NEW DELHI: In a rapidly reshaping global economy, strategic sovereignty has emerged as a guiding imperative, as nations navigate global supply chains while safeguarding critical capabilities in an increasingly fragmented world, global business leaders said. During a panel discussion, KPMG India CEO Yezdi Nagporewalla, global leaders across new age economy, technology and defence, financial inclusion, and consumer sectors, discussed the challenges and opportunities of operating in a fragmented global economy.Highlighting the core of strategic sovereignty in a world of global supply chains, General Atomics Global Corporation CEO Vivek Lall, chief executive of, said, “It is about reducing vulnerability to geopolitical choke points, whether in energy, technology, manufacturing, logistics, or data. Strengthening domestic capabilities while building trusted international partnerships is critical, and it is equally important to develop resilience against any potential choke points. As the global community moves forward, the underlying theme is going to be human resource training and human resource knowledge, capabilities. This is often underemphasized, but at the root of strategic sovereignty is a strong focus on human resource development.”Talking about how strategic sovereignty is reshaping the flow of global capital, Kishore Moorjani CEO – Alternatives, Private Funds CapitaLand Investment said, “Perhaps there’s no better place to see that in action than in India. When the country began liberalising over 30 years ago, it was hungry for capital and attracted significant foreign institutional investment. While FII capital is important, it can be fickle. Today, the situation has reversed: capital is chasing India… We respect the sovereignty of the markets we operate in and align our investments accordingly. We come to build India, not just trade.”Discussing the role of financial institutions in building national resilience, Mary Ellen Iskenderian, president & CEO of Women’s World Banking, said, “True economic resilience depends on inclusive access to savings, credit, insurance, and digital payments. Financial inclusion strengthens households and communities, particularly in the face of climate shocks and economic volatility, reinforcing national stability from the ground up.”On the question of how consumer brands maintain core identity while navigating local cultures, regulations, and consumer expectations, Mike Jatania, CEO and chairman The Body Shop & co-founder of Aurea, said: “For brands operating across borders, maintaining identity while respecting national priorities is essential. If your brand has a clear purpose and core values, it can adapt locally without losing its identity. Purpose, transparency, and trust are economic currency.”

Pakistan’s stock market remained under heavy pressure during the week ended February 13 as the benchmark KSE-100 index plunged 4,526 points, or 2.46% week-on-week, to close at 179,604 amid heightened volatility, weak corporate earnings, and investor concerns surrounding developments related to the Reko Diq mining project.

Market sentiment remained fragile due to persistent selling across major sectors, while analysts also linked the downturn to rising political and security tensions, which weighed on risk appetite and triggered cautious trading activity throughout the week.

On a day-on-day basis, the Pakistan Stock Exchange (PSX) started the week with a big loss, when the KSE-100 dived 1,789 points (-0.97%) to settle at 182,340. On Tuesday, the bourse experienced a consolidation phase as the index closed at 182,154, down 187 points (-0.10%).

However, the market staged a rebound from its intra-day low near 182,000 on Wednesday, settling at 183,049, up 896 points in a largely range-bound session. The second last day of the week witnessed a negative session, which erased 2,537 points (-1.39%) and closed at 180,513. The PSX extended its losses on Friday, with the KSE-100 declining by 909 points (-0.50%) at 179,604, breaching the key psychological support level of 180,000.

Arif Habib Limited (AHL), in its weekly commentary, noted that the KSE-100 remained bearish throughout the week, losing 4,526 points (-2.46% WoW) and ending at 179,604. The bearish trend was observed due to selling pressure, some lower-than-expected corporate results and high volatility stemming from concerns related to Reko Diq. During the week, Moody’s revised Pakistan’s banking system outlook from positive to stable, which indicated that while macroeconomic indicators had shown improvement, the recovery in the operating environment continued to be gradual.

Moreover, remittances from overseas Pakistanis increased by 15% year-on-year to $3.5 billion during January 2026 compared to $3 billion in January 2025. On a month-on-month basis, remittances decreased by 4%. Auto sales increased to 23.1k units, up by 74% MoM in Jan’26, while on a YoY basis, it rose by 35%.

In the MSCI Index review for Feb’26, Abbott Laboratories was deleted from the MSCI FM Standard Pakistan Index, while Security Papers and Zarea Ltd were included, and Lalpir Power was deleted from the MSCI Small Cap Index, AHL said.

