KARACHI: The Pakistan Stock Exchange (PSX) finished the third consecutive week in the red, with the benchmark KSE-100 index dipping below the 180,000-point mark amid lingering economic and security concerns. Investor sentiment remained weak, with selling pressures exacerbated by disappointing corporate earnings and a lack of positive news.

According to Topline Securities Ltd, the KSE-100 index suffered staggering losses driven by profit-taking following the release of below-expectation results for the December quarter. Market participants were also wary of the impact of the super tax on profitability, further undermining confidence.

During the week, some key economic data were released. Remittances for January stood at $3.5 billion, up 15pc from the previous year but down 4pc month-on-month (MoM). The auto sector saw a notable improvement, with sales reaching 23,055 units, a 36pc year-on-year (YoY) increase and a 74pc MoM surge.

Index settles below 180,000-milestone after losing almost 9,000 points

However, concerns persisted over political and security issues, particularly the delayed financial close of the Reko Diq mining project. This uncertainty contributed to market volatility and led to significant selling in sectors like oil and gas, banks, and fertilisers.

As a result, the KSE-100 index ended the week at 179,604 points, a decrease of 8,920 points or 2.46pc week-on-week, according to Arif Habib Ltd (AHL).

The average trading volume declined by 15pc to 862.26 million shares, while the average value traded fell 13.4pc to $152.2 million week-on-week. Market participation showed signs of strength, with the average daily traded volume increasing 8pc to 1.1 billion shares.

In terms of international developments, the UAE extended a $2bn lifeline to Pakistan ahead of crucial IMF talks.

The Pakistani rupee showed stability against the US dollar, strengthening by 0.03pc to close at Rs279.62 against the US dollar. Meanwhile, central government debt increased 1.3pc month-on-month to Rs78.5 trillion by December 2025, reflecting the ongoing fiscal challenges faced by the government.

Selling pressure was most evident in the oil and gas exploration (E&Ps), banking, and technology sectors, which collectively accounted for most of the index’s losses. Notably, the banking sector contributed a loss of 1,901 points, while E&Ps lost 1,298 points.

On the other hand, the investment banking and pharmaceutical sectors saw slight positive contributions, helping to offset some losses. Engro Holdings, Fauji Fertiliser, and AGP were among the top performers, providing some relief to the broader market.

Moody’s revised Pakistan’s banking system outlook from positive to stable, noting gradual improvements in macroeconomic indicators but highlighting a slow recovery in the operating environment. Additionally, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $20.6 million to $16.18bn, providing some stability amid external pressures.

Gas and oil production saw declines in the first week of February, with gas output down 7.8pc week-on-week and oil production dropping 11.7pc week-on-week. The overall economic environment, marked by rising government debt, weighed on market sentiment.

Looking ahead, analysts from AHL predict a possible moderation in the KSE-100 index as Ramazan approaches, with expectations of further earnings reports that could provide some upside. Positive developments in economic data, such as trade figures and the current account balance, could offer support to the market.

The index currently trades at a price-to-earnings ratio of 9.1x, offering an attractive dividend yield of approximately 6.7pc.

Published in Dawn, February 15th, 2026

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KARACHI: The National Accountability Bureau (NAB) has recovered government land worth Rs1.5 trillion, while a special task force is being constituted to resolve land-related issues in Sindh, said Shakeel Ahmed Durrani, NAB Director General for Karachi on Saturday.

In line with the demand of the Association of Builders and Developers (ABAD), he said that land should be sold through public auction.

Addressing a ceremony held at ABAD House, Mr Durrani further said that the task force of NAB and the Sindh government will soon become operational.

He emphasised that both NAB and the Chief Minister Murad Ali Shah are on board regarding land-related matters. He said a new plan has been initiated to recover government land worth Rs10tr.

According to ABAD’s press release, he said that discretionary powers related to land often become a source of corruption. A proposal is under consideration to develop public parks on the recovered lands in consultation with the Sindh government.

Task force to tackle land issues; govt eyes Rs10tr recovery

DG NAB Rawalpindi Waqar Ahmed Chauhan said that NAB closely reviews ABAD’s reports to stay informed. For the first time in the country’s history, NAB has developed an online property system.

Layout plans of 1,026 housing societies across the country have been incorporated into the system. The online property system will soon be introduced for the public, and approved layout plans of societies will continue to be added to the system, he said.

Chairman ABAD Muhammad Hassan Bakhshi said that if Pakistan’s economy is to grow, Karachi must be embraced and supported.

He said that five plots of land, including park lands, have been recovered. The Chairman NAB invited ABAD to work jointly on these lands and assured that NAB would be informed to resolve title-related issues. Once clearance is granted by NAB, the title issues will be resolved, and thereafter no NAB cases will be filed against builders, which would help restore investor confidence in Karachi.

The ABAD Chairman also announced the formation of a committee between the business community and NAB so that matters can be resolved out of court and long-pending cases can move toward resolution.

Former ABAD Chairman Mohsin Sheikhani said that government institutions associated with land matters are not working on a digitalisation formula. Even after official approval stamps from government institutions, the value and legal standing of land are not secure, and people still have to make repeated court appearances. He emphasized that once digitalisation is implemented in government institutions, 80 per cent of land-related issues would be resolved.

Published in Dawn, February 15th, 2026

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KARACHI: Dollars being sold by the exchange companies in the interbank market fell by 12 per cent in the first seven months of the current fiscal year.

This was against the inflows of remittances through the banking channel, which increased by 11.3 per cent during the same period. Apparently, more inflows are coming through banking channels, with greater facilitation by banks or better regulations and schemes introduced by the State Bank for remittances.

However, exchange companies said selling and buying dollars in the open market is becoming difficult due to strict vigilance and restrictions. This was the reason exchange companies are getting less from people willing to sell their dollars. At the same time, buying dollars from exchange companies is more difficult.

“Despite strict rules and regulations for dollar trading, investments in cryptocurrencies have increased this year,” said a currency dealer, adding that no one knows the volume of investment in cryptocurrencies. Earlier, exchange companies estimated an investment of $800 to $1,000 million in cryptocurrencies.

Strict regulations, crypto investments blamed for decline

Data from the Exchange Companies Association of Pakistan showed that companies sold a total of $1.692bn to banks during July-January 2025-26. It was 12pc less than the amount sold in the same market during this period last year, which was around $1.921bn.

In January, the companies sold a total of $309m, up from $260m in the same month last year. A number of companies are facing pressure to merge with bigger companies, as the State Bank is willing to reduce the number of companies. At the same time, the banks are being encouraged to open their own exchange companies. This move was intended to handle fewer companies more easily and to stop money laundering and dollar smuggling.

However, market sources said cryptocurrencies are offering much higher rates against the dollar, which may attract remitters to obtain local currency and sell dollars outside Pakistan, such as in Dubai.

Exchange Companies Association of Pakistan Chairman Malik Bostan said higher inflows in Ramazan will boost dollar sales in the banking market. He said that, usually, inflows increase by up to 20 per cent in Ramazan; both remittances through banks and exchange companies are expected to increase.

Published in Dawn, February 15th, 2026

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