ISLAMABAD: Pakistan’s Foreign Minister Shah Mahmood Qureshi invited India’s former prime minister Manmohan Singh to attend the opening ceremony of Kartarpur Corridor in a video message on Monday.
“On behalf of the government, as the foreign minister of Pakistan, I am extending the invitation to him to attend the inauguration of the Kartarpur Corridor,” he said while adding that the government would also send a written invitation to Singh.
Pakistan will open the corridor on November 9, 2019 – the 550th birth anniversary of Guru Nanak, the founder of Sikhism.
“After consultations,” Qureshi said, “Pakistan has decided to invite Manmohan Singh to the inauguration ceremony as he represents the Sikh community.”
“Kartarpur corridor is an important project,” he continued. “The prime minister [Imran Khan] is taking personal interest in it.”
Islamabad extended the invitation to the former Indian PM only a few days after the two South Asian nuclear-armed neighbors faced each other at the 74th session of the United Nations General Assembly (UNGA).
Tensions mounted between the two nations after India revoked the limited constitutional autonomy of the disputed Himalayan region. Pakistan reacted with fury to India’s decision, cutting trade and transport ties and expelling New Delhi’s envoy in Islamabad.
Analysts welcomed the government’s decision to invite Manmohan Singh.
“PM Singh was truly keen to bring about an improvement in the India-Pakistan relations. His heart is in the right place,” Salman Bashir, who served as his country’s foreign secretary, told Arab News.
“A person of great wisdom and integrity, Singh originally hails from a village in Pakistan,” he added. “He absolutely deserves to be invited to attend this historic occasion.”
Pakistan’s former high commissioner to India, Abdul Basit, echoed the same sentiment.
“I think it’s a good decision, especially against the backdrop of the fact that Manmohan Singh couldn’t visit Pakistan as prime minister. However, it remains to be seen if he accepts the invitation,” he told Arab News.
“Singh was also invited by former prime minister Nawaz Sharif to visit his birthplace in Chakwal, but he was always somewhat reluctant,” Basit recalled. “However, it needs to be stressed that Kartarpur shouldn’t take away our focus from what’s happening in Indian Occupied Kashmir. Our priorities should be clear and drive our diplomacy accordingly. Misplaced expectations engender complacency and that we must not allow to happen.”
Earlier this month, on September 4, Pakistan and India agreed to open the Kartarpur crossing for Sikh pilgrims.
After the talks, Indian delegation said that all facilities on the Indian side would be ready for a pilgrimage through the corridor on Guru Nanak’s 550th birth anniversary.
Pakistan invites former Indian PM to Kartarpur inauguration
Pakistan invites former Indian PM to Kartarpur inauguration
- FM Qureshi invited Manmohan Singh in a video message
- Pakistan will open the Kartarpur Corridor for Sikh pilgrims on November 9
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.
