KARACHI: Bulls at the Pakistan Stock Exchange (PSX) welcomed a high-profile Saudi delegation’s visit to Pakistan on Tuesday, as the key stock index registered an all-time high of over 71,000 points during intraday trading as investors hoped Islamabad would attract investment from the Kingdom, analysts said.
The benchmark KSE 100 index reached a record high of 71,092 points during the day on Tuesday before closing 60.9 points down at 70,483.6 level, the stock market’s website showed. The bullish trend followed a day after Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan arrived in Pakistan on a two-day visit to the country.
The Saudi minister’s visit is aimed at enhancing bilateral economic cooperation and pushing forward previously agreed investment deals with Pakistan. His trip comes a little over a week after Crown Prince Mohammed bin Salman met Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite investments worth $5 billion.
“The current bullish trend in the stock market is fueled by hopes of realizing Saudi investments and deposits following the visit of a high-profile delegation [to Pakistan],” Muhammad Sohail, CEO of Topline Securities, told Arab News.
Pakistan’s prime minister, president and foreign minister on Tuesday said the Saudi foreign minister’s ongoing visit would help transform a longstanding friendship between the two nations into a strategic and commercial partnership.
Pakistan has identified agriculture, mining, energy and IT sectors for foreign investment through the Special Investment Facilitation Council (SIFC), a hybrid civil-military body that was formed in June last year to attract investments from mainly Gulf countries.
Ali Nawaz, CEO of Chase Securities, said other than the Saudi delegation’s arrival, other reasons had also influenced Pakistani stocks to perform well.
“Firstly, positive corporate performance by listed companies, characterized by revenue growth and profitability, has bolstered investor confidence in the market,” Nawaz told Arab News.
He said Pakistan’s stable political conditions have contributed to a positive sentiment among investors and encouraged them to invest in equities.
“Foreign investors continue to accumulate position in equity markets bringing in much-needed liquidity into capital markets,” Nawaz said.
Ahsan Mehanti, CEO of Arif Habib Corporation, said the stock market had gained impressively during the day but closed at a lower level due to institutional profit taking. Profit taking refers to the act of selling a security to lock in gains after it has risen appreciably.
Mehanti said the development had taken place amid “uncertainty over the outcome of Pakistan-IMF talks for new bailout program and geo-political tensions.”
Pakistan’s finance minister Muhammad Aurangzeb, who is in Washington, has initiated talks with IMF officials to secure a new loan program after the South Asian country’s $3 billion loan program draws to a close this month.
Speaking at an event hosted by the Atlantic Council, a think tank, the finance minister said Pakistan is looking for a larger loan program that would span two to three years in duration.
“We will need a two-to-three period year time period so that we can actually go through the structural reforms,” the finance minister said.
Pakistan’s key stock index, spurred by hopes of Saudi investment, breaches 71,000 barrier
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Pakistan’s key stock index, spurred by hopes of Saudi investment, breaches 71,000 barrier
- The benchmark KSE 100 index reached a record high of 71,092 points during intra-day trading on Tuesday
- Saudi Arabia’s foreign minister arrived in Pakistan on Monday with his visit aimed at enhancing economic cooperation
Four militants killed in northwest Pakistan operation — military
- The development comes amid a surge in violence in Khyber Pakhtunkhwa province, mostly blamed on Pakistani Taliban
- Last week, Taliban militants also abducted a district and sessions judge in the same province, who was freed two days later
ISLAMABAD: Four militants were killed during an intelligence-based operation in northwest Pakistan on Monday, the Pakistani military said, amid a spate of militant violence in the region.
The operation was conducted in the Khyber tribal district of Pakistan’s Khyber Pakhtunkhwa province, according to the Inter-Services Public Relations (ISPR), the military’s media wing.
An intense exchange of fire during the operation killed four militants.
“Terrorists’ hideout was also busted during the operation and a large cache of weapons, ammunition and explosives was recovered,” the ISPR said in a statement.
A sanitization operation was being carried out to eliminate any other threats in the vicinity, the ISPR added.
