Business
Inflation, fiscal strains weigh on PSX | The Express Tribune
Shares of 340 companies were traded. At the end of the day, 93 stocks closed higher, 233 declined and 14 remained unchanged. PHOTO: FILE
KARACHI:
The Pakistan Stock Exchange (PSX) witnessed a week of profit-taking and consolidation as investors remained cautious amid rising inflation, widening trade deficit and fiscal shortfalls. The benchmark KSE-100 index closed at 159,593, down 2,039 points, or 1.3% week-on-week (WoW), after recovering some ground on Friday.
On a day-on-day basis, following Friday’s strong rally, the PSX continued its upward trajectory on Monday as the KSE-100 index gained 1,172 points (+0.72%) to close at 162,803.
The market saw a consolidation phase on Tuesday, when the index fluctuated throughout the session, ultimately closing at 161,282, down 1,522 points, or 0.93%.
On Wednesday, the PSX endured a lacklustre session, slipping 1,704 points, or 1.06%, and settling at 159,578. The bourse extended its losing streak on Thursday and dropped another 481 points (-0.3%) to close at 159,097.
After three consecutive bearish sessions, the PSX finally saw some respite on Friday as the KSE-100 ended trading at 159,593 (+496 points, or 0.31%).
Arif Habib Limited (AHL) weekly review noted that the benchmark KSE-100 index continued on a downward trajectory at the start of the week, but bounced back on Friday, recovering some lost ground. The bearish trend was on the back of profit-taking and market consolidation. Consequently, the index closed the week at 159,593, marking a decline of 2,039 points (-1.3% WoW).
Among economic news, AHL mentioned, the Consumer Price Index (CPI) for Oct’25 came in at 6.2% year-on-year (YoY) – the highest since Oct’24 – compared to 5.6% in Sept’25.
In the Pakistan Investment Bond (PIB) auction, the government raised Rs785.2 billion against the target of Rs400 billion, with bids totalling Rs1.44 trillion. Cut-off yields rose 14-15 basis points for two to five-year papers, stayed flat for 10 years and fell nine basis points for 15-year bonds, which saw a large allocation of Rs340 billion.
In Oct’25, total cement dispatches increased 7.3% to 4.8 million tons, up from 4.4 million tons in Oct’24, driven by a surge in domestic demand. During 4MFY26, cement dispatches reached 17.3 million tons, depicting a 16.1% YoY growth from 14.9 million tons in 4MFY25.
Urea sales declined 2%, reaching 351k tons in Oct’25, driven by weak farm economics and seasonal impact, while di-ammonium phosphate (DAP) sales shrank 55% YoY to 140k tons due to lower imports and offtake by local producers.
Sales of oil marketing companies (OMCs), excluding furnace oil, rose 2% YoY to 1.47 million tons in October, fuelled by a 4% increase in high-speed diesel demand amid Rabi sowing and curbed smuggling, while motor spirit volumes dipped 2% YoY on higher prices. Cumulatively, 4MFY26 sales grew 8.3% YoY to 5.3 million tons, AHL added.
Syed Danyal Hussain of JS Global noted that stock market activity remained under pressure during the week, with the KSE-100 index closing at 159,593 points (down 1.3% WoW) as sentiment remained subdued due to unstable geopolitical dynamics.
On the economic front, the CPI for Oct’25 was recorded at 6.2%, which remained above market expectations, primarily due to flood-related supply interruptions and border closures with Afghanistan, lifting average inflation for 4MFY26 to 4.73%.
Meanwhile, the trade deficit widened 56% YoY in October to $3.2 billion, pushing the 4MFY26 deficit to $12.6 billion as imports rose to $6.1 billion, the highest monthly level since March 2022, while exports declined 4% YoY, Hussain said.
Conversely, remittances improved to $3.4 billion in Oct’25 (+12% YoY). The power-sector circular debt registered an increase of Rs79 billion in 1QFY26, reaching Rs1.69 trillion. On the fiscal side, the Federal Board of Revenue faced another monthly shortfall of Rs76 billion in Oct’25, which took the cumulative gap to Rs274 billion in 4MFY26, with total collections reaching Rs3.84 trillion, he added.
Business
Piyush Goyal Dismisses Rahul Gandhi’s Farmer Meet Video, Rebuts ‘Fake Narrative’ On India-US Trade Deal
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The minister offered a detailed reality check to counter what he termed ‘Rahul ji’s fakery’

Goyal reiterated that Prime Minister Narendra Modi’s policies are intrinsically linked to farmer welfare. (File Photo: PTI)
Union Commerce Minister Piyush Goyal has accused Congress leader Rahul Gandhi of orchestrating a “fake narrative” aimed at provoking India’s farming community. Responding to a video released on social media by the Leader of the Opposition on Friday, Goyal dismissed the interaction as a stage-managed performance featuring Congress activists masquerading as genuine farmer leaders. He asserted that the dialogue followed a predetermined script designed to mislead the public regarding the safeguards in the recent India-US trade deal.
Rahul Gandhi has alleged that “any trade deal that takes away the livelihood of farmers or weakens the food security of the country is anti-farmer”. He was pointing to the recently concluded India-US framework agreement for bilateral trade, which is expected to be signed after tweaks by the end of March.