Gas production was down by 7.8% WoW to 2,798 million cubic feet per day, while oil production fell significantly by 11.7% WoW to 59,121 barrels per day during the first week of Feb’26. The central government debt rose by 1.3% MoM to Rs78.5 trillion (+9.6% YoY) as of Dec’25 compared with Rs71.6 trillion in Dec’24. Meanwhile, the State Bank-held reserves increased by $20.6 million to $16.18 billion, with import cover now standing at 2.53 months, AHL added.

Wadee Zaman of JS Global said the KSE-100 index remained under pressure during the week, declining 4,526 points (-2.5%) WoW amid cautious investor sentiment driven by rising political tensions and security concerns in Balochistan, creating uncertainty around the Reko Diq mining project.

On the macro front, an IMF mission is expected later this month to start discussions for the third review under the $7 billion Extended Fund Facility. Pakistan has met three out of five major conditions so far.

Remittances for Jan’26 stood at $3.46 billion, up 15.4% YoY, taking 7MFY26 inflows to $23.2 billion, up 11% YoY. In the MSCI review, Pakistan saw two additions and two deletions across the Frontier Market and Small Cap indices, effective February 27.

On the fiscal side, PSDP spending reached Rs273 billion in 7MFY26, reflecting only 27% utilisation out of the FY26 allocation of Rs1 trillion, while the Finance Division reported a primary surplus of Rs4.1 trillion in 1HFY26, equivalent to 3.2% of GDP.

On the sectoral front, Moody’s revised Pakistan’s banking sector outlook to stable from positive, citing a gradual recovery. Meanwhile, four-wheeler auto sales surged 38% YoY to 23k units in Jan’26, marking a 43-month high and taking 7MFY26 growth to 43% YoY.

The Islamabad High Court (IHC) has directed the Petroleum Division and the Directorate General of Petroleum Concessions (DGPC) to immediately proceed under law against two exploration and production (E&P) companies over unauthorised change in effective control. This violation may lead to the revocation of petroleum rights.

Parliamentary Secretary for Energy (Petroleum Division) Mian Khan Bugti informed the National Assembly on Thursday that the DGPC had launched regulatory proceedings against three E&P companies over alleged violation of petroleum rules. During the question hour, he said the DGPC issued a show-cause notice on July 18, 2025 to Jura Energy Corporation, Frontier Holdings and Spud Energy. In a latest development, the IHC issued a decisive order, directing the Ministry of Energy (Petroleum Division) and the DGPC to take enforcement action against Frontier Holdings and Spud Energy, following allegations of unauthorised transfer of effective corporate control in violation of Pakistan’s petroleum rules.

The court order, issued in response to a writ petition, has effectively removed any room for regulatory delay by instructing the authorities to take the show-cause proceedings to legal conclusion “expeditiously” and strictly in accordance with the law. The matter relates to a transaction executed in early 2025, through which Jura Energy allegedly transferred effective control of its corporate group – comprising Frontier Holdings and Spud Energy – to IDL Investments via an offshore arrangement, without obtaining prior approval from the government of Pakistan.

Under Pakistan’s petroleum regulatory framework, any disposition of share capital or ownership arrangement leading to a change in effective control – whether directly at the operating company level or indirectly through parent companies – requires prior government consent. In this case, such consent was never sought. Following complaints and regulatory correspondence, the DGPC issued a show-cause notice dated July 18, 2025 under Rules 68(d) and 69(d), which empower the government to revoke petroleum rights in cases of non-compliance, including unauthorised changes in ownership or control.

However, despite the notice, the enforcement action reportedly stalled, raising questions over regulatory hesitation in a strategically sensitive sector. This delay forced the matter into litigation, prompting petitioners to seek intervention from the IHC to compel the state to act. During court proceedings, the DGPC submitted a reply that proved central to the case, as it did not dispute the legal breach. Instead, the regulator reaffirmed that petroleum right holders were under a strict statutory and contractual obligation to comply with the Petroleum Exploration & Production Policy 2012 and relevant petroleum rules. The DGPC stated in its submission that any transfer or change in ownership or control could only be undertaken with prior approval of the government, acting through the DGPC, emphasising that the safeguard exists to protect Pakistan’s sovereign, fiscal and regulatory interests. More importantly, the DGPC acknowledged that breach of the mandatory requirement may render the petroleum right liable to action under the rules.