The development came amid a surge in violence in Pakistan’s northwest, mostly blamed on the Tehreek-e-Taliban Pakistan (TTP), since the group ended a ceasefire with the central government in November 2022.
Last week, TTP militants abducted a district and sessions judge, Shakirullah Marwat, in the same province. The judge was recovered after a joint operation by police and security forces, police said on Monday.
Earlier this month, six people, including five customs department officials, were killed in an attack in Dera Ismail Khan. Two customs officers were also killed in the area in a separate attack earlier.
Militants have also targeted security officials in the province in recent weeks, killing a number of police and counterterrorism department officials.
Both Pakistan and Afghanistan have traded blame in recent months over who is responsible for the recent spate of militant attacks in Pakistan.
Islamabad says the attacks are launched mostly by TTP members who operate from safe havens in Afghanistan. Kabul denies this and blames Islamabad for not being able to handle its own security challenges.
Pakistan confers military award on Turkish land forces commander
- President Asif Ali Zardari conferred the award at a special investiture ceremony held in Islamabad
- General Selcuk Bayraktaroglu, who is currently visiting Pakistan, also met Army Chief Gen Asim Munir
ISLAMABAD: Pakistan on Sunday conferred a military award, Nishan-i-Imtiaz, on Commander of the Turkish Land Forces, General Selcuk Bayraktaroglu, during his visit to Islamabad, Pakistani state media reported.
Pakistan President Asif Ali Zardari bestowed the Turkish general with the award at a special investiture ceremony held at the Presidency in Islamabad, the state-run Radio Pakistan broadcaster reported.
“The award was conferred upon him in recognition of his illustrious services and contribution toward strengthening Pakistan-Turkiye defense relations,” the report read.
The investiture ceremony was attended by foreign diplomats and high-ranking military officials.
Separately, General Bayraktaroglu called on Pakistan’s army chief, General Asim Munir, and General Sahir Shamshad Mirza, chairman of the Joint Chiefs of Staff Committee, the Pakistani military said.
During his meeting with Gen Munir, matters of mutual interest and measures to further enhance bilateral defense cooperation were discussed, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing.
“Both sides expressed satisfaction over deep-rooted relations between the two countries, based on historic, cultural and religious affinity,” the ISPR said.
“COAS emphasized the need to further strengthen existing military to military cooperation between the two Armed Forces.”
During the meeting, the ISPR added, the visiting dignitary appreciated the role of Pakistan Army in ensuring peace and stability in the region.
Pakistan court hands life sentences to four in 2018 murder of lawmaker
- The accused were convicted of aiding, abetting, reconnaissance, and facilitating murder of Syed Ali Raza Abidi
- Court suspends proceedings against prime accused, citing Supreme Court ruling that prohibits judgments in absentia
KARACHI: A Pakistani court on Monday handed life sentences to four accused who were convicted of aiding, abetting, reconnaissance and facilitating the murder of a Pakistani lawmaker in the southern city of Karachi in 2018.
Ali Raza Abidi, a businessman and politician, who belonged to the Muttahida Qaumi Movement-Pakistan (MQM-P) party, was shot dead outside his residence in the Defense Housing Authority (DHA) area of Karachi.
Police had registered a case against the suspects in the Gizri police station under the Anti-Terrorism Act.
“The evidence shows that all the accused persons in furtherance of their common intention are involved in the commission of murder of Syed Ali Raza Abidi and they are equally responsible for the act,” Zeeshan Akhter Khan, the Anti-Terrorism Court judge, stated in his detailed judgment.
The convicts, Muhammad Farooq, Muhammad Ghazali, Abu Bakar and Abdul Haseeb, were also fined under various sections of the Pakistan Penal Code. They can appeal the verdict within 15 days.
The court, citing a Supreme Court judgment, said since a case against absconding accused, Bilal, Hasnain, Ghulam Mustafa and Faizan, could not be proceeded in absentia, it was placed on dormant status until their arrest or appearance before the court.
Abidi was elected as a Member of the National Assembly (MNA) on the ticket of the MQM-P in the 2013 general election. He, however, quit the MQM-P following the party’s formation of an alliance with the rival Pak Sarzameen Party (PSP).
