ISLAMABAD: Pakistan’s Foreign Minister Shah Mehmood Qureshi said on Friday that Turkey was willing to support Islamabad’s quest for a peaceful resolution of the Kashmir dispute.
He added that the latest United Nations report had endorsed Pakistan’s perspective on the protracted problem that had driven the two South Asian nuclear nations apart, noting that the UN had meticulously documented Indian brutalities in the occupied region.
Addressing a joint press conference with his Turkish counterpart, Mevlut Cavusoglu, at the Ministry of Foreign Affairs in Islamabad, Qureshi said that Turkey had also agreed to attend a conference on Kashmir on the sides of the UN session and shared Pakistan’s vision for a peaceful resolution of the dispute.
Bearing a message from President Recep Tayyip Erdoğan, the Turkish foreign minister had arrived in Pakistan on Thursday for a two-day official visit. At the top of his agenda were discussions on the bilateral ties of the two countries, enhanced cooperation and views on regional and international developments.
The Turkish News Agency Anadolu said the bilateral trade volume between Turkey and Pakistan stood at $650 million by the end of 2017 and Ankara intended to increase this to $1 billion.
On August 10, US President Donald Trump had slapped steel and aluminum tariffs on Turkey in an attempt to force it to release US pastor Andrew Brunson.
Pakistan has expressed solidarity with Turkey and its government over the economic crisis and the unilateral sanctions imposed by the US government.
“The solution to any and all issues should lie in dialogue, mutual understanding and goodwill. Any steps or actions to the contrary only undermine peace and stability and make the solution to a problem more difficult and intractable,” said a statement issued by Pakistan’s Foreign Office on Aug. 13.
On Friday, the foreign ministers of the two countries recognized each other’s support and noted that the relations between Turkey and Pakistan were between not only the two governments but also their people.
Turkey wants peaceful resolution of Kashmir dispute
Turkey wants peaceful resolution of Kashmir dispute
- Turkish Foreign Minister Mevlut Cavusoglu is on a two-day official visit to Islamabad
- The Turkish news agency said the bilateral trade volume between Turkey and Pakistan stood at $650 million by the end of 2017 and Ankara intended to increase this to $1 billion
Pakistani companies likely to raise over $89 million in new stock listings this year
- Farrukh H. Sabzwari says approvals for two listings already granted while 10 more Initial Public Offerings are expected over next 12 months
- Economists expect KSE-100 index to reach 208,000 points by Dec., reflecting pent-up demand, strategic expansions and broader investor appetite
KARACHI: The Pakistan Stock Exchange (PSX) expects at least a dozen new listings this year, the PSX chief executive officer said on Monday, with the new entrants likely to raise as much as Rs25 billion ($89.3 million) in funding through the equity market.
Pakistan’s benchmark KSE-100 index has rallied to new highs and recorded returns of around 50 percent in Calendar Year (CY) 2025. The market closed at 182,384 points on Monday.
Around 135,000 new investors have also joined the PSX over the last 18 months, according to Pakistani state media.
“Continuing with the momentum, in CY2026, approvals for two Main Board listings have been granted,” PSX CEO Farrukh H. Sabzwari, who has previously served as a local partner of BoA Merrill Lynch and country head of CLSA Emerging Markets in Pakistan, told Arab News.
“PSX is expecting 10 more IPOs (Initial Public Offerings) over next 12 months across various sectors.”
Pakistan’s growing stocks mirror the country’s stabilizing economy which Prime Minister Shehbaz Sharif’s government expects would expand 3.9 percent this fiscal year through June with the help of the International Monetary Fund’s reforms-oriented $7 billion loan program.
The new IPOs would cover food, pharmaceutical, real estate investment trust (REIT), engineering, technology, oil and gas marketing, insurance, auto parts, manufacturing and energy sectors of the economy, according to Sabzwari.
Last year, the PSX listed Zarea Limited, Barkat Frisian Agro Limited, Image REIT, Pak Qatar Family Takaful, Blue-Ex Limited, Nets International Communication Limited and the Pakistan Credit Rating Agency Limited. These listings helped companies raise Rs4.3 billion ($15.4 million) of funding.
In addition, the PSX debt market witnessed seven issuances, valuing Rs10.5 billion ($37.5 million). Pakistan’s finance ministry raises funds through PSX by selling borrowing instruments like Islamic sukuk.
The PSX recorded the highest eight IPOs in a single year in 2021, according to Shankar Talreja, head of research at Topline Securities Ltd. It would be a record if the market lists 12 new entrants this year.
Sana Tawfiq, an economist at Karachi-based brokerage research firm AHL, described the market performance last year as “exceptional.”
“With projected fundraising of up to Rs25 billion ($89.3 million), the upcoming pipeline reflects pent-up demand, strategic expansions, and a broader investor appetite,” she said.
Tawfiq expects the KSE-100 index to reach 208,000 points by Dec. this year.
“As we look toward 2026, Pakistan’s equity market is entering a phase defined by stability, depth, and sustainable growth,” the economist said.
“The market is now transitioning toward a more measured trajectory.”
Key drivers in 2026 would likely include sustained domestic liquidity in equities, strengthening foreign reserves and a contained current account deficit, successful completion of the Pakistan International Airlines (PIA) privatization alongside accelerating progress on privatization and restructuring of power distribution companies (DISCOs), continued efforts to resolve circular debt in both power and gas sectors, and supportive global commodity prices, according to Tawfiq.
In a recent note to its clients, Topline Securities said the current IPO momentum was driven by macroeconomic stability under the IMF program, improving investor confidence and a declining interest rate environment.
Pakistan’s central bank last month cut its interest rate by 50 basis points to 10.5 percent in a surprising move aimed at boosting economic growth in the inflation-hit country.
“Despite ongoing geopolitical and macroeconomic uncertainties, investor sentiment continues to improve,” it said.
