AABS 812.88 6.88 AATM 54.01 1.01 ABL 170.21 3.21 ABOT 917.92 4.92 ACIETF 16.38 0.38 ACPL 230.06 0.06 ADAMS 66.09 0.09 ADMM 53.60 0.04 ADOS 29.00 0.00 AEL 33.68 1.68 AGHA 6.44 -0.01 AGIC 39.88 0.88 AGICR2 5.92 0.27 AGIL 151.76 1.69 AGL 41.69 0.64 AGP 155.70 -1.55 AGSML 8.87 0.69 AGTL 351.40 1.40 AHCL 14.95 0.11 AHL 130.78 2.57 AHTM 95.14 0.13 AICL 97.43 2.44 AIRLINK 125.79 1.79 AKBL 106.04 1.94 AKDHL 148.32 0.00 AKDSL 34.59 2.04 AKGL 53.05 -3.95 ALAC 24.42 0.32 ALIFE 30.65 1.63 ALNRS 123.17 8.17 ALTN 6.69 0.02 AMBLR4 19.99 0.49 AMTEX 3.94 0.16 ANL 9.39 -0.01 ANSS 23.57 0.57 ANTM 76.56 9.56 APL 576.38 5.74 ARCTM 36.72 -0.28 ARM 27.90 0.00 ARMG 55.84 -0.92 ARPAK 133.08 2.08 ARPL 405.12 -9.88 ARUJ 9.69 -0.28 ASC 8.14 -0.21 ASCR2 0.02 -0.05 ASHT 34.97 3.47 ASIC 38.41 3.61 ASL 16.92 -0.42 ASTL 14.62 -0.08 ASTM 100.30 18.19 ATBA 168.25 -2.64 ATIL 74.95 -0.03 ATLH 1,582.60 -7.40 ATRL 1,095.05 14.05 AVN 28.06 -0.29 AWTX 1,601.11 -160.11 AWWAL 10.00 0.00 BAFL 55.19 0.17 BAFS 452.50 -16.04 BAHL 152.91 -0.66 BAPL 38.86 0.92 BATA 848.40 -10.59 BBFL 40.75 0.64 BCL 67.73 0.06 BCML 42.60 1.39 BECO 4.43 -0.02 BELA 54.07 1.03 BERG 115.67 -0.34 BFAGRO 30.67 0.22 BFBIO 122.58 2.03 BFMOD 21.93 0.91 BGL 9.59 0.07 BHAT 819.53 0.00 BIFO 115.21 -1.60 BILF 38.39 -1.11 BIPL 24.87 0.41 BIPLS 38.63 -0.36 BML 49.88 -0.37 BNL 5.84 -0.11 BNWM 62.95 0.55 BOK 28.32 -0.18 BOP 31.72 0.72 BPL 57.28 5.13 BRRG 46.00 4.45 BTL 900.60 0.00 BUXL 834.59 0.00 BWCL 448.30 3.30 BWHL 225.74 2.74 CASH 50.30 0.30 CCM 42.00 -2.25 CENI 57.08 3.08 CEPB 26.50 0.31 CFL 65.91 0.00 CHAS 79.80 1.78 CHBL 10.69 -0.20 CHCC 269.84 -3.24 CLCPS 3.61 0.10 CLOUD 62.85 0.00 CLOV 6.29 -0.02 CLVL 35.60 2.05 CLVLR 0.08 -0.22 CNERGY 12.93 0.72 COLG 1,177.64 6.53 CPHL 71.08 1.08 CPPL 96.01 2.81 CRTM 66.62 0.12 CSAP 91.26 3.15 CSIL 5.70 0.07 CSILR3 1.88 0.27 CTM 6.33 -0.15 CWSM 51.18 0.19 CYAN 41.91 -1.06 DAAG 88.99 0.99 DADX 107.58 7.59 DATM 2.35 -0.20 DAWH 275.28 15.28 DBCI 10.28 -0.02 DCL 9.61 -0.20 DCR 40.21 0.17 DEL 18.90 0.89 DFML 15.49 -0.11 DFSM 11.25 0.04 DGKC 193.86 5.86 DHPL 26.55 -0.42 DIIL 71.71 -3.29 DINT 55.89 1.88 DLL 46.10 -1.70 DMC 171.44 10.43 DMTM 8.56 0.04 DMTX 