Monday, October 19 2026

PSX: KSE-100 falls over 350 points in early trade
Selling sentiment was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 350 points during the opening minutes of trading on Monday. At 9:45am, the benchmark index was hovering at 166,059.72, down 359.99 points or 0.22%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies and OMCs. Index-heavy stocks, including HUBCO, MARI, PPL, PSO, SSGC, SNGPL, HBL, NBP and UBL, traded in the red.
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PSX edges up amid oil price concerns
Pakistan Stock Exchange (PSX) closed marginally higher on Friday, with the benchmark KSE-100 index gaining less than 235 points, as selective buying in banking and technology stocks offset selling pressure in oil and gas and cement shares amid elevated crude oil prices and persistent geopolitical uncertainty. At the close of trading, the KSE-100 posted a modest gain of 233.55 points, or 0.14%, and settled at 166,419.72. Topline Securities said it was a range-bound session at the exchange as the index traded between its intra-day high of 0.31% and intra-day low of 0.14% to finally close at 166,420 (up 0.14%). "This range-bound activity can be attributed to a lack of triggers and elevated crude oil prices," it said.
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Customs duty is not the barrier, GST is
The National Tariff Policy 2025-30 has remained in the news for the right reasons recently, and it is time to offer a provisional assessment in the light of recent data. The good news first: the policy is working. One of the underlying objectives of the policy was to stop treating customs tariff as a source of revenue and start treating it as a tool of industrial policy – to provide signals to industry and consumers. One year of experience indicates that the policy is succeeding, as the contribution of import-based revenue has come down from above 50% of overall tax revenue to less than 40%. This has happened despite an increase in import volume and customs revenue, while overall tariffs have gone down – exactly as the research had predicted.
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Was Pakistan ever an open economy?
Pakistan's National Tariff Policy 2025-30 is now in its second year of implementation. Yet questions persist about whether tariff reforms were necessary, whether the underlying data were reliable, and whether reducing import duties will benefit the economy. These are legitimate questions. But before judging the reforms, we must address a more fundamental issue: was Pakistan genuinely an open economy, or had decades of protectionism weakened its competitiveness and export potential? Much of the confusion appears to stem from a misinterpretation of the tariff indicators published by the World Trade Organisation (WTO). These indicators are useful, but they must be understood in context.
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Citi Pharma receives CCP nod to acquire Pakheim International
Citi Pharma Limited (CPHL) has received regulatory approval for its proposed acquisition of Pakheim International Pharma (Private) Limited. The company disclosed the development in a filing to the Pakistan Stock Exchange on Monday. “CPHL hereby informs its shareholders and the general public that the company has received the order dated October 9, 2026, passed by the Competition Commission of Pakistan (CCP) in Case No. 1614/Merger-CCP/2026, authorising the proposed acquisition of 100% shareholding of Pakheim International Pharma (Private) Limited under Section 31(1)(d)(i) of the Competition Act, 2010,” read the notice.
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