War ⚔️, Conflict ⚡, Competition 🏛️

Another Week, Another Pulse!

The world went sideways over the last week. If there was one certainty, it’s this: turbulence isn’t coming — it’s already here.

It started with a shock that rattled the region. Israel and the U.S. launched a joint strike on Iran, and Supreme Leader Ayatollah Ali Khamenei was assassinated. Iran hit back immediately. Missiles and drones struck the middle east including Dubai, Qatar, Kuwait, Bahrain, and Oman, closing airports, grounding flights, and silencing ports. The Strait of Hormuz, the world’s oil artery, was blocked. Global energy markets surged, trade froze, and Pakistan felt the ripple instantly: petrol price jumped Rs 8 per litre, diesel by Rs 5.16, and Gulf trade, vital for both imports and exports ground to a halt.

Even before the explosions, Pakistan was on a tightrope. An IMF mission arrived in Islamabad, reviewing reforms, fiscal discipline, and external financing. Pakistan’s largest conglomerates pressed for predictable, long-term economic policies, while the IMF cautioned against chasing rapid growth after recent stabilization gains. A centerpiece of discussions: the $2 billion UAE deposit, now critical to programme continuity. The IMF’s message was clear: stabilize first, grow later. Pakistan pressed for breathing room and clarity, even as the world erupted around it.

Domestic progress continued. The Senate committee approved the draft of the Virtual Assets Bill 2025, the PTA finalized Fixed Satellite Service licenses, and the 5G spectrum auction advanced with operators submitting deposits ahead of March 10. Pakistan also committed to new public procurement rules by June 2026 to boost transparency and competition. Meanwhile, Pakistan and the World Bank agreed to strengthen development cooperation, focusing on climate resilience, agriculture, and energy sustainability.

Markets, too, had reasons to cheer. The Pakistan Stock Exchange (PSX) crossed 500,000 total investors for the first time, reflecting a sharp rise in retail participation and growing confidence in domestic financial markets.

Numbers told a story of contrasts. The non-banking sector expanded 21%, reaching Rs 6.84 trillion, yet the trade deficit widened 41% in the first seven months of FY26. Regulators denied rumors of mass foreign company exits, noting that 79 new companies registered while only 19 exited between 2022–2025.

This week proved one thing: global shocks, regional conflict, and domestic reforms collide in real time. Pakistan must navigate a volatile region, tighten finances, and push forward reforms — all while the world watches.

🎧 Tune in to this week’s Pulse:

Youtube - https://youtu.be/vs462KV45eY

The Pakistan Stock Exchange (PSX) faced a turbulent week, with the KSE-100 index shedding 2.9% (nearly 5,110 points) to close at 168,062. Investor nerves were rattled by geopolitical tensions in the Middle East, cross-border security concerns, and cautious market sentiment, all colliding with the arrival of an IMF mission for the third review of Pakistan’s $7 billion Extended Fund Facility and the Resilience and Sustainability Facility assessment. Traders kept a close eye on external financing prospects and macro-stability signals, making the week a reminder of how closely Pakistan’s markets are tied to both global shocks and domestic economic policy.

SECP Denies Probe Into Stock Market Fall

The SECP has denied any probe into the recent stock market decline, rejecting claims of broker cartels or coordinated manipulation. It emphasized that market movements reflect normal economic and financial factors, monitored continuously through its automated surveillance system. This reassurance is key for investor confidence, reminding everyone to focus on verified information rather than rumors.

SECP Tightens Shariah Rules to Align PSX-KMI Index with Global Standards

The SECP has revised the Shariah screening rules for the PSX-KMI All Share Index to align with global standards and strengthen investor confidence in Islamic capital market instruments. This move is part of a broader plan to transition Pakistan’s financial system to a Riba-free framework by 2027, following the Federal Shariat Court’s ruling and related constitutional amendments. The updated framework is expected to boost Islamic finance, guide investment decisions, and encourage companies to adopt Shariah-compliant structures, supporting the long-term growth of the country’s Islamic capital market.

OGDC Invests $25 Million More in Reko Diq

Oil and Gas Development Company (OGDC) has added $25 million to its investment in the Reko Diq project this quarter, keeping development on track. With a total of $75 million invested through Pakistan Minerals Private Limited, the funding underscores Reko Diq’s strategic importance for Pakistan’s mining sector. Located in Balochistan, the project holds one of the world’s largest undeveloped copper and gold deposits and is jointly owned by Barrick (50%), Pakistani state enterprises (25%), and the Balochistan government (25%). Management remains confident that progress will continue without delays, signaling a strong outlook for the country’s mineral development.

Pakistan Eyes Up to $5 Billion Investment to Rebuild Roosevelt Hotel

Pakistan plans to redevelop the Roosevelt Hotel in New York, aiming to attract $4–5 billion in joint investment while keeping ownership. A financial adviser will be appointed next month to structure the deal, ensuring the project generates long-term value rather than selling the asset outright. The move is part of Pakistan’s strategy to monetize high-value overseas assets amid fiscal constraints.

Govt-Owned Firm to Acquire Controlling Stake in Pakistan National Shipping Corporation

The National Logistics Corporation (NLC) is set to acquire a 30% stake and management control of the Pakistan National Shipping Corporation (PNSC), following the Prime Minister’s in-principle approval. The move, still subject to regulatory clearance, will consolidate oversight of Pakistan’s shipping operations under a government-owned logistics giant. PNSC handles cargo transport, vessel charters, and related services, while NLC manages large-scale transport and infrastructure projects, making this a strategic step to strengthen the country’s maritime and logistics sector.

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_{Today’s Pulse by Capital Stake is brought to you by Hubab Irfan}