34.96 0.46 DNCC 16.49 0.49 DOL 29.94 0.24 DSIL 8.67 0.12 DSL 4.38 -0.12 DSML 51.25 1.24 DWAE 21.73 0.72 DWSM 5.82 0.02 DWTM 10.58 0.19 DYNO 324.96 0.97 ECOP 50.99 -1.48 EFERT 189.19 6.20 EFGH 75.72 -4.68 EFUG 126.67 -0.63 EFUL 155.07 -13.92 ELCM 234.65 -18.33 ELSM 149.90 1.25 EMCO 39.21 -1.29 ENGRO 485.38 3.39 ENGROH 264.12 1.12 EPCL 33.64 0.30 EPQL 23.68 0.18 ESBL 8.58 0.23 EWIC 54.58 -0.02 EXIDE 437.68 -4.33 FABL 91.31 0.21 FANM 9.44 1.04 FASM 315.00 8.99 FATIMA 150.02 3.02 FCCL 52.74 1.63 FCEL 4.96 0.21 FCEPL 138.64 -2.74 FCIBL 30.78 -3.22 FCL 26.75 -0.05 FCSC 4.91 0.10 FDIBL 2.92 -0.17 FDPL 4.56 0.05 FECM 22.94 -2.84 FECTC 97.77 6.45 FEM 11.85 0.74 FEROZ 348.00 1.00 FFBL 88.94 8.43 FFC 541.37 11.38 FFL 14.76 0.16 FFLM 11.90 -0.95 FHAM 31.19 -0.81 FIBLM 15.50 -0.98 FIL 283.39 14.38 FIMM 215.99 13.98 FLYNG 37.81 0.81 FMLR 47.68 -0.22 FNEL 1.13 -0.01 FPJM 18.77 1.66 FPRM 10.22 0.22 FPRMR2 1.06 -0.09 FRCL 86.82 7.67 FRSM 41.15 1.13 FSWL 140.16 0.16 FTMM 18.72 -0.03 FTSM 38.72 3.91 FUDLM 8.00 0.55 FZCM 244.21 6.10 GADT 301.15 1.15 GAL 594.49 39.49 GAMON 20.38 -0.01 GATI 85.29 0.29 GATIR 15.04 0.04 GATM 22.63 0.23 GCIL 33.42 0.29 GCILB 9.30 -0.22 GCWL 14.36 -0.04 GCWLR 9.01 0.00 GDL 16.81 -0.12 GEMBCEM 11.30 -0.05 GEMBLUEX 6.16 0.16 GEMMEL 35.71 2.71 GEMNETS 23.72 0.71 GEMPACRA 33.75 -0.26 GEMPAPL 11.00 0.00 GEMSPNL 85.95 8.05 GEMUNSL 20.00 0.00 GFIL 25.63 -0.39 GGGL 7.72 0.02 GGL 21.47 0.25 GHGL 40.50 -0.33 GHGL 40.11 -0.89 GHNI 1,192.49 43.49 GHNL 33.90 -0.30 GIL 2,408.45 215.26 GLAXO 305.87 4.43 GLPL 700.00 0.00 GOC 165.02 -4.97 GRR 22.04 -0.06 GRYL 18.87 0.87 GSKCH 120.23 -3.98 GSPM 6.29 -0.21 GTECH 8.58 -0.22 GTYR 25.94 -1.06 GUSM 9.04 -0.76 GVGL 54.88 -0.12 GWLC 51.16 0.96 HABSM 80.72 1.52 HACC 18.65 1.30 HAFL 430.06 0.00 HALEON 698.06 5.06 HASCOL 19.55 -0.01 HBL 302.65 1.62 HBLTETF 105.80 -0.20 HCAR 220.93 2.93 HCL 959.26 9.26 HGFA 13.85 0.58 HICL 8.19 -0.31 HIFA 4.83 0.23 HINO 325.64 2.84 HINOON 924.60 13.10 HIRAT 5.45 -0.02 HLEL 24.24 1.89 HMB 98.46 -0.69 HMM 5.80 0.01 HPL 3,926.67 -54.12 HRPL 21.03 -0.23 HSPI 8.81 0.82 HTL 37.89 0.99 HUBC 203.76 3.74 HUMNL 10.17 0.42 HUSI 52.46 -9.54 HWQS 18.38 0.17 IBFL 