NEW DELHI: India on Saturday said it hoped the new government of Pakistan would “work constructively” to end militancy in South Asia, in its first comments following this week’s general election in Pakistan.
Cricket star-turned-politician Imran Khan, who won the disputed election, has called for better ties with India.
“We hope that the new government of Pakistan will work constructively to build a safe, stable, secure and developed South Asia free of terror and violence,” India’s foreign affairs ministry said in a statement.
India accuses Pakistan of backing several anti-India militant groups and helping them to infiltrate the divided Kashmir region to stoke violence. Pakistan denies the charge.
On Thursday, as he declared victory in the election, Khan said India and Pakistan should resolve the Kashmir dispute through talks.
India and Pakistan have fought three wars since their independence in 1947, two of them over Kashmir, which they both claim in full but rule in part. Clashes between their forces in Kashmir largely stopped after a 2003 cease-fire but exchanges of fire have been more common in more recent years.
India’s foreign affairs ministry did not directly comment on Khan’s call for talks, but said it welcomed that “the people of Pakistan have reposed their faith in democracy through general elections.”
“India desires a prosperous and progressive Pakistan at peace with its neighbors,” the statement said.
On Saturday Khan opened coalition talks with at least one smaller party and independent politicians, a spokesman said, after the announcement of the full results of the election.
India says hopes new Pakistan govt will work for terror-free South Asia
India says hopes new Pakistan govt will work for terror-free South Asia
- “India desires a prosperous and progressive Pakistan at peace with its neighbors” — Indian Foreign Ministry
- India and Pakistan have fought three wars since their independence in 1947, two of them over Kashmir, which they both claim in full but rule in part
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
