ISLAMABAD: Pakistan on Wednesday rejected US President Donald Trump’s decision to recognize Israel’s sovereignty over the Golan Heights and said the move was “unfortunate.”
In a dramatic shift from decades of US policy, Trump on Monday signed a proclamation officially granting US recognition of the Golan as Israeli territory.
Israel captured the Golan in the 1967 Middle East war and annexed it in 1981 in a move the UN Security Council has declared as unlawful.
“This is the most unfortunate development, we reject it,” Pakistani information minister Fawad Chaudhry told Arab News. “Israel has illegally occupied Golan and there is no moral or legal justification for their claim to it, or for what the US has done.”
Saudi Arabia, the United Arab Emirates, Bahrain, Qatar and Kuwait have already criticized Trump’s move.
“It will have significant negative effects on the peace process in the Middle East and the security and stability of the region,” said a statement on Saudi state news agency SPA.
Palestinian President Mahmoud Abbas, who has refused to talk to the United States since Trump ordered the US embassy moved from Tel Aviv to Jerusalem, expressed his “absolute rejection.”
European members of the United Nations Security Council — France, Britain, Germany, Belgium and Poland — have also said they did not recognize Israel’s sovereignty over the lands it has occupied since June 1967, including the Golan Heights.
“This is part of the expansion doctrine of Israel and it is unfortunate that the United States is backing it,” Chaudhry said. “This is the kind of injustice that breeds extremism, and leads to greater tussle between civilizations and people.”
Responding to reports that Trump’s call for recognition of Israeli sovereignty over the occupied Golan Heights was a boost for Israeli Prime Minister Benjamin Netanyahu two weeks before he went into an election, Chaudhry said that as a “global superpower” it was important that the United States “not take decisions based on petty political games.”
For many Arabs, Trump’s move has dashed hopes of a negotiated peace settlement between Israel and the Palestinians and raised doubts that Washington is a neutral arbiter. Many also fear the decision could tempt other powers to annex land, undermine a US Middle East peace plan and push Israel back into conflict with its Arab neighbors.
“The responsibility on the US as a superpower is global,” Chaudhry said. “They are reducing the chances of a safe, secure and bright future for the world and especially the Arab world by taking such decisions.”
Pakistan rejects US recognition of Golan Heights as Israeli territory
Pakistan rejects US recognition of Golan Heights as Israeli territory
- Calls President Trump’s decision “the most unfortunate development”
- European nations, Saudi Arabia, the UAE and Gulf countries have already criticized Trump’s move
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.
