Lana Zaki Nusseibeh: An Emirati Woman Aspiring to Lead the UN

Lana Zaki Nusseibeh, a senior Emirati diplomat and former ambassador to the United Nations, has emerged as a candidate for the organization’s top position. Nominated by the United Arab Emirates on October 21, 2026, she brings extensive experience in multilateral diplomacy. If elected, she would become the first woman to serve as UN Secretary-General, marking a historic milestone for the organization.

Nusseibeh served as the UAE’s Permanent Representative to the UN from 2013 to 2024. During her tenure, she held several prominent positions, including Vice-President of the UN General Assembly and President of the Executive Board of UN Women. She also presided over the Security Council during the UAE’s elected membership in 2022–2023. Her diplomatic experience spans international security, humanitarian affairs, sustainable development and institutional reform.

A significant feature of her candidacy is the collective endorsement of all six members of the Gulf Cooperation Council (GCC). This regional backing strengthens her credentials and could help her build support beyond the Arab world. Her nomination also raises the prospect of an Arab-backed woman reaching the highest position in the UN system.

Her prospects will depend, however, on the broader geopolitical landscape. The UAE’s close relations with Israel, formalized through the Abraham Accords, may work in her favour among certain Western political constituencies. Nevertheless, it would be premature to assume that these ties guarantee support from influential Jewish organizations or political lobbies.

Ultimately, her selection will depend on whether she can secure the necessary support in the UN Security Council, particularly from its five permanent members. Her diplomatic record and regional backing make her a credible contender, but the outcome will be shaped by international negotiations and competing geopolitical interests.

Trump’s Louder Rhetoric and the Limits of American Power

The louder Donald Trump’s rhetoric becomes, the more pressing a question emerges: has the US-led war on Iran delivered the strategic outcomes Washington promised? Military power can inflict enormous damage, but translating battlefield superiority into political submission is an altogether different challenge.

The decision to attack Iran while diplomatic negotiations were under way undermined the credibility of diplomacy itself. If negotiations can be interrupted by military action, what assurance can any adversary have that future American commitments will be honoured? The consequences extend beyond Tehran, weakening confidence in Washington as a negotiating partner.

The reported killing of Iran’s spiritual leader appears to have failed to produce the anticipated political transformation. Rather than compelling the Iranian leadership to surrender, the campaign has confronted the US with the resilience of a state whose institutions and national interests cannot simply be eliminated through targeted strikes.

At the outset, expectations were raised that the conflict would be short-lived. Yet a prolonged confrontation without Iranian unconditional surrender raises serious questions about the assumptions underpinning the military campaign. Escalating threats may project determination, but they cannot substitute for a credible exit strategy.

The Gulf Cooperation Council (GCC) countries face their own strategic dilemma. If their military installations are perceived as serving Israel’s security more directly than their own, the political justification for hosting foreign forces becomes increasingly contentious. Regional security arrangements cannot remain sustainable without the confidence of host countries and their populations.

The Strait of Hormuz presents another contradiction. Restricting Iranian oil exports may impose costs on Tehran, but disruption to maritime trade also threatens Arab oil producers through reduced export opportunities, higher transport costs and uncertainty over energy revenues. Economic pressure is rarely a one-sided instrument.

Meanwhile, Iran’s ability to withstand the campaign may reinforce perceptions of its military resilience and regional influence, regardless of the physical damage it has suffered.

Reports of Trump seeking Russian diesel supplies would add another uncomfortable dimension if confirmed, even a superpower can face practical vulnerabilities when geopolitical confrontation disrupts energy markets.

Ultimately, the measure of American power is not the volume of presidential rhetoric but the ability to achieve sustainable political objectives. If coercion fails to secure submission, Washington must reconsider whether escalation is strengthening its position—or exposing the limits of military supremacy.

PSX benchmark index declines 2.4%WoW

Pakistan Stock Exchange (PSX) experienced volatility during the outgoing week amid continued Houthi attacks on Saudi Arabia, with news of the US planning an attack on Iran after midterm elections.

The benchmark Index declined by 4,045 points or 2.4%WoW to close at 162,375 on Friday, October 23, 2026. Average daily trading volume declined by 13.4%WoW to 496 million shares.

Brent crude futures climbed by 6.4%WoW to US$114.9/ bbl as of Friday. Meanwhile, local HSD and Petrol prices declined attributed to a decline in refinery crack cap by authorities and relatively stable Dubai crude oil prices.

On the macroeconomic front, FY26 GDP growth revised slightly down to 3.65% from provisional estimates of 3.7% as compared to 3.1% in FY25.

The World Bank projected FY27 GDP growth at 3.8% and inflation at 8.2% (7.1% in FY26).

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased to US$21.49 billion as of October 16, 2026.

Banking sector deposits rose 16%YoY to PKR40.8 trillion at end September 2026.

Consumer auto financing increased 33.6%YoY to PKR407 billion in September 2026 (up for the 22nd consecutive month).

Urea offtakes rose 42%YoY to 611,000 tons in September 2026 amid channel inventory build-up ahead of the Rabi season, whereas DAP offtakes declined 30%YoY to 68,000 tons amid higher local prices.

Power generation grew 6%YoY in 1QFY27 amid recovery in electricity consumption.

Cotton arrivals increased 8%YoY to 4.1 million bales as of October 15, 2026.

Other major news flow during the week included: 1) Finance Minister sought Fitch’s view on what Pakistan needs to move into the BB rating category, 2) Prime Minister approved the draft of Auto Policy for five years, 3) Weekly SPI rose 0.65%WoW and 11.85%YoY, 4) Privatization Commission pre-qualified 10 bidders for IESCO, and 5) Power sector circular debt rose to PKR1.7 trillion, while gas sector liabilities increased to PKR3.6 trillion as of Jun 30, 2026.

Top performing sectors were: Modarabas, Sugar & Allied Industries, and Leasing Companies, while laggards included: Refinery, Technology and Communication, and Woolen.

Major net selling was recorded by Mutual Funds (US$10.2 million) and foreigners (US$5.7 million), while major buyers were Individuals (US$14.0 million.

Top performing scrips were: THCCL, UPFL, PSEL, TPLRF1, and BWCL, while laggards included: PTC, PGLC, AHCL, ATRL, and KAPCO.

AKD Securities expects the market to improve on the back of strengthening economic indicators.

The brokerage house expected upcoming MPC meeting as a major catalyst and predicts the central bank to maintain the status quo.

Any positive development on Middle East conflict could moderate international oil prices and serve as a key trigger for market as it paves the way for monetary easing.

The market continues to trade at attractive valuations.

Top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

Pakistan’s Textile Industry

Perpetual Dependence on Preferential Treatment

Pakistan’s textile industry is once again seeking government intervention to safeguard its preferential access to the European Union under the GSP+ regime. In a letter dated October 22, 2026, the Pakistan Textile Council (PTC) urged Prime Minister Shehbaz Sharif to mobilize federal ministries and provincial governments to meet the EU’s requirements. While protecting export markets is a legitimate concern, the industry’s persistent dependence on government support raises a fundamental question, when will it learn to compete on merit rather than concessions?

