Pakistan establishes permanent mission to the OIC

Ambassador Rizwan Saeed Sheikh, Pakistan's newly-appointed Permanent Representative to the Organization of Islamic Cooperation (OIC), is seen here in a meeting with the OIC's Secretary General Dr. Yousaf bin Ahmed Al-Othaimeen, in Jeddah on Monday. (Pic courtesy – Pakistan Consulate in Jeddah).
Updated 03 December 2019
Follow

Pakistan establishes permanent mission to the OIC

  • Earlier, the country's ambassadors to Riyadh represented Islamabad at the OIC
  • The OIC encouraged member states to set up permanent missions in Jeddah for a more efficient dealing

ISLAMABAD: Pakistan’s newly-appointed Permanent Representative to the Organization of Islamic Cooperation (OIC), Ambassador Rizwan Saeed Sheikh, met with the OIC’s Secretary General, Dr. Yousaf bin Ahmed Al-Othaimeen, at the group’s headquarters in Jeddah, Saudi Arabia on Monday.
A statement released by Pakistan’s consulate in Jeddah said that Sheikh then presented his credentials to the OIC’s Secretary General.
“Presentation of credentials by Ambassador Sheikh marked the establishment of Pakistan’s dedicated Permanent Mission to the OIC and other international organizations. Earlier, ambassadors of Pakistan in Riyadh used to represent the country at the OIC,” it added.




Ambassador Rizwan Saeed Sheikh, Pakistan's newly-appointed Permanent Representative to the Organization of Islamic Cooperation (OIC), is seen here in a meeting with the OIC's Secretary General Dr. Yousaf bin Ahmed Al-Othaimeen, in Jeddah on Monday. (Pic courtesy – Pakistan Consulate in Jeddah).

Pakistan’s decision to establish its permanent mission is an acknowledgement of the OIC’s various resolutions which encourages member states to set up their respective missions in Jeddah and handle their affairs in a more efficient manner.
The establishment of the new mission – which coincides with the golden jubilee celebrations of the OIC – is based on a system-wide approach, reflecting Pakistan’s intent “to strengthen its engagement with the Islamic body and other specialized and subsidiary institutions that are a part of the broader OIC system.”
“As a founding member, Pakistan attaches great importance to the OIC, which apart from lending an institutional expression to the pan-Islamic sentiments is the second largest intergovernmental organization after the UN,” the statement read.
The OIC, for its part, has always extended its consistent support to the Kashmir cause.
Additionally, Islamabad remains one of the largest beneficiaries of the financial assistance provided by the Islamic Development Bank group – a specialized branch of the OIC system.
The statement added that setting up of the permanent mission is also aimed at “enhancing Pakistan’s footprint in the organization and forging a mutually-beneficial, multifaceted relationship with the larger OIC system.”
It follows a two-day visit to Saudi Arabia by Firdous Ashiq Awan, Special Assistant to Prime Minister Imran Khan on Information and Broadcasting on November 25, where she attended the OIC’s golden jubilee celebrations in Jeddah.


Pakistan stocks plunge in record one-day fall as selling pressure grips market

Updated 6 sec ago
Follow

Pakistan stocks plunge in record one-day fall as selling pressure grips market

  • KSE-100 sheds 6,683 points, steepest drop in its history
  • Foreign selling, thin Ramadan trading volumes deepen rout

ISLAMABAD: Pakistan’s benchmark stock index posted its sharpest single-day decline on Thursday, as heavy selling by foreign investors and financial institutions triggered a broad market rout amid reduced trading activity during Ramadan.

The KSE-100 index closed at 172,170, down 6,683 points, after falling as much as 7,205 points intraday in a session marked by extreme volatility and persistent selling pressure, according to market data.

The selloff came as investors remained cautious in the face of continued foreign corporate outflows, while local insurance companies also emerged as major sellers, further weakening sentiment and accelerating losses.

“Carnage was witnessed at the local bourse as the KSE-100 Index suffered its steepest single-day fall in history,” brokerage Topline Securities said in a market note, adding that institutional selling intensified the downward momentum. 

“Persistent foreign corporate selling continued to dampen sentiment and keep investors on the sidelines.”

Trading hours shortened for Ramadan also contributed to sharp price swings, as thinner volumes amplified market moves and reduced liquidity.

Major index-heavy stocks including Fauji Fertilizer Company, Engro Holdings, United Bank Limited, Oil & Gas Development Company, Pakistan Petroleum Limited and Meezan Bank led the decline, collectively wiping more than 2,100 points off the benchmark.

Overall activity remained subdued, with total trading volumes recorded at 542 million shares and turnover at Rs27.36 billion ($97.6 million ). WorldCall Telecom led the volumes chart with over 84 million shares traded.

Analysts said the combination of institutional selling and limited participation heightened volatility, leaving investors wary in the near term.