Piyush Goyal offered a detailed reality check to counter what he termed “Rahul ji’s fakery”, placing on record that the Narendra Modi government has fully protected the interests of annadatas, fishermen, MSMEs, and artisans. The minister categorically clarified that sensitive crops like soyameal and maize have been granted no concessions whatsoever in the agreement, ensuring that domestic farmers remain shielded from competitive pressure. He criticised the opposition for repeating “baseless allegations” in an attempt to instill unnecessary fear among the rural population.
Addressing specific claims regarding apple and walnut imports, the minister provided a technical breakdown of the protectionist measures in place. He noted that while India already imports approximately 550,000 tonnes of apples annually due to high domestic demand, the new US deal does not allow unlimited entry. Instead, a strict quota has been established, far below current import levels, and subject to a Minimum Import Price (MIP) of Rs 80 per kg. With an additional duty of Rs 25, the landed cost of US apples will be roughly Rs 105 per kg—significantly higher than the current average landed cost of Rs 75 per kg from other nations—thereby ensuring Indian growers are not undercut. Similarly, for walnuts, the US has been offered a modest quota of 13,000 metric tonnes against India’s total annual import requirement of 60,000 metric tonnes, making it impossible for the deal to harm local producers.
Goyal also took a swipe at the historical record of the Congress party, pointing out the irony of its current stance. He reminded the public that during the Congress-led UPA era, India imported nearly $20 billion worth of agricultural products, including dairy items, which the current administration has strictly excluded from the US pact. He challenged Rahul Gandhi to explain his “betrayal of farmers” and questioned how much longer the opposition intended to peddle fabricated stories.
Concluding with the slogan “Kisan Surakshit Desh Viksit”, Goyal reiterated that Prime Minister Narendra Modi’s policies are intrinsically linked to farmer welfare. He maintained that the India-US agreement is a balanced framework that opens new markets for Indian exports like basmati rice and spices while keeping the nation’s agricultural backbone secure.
February 14, 2026, 05:29 IST
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Business
Without Rera data, real estate reform risks losing credibility: Homebuyers’ body – The Times of India
New Delhi: More than 75% of state real estate regulators, Reras, have either never published annual reports, discontinued their publication or not updated them despite statutory obligation and directions from the housing and urban affairs ministry, claimed homebuyers’ body FPCE on Friday. It released status report of 21 Reras as of Feb 13.The availability of updated annual reports is crucial as these contain details of data on performance of Reras, including project completion status categorised by timely completion, completion with extensions, and incomplete projects. The ministry’s format for publishing these reports also specifies providing details such as actual execution status of refund, possession and compensation orders as well as recovery warrant execution details with values and list of defaulting builders.FPCE said annual report data is not only vital for homebuyers to assess system credibility, but is equally necessary for both state and central govts to frame effective policies, design incentivisation schemes, and develop tax policy frameworks.“Unless we have credible data proving that after Rera the real estate sector has improved in terms of delivery, fairness, and keeping its promises, we are merely firing in the air,” said FPCE president Abhay Upadhyay, who is also a member of the govt’s Central Advisory Council on Rera.As per details shared by the entity, seven states — Karnataka, Tamil Nadu, West Bengal, Andhra Pradesh, Himachal Pradesh and Goa — have never published a single annual report since Rera’s implementation, and nine states, including Maharashtra, Uttar Pradesh and Telangana, which initially published reports, have discontinued the practice.Upadhyay said when regulators themselves don’t follow the law, they lose the legal right to demand compliance from other stakeholders. “Their failure emboldens builders and weakens the very system they are meant to safeguard,” he said.
Business
Infosys Rolls Out 85% Average Performance Bonus In Q3FY26, Best In Over 3 Years
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Over recent quarters, payouts had gradually improved from roughly 65 percent to 80 percent and now to an average of about 85 percent in Q3FY26.

Infosys logo is seen.
IT major Infosys rolled out performance bonus payouts averaging around 85 percent for the quarter ended December 31, 2025 (Q3FY26), marking the strongest variable pay outcome for eligible employees in at least the past three-and-a-half years, Moneycontrol reported citing people in the know.
The bonus payout for mid- to junior-level employees ranges between 75 percent and 100 percent, with most employees clustering around the organisation-wide average of 85 percent, the report said. The development signals a steady recovery in variable compensation at the Bengaluru-headquartered IT services firm. Over recent quarters, payouts had gradually improved from roughly 65 percent to 80 percent and now to an average of about 85 percent in Q3FY26.
Employees are expected to receive their bonus letters over the next few days, with the payout scheduled to be credited along with their February salary.
One employee told the outlet that it is the strongest bonus outcome seen in recent years. The payout is also among the rare instances since the Covid-19 period when variable pay has approached the upper end of the eligible range.
Infosys last paid out 100 percent variable compensation during the pandemic. In the quarters that followed, payouts were lower amid macroeconomic uncertainty and a broader slowdown in client spending across global markets.
The higher payout comes at a time when global IT stocks have faced renewed pressure, driven by concerns over rapid advances in artificial intelligence and their potential impact on traditional IT services models.
Shares of global IT firms have seen sharp sell-offs in recent weeks amid heightened investor focus on AI leaders such as Anthropic. Investors fear that generative AI tools could compress pricing, automate routine services work and reduce demand for legacy outsourcing models.
Against that backdrop, the improved bonus payout at Infosys is being viewed as a signal of operational resilience and near-term performance strength, even as sentiment around the broader IT sector remains cautious.
February 13, 2026, 21:44 IST
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