For decades, Pakistan’s textile and clothing industry has benefited from cheap cotton, textile quotas and preferential market access under the GSP and GSP+ regimes. Yet, barring a few islands of excellence, much of the industry has failed to undertake adequate balancing, modernization and replacement (BMR), upgrade technology, improve quality standards and develop internationally competitive products. Its preference for exporting raw cotton, yarn and intermediate goods rather than moving decisively towards higher-value finished products reflects a persistent failure to capture greater value from the country’s resources.

Preferential access can provide breathing space, but it cannot substitute for productivity, innovation, compliance and efficient resource utilization. An industry that repeatedly seeks official intervention while neglecting structural weaknesses should not be surprised when competitors gain ground. Cheap inputs and tariff concessions may improve margins temporarily, but they cannot indefinitely compensate for inadequate investment, inconsistent quality and weak competitiveness.

The stakes are considerable. In FY2025-26, the EU-27 absorbed US$7.103 billion, or 39.5% of Pakistan’s textile and apparel exports. Yet sector exports to the bloc declined by 2%. Meanwhile, India is pursuing deeper trade integration with the EU, while Bangladesh is exploring closer trade ties. These developments expose Pakistan’s vulnerability to changing trade preferences.

The EU’s emphasis on human rights, labour standards, the rule of law and environmental protection must also be treated as more than bureaucratic hurdles. Compliance is integral to sustainable participation in modern global supply chains.

The government should pursue GSP+ retention through credible reforms, but the industry must reciprocate by investing in technology, skills, product development and value addition. Preferential access should be a bridge towards competitiveness, not a permanent crutch.

Pakistan cannot build a resilient export economy by repeatedly negotiating concessions while postponing the reforms needed to compete without them.

US-Iran War: Will Trump Pay the Price at the Midterms?

The US–Iran war may become President Donald Trump’s biggest political liability ahead of the November 3 midterm elections. Two contrasting outcomes are possible: Republicans could gain seats if Trump delivers a convincing victory, or lose ground if voters blame him for an inconclusive war, soaring energy costs and economic uncertainty. The balance appears to favour the second scenario.

Trump’s approval rating has fallen to a record low, while rising gasoline prices and disruptions to global energy supplies are adding to public discontent. The effective closure of the Strait of Hormuz has complicated Washington’s efforts to stabilize oil markets, while the absence of a credible exit strategy raises questions about the war’s ultimate objectives.

Iran, too, appears to understand the political stakes. By keeping negotiations alive without rushing towards a settlement, Tehran hopes to deny Trump a diplomatic victory before the elections. Its calculation is straightforward - the longer the conflict continues, the greater the potential political cost for the White House. Yet this strategy is not without risks, as sanctions, the US maritime blockade and economic hardship are also hurting Iran.

The real battlefield may therefore be shifting from Iran to the American ballot box.

For Democrats and other defenders of institutional checks and balances, the midterms offer an opportunity to curb Trump’s political power. Having failed to remove him through impeachment, his opponents may seek to achieve through elections what they could not accomplish through Congress’s removal process.

A Democratic victory would not dislodge Trump from the presidency, but control of either chamber could strengthen congressional oversight, obstruct parts of his legislative agenda and intensify scrutiny of his conduct of the war.

My assessment is that Republicans face a greater risk of losing seats than making significant gains. American voters may be less interested in claims of military success than in the cost of the conflict, its uncertain outcome and its impact on their daily lives.

The November 3 elections could thus deliver a powerful message - a president may initiate a war, but he cannot dictate how voters judge its consequences.

Attock Refinery: A legacy spread over a century

Adil Khattak, CEO of Attock Refinery since 2005, has been associated with the Attock Oil Group for almost 50 years. He has extensive experience in engineering, maintenance, human resource management, project management and marketing.

Khattak also holds Chief Executive Officer position of Attock Gen Limited, National Cleaner Production Centre, President, Attock Sahara Foundation. He is on the Boards of Attock Petroleum Limited, Attock Hospital Limited, Oil Companies Advisory Council (OCAC), Petroleum Institute of Pakistan (PIP), Lahore University of Management Sciences (LUMS), Ghulam Ishaq Khan Institute of Engineering Sciences and Technology (GIKI), Sustainable Development Policy Institute (SDPI) and Co- Chair, NUST Corporate Advisory Council (CAC). Followings are excerpts from his exclusive interview with Pakistan & Gulf Economist:

PAGE: Attock is the first refinery established in Rawalpindi. Tell us about its decades of experience.

Adil Khattak: Attock Refinery (ARL) has a proud history spanning more than a century and is among the oldest operating refineries in the region. Its origins can be traced to the discovery of oil at Khaur in 1915, recognized as the first commercial oil discovery in what is now Pakistan and one of the earliest in the subcontinent.

Refining operations commenced in February 1922 at Morgah, Rawalpindi, with two small units having a combined capacity of 2,500 barrels per day. Over the past 104 years, ARL has evolved into a modern refinery with a nameplate capacity of 53,400 barrels per day.

Throughout this journey, ARL has played a pioneering role in Pakistan’s petroleum refining industry, contributing to industrial development, technological advancement and the country’s energy requirements while maintaining a strong emphasis on safety, environmental protection and product quality.

PAGE: How have its operations grown over the years?

Khattak: ARL’s growth has been driven by successive phases of expansion and modernization in response to increasing indigenous crude oil production, changing market requirements and technological developments.

Notable milestones include the early production of low sulphur diesel and furnace oil in 1988, the introduction of low lead premium gasoline in 1999, and the installation of a Heavy Crude Unit and Catalytic Reformer. A major expansion and upgradation project completed in 2016 further enhanced refining capabilities, motor gasoline production and diesel quality.

ARL has also been an early adopter of international management standards, including ISO 9001, ISO 14001 and ISO 50001, reflecting its commitment to operational efficiency and environmental performance.

We are now embarking on another significant phase of modernization following the signing of the Refinery Upgrade Agreement on 24 September 2026. The planned investment of approximately US$600 million will focus on meeting the requirements of the Brownfield Refining Policy, including the production of cleaner Euro-V fuels and increasing motor gasoline production.

PAGE: It is believed that Attock Refinery operates entirely on indigenous crude oil. How has the experience been?

Khattak: Yes, ARL is the only refinery in Pakistan operating entirely on indigenous crude oil, sourced from various oilfields across the country, particularly in the Potohar and Khyber Pakhtunkhwa regions. This distinctive capability supports Pakistan’s upstream exploration and production industry while contributing directly to national energy security.

As the only refinery in northern Pakistan, ARL occupies a strategically important position. By processing domestically produced crude into essential petroleum products, we reduce reliance on imported crude and finished products, support import substitution and help the country conserve valuable foreign exchange.

