It depends upon the university in which you seek admission if you get admission in M.Com in Punjab University it will be better for you to do MBA from a private university. But in my view M.Com is better than MBA
Brother in MBA you have specialized optional field like Finance/Marketing/Managment/IT and when u choose any one of them you would be bound in that particular field if u choose finance then u cant specialized in management, so for ur masters level i would prefer You to do M.com, If u wanu stay in Pakistan so m.com will give u wide variety of subject related with pakistanis laws e.g business matters.
i hope u may understood what im trying to say