247.00 5.00 IBLHL 42.41 -1.38 ICCI 14.63 0.63 ICI 591.53 -3.37 ICIBL 16.39 -0.62 ICL 131.48 -0.08 IDEAL 48.31 1.71 IDRT 35.66 1.86 IDSM 60.72 3.52 IDYM 129.86 3.35 IGIHL 253.25 5.25 IGIL 18.92 -2.08 ILP 100.95 0.45 IMAGE 24.51 -0.01 IML 21.46 -0.29 IMS 18.65 0.75 INDU 1,833.20 -13.30 INIL 160.29 -1.73 INKL 96.29 -5.12 INL 22.30 -3.15 IPAK 38.00 -0.13 IREIT 8.07 0.04 ISIL 1,822.33 -16.67 ISL 81.89 -0.61 ITANZ 33.09 -0.93 ITTEFAQ 7.81 0.15 JATM 34.66 -3.34 JDMT 136.47 6.49 JDWS 882.41 -7.58 JGICL 76.15 -2.85 JKSM 341.29 11.31 JLICL 109.21 1.41 JOPP 160.06 -11.94 JSBL 12.25 -0.15 JSBLR1 0.01 0.00 JSCL 20.19 -0.31 JSGBETF 39.38 -0.06 JSGCL 151.31 0.00 JSIL 40.00 3.00 JSMFETF 10.49 0.47 JSML 51.08 -1.72 JSRR 10.45 -0.34 JUBS 49.59 2.59 JVDC 139.68 6.18 KAPCO 26.00 -0.50 KASBM 1.19 0.00 KCL 178.39 21.37 KEL 6.85 0.10 KHSM 11.65 0.00 KHTC 294.90 3.90 KHYT 1,929.95 0.00 KML 8.38 -0.05 KOHC 90.18 -1.81 KOHE 15.79 1.04 KOHP 20.37 -0.15 KOHTM 99.50 -0.50 KOIL 35.89 0.83 KOSM 5.22 0.05 KPUS 802.68 36.49 KSBP 227.69 2.69 KSBP 112.37 -2.61 KSBPR 3.02 0.72 KSTM 12.88 -0.11 KTML 42.08 1.98 LCI 219.26 1.26 LEUL 70.11 1.91 LIVEN 31.79 -0.22 LMSM 63.91 0.00 LOADS 12.86 0.05 LOADSR1 0.09 -0.10 LOTCHEM 25.21 0.01 LPGL 81.82 -5.19 LPL 19.82 0.62 LSECL 5.75 -0.25 LSECLR 0.36 -0.39 LSEFSL 3.07 -0.14 LSEPL 4.65 -0.05 LSEVL 12.09 0.30 LUCK 416.68 9.68 MACFL 60.02 1.77 MACTER 244.03 -5.97 MARI 649.60 5.39 MARI 634.37 2.39 MCB 392.23 6.23 MCBAH 24.00 0.00 MCBIM 161.70 -3.30 MDTL 6.92 0.13 MEBL 554.09 19.59 MEHT 137.33 3.34 MERIT 9.73 0.17 META 9.67 -0.83 MFFL 168.04 1.04 MFFLR1 9.01 0.06 MFL 38.93 -0.18 MIIETF 16.04 0.14 MIRKS 31.00 0.45 MIRKSR 8.67 0.12 MLCF 95.40 2.40 MODAM 5.73 -0.09 MQTM 26.93 -0.57 MRNS 58.32 -1.68 MSCL 21.03 0.03 MSOT 195.75 20.65 MTL 302.93 4.93 MUGHAL 72.92 2.92 MUGHALC 62.00 0.50 MUREB 908.55 23.75 MWMP 69.11 1.61 MZNP-ETF 17.28 0.28 NAGC 77.00 0.00 NATF 359.85 3.84 NATM 79.85 7.51 NBP 180.47 2.46 NBPG-ETF 26.68 0.30 NCL 36.01 0.52 NCML 16.80 2.09 NCPL 55.81 -0.19 NESTLE 7,424.22 -0.77 NETSOL 120.17 1.67 NEXT 15.00 1.16 NICL 264.44 6.94 NITG-ETF 33.10 -0.05 NML 133.56 4.45 NONS 82.41 0.41 NPL 63.29 1.34 NRL 537.12 