The importance of this capability has become particularly evident during recent geopolitical disruptions affecting the Strait of Hormuz. While refineries dependent on imported crude, understandably, remain exposed to international shipping routes and associated supply risks, ARL’s indigenous crude supply chain provides an important degree of resilience. Our ability to source crude domestically and produce finished petroleum products within Pakistan helps maintain continuity of supplies, particularly in the northern region, during periods of international uncertainty.

Over the years, ARL has developed considerable technical expertise in processing indigenous crude oils ranging from light to heavy grades, supported by an established network of pipelines and road tankers connecting producing fields to the refinery.

PAGE: Attock Refinery or its holding company has acquired a significant stake in National Refinery Limited?

Khattak: Attock Refinery holds a 25% shareholding in National Refinery (NRL), acquired as part of its privatization in 2005.

ARL and NRL are separate, publicly listed companies on the Pakistan Stock Exchange, each with its own Board of Directors, management and independent operational and financial responsibilities.

PAGE: What is your opinion about Pakistan’s oil refining capacity? Do we need more refineries?

Khattak: Pakistan’s 5 refineries currently have an installed refining capacity of approximately 450,000 barrels per day. However, capacity utilization has remained below potential for various reasons, including challenges in the upliftment of furnace oil due to declining domestic demand and the influx of smuggled high-speed diesel, which has undermined legitimate market demand and, at times, forced refineries to curtail production.

The immediate priority should therefore be to optimize and modernize existing refineries rather than simply add capacity. The recently signed Refinery Upgrade Agreements represent a

major step in this direction, with planned investments of approximately US$5–6 billion.

Following these upgrades, the country’s motor gasoline production is expected to increase by approximately 70%, high-speed diesel by around 40%, while furnace oil production is projected to decline by approximately 65%. These investments will improve fuel quality, reduce dependence on imported finished products and generate foreign exchange savings.

Pakistan also introduced its Greenfield Refining Policy in 2023, offering substantial incentives, including a 20-year income tax holiday and 25 years of tariff protection for qualifying large-scale refineries. Despite these incentives, new refinery development has remained challenging.

This reflects the substantial capital requirements, financing complexities and long-term commercial commitments associated with a greenfield refinery. For instance, the proposed integrated refinery and petrochemical complex at Gwadar has been estimated at approximately US$10 billion.

In the longer term, additional refining capacity may be required depending on economic growth, future petroleum demand and the evolving energy mix. However, investments must be commercially and technically sound, supported by modern refining technology and a stable, predictable policy environment.

US Revival of Prize Law Could Transform Maritime Risks

The United States is preparing to revive a largely dormant maritime legal framework that could significantly expand its power to seize vessels and cargo during armed conflicts. The proposed rules, published by the US District Court for the Southern District of Texas, could revive prize law, which has not been invoked since the aftermath of World War II.

Unlike conventional civil forfeiture, which generally allows vessel owners, cargo interests and other claimants to contest seizures, prize law determines whether ships or cargo can be lawfully captured as enemy property, contraband or property involved in violating a blockade. Under this framework, ownership could transfer immediately to the capturing nation, which may appropriate the property for government use or sell it, with proceeds deposited into the US Treasury.

The proposed procedures would establish modern mechanisms for presenting evidence, verifying ownership, limiting discovery and hearing appeals. The court has invited public comments until October 23, 2026, before deciding whether to adopt the rules.

The timing is significant. As military operations in the Middle East intensify, Washington appears increasingly interested in restricting Iran's ability to export oil and sustain maritime trade. Prize law could provide an additional instrument to enforce blockades, extending the risk beyond sanctioned tankers to third-party vessels and cargoes caught violating lawful wartime restrictions.

This development could fundamentally alter the risk calculations of shipping companies, charterers, cargo owners and insurers. Vessels that are not themselves sanctioned may nevertheless face capture if their activities fall within the scope of applicable wartime rules. Consequently, route planning, insurance coverage, ownership transparency and security assessments would assume greater importance.

The implications extend to Southeast Asia, particularly Malaysia's Eastern Outer Ports Limit anchorage, where opaque ship-to-ship transfers of Iranian crude destined for China have attracted attention. Complex ownership structures, indirect cargo movements and deceptive shipping practices could complicate enforcement while increasing the risk of regional maritime disputes.

However, the revival of prize law raises concerns about potential overreach. Although the proposed procedures may strengthen enforcement against blockade evasion, their application must remain consistent with international law, due process and legitimate commercial interests. Broad or arbitrary seizures could undermine confidence in maritime trade and intensify geopolitical tensions.

The strategic takeaway is clear: an old wartime instrument could become a powerful tool of modern economic pressure. Shipping companies must reassess their exposure, while governments and maritime authorities should prepare for a more contested trading environment. The revival of prize law may strengthen Washington's enforcement capabilities, but its legitimacy will ultimately depend on transparent procedures, legal safeguards and disciplined implementation.

Beyond Refining: Building Pakistan’s Energy Backbone

Usama Qureshi has built a career on turnarounds. At K-Electric, as Chief Marketing Officer and Chief of Staff, he was part of the leadership team behind the utility's turnaround, a story later taught at Harvard Business School and the Harvard Kennedy School. As Managing Director and CEO of Hamdard Laboratories Pakistan, he led the modernization of a Pakistani household name. He began his career at Pakistan State Oil, on the team that revived its fuel cards business.

Since joining Cnergyico in 2021, becoming Vice Chairman in 2022, he has brought the same instinct to a business operating at national scale. He shapes long-term strategy, strengthens governance and makes the Company's case to government, regulators and international partners. He also sits on the boards of the Company's subsidiaries. Twenty-five years across energy, FMCG, fintech and telecommunications give him an unusually wide lens. He is Chief Executive Officer of Amps & Volts (formerly Oasis Energy), an electrical switchgear and power solutions manufacturer. He is also Strategic Advisor to Kuickpay, a payments aggregation platform.

Beyond the boardroom, he is one of the sector's most visible voices, writing and speaking on Pakistan's energy future and economic policy. He serves on the Global Advisory Council of the Commonwealth Enterprise and Investment Council (CWEIC), which Cnergyico has joined as a Strategic Partner. He also champions Pakistan's trade and exports through the FPCCI and national business councils. He holds an MBA.

Followings are excerpts from an exclusive interview with Pakistan & Gulf Economist:

PAGE: Please tell us briefly about Cnergyico, from an oil refinery to an important component of Pakistan’s emerging energy infrastructure.

Usama Qureshi: Cnergyico’s journey has been one of continuous growth, integration and investment in Pakistan’s energy infrastructure. From our beginnings as a refining business, we have evolved into a vertically integrated energy company with operations spanning refining, petroleum marketing, storage, logistics and distribution.

Today, Cnergyico operates Pakistan’s largest oil refining complex by installed capacity, with a combined capacity of 156,000 barrels per day. Our infrastructure also includes the country’s first and only Single Buoy Mooring (SBM), substantial crude oil storage capacity and a nationwide network of more than 480 retail outlets under the byco brand.

