Category: 3. Business

KARACHI:

The Pakistan Stock Exchange (PSX) closed lower on Friday as investors resorted to profit-booking ahead of the rollover week, erasing early gains after the benchmark index touched a fresh all-time high.

The KSE-100 index settled slightly above 171,400, down almost 560 points compared with the previous session’s close at 171,961. Market breadth remained negative, with 260 stocks closing in the red and 179 stocks rising, reflecting cautious sentiment.

Trading opened on a positive note, when the index extended momentum from the previous session to reach the intra-day high of 172,675. However, the rally proved short-lived as selling pressure emerged during the latter half, particularly in index-heavy stocks, dragging the market to the intra-day low of 660 points before a modest recovery at close.

Commenting on the session, analysts said the PSX witnessed a bout of profit-taking as investors adjusted positions ahead of the rollover week.

Top positive contributions to the index came from Lucky Cement, Systems Ltd, UBL, Meezan Bank and Mari Energies, which added 319 points, while HBL, Maple Leaf Cement, Engro Holdings, Fauji Fertiliser and Bank Alfalah shaved off 366 points. Activity remained healthy, with total traded volumes reaching 798 million shares, indicating continued investor participation despite a late correction.

At the close of trading, the benchmark KSE-100 index posted a modest decline of 556.16 points, or 0.32%, and settled at 171,404.49.

“PSX witnessed a profit-taking day today (Friday) as the market headed into the rollover week starting Monday,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL).

Topline’s market review noted that a range-bound session was observed at the stock exchange as the index traded between the intra-day high of +714 points and intra-day low of -660 points to finally close at 171,404 (down 0.32%).

It mentioned that major positive contribution to the index came from Lucky Cement, Systems Ltd, UBL, Meezan Bank and Mari Energies. On the flip side, HBL, Maple Leaf Cement, Engro Holdings, Fauji Fertiliser and Bank Alfalah lost value, pulling the index down.

Traded value-wise, Meezan Bank (Rs6.23 billion), DG Khan Cement (Rs3.54 billion), Lucky Cement (Rs1.45 billion), Maple Leaf Cement (Rs1.43 billion) and Pakistan Petroleum (Rs1.32 billion) dominated the activity, Topline said.

Mubashir Anis Naviwala of JS Global wrote that the PSX opened on a positive note and extended gains to hit a new all-time high of 172,675. The KSE-100 remained range bound during mid-session after the strong opening. Late-session profit-taking dragged the index down from the day’s highs, he said.

Selling pressure intensified in the final hour, especially in index-heavy stocks. The benchmark index closed at 171,404, down 556 points. Despite the correction, volumes remained decent, reflecting active participation.

The broader trend stays bullish, though short-term consolidation is evident. Investors may be selective after the sharp rally and repeated record highs, Naviwala added.

Overall trading volumes were recorded at 797.5 million shares compared with the previous session’s tally of 950.1 million. The value of shares traded during the day was Rs42.2 billion.

Shares of 485 companies were traded. Of these, 179 stocks closed higher, 260 fell and 46 remained unchanged.

K-Electric was the volume leader with trading in 116 million shares, gaining Rs0.24 to close at Rs5.85. It was followed by Bank Makramah with 24.7 million shares, edging up Rs0.02 to close at Rs6.08 and Crescent Star Insurance with 23.1 million shares, rising Rs1 to close at Rs8.30.

Foreign investors sold shares worth a net Rs934.4 million, the National Clearing Company reported.

Hundreds of passengers streaming festive movies, buying last-minute gifts or catching up with loved ones between London and the south of England this Christmas can now benefit from cutting-edge wifi as South Western Railway (SWR) kickstarts a new trial (20 December 2025).   

The publicly-owned operator is among the first in England to introduce satellite-powered wifi, showcasing the smart investments that nationalised rail companies can deliver to enhance passenger experience under Great British Railways (GBR).  

It follows the recent creation of Project Reach – a national commercial partnership bringing together public and private sector investment and infrastructure to eliminate mobile signal blackspots in tunnels on key rail routes up and down the country.  

Set to save taxpayers around £300 million, the multi-year project’s first installation of mobile infrastructure is expected to begin in 2026 and be fully rolled out by 2028 – revolutionising rail passenger experience. 

Powered by Starlink technology from SpaceX, the SWR trial is taking place on a Class 444 train operating between London Waterloo, Portsmouth Harbour and Weymouth. This upgrade will significantly improve coverage throughout the New Forest – historically a major signal blackspot, leaving passengers without internet for over 20 minutes. 

With early testing showing a 97% coverage rate across the route so far, passengers travelling within the area can browse, stream and stay connected at stronger speeds. If successful, the technology could be rolled out across other trains in the SWR fleet and encourage other publicly-owned operators to do the same.  

With publicly-owned operators responsible for 33% of all passenger rail  journeys in Great Britain, boosting connectivity is crucial for running a reliable and efficient service and with the creation of Great British Railways, this is the kind of investment rail  companies can deliver – improving journeys and strengthening the network across the country. 

Rail Minister Lord Peter Hendy said:  

A good wifi signal can transform a journey and SWR’s wifi trial is a game changer for passengers. 

With Christmas and New Year celebrations just around the corner, passengers travelling for the holidays can enjoy their journeys knowing they’ll stay connected – whether that’s to watch their favourite festive films, do last-minute shopping or catch up with loved ones at this special time of year. 

This is exactly the kind of improvement rail operators under public ownership can deliver to put passengers first and make rail travel enjoyable for all.