38.12 NRSL 36.93 0.08 NSRM 233.75 -6.23 OBOY 17.36 1.86 OBOYR2 0.64 -0.39 OCTOPUS 29.01 0.51 OGDC 320.83 6.33 OLPL 47.14 0.13 OLPL 24.15 -0.45 OLPM 25.69 0.68 OML 63.79 -5.21 ORIXM 16.29 0.29 ORM 10.37 -0.62 OTSU 354.84 4.84 PABC 97.20 3.40 PACE 10.08 0.06 PAEL 36.31 0.56 PAKD 117.50 -4.10 PAKL 53.90 -7.67 PAKMI 1.30 -0.01 PAKOXY 335.16 4.16 PAKQATAR 17.51 0.10 PAKRI 15.57 0.32 PAKT 1,337.39 31.27 PASL 2.53 0.01 PASL 0.75 0.00 PASM 8.37 0.46 PCAL 150.19 -3.01 PECO 669.06 19.04 PGLC 16.32 -0.43 PHDL 50.40 1.60 PIAA 22.17 0.17 PIAB 828.42 57.80 PIAHCLA 21.70 0.06 PIAHCLB 16,696.70 196.66 PIBTL 15.31 0.55 PICT 40.74 -0.26 PIL 5.24 0.49 PIM 61.64 -13.26 PINL 10.61 0.35 PIOC 247.55 2.54 PKGI 50.61 -2.39 PKGIR 1.36 -0.69 PKGP 36.02 -0.02 PKGS 735.17 10.17 PMI 4.70 0.19 PMPK 1,431.85 121.85 PMRS 386.33 -10.07 PNSC 504.27 -1.90 POL 715.84 -9.67 POML 153.27 -1.73 POWER 22.02 0.02 PPL 218.86 8.88 PPP 153.72 -2.28 PPVC 32.95 -0.05 PQGTL 12.73 -0.26 PREMA 33.05 0.95 PRET 535.29 -8.70 PRL 85.63 5.73 PRWM 63.51 0.51 PSEL 1,087.47 12.47 PSMC 609.00 0.00 PSO 348.13 8.12 PSX 47.05 1.05 PSYL 151.12 8.62 PTC 66.03 3.03 PTL 49.42 1.42 QTECH 37.13 0.88 QUET 14.68 0.01 QUICE 26.41 0.91 RCML 400.22 -4.78 REDCO 30.09 1.08 REWM 173.89 4.21 RICL 11.97 -0.63 RMPL 9,091.00 -98.99 RPL 15.07 -0.73 RUBY 23.79 2.33 RUPL 29.98 1.43 SAIF 44.00 0.25 SANE 8.07 -1.13 SANSM 119.61 4.60 SAPL 870.00 0.00 SAPT 1,479.42 0.42 SARC 89.76 2.72 SASML 341.36 47.36 SAZEW 1,819.96 30.06 SBL 13.00 -0.70 SCBPL 60.15 0.65 SCL 750.07 0.07 SEARL 79.91 1.51 SEARLR2 0.15 -0.10 SEL 26.95 1.94 SELECT 26.11 -0.42 SEPL 151.29 0.78 SERT 38.04 -1.28 SFL 1,101.20 -28.80 SGF 111.75 5.75 SGPL 27.80 -1.34 SGPL 33.89 -7.52 SGPLR 9.76 -1.21 SHCM 62.65 -2.67 SHDT 54.52 1.37 SHEL 185.01 -4.09 SHEZ 262.82 -17.18 SHFA 445.00 -13.99 SHJS 140.76 10.75 SHNI 8.01 0.34 SHSML 354.76 -1.80 SIBL 7.48 0.12 SIEM 1,620.00 18.00 SILK 1.15 -0.01 SINDM 28.53 0.33 SITC 736.25 -12.75 SKRS 23.65 -1.85 SLGL 14.19 0.30 SLL 1.70 -0.44 SLM 23.33 0.03 SLYT 20.17 1.67 SMBL 2.17 -0.03 SMCPL 39.78 -0.20 SML 95.76 -0.24 SMTM 11.90 -0.09 SNAI 37.24 1.29 SNBL 19.88 -0.14 SNGP 93.37 1.57 SPAC1 15.39 0.40 SPAC2 