This integrated model allows us to participate across the petroleum value chain, from importing crude oil and refining it into finished products to storing, distributing and marketing those products. As Pakistan’s energy requirements evolve, our objective is to strengthen energy security, diversify crude supply sources, improve product quality and progressively modernize our refining infrastructure.

PAGE: The company enjoys a few distinctions, including the largest refining capacity of 156,000 barrels per day. What has been the average capacity utilization and what is being done to improve it?

Qureshi: Our installed refining capacity is 156,000 barrels per day. Average utilization has been around 35%, or about 55,000 barrels per day. However, this must be viewed mainly in the context of local market demand, refining margins and the ability of the domestic market to absorb locally refined products. During the recent crisis, when imports were constrained and local demand was strong, Cnergyico increased throughput to more than 80,000 barrels per day.

The refinery is therefore not constrained by its technical nameplate capacity. Utilization is primarily driven by prevailing market and economic conditions. Our approach is to operate at levels that provide an optimal product yield and economic return rather than simply maximizing throughput irrespective of market conditions.

Going forward, we are working on several fronts to raise utilization on a sustainable basis: diversifying crude supply, securing better commercial terms, developing product exports through a second SBM and completing the refinery modernization program. Improved domestic demand and a more conducive refining environment will support this further.

PAGE: The company processes crude from different regions and has recently imported West African and American crude. How has the experience been?

Qureshi: One of Cnergyico’s key strengths is the flexibility of its refining configuration and associated infrastructure, which enables us to evaluate and process crude oil from diverse geographical sources.

Our processing of West African crudes demonstrated the refinery’s ability to handle crudes of different characteristics and complexity. Similarly, sourcing West Texas Intermediate (WTI) from the United States has broadened Pakistan’s crude supply options beyond its traditional dependence on Middle Eastern suppliers. Our crude procurement decisions are commercial and

technical in nature. We assess each crude on landed cost, freight, product yields, refinery compatibility, financing terms, reliability of supply and prevailing market conditions. The ability to source from multiple regions gives us greater flexibility and contributes to Pakistan’s broader objective of energy security.

The experience has reinforced our view that diversification is strategically valuable. Rather than depending on a limited number of supply sources, we can evaluate opportunities across the international market and select crude grades that offer the best combination of operational compatibility, economics and supply security. This flexibility has served both the refinery and the country well during periods of supply disruption.

PAGE: Another unique feature is the Single Buoy Mooring (SBM) facility. How has this contributed to achieving higher synergy?

Qureshi: The SBM is one of Cnergyico’s most important strategic assets and provides a significant logistical advantage. It enables crude oil and petroleum products to be received offshore and transferred through dedicated pipelines directly to our storage and refining facilities.

The SBM can receive fully laden Suezmax and Aframax vessels, which cannot berth fully laden at Karachi Port or Port Qasim. It is connected to our onshore facilities through approximately 11.5 kilometres of subsea and 3.3 kilometres of onshore pipeline. This creates several synergies. It reduces dependence on conventional port infrastructure, enables the handling of larger crude cargoes, supports economies of scale, lowers logistics complexity and connects crude imports directly with our storage and refining complex.

The SBM was particularly useful in receiving our WTI and West African crude cargoes. On these longer voyages, the ability to bring in larger cargoes helps lower the freight cost per barrel. From a national perspective, this infrastructure also contributes to energy security and reduces pressure on conventional port facilities.

PAGE: Cnergyico owns and operates retail outlets and also supplies products to other OMCs. How does this help in achieving higher standards of finished products?

Qureshi: Our vertically integrated model provides an important advantage because we remain connected with the product throughout much of the value chain, from crude selection and refining to storage and ultimately the retail customer.

Cnergyico operates a nationwide network of more than 480 Byco outlets while also supplying petroleum products to other oil marketing companies and organizations. This gives us direct exposure to market requirements and customer expectations.

Quality control is maintained through established specifications and testing procedures at the refinery and across the supply chain. Having refining and marketing within the same business also provides valuable feedback on product performance, demand patterns and changing customer requirements. As we proceed with refinery modernization, this integration will become even more valuable. Our objective is to produce cleaner, higher-value fuels meeting Euro-V specifications while ensuring that quality is maintained throughout storage, transportation and delivery.

PAGE: Some analysts believe Cnergyico’s location is a bottleneck because transportation by bowsers is expensive and problematic during the monsoon season. How has the experience been?

Qureshi: Every industrial location presents a combination of logistical advantages and challenges. Our location at Hub provides a major strategic advantage because of its proximity to the coast and direct integration with our SBM, storage infrastructure and refining complex.

We recognize that inland movement of finished products by road tankers involves transportation costs and can face temporary disruption during extreme weather or poor road conditions. These challenges are not unique to Cnergyico and form part of the broader logistics environment in Pakistan. Our integrated storage and distribution network, inventory planning and supply chain management help mitigate these risks. Importantly, any assessment of our location must also take into account the advantages of direct offshore crude handling through the SBM, access to large cargoes and extensive on-site storage.

We continue to optimize our logistics footprint so that products reach different markets efficiently and reliably while maintaining the required safety and product quality standards.

PAGE: How does the proposed modernization program help in improving the quality of products?

The refinery modernization program is fundamental to Cnergyico’s long-term strategy. We have initiated work on a refinery upgrade project involving an investment of more than US$1 billion.

In September we signed the upgrade agreement with the Government under the refining policy. The project is designed to materially change our product slate. It will increase production of higher-value products, particularly High-Speed Diesel and Motor Gasoline, while significantly reducing production of Furnace Oil. Most importantly from a product quality perspective, the upgraded configuration will enable our products to meet Euro-V specifications, which means cleaner fuels with substantially improved environmental characteristics.

The upgrade will deliver benefits on several fronts: better product quality, a higher proportion of valuable transportation fuels, lower furnace oil output, improved refinery economics and a reduced environmental footprint. It also aligns Cnergyico with Pakistan’s broader objective of modernizing its refining sector and reducing dependence on imported finished products.

We are also planning a second SBM for product exports. This will improve refinery utilization, reduce our dependence on the local market alone and generate much-needed foreign exchange for the country.

PAGE: How did Cnergyico respond to the recent disruption in Gulf oil supplies and what role did it play in keeping the country supplied?

The disruption in the Strait of Hormuz earlier this year was one of the most serious energy security tests Pakistan has faced. Before the conflict, around 90 percent of the country’s oil and LNG imports passed through Hormuz. When imported finished products became difficult to secure, domestic refining became the country’s first line of supply. Cnergyico responded on three fronts.

First, we raised refinery throughput to more than 80,000 barrels per day to meet local demand at a time when imported products were scarce.

Second, because our crude sourcing was already diversified, we continued processing crude from outside the Gulf, including WTI from the United States and grades from West Africa. Over nine months we imported around 8.1 million barrels of US crude.

Third, our SBM allowed these large cargoes to be received directly at Hub without adding to congestion at Karachi’s ports, while our storage capacity and Byco network kept products moving to customers across the country.

