ISLAMABAD: Pakistan said on Thursday it “categorically” rejected the 2023 country report on human rights practices issued by the US State Department, saying the report was politically motivated, lacking in objective evidence and followed an agenda of “politicization of international human rights.”

The annual human rights assessment released earlier this week identified arbitrary killings, extrajudicial killings, enforced disappearance, torture and “cases of cruel, inhuman, or degrading treatment or punishment by the government or its agents” in Pakistan last year.

The report also said the government “rarely took credible steps” to identify and punish officials who may have committed rights abuses.

“The contents of the report are unfair, based on inaccurate information and are completely divorced from the ground reality,” the Pakistani foreign office said in a statement, adding that the assessment used a “domestic social lens to judge human rights in other countries in a politically biased manner.”
 
“This year’s report is once again conspicuous by its lack of objectivity and politicization of the international human rights agenda. It clearly demonstrates double standards thus undermining the international human rights discourse.”

The foreign office said it was “deeply concerning” that a report purported to highlight human rights issues around the world was ignoring or downplaying the “most urgent hotspots of gross human rights violations” like Gaza and Kashmir. It also called on the US demonstrate the “requisite moral courage” to speak the truth about all situations and play a constructive role in supporting international efforts to end human rights violations.

“In line with its constitutional framework and democratic ethos, Pakistan remains steadfast in its commitment to strengthen its own human rights framework, constructively engage to promote international human rights agenda, and uphold fairness and objectivity in the international human rights discourse,” the FO added. 

Political leaders, rights groups and families of victims have long accused the government, the army and intelligence agencies of being behind cases of arbitrary detentions, extrajudicial killings and enforced disappearances, among other rights abuses. Families say people picked up by security forces on the pretext of fighting militancy or crime often disappear for years, and are sometimes found dead, with no official explanation. Pakistani state agencies deny involvement in such cases. 

On Tuesday, Pakistan’s law minister said the government would reconstitute a committee to address enforced disappearances, hours after the release of the US report.

“Now the work is being initiated on this again on the directives of the prime minister. A committee is going to be reconstituted, there will be parliamentary presence in that committee,” Law Minister Azam Nazeer Tarar said. 

“There is no lack of seriousness on the government’s part to resolve this issue.”

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 101.16 points, or 0.82 percent, to close at 12,254.53. 

The total trading turnover of the benchmark index was SR6.9 billion ($1.84 billion) as 75 stocks advanced while 144 retreated.  

Similarly, the MSCI Tadawul Index decreased by 8.99 points, or 0.58 percent, to close at 1,539.63.

The Kingdom’s parallel market, Nomu, increased, gaining 362.13 points, or 1.38 percent, to close at 26,688.25. This comes as 34 stocks advanced while as many as 27 retreated.

The best-performing stock of the day was Fawaz Abdulaziz Alhokair Co. The company’s share price surged by 6.39 percent to SR11.32.

Other top performers include Etihad Atheeb Telecommunication Co. and Saudi Cable Co., whose share prices soared by 5.57 percent and 5.35 percent, to stand at SR125and SR74.8 respectively. National Metal Manufacturing and Casting Co. and Saudi Steel Pipe Co. also fared well.

The worst performer was Al Sagr Cooperative Insurance Co., whose share price dropped by 7.11 percent to SR33.30.

ACWA Power as well as Bawan Co., did not perform well as their share prices dropped by 6.87 percent and 5.78 percent to stand at SR420 and SR44, respectively.

On the announcements front, a general assembly of Bank AlJazira approved increasing the capital by SR2.05 billion, representing a 25 percent increase. 

This growth will be achieved through the capitalization of a portion of the statutory reserves, granting one share for every four shares to strengthen the bank’s capital base and enable it to achieve its strategic objectives, according to Al-Ekhbariya.

Additionally, authorization was granted to the board of directors to distribute interim dividends on a semi-annual/quarterly basis for the fiscal year 2024. Approval was also given to the compensation and benefits policy for senior executives at Bank AlJazira.

Moreover, the profits of Banque Saudi Fransi rose to SR1.15 billion during the first quarter of 2024, a 7 percent increase compared to the same period in 2023, which stood at SR1.07 billion.

The bank attributed this growth to a rise in commission income by 27.5 percent, primarily due to higher returns on financing and investments. However, there was a slight decrease in net commission income by 0.3 percent due to an increase in specific commission expenses.

Additionally, total operating expenses decreased 6.2 percent, mainly due to a reduction in the provision for expected credit losses on loans and advances. This was partially offset by an increase in the provision for other financial assets and rising staff salaries and expenses.

On another note, the stock of Al-Rajhi Co. for Cooperative Insurance SJSC, Al Rajhi Takaful, which is counted for in the insurance sector on the main market, recorded its highest price since listing on April 25, at SR142.

Furthermore, Saudi Exchange approved the listing request for government debt instruments issued by Saudi Arabia, totaling SR5.1 billion.

These instruments comprise issuance number 2024-04-07, valued at SR1.6 billion, and 2024-04-12, valued at SR3.5 billion. Trading of these instruments will commence on April 29.

Additionally, Rawabi Holding Co., also referred to as Rawabi, has successfully concluded its largest Saudi Riyal-denominated sukuk issuance, totaling SR1.2 billion. Driven by high market demand, this milestone surpasses Rawabi’s previous issuance record of SR875 million in 2023.

Since the launch of its sukuk program in 2020, Rawabi Holding has issued approximately SR6.5 billion across 18 tranches and redeemed seven tranches totaling around SR2.9 billion.