13.55 -0.14 SPEL 41.91 -0.02 SPEL 48.93 0.04 SPL 46.86 1.84 SPLC 1.70 0.07 SPSL 14.94 0.06 SPWL 8.29 0.24 SRR 16.50 -0.29 SRVI 180.89 7.89 SSGC 23.64 -0.10 SSML 19.00 1.48 SSOM 417.59 2.59 STCL 9.36 -0.39 STJT 166.14 0.35 STL 23.86 -0.93 STLR 12.19 -0.33 STML 48.69 3.64 STPL 8.06 0.02 STYLERS 46.27 -1.73 STYLERSR 1.72 0.39 SUHJ 22.20 0.00 SURC 141.37 4.12 SUTM 110.11 1.10 SWL 316.53 28.78 SYM 12.59 -0.06 SYS 123.54 1.55 SZTM 86.89 6.87 TATM 148.04 3.04 TBL 8.94 0.00 TCORP 19.67 0.66 TCORP 19.31 -2.20 TCORPR1 0.79 -0.73 TELE 7.70 0.10 TGL 171.13 2.63 THALL 549.75 4.75 THCCL 79.12 1.11 TICL 1,009.76 5.81 TISL 4.18 0.06 TOMCL 32.00 0.74 TOMCLR 3.81 1.00 TOWL 146.28 -6.32 TPL 22.47 -0.48 TPLI 55.85 -0.15 TPLL 21.31 -0.23 TPLP 12.59 -0.23 TPLRF1 9.41 0.41 TPLT 31.99 0.78 TREET 21.78 0.29 TREETR2 5.62 0.65 TRG 50.48 1.08 TRIPF 132.60 0.60 TRSM 13.01 -0.37 TSBL 2.45 0.03 TSBLR1 0.18 -0.04 TSMF 15.41 -0.48 TSML 496.16 26.16 TSPL 15.03 0.43 UBDL 26.11 -1.30 UBL 425.53 6.53 UBLP-ETF 28.33 0.39 UCAPM 5.68 0.19 UDLI 16.55 -0.45 UDPL 116.91 1.67 UNIC 11.55 0.15 UNITY 8.19 0.14 UPFL 24,797.80 298.77 UVIC 19.42 -0.83 WAFI 160.65 0.15 WAHDAT 14.98 -0.12 WAHN 262.22 -2.80 WASL 5.97 0.17 WASLR 0.79 0.15 WAVES 9.32 -0.11 WAVESAPP 8.51 -0.18 WAVESAPPR 0.17 -0.05 WHALE 8.01 -0.19 WTL 1.09 0.00 WYETH 2,008.00 8.00 YOUW 4.77 0.02 ZAHID 62.86 -1.14 ZAL 38.13 0.63 ZIL 325.00 0.00 ZTL 15.02 0.02 ZUMA 22.22 0.54

Are rate hikes deepening Pakistan\'s debt trap?

September 14, 2026

Amid the post-Covid massive inflationary spiral, the fiscally suffocated government with limited days of foreign exchange reserves became massively dependent on the domestic debt market to finance their massive deficits, and amid rising inflation they had to issue massive amount of floating-rate, long-tenor debt instruments to manage extreme rollover risk. For reference, the total cumulative issuance of semi-annual floating Pakistan Investment Bonds (PIBs) increased from less than Rs1 trillion in 2020 to more than Rs14 trillion in 2024, and is currently more than Rs22 trillion. Floating-rate instruments constitute approximately 70% of all domestic sovereign debt.