The crisis showed in practical terms why domestic refining capacity, diverse crude sources and independent offshore import infrastructure matter for national energy security. It has also strengthened the case for our refinery upgrade and a second SBM, which will add further resilience.

PAGE: Cnergyico has returned to profitability after a difficult period. What drove this turnaround?

Qureshi: The last few years were challenging for the entire refining sector. High finance costs, limited working capital, weak local demand and competition from smuggled products all weighed on refinery economics. The company recorded a loss in FY2025.

FY2026 marked a clear turnaround. For the year ended June 30, 2026, Cnergyico reported a profit after tax of PKR10.75 billion compared with a loss of PKR2.90 billion the previous year. Sales rose to PKR410.2 billion from PKR296.7 billion and earnings per share were PKR1.96 against a loss per share of PKR0.53.

Several factors contributed. We diversified our crude sourcing and became the first refinery in Pakistan to process US crude, which improved product yields and operational flexibility.

We operated with tighter cost discipline and expanded product exports, earning foreign exchange for the country. Stronger refining margins during the crisis helped, but the groundwork for the recovery had been laid well before it.

Our focus now is to make this recovery sustainable through the upgrade program, higher utilization and a stronger export business.

PAGE: Cnergyico’s refinery is located away from the city in Balochistan. How does the company engage with the communities around it?

Qureshi: For us, CSR is not a set of one-off events. Our refinery has been part of this community for more than three decades and its progress is tied to ours. Our approach rests on three principles. We focus on the five villages closest to our operations. We work through established partners who bring expertise and accountability. We sustain our programs year after year so that communities can rely on them.

Education, with a focus on women:

Through our partnership with The Citizens Foundation (TCF), we support government primary schools in the area and provide transport so that children can reach school safely. We sponsor female teachers at a girl’s school in Gaddani and support young women from Mouza Kund training as midwives. Investing in women teachers and midwives builds skills that stay within the community.

Health and clean water:

Access to healthcare is limited in the area, so we run an ambulance service that connects the surrounding villages to hospitals in Hub and Karachi. We have also provided equipment to LRBT’s Secondary Eye Hospital in Quetta, extending our support for eye care across the province.

Clean drinking water is scarce in this part of coastal Balochistan. Our seven solar-powered reverse osmosis (RO) plants supply safe drinking water to five villages using renewable energy.

Livelihoods and dignity:

With Akhuwat, we support interest-free microfinance that helps families in Hub build their livelihoods. With Bioniks Welfare Organization, we provide prosthetic limbs to people who could not otherwise afford them, helping them return to work and daily life.

The refinery itself supports more than 3,000 direct and indirect jobs in the area, which remains our largest contribution to the local economy.

Environment:

Responsible operations are the foundation of our environmental commitment. A coral reef has developed along our subsea pipeline between the SBM and the refinery, a rare marine habitat in Pakistani waters that we continue to support. We have also planted trees around our refining complex.

Our biggest environmental contribution, however, will come from the refinery upgrade, which will produce Euro-V fuels with substantially lower sulphur content.

As the upgrade progresses, our footprint in the region will grow through more jobs, local procurement and cleaner fuels. We intend our community programs to grow alongside it.

Malaysia to be hub for resolving international commercial and maritime disputes

Malaysia’s strategic location along two major global shipping lanes is bolstering its bid to become a regional hub for resolving international commercial and maritime disputes, says Chief Justice Tun Wan Ahmad Farid Wan Salleh.

He noted that positioning between the Strait of Malacca and the South China Sea gives the nation a unique advantage, where swift adjudication and specialized expertise are essential for time-sensitive cases.

He said that while Malaysia has long operated a specialized Admiralty Court, the creation of the International Commercial and Admiralty Division (ICAD) unifies admiralty and international commercial litigation under one bench.

Established at the High Court on March 2 this year, ICAD is set to boost investor confidence in Kuala Lumpur as a premier business and dispute resolution center.

Wan Ahmad Farid said delays of even a few days in urgent admiralty cases could have significant commercial consequences, particularly when disputes involved vessels, cargo and parties across several jurisdictions.

“Applications for the arrest or release of vessels, the provision of security and other urgent matters require prompt attention, and a delay of even a few days can have significant commercial consequences,” he said in his keynote address at the inaugural ICAD Conference 2026 at the Asian International Arbitration Centre (AIAC).

Wan Ahmad Farid said maritime disputes were inherently international, often involving vessels registered in one country, owned by companies in another, financed by banks in a third and carrying cargo belonging to parties across several jurisdictions.

“A vessel may be registered in one jurisdiction, corporate-owned in a second, bank-financed in a third, chartered in a fourth, and carrying cargo belonging to entities across several more,” he said.

“The trade that passes through generates disputes over cargo, charter parties, finance, insurance, energy and infrastructure.”

Wan Ahmad Farid said ICAD aims to turn Malaysia’s geographical position into a jurisdictional advantage, ensuring disputes are adjudicated close to trade activity by judges versed in complex maritime and commercial law.

He said a premier dispute resolution forum was built on trust, which had to be earned over time, Bernama reported.

“It is earned when foreign investors know that if they bring a dispute to Malaysia, they will receive justice that is blind to nationality, deeply sophisticated in commercial logic and fiercely independent.

“Roads and ports carry goods. Certainty and trust carry confidence, and confidence carries capital. Let us build this infrastructure deliberately, protect it carefully, and offer it to the world with integrity,” he added.

Mehrdad Akhlaqi Ketabchi New Defence Minister of Iran

According to Reuters, Iran's parliament approved Mehrdad Akhlaqi Ketabchi as defence minister on Sunday, ending months of interim leadership at the ​ministry and placing a former defence sector veteran in ‌charge of the country's defence production and procurement apparatus.

Akhlaqi replaces Majid Ebn al-Reza, who took over in an interim capacity after then Defence Minister Aziz Nasirzadeh ​was killed by US-Israeli strikes in February.Akhlaqi has spent decades ​in Iran's defence industry and has held senior roles ⁠in its aerospace and missile sectors. He is subject to US ​and EU sanctions over his work in Iran's defence sector.

In a program ​presented to lawmakers, Akhlaqi pledged to rebuild the country's military-industrial infrastructure, accelerate the development of defence technologies and expand cooperation with private-sector companies.

"If the American enemy ​makes another miscalculation, the response of the valiant Iranian people and ​the fighters of Islam will be surprising and extensive," he said, adding that ‌Tehran ⁠had taken necessary measures to counter the potential use by the US of its "mother of all bombs" against Iran.

CNN reported this week that the US has developed strike plans that could include using the GBU-43/B ​Massive Ordnance Air ​Blast Bomb, also ⁠known as the "mother of all bombs", against Iranian energy infrastructure and nuclear sites if President Donald Trump ​orders renewed combat operations.

The weapon is the largest non-nuclear ​bomb ⁠in the US arsenal.