Despite briefly rejoining the MQM-P in December 2017, Abidi ultimately parted ways with the party in September 2018. He was killed months later on December 25, 2018.
Pakistani PM meets Malaysia’s Ibrahim on WEF sidelines, invites on official Islamabad visit
- Shehbaz Sharif was in Riyadh to attend a WEF special meeting on Global Collaboration, Growth and Energy for Development on April 28-29
- The Pakistan PM invited Malaysian traders and businessmen to visit Pakistan to discuss expansion of bilateral trade, investment relations
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Monday met his Malaysian counterpart Anwar Ibrahim in Riyadh and invited him to visit the South Asian country, Sharif’s office said.
The two leaders met on the sidelines of a two-day World Economic Forum (WEF) summit in Saudi Arabia’s capital of Riyadh, according to PM Sharif’s office.
During the meeting, both sides agreed to further develop relations.
“The two leaders also agreed to hold the next meeting of the Joint Ministerial Commission in Islamabad soon,” Sharif’s office said in a statement.
“The prime minister reiterated his invitation to Malaysian Prime Minister Anwar Ibrahim to pay an official visit to Pakistan.”
The two leaders discussed bilateral ties in the fields of education, science and technology, livestock and trade, and vowed to further enhance cooperation in the future, according to the statement.
PM Sharif also invited Malaysian traders and businessmen to visit Pakistan to discuss the expansion of bilateral trade and investment relations.
The Pakistan prime minister was in Riyadh to attend the WEF special meeting on Global Collaboration, Growth and Energy for Development on April 28-29.
Sharif spoke about Gaza at the closing plenary of the two-day summit and held several bilateral meetings, particularly with Saudi officials, during the visit.
No peace in the world without ceasefire in Gaza, Pakistani PM says at WEF
- Pakistan does not recognize Israel and calls for an independent Palestinian state based on pre-1967 borders
- Sharif is in Riyadh for two-day World Economic Forum summit on growth, has met top Saudi leaders on sidelines
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif said on Monday there could be no peace in the world without a permanent ceasefire in Gaza, as Israel’s attacks on the besieged Palestinians territory continue.
The statement came during the prime minister’s address at the closing plenary of a special two-day World Economic Forum (WEF) summit held in Riyadh, with a focus on global collaboration, growth and energy for development.
Israel’s air and ground assault on Gaza has killed about 34,500 Palestinians, according to Palestinian health authorities. The enclave is also in the grips of severe shortages of food, fuel and medicine since October 7 when the war started after attacks by Hamas on Israel.
“The world will not be in peace unless there is permanent peace in Gaza,” PM Sharif said.
Pakistan does not recognize the state of Israel and calls for an independent Palestinian state based on “internationally agreed parameters” and the pre-1967 borders with Al-Quds Al-Sharif as its capital.
Sharif said conflicts in Gaza, Ukraine and elsewhere had led to inflation globally, which was “breaking the back of developing countries.”
Sharif arrived in Riyadh on Saturday for the WEF special meeting on Global Collaboration, Growth and Energy for Development on April 28-29.
The conference has convened more than 700 participants, including key stakeholders from governments and international organizations, business leaders from the World Economic Forum’s partner companies, as well as Young Global Leaders, experts and innovators.
During his address, the Pakistan prime minister also thanked Saudi Arabia and other friendly countries for supporting Pakistan through difficult times.
“I have to acknowledge from the core of my heart the support we have been given and received from the Saudi leadership,” he said. “I think, a friend in need is a friend in deed and we will never be able to repay back to them what they have done to Pakistan in difficult times.”
Sharif said his government was going for “deep-rooted structural reforms” to put the country on the path to economic recovery.
“It will hit me as prime minister, obviously,” he said. “But ladies and gentlemen, without that nothing will happen.”
Pakistan is facing a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year, three-time more than its central bank’s foreign currency reserves.
The country is in talks with the International Monetary Fund (IMF) to secure a new loan program after its ongoing $3 billion program expires this month.
