ISLAMABAD: Pakistan’s federal cabinet on Friday approved the development of a cross-border corridor allowing Sikh pilgrims to travel from Dera Baba Nanak in India to the final resting place of their religion’s founder, Guru Nanak, in Kartarpur, Pakistan.
The Kartarpur corridor was first proposed in 1999 when India’s late Prime Minister, Atal Bihari Vajpayee, took his highly symbolic bus ride from Delhi to Lahore on the inaugural journey of Routemaster 10, intended to provide a way for citizens of India and Pakistan to visit each other. The bus service was halted following the attack on the Indian Parliament in 2001, but the Sikh community in India has long requested access to the shrine where Guru Nanak spent the last 18 years of his life.
“We will grant visa-free entrance to all the pilgrims coming from India and a separate mechanism for that purpose is being developed,” Fawad Chaudhry, Federal Minister for Information, told journalists after the cabinet meeting.
Prime Minister Imran Khan will participate in a groundbreaking ceremony in Kartarpur on November 28, which Chaudhry said would be attended by “dignitaries and journalists from both sides.”
Islamabad on Thursday conveyed its decision to India that it wanted to open the corridor for Guru Nanak’s 550th birth anniversary in 2019, after the Indian cabinet approved the development of the corridor.
“Pakistan wants to move toward a normalization process with India and open the Kartarpur corridor as part of that initiative,” Chaudhry said. “This is a big initiative from Pakistan and hopefully India will reciprocate it.”
Pakistan’s Chief of Army Staff General Qamar Javed Bajwa reportedly told Indian cricketer-turned-politician Navjot Singh Sidhu on August 18 that Islamabad was planning to develop the corridor. Sidhu was visiting Pakistan to attend the prime minister’s swearing-in ceremony.
However, Indian Prime Minister Narendra Modi’s government criticized the move and had rejected Pakistan’s offer to open the border for Sikh pilgrims.
On Friday, Pakistan’s information minister said that if both countries were serious about alleviating poverty in their nations, they would have to move forward and normalize their relationship.
“Pakistan can benefit from its geographical location and reduce poverty, if it manages to normalize relationships with India and Afghanistan,” he said.
Chaudhry noted that Pakistan’s armed forces and the prime minister had already conveyed to India that if it took “one step (toward peace), Pakistan will be ready to take two.”
Pakistan approves Kartarpur corridor as part of peace initiative with India
Pakistan approves Kartarpur corridor as part of peace initiative with India
- Indian and Pakistani dignitaries to attend groundbreaking ceremony at Kartarpur on November 28
- Corridor will help Sikh pilgrims attend Guru Nanak’s 550th birth anniversary next year
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.