"The US President should focus on ensuring his forces are withdrawn safely from our region. If he drops a single bomb, ⁠he ​will have to see how many of ​his troops end up being carried out of the region in a horizontal position," ​Akhlaqi said.

Egypt and Xiamen C&D to develop Alexandria dry bulk terminal

Egypt’s Ministry of Transport and the Alexandria Port Authority have signed a Memorandum of Understanding (MoU) with China’s Xiamen C&D to develop a specialized dry bulk terminal at Al-Max Port.

The project forms a key part of the broader Greater Alexandria Port development plan and underpins the Sokhna-Alexandria industrial logistics corridor across Egypt.

According to the cooperation plan, two new specialized dry bulk berths will be constructed in the project, alongside supporting facilities including standardized cargo yards, storage silos, modern handling and transshipment systems, and comprehensive logistics facilities.

Once operational, the terminal will be able to berth three large cargo vessels simultaneously, further enhancing the Alexandria Port Area's capabilities in receiving and unloading large vessels, handling bulk cargo throughput, and conducting cross-border transshipment.

At the same time, the project will strengthen the connection between the port area and Egypt's railway and highway networks, build a multimodal transport system that integrates sea transport, railways and highways.

Lyu Rongdian, CEO of Xiamen C&D, stated that the company highly recognizes the development potential and geographical advantages of Egypt's ports. It will advance the construction of the port project and strive to build it into a representative bulk cargo logistics hub along the Mediterranean coast.

 

The Shifting Paradigm of Pakistan’s Energy Sector

The prolonged disruption in the Strait of Hormuz has exposed a structural vulnerability in Pakistan’s energy supply chain: heavy dependence on imported crude oil and petroleum products moving through a strategically sensitive maritime corridor. What initially appeared to be a geopolitical challenge is now compelling Pakistan to rethink the architecture of its energy sector.

The incumbent government is reportedly engaging with oil-producing Arab countries to explore the establishment of crude oil and finished petroleum product storage facilities in Pakistan. If translated into concrete investments, this initiative could mark an important shift from Pakistan’s traditional model of importing petroleum largely on a shipment-to-shipment basis toward a more resilient system built around strategic storage, refining capacity and integrated logistics.

Pakistan has already announced plans to modernize its existing oil refineries. At the same time, proposals are being pursued for the establishment of a new greenfield or brownfield refinery. These initiatives should not be viewed as isolated projects. Together with additional storage capacity, they could trigger a broader transformation of the country’s downstream oil industry.

For decades, Pakistan’s refinery sector has struggled with ageing plants, technological limitations, inadequate investment and an unfavorable product mix. The modernization program provides an opportunity to address these weaknesses. Upgraded refineries could improve their ability to process different grades of crude, enhance yields of higher-value petroleum products and reduce dependence on imported finished products.

A new refinery, meanwhile, could complement rather than compete with existing capacity if planned according to future domestic demand and regional market requirements. The key is to avoid simply adding capacity without addressing efficiency, product quality, logistics and commercial viability. Pakistan needs refineries designed for the energy market of the future, not merely larger versions of yesterday’s facilities.

The proposed storage infrastructure could be equally significant. Pakistan has historically operated with limited strategic petroleum storage compared with the requirements of an economy dependent on imported energy. Adequate stocks of crude oil and finished products would provide greater flexibility during international supply disruptions, shipping constraints or sudden price volatility.

For Arab oil-producing countries, establishing storage facilities in Pakistan could also have commercial and strategic value. Storage closer to South Asian markets can potentially shorten supply chains, improve inventory management and facilitate timely deliveries. Pakistan, because of its geographic position, could emerge as a useful link between Middle Eastern producers and consumers in South Asia.

This development could consequently change the business model of oil marketing companies (OMCs). Instead of relying predominantly on imported finished products and conventional distribution networks, OMCs could increasingly operate within an integrated ecosystem involving local refining, bulk storage, transportation and inventory management. Competition may gradually shift from access to imported products toward efficiency, logistics, supply reliability and customer reach.

The logistics sector would also be affected. Expansion of storage facilities would require investment in ports, pipelines, tank farms, road and rail transportation, safety systems and digital inventory management. Such investment could create a wider energy-services ecosystem and generate opportunities beyond the petroleum sector itself.

However, infrastructure alone will not deliver a paradigm shift. Pakistan must ensure transparent regulations, commercially viable tariffs, efficient ports, reliable pipelines and a predictable taxation regime. Investment decisions extending over decades require policy continuity. Frequent changes in duties, pricing mechanisms and regulatory requirements can discourage precisely the long-term capital that the sector needs.

The government should therefore treat refinery modernization, new refining capacity and strategic storage as components of a single downstream energy strategy. Coordination among refineries, OMCs, ports, pipeline operators, financial institutions and regulators will be essential.

The Strait of Hormuz crisis has demonstrated that energy security cannot depend solely on uninterrupted international shipping. Pakistan needs buffers within its own territory. Strategic storage, diversified supply arrangements, modern refineries and efficient logistics can collectively provide those buffers.

The emerging opportunity is therefore larger than the construction of a few refineries or storage tanks. It is about shifting Pakistan’s energy paradigm—from a predominantly import-dependent distribution model toward an integrated system combining refining, storage, logistics and strategic inventory management.

If implemented with commercial discipline and long-term policy consistency, the present challenge could become a catalyst for transforming Pakistan’s downstream petroleum industry. The objective should not merely be to survive the next disruption, but to build an energy infrastructure capable of absorbing future shocks while supporting industrial growth and national economic security.

Israel's October 27 Elections

Security, Iran and the Palestinian Question

Israel will hold parliamentary elections on October 27, 2026, to elect the 120-member Knesset. The contest will determine whether Prime Minister Benjamin Netanyahu retains power or an opposition coalition forms the next government. Beyond leadership, voters face questions about national security, the economy, judicial governance and Israel’s international standing after years of regional conflict.

Political parties and priorities

The principal contenders include Netanyahu’s Likud and its right-wing and religious allies, notably Otzma Yehudit, Religious Zionism, Shas and United Torah Judaism. The opposition includes Gadi Eisenkot’s Yashar, Naftali Bennett’s Beyachad, Yair Lapid’s Yesh Atid, Yair Golan’s Democrats and Avigdor Lieberman’s Yisrael Beiteinu. Arab-led Ra’am and the Joint List are also contesting seats.

Three major campaign priorities are security, governance and economic pressures. Netanyahu’s camp stresses military strength, confronting hostile regional forces and maintaining its security policies.

Opposition leaders promise to repair relations with international partners, curb extremist settler activity and improve governance. Economic concerns, the cost of living and the burden of military service also feature prominently. However, not every party has published a comprehensive election manifesto.

Iran: No easy policy shift

Iran remains a central security concern. Netanyahu has adopted a confrontational approach towards Tehran’s nuclear and military capabilities, while warning of retaliation against attacks by Iran and its regional allies. Opposition leaders also broadly support Israel’s military actions against Iran, although they criticize aspects of Netanyahu’s leadership and strategy. A change of government would therefore be unlikely to produce a fundamental reversal of Israel’s security posture.

