan to set up company for managing wheat stocks

The government has rejected the proposal to set up the Wheat Stocks Management Company, a move intended to manage wheat stocks after winding up Passco. The plan would have allowed the government to raise long-term funds to settle Passco’s remaining liabilities and streamline wheat stock operations. Officials have been asked to revise and resubmit the proposal for further review, including input from the Cabinet Committee on State-Owned Enterprises and the Law and Justice Division, before it can proceed.

Govt to Reform State-Owned Enterprises Under $400 Million ADB Program

The government is launching a $400 million program with the Asian Development Bank to reform 40 state-owned enterprises. The Accelerating SOE Transformation Program will focus on better governance, financial sustainability, and service delivery, with the National Highway Authority a key priority. The loan will be linked to performance targets and support the implementation of the State-Owned Enterprises Act 2023 and the SOE Ownership and Management Policy 2023.

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