ISLAMABAD: Shortly after landing in Washington DC, Pakistani Prime Minister Imran Khan met with members of the Pakistani-American business community and encouraged prospective investors and entrepreneurs to benefit from economic opportunities in Pakistan.
Khan is on his first official, three-day visit to the US and will meet President Donald Trump in the White House with talks expected to focus on strengthening bilateral ties, trade and the US-Afghanistan settlement.
Scores of Pakistani expats lined up in the sweltering heat to welcome the Prime Minister’s motorcade as it made its way to Pakistan House, the ambassador’s residence in DC where Khan has opted to stay in place of a hotel for austerity purposes.
Earlier, he was received by senior officials of the US State Department, Pakistan’s foreign minister Shah Mahmood Qureshi, who was already present there, as well as Pakistan’s ambassador to the US, Dr. Asad Khan.
After his meeting with the business community in DC, a statement from the Prime Minister’s office said Khan had “invited businessmen and investors to benefit from the economic and business opportunities afforded by Pakistan’s strategic location and the connectivity to the broader region.”
The Prime Minister is expected to make an address at 4 p.m. EST at Washington DC’s Capital One Arena where up to 20,000 people are expected to attend this evening, local media reported.
In a first, the Prime Minister is also accompanied by Pakistan’s army chief, General Qamar Javed Bajwa, as well as the head of the country’s intelligence agency and military spokesperson.
While talking to reporters at the Pakistani embassy in Washington, military spokesman, Major General Asif Ghafoor, said that the army chief would accompany PM Khan during his meeting with President Trump at the White House on Monday. He will also visit the Pentagon to hold talks with US military leadership, he said.
On Saturday, it was revealed by two senior officials that the Prime Minister’s invitation to visit the US and meet President Trump had been arranged through direct assistance from Saudi Crown Prince Mohammed bin Salman.
PM Khan asks Pak-American investors to take advantage of Pakistan’s economic opportunities
PM Khan asks Pak-American investors to take advantage of Pakistan’s economic opportunities
- The prime minister was received by senior officials of the US State Department as he landed in the US
- The army chief will accompany the PM for his meeting with President Trump on Monday: DG ISPR
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.