Two states and Gaza’s reconstruction

The prospects for a two-state solution remain poor. Netanyahu and most major Zionist opposition leaders oppose Palestinian statehood or do not priorities it. The Democrats have left the possibility open as a longer-term objective, while Arab-led parties advocate Palestinian rights and self-determination.

Gaza’s reconstruction presents another challenge. Netanyahu’s government insists that Hamas must be disarmed and Israeli security concerns addressed. Far-right allies favour continued Israeli control and some advocate Palestinian emigration. Opposition leaders have signalled greater cooperation with international partners and the Palestinian Authority, but have not offered a unified plan guaranteeing Palestinian self-government.

The election may change Israel’s leadership and diplomatic tone, but a major shift on Iran, Palestinian statehood or Gaza’s future remains uncertain. Coalition arithmetic will determine how far campaign promises translate into policy.

 

Trump’s Russia Sanctions Waiver Triggers Bipartisan Backlash

President Donald Trump’s decision to exempt Russia from sanctions under a law he signed in September has drawn sharp criticism from Republican and Democratic lawmakers, raising questions about Washington’s commitment to pressuring Moscow over its war in Ukraine.

On Friday, Trump signed an executive order waiving sanctions provisions under the Lindsey Graham Sanctioning Russia and Iran Act of 2026. The legislation, designed to pressure the Kremlin to end its military operations in Ukraine, authorizes tariffs on the five largest purchasers of Russian energy and countries helping Moscow evade sanctions.

Trump justified the waiver by invoking a provision allowing the president to suspend sanctions against foreign entities. He stated that he had submitted a certification to Congress declaring the waiver to be in the United States’ national interest.

However, the decision provoked strong opposition from members of his own party. Senator Thom Tillis of North Carolina called the move “beyond irresponsible,” questioning why the administration was disregarding legislation approved by the Senate in an 86–11 vote. He accused the administration of capitulating to Russian President Vladimir Putin despite Russia’s continued military operations in Ukraine.

Senator John Cornyn of Texas remarked that the late Senator Lindsey Graham, after whom the legislation was named, would have been appalled. Representative Don Bacon of Nebraska argued that Trump’s decision was prolonging rather than ending the war.

Democrats were equally critical. Senator Richard Blumenthal, who played a significant role in advancing the legislation, described the waiver as a “craven, cowardly action,” arguing that it served political accommodation rather than American national security. Representative Don Beyer of Virginia said the decision betrayed Ukraine and contradicted Congress’s clear legislative intent.

The controversy follows a separate agreement between Trump and Moscow permitting Russia to sell diesel products to the United States and international markets amid global fuel shortages. That arrangement had already triggered bipartisan criticism in Congress.

Ukrainian President Volodymyr Zelensky also expressed his sense of betrayal over Trump’s decision.

The developments highlight growing tensions between the White House and lawmakers over Washington’s Russia policy. By easing economic pressure on Moscow while Ukraine continues to face Russian military operations, Trump risks undermining congressional resolve, unsettling American allies and raising doubts about the consistency of US policy toward the Kremlin.

US may use mother of all bombs on Iran

According to a CNN report, the US military has developed strike plans ​that could include using ‌the so-called "mother of ​all bombs" to target Iranian energy ⁠infrastructure and nuclear sites ​should President Donald Trump ​order renewed combat operations.

The potential deployment of the GBU-43/B Massive Ordnance Air Blast Bomb, the largest ‌non-nuclear ⁠bomb in the US arsenal, would mark a significant escalation in the ​conflict, ​although ⁠officials familiar with military planning discussions ​told CNN questions remain ​over ⁠its effectiveness in achieving Washington's strategic objectives.

Trump is facing pressure to bring an end to the deeply unpopular war, as Republicans brace for potential political backlash from voters in the upcoming midterm elections and there is little indication the two countries are close to a negotiated resolution after more than six months of US bombing.

While the US military continues to provide Trump with options for potential strikes against outstanding Iranian targets, some officials continue to privately question whether the White House has a strategy that incorporates those plans in a way that could actually end the war.

For months, Trump and his advisers have discussed options that could act as a “definitive” end to the war, aware of how unpopular the conflict has become among Americans.

While some administration figures have characterized the war as essentially won, Trump has been more guarded in recent remarks, stopping short of declaring victory and saying the US still has unfinished business in the country.

Behind the scenes, Trump has also cast doubt on some outside allies who have encouraged him to simply bring US troops home and move on. Doing so, Trump has argued, would look like defeat.

Over the course of the last several weeks, White House advisers have held meetings to discuss various options for Iran. While Trump announced publicly that he would not take new actions before the midterms, several advisers said privately they didn’t know whether that statement was definitive or could change before election day.

Trump has ordered the military to develop additional strike packages against Iranian targets that include “a lot of energy infrastructure” and the potential use of a MOAB, one of the sources told CNN.

The phrasing used was that this attack would come “prior to US retrograde in CENTCOM AOR (area of responsibility),” indicating the administration could launch the additional strikes, attempt to declare victory and quickly pull everyone out.

A second source said military plans for striking Iranian nuclear sites, including Pickaxe Mountain, also explicitly call for using the MOAB. In recent months, Trump has repeatedly threatened to strike Pickaxe, where the US and Israel believe Tehran has stored components of its nuclear program, even after pausing full combat operations earlier this year, and Trump continues to emphasize that his goal is to ensure Iran never obtains a nuclear weapon.

Another US official noted that when the military plans, it develops a menu of options for policymakers that range from the high-end to low-end. Higher-end targets, including those that are located deep underground, require bigger bombs, and the MOAB is the biggest.

But there are questions around whether the MOAB would be an effective munition to use against Iran’s nuclear facilities and other sites that are located deep underground. While the GPS-guided bomb is capable of destroying an area equivalent to nine city blocks, it likely lacks the capability to penetrate deep enough under the surface to destroy the suspected nuclear facilities at Pickaxe, which is believed to be fortified by layers of granite, and other remaining Iranian nuclear sites.

Many within the administration as well as outside analysts agree that the only way to decisively defeat Iran would be through a major operation involving ground troops, a commitment that could potentially cost thousands of American lives. The Pentagon considers all scenarios, so those plans exist, but as of now no one in the administration is arguing for such drastic action.

Trump has indicated he has little interest in putting US boots on the ground in Iran but his desire to end the conflict as soon as possible presents a political dilemma for a president who is keenly aware of how unpopular the war has become yet has been unable to secure a diplomatic agreement that would bring it to a close.

Top Trump administration officials and military planners have been focused, for weeks, on finding an off-ramp that gives Trump a “symbolic” win — at minimum — he can try to sell to the American people without preventing a potential diplomatic breakthrough, starting with an agreement to reopen the Strait of Hormuz, CNN has reported.