Peter Williams, South Western Railway’s Customer and Commercial Director, said:   

We know how important reliable wifi is to our customers – it supports productivity, keeps people connected and entertained and makes rail an even more attractive and sustainable way to travel.   

By bringing satellite technology to our trains, we’re covering some of the hardest-to-reach parts of the network and showing that seamless connectivity is possible wherever you travel. This is another big step towards improving the onboard experience for our customers and we are excited to see how it can benefit more routes across our network in future.

Unlike traditional onboard wifi, which depends on mobile networks and often struggles with bandwidth in busy or remote areas, Starlink uses a constellation of thousands of low-Earth orbit satellites. This technology delivers a stronger, more resilient and reliable connection almost anywhere in the world.  

Wifi is not the only area where SWR is making good progress under public ownership. The operator has quadrupled the number of new Arterio trains in service, boosting morning peak capacity into London Waterloo by nearly 12% since May. These trains are set to improve performance and reliability significantly, with features including air conditioning, accessible toilets and charging points at every seat.  

Today’s announcement follows last week’s second debate on the landmark railways bill and comes after the government’s decision to freeze rail fares for the first time in 30 years – a move aimed at putting money back in passengers’ pockets and easing the cost of living for hard-working people.

Accolades  |  December 19, 2025

Chambers Asia-Pacific

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Gibson Dunn received 11 practice area rankings, including four Band 1 rankings, as well as nine individual rankings in the 2026 edition of Chambers Asia-Pacific. The firm was ranked in the Asia-Pacific Region-wide categories for Corporate/M&A, Corporate/M&A: Private Equity, Energy & Natural Resources, and Investment Funds: Private Equity, as well as in the following: India Corporate/M&A, Indonesia Corporate & Finance, Singapore Banking & Finance: International, Singapore Corporate/M&A: International, Singapore Energy & Natural Resources: International, Singapore Investment Funds: International, and Singapore Restructuring/Insolvency: International.

The following lawyers were ranked individually in their respective categories: partner John Fadely in Singapore Investment Funds; of counsel U-Shaun Lim in Singapore Banking & Finance; partner Ben Shorten in Vietnam Projects, Infrastructure & Energy; of counsel Karthik Ashwin Thiagarajan in India Corporate/M&A; partner Jamie Thomas in Indonesia Banking & Finance, Singapore Banking & Finance, and Singapore Restructuring/Insolvency; and partner Fang Xue in Singapore Corporate/M&A.

The rankings were released on December 11, 2025.

On January 13, 2026, Pepperdine University will host a fireside chat with Howard Marks—the
co-chair and founding principal of Oaktree Capital Management—at its Malibu campus. Throughout this upcoming event, students, staff, and friends
of the University will have the opportunity to glean new economic insights from one
of the industry’s leading insiders. 

“Attendees of this event will receive the rare opportunity to learn from one of the
most influential investors of our generation,” says Jeffrey Rohde, Pepperdine’s chief
investment officer. “In turn, I hope that all of our participants walk away from the
session inspired and eager to put some of Howard’s teachings into practice.”

One of the most prominent thought leaders in the investment field, Marks is heralded
for his perspectives on market cycles, risk, and long-term value creation. His career
began with Citicorp in 1969, where Marks originally worked as an equity research analyst
before ascending to become a director of research, vice president, and senior portfolio
manager. From there, he joined the TCW Group and led teams concerned with distressed
debt, high yield bonds, and convertible securities. 

In 1995 Marks left TCW to become one of the founding principals of Oaktree Capital
Management. Today this global investment company manages $218 billion worth of assets
and employs more than 1,400 individuals in 25 offices around the globe. 

The fireside chat, which will be hosted at the Wilburn Auditorium on Pepperdine’s
Drescher campus, provides attendees with the unique chance to learn from one of the
world’s leading market experts. With a wide array of relevant, potential topics to
comment on, the event will foster dialogue around the current state of the financial
sector and offer participants the opportunity to gain new, informed perspectives. 

Marks’ expertise, and his ability to effectively communicate complex investment analyses,
are held in the highest regard. He began writing his widely distributed “Memos from Howard Marks”—read by finance students and the most sophisticated of practitioners—35 years ago.
Recent topics range from the potential of an AI bubble, the private credit market,
calculating asset value, to how to invest well in the face of uncertainty. Boasting
five decades worth of professional investment experience, he possesses both the broad
and specialized knowledge necessary to assess the current financial landscape.

“Howard has the unique ability to take complex investment concepts and distill them
into a clear, concise, and digestible format,” says Rohde. “Whether you manage billions
of dollars or you’re just learning the basics of investing, you can gain practical
insights from Howard that will make you a better investor.”

Learn more about Pepperdine’s fireside chat with Howard Marks and register to attend the event.

Firm News  |  December 19, 2025

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Gibson Dunn advised J.P. Morgan Asset Management as co-lead investor in the Series L financing round of Databricks.

Our corporate team included partners Richard Birns and Daniel Alterbaum and associates Mark Goldman and Hannah Gonzalez. Partner Kathryn Kelly and associate Ryan Rott advised on tax aspects.

Accolades  |  December 19, 2025

Debtwire

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The Gibson Dunn Business Restructuring and Reorganization practice has maintained its substantial lead in year-to-date lead counsel rankings through the end of November, with 41 mandates.

The firm’s BRR practice specializes in representing creditor and stakeholder groups in the largest and most complex restructurings and is a pioneering leader in the liability management space.