ISLAMABAD: A senior Pakistan Muslim League-Nawaz (PMLN) leader said on Tuesday there were mixed reactions within the party’s rank and file for its decision to lend