A fourth source familiar with the Pentagon’s recent planning discussions on Iran told CNN that military officials had developed some options that would amount to a “fireworks show,” with the goal of providing Trump an off-ramp from the conflict even if those strikes fail to accomplish his stated goals for starting the war in the first place.

And despite Trump’s recent pledge to hold off on launching additional strikes before the midterms, the US military already appears to be preparing for potential Iranian retaliation should the president give the go-ahead.

The next turnover of US troops deployed to CENTCOM is also expected to take place within the next few weeks, a US official who acknowledged it is possible some of the personnel who rotate out of the region, may not be replaced by fresh service members.

 

PSX benchmark index closes almost flat WoW, despite volatility

Pakistan Stock Exchange (PSX) witnessed volatility during the week ended on October 16, 2026, due to political uncertainty and persistent geopolitical tensions in the Middle East. The Index declined by 670 points to close at 166,420, down 0.4%WoW.

Brent crude price remained elevated amid continued disruptions to energy supplies through the Strait of Hormuz and renewed attacks on Saudi energy infrastructure.

On the macroeconomic front, Pakistan recorded a current account deficit (CAD) of US$356 million in September 2026, as compared to a surplus of US$123 million during the same period last year, reflecting some added pressure on the external account.

Remittances by overseas Pakistanis rose 13%YoY in September 2026 to US$3.6 billion.

The GoP raised PKR660 billion through the latest T-Bills auction, with yields remaining broadly stable following the sharp repricing in the previous auction.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased to US$21.47 billion as of October 09, 2026.

Passenger car sales declined by 9.8%YoY to 10,939 units in September 2026.

Textile exports grew by 5.2%YoY during 1QFY27, led by growth in ready-made garments, knitwear and cotton yarn.

Other major news flow during the week included: 1) FBR collection exceeded Q1 collection target, 2) IMF projected Pakistan’s GDP growth at 3.5% for FY27, while forecasting inflation at 9.9%, 3) Pakistan received first LNG cargo of October, 4) Refineries produced 92,482 tons of LPG in July-August, and 5) RDA attracted US$251 millio in September.

Leasing companies, Woolen, and Jute remained top performing sectors, while laggards included:  Apparel, Technology & Communication, and Transport.

Major selling was recorded by Mutual Funds amounting to US$10.7 million. On the contrary, major net buyers were Banks (US$8.3 million) and Companies with US$6.7 million.

Top performing scrips were: BNWM, AGP, IMAGE, BML, and JDWS, while laggards included: POL, PTC, APL, CPHL, and THCCL.

AKD Securities expects the market to improve on the back of strengthening economic indicators. Additionally, easing inflationary pressures would reduce probability of monetary tightening. Moreover, any positive development on Middle East conflict could moderate international oil prices and serve as a key trigger for market as it paves the way for monetary easing.

The market continues to trade at attractive valuations.

Top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

American Superpower Image Is Being Tarnished

The image of the United States as the world's undisputed superpower is facing an unprecedented test. A succession of strategic setbacks, policy reversals and strained alliances is raising a fundamental question, can Washington still translate its overwhelming military and economic strength into lasting geopolitical gains?

The latest agreement allowing Russian diesel supplies to global markets, accompanied by temporary sanctions relief, offers a telling example. After years of seeking to constrain Moscow over its war in Ukraine, Washington has turned to Russia to ease fuel-market pressures exacerbated by the Middle East conflict. The move highlights the limits of economic sanctions when geopolitical ambitions collide with domestic necessities.

The US-Israel war on Iran presents an even greater strategic challenge. Despite months of intensive bombing and the reported killing of Iran's supreme leader, Washington has not secured a decisive outcome. Iran's continued resistance and its ability to disrupt regional energy infrastructure demonstrate that superior firepower does not automatically translate into political submission.

The withdrawal of US forces from Iraq after more than two decades further complicates Washington's regional legacy. Although, the departure follows an earlier agreement and can be presented as a change in military strategy, Iran and its allies have celebrated it as a victory. Concerns about Tehran's expanding influence underline the difficulty Washington has faced in shaping Iraq's political and security landscape.

Saudi Arabia's experience raises equally uncomfortable questions. Despite its longstanding security partnership with Washington, the kingdom has suffered attacks on critical infrastructure, including Riyadh's airport and major energy facilities. Washington's reluctance to provide the direct military intervention Riyadh sought has fuelled doubts about the practical limits of American security guarantees.

Meanwhile, China and Russia are exploiting the shifting strategic environment to expand their influence. Their growing engagement with regional governments does not mean that either can replace America's entire security role, but it gives Middle Eastern states greater room to diversify their partnerships.

The central issue is no longer whether America possesses formidable power; it clearly does. The question is whether that power can deliver the political outcomes Washington seeks. A superpower's standing depends not only on its capacity to wage war, but also on its ability to achieve objectives, protect partners and sustain international confidence. If these shortcomings persist, America's global leadership will face an increasingly difficult test.

China to support Bangladesh in achieving energy security

The United States and China have signalled support for Bangladesh’s economic recovery and energy security, Beijing expressing interest in expanding investment in the country’s power and energy sectors and Washington offering cooperation on debt management.

The assurances came during separate meetings between Bangladesh’s delegation and officials from the US Treasury Department and the Export-Import Bank of China (China Exim Bank) on the sidelines of the IMF-World Bank annual meetings in Bangkok, Thailand.

A member of the Bangladesh delegation said China Exim Bank had expressed interest in increasing investment in Bangladesh’s energy and power sectors.

The bank also informed the delegation that its chairman would visit Dhaka next week, raising the prospect of further engagement on investment.

The US Treasury Department, meanwhile, assured Bangladesh of cooperation in several areas, including debt management and bilateral relations.

Washington’s support is seen particularly important to Bangladesh’s efforts to secure financing from the International Monetary Fund (IMF), given the United States’ veto power over the institution’s decisions.

After meeting US Treasury officials, Finance Minister Amir Khosru Mahmud Chowdhury said Bangladesh had received less support from the United States than it had expected in the past, but hoped closer bilateral ties would lead to greater assistance.

The discussions covered debt management, bilateral relations and other issues, he said, adding that the improvement in relations had raised the government’s expectations of further US support.

Pointing to Bangladesh’s purchases of aircraft from the US and imports of goods including soybeans, the finance minister said the country should receive greater American support in advancing its development and economic interests.

Prime Minister’s Economic Adviser Dr Rashed Al Mahmud Titumir said the IMF, World Bank and US Treasury Department, among others, had acknowledged that the current government had inherited economic difficulties and high inflation.

The conflict in the Middle East had added to the pressure on the economy, he said.

They also said the current government was working sincerely to resolve the problems. As a result, the World Bank, IMF, US Treasury Department and other organizations have assured Bangladesh of their support.

According to Titumir, international financial institutions and US officials recognized the government’s sincere efforts to address these challenges. As a result, the World Bank, IMF, US Treasury Department and other organizations had assured Bangladesh of their support, he said.

The government expects confirmation of the assistance within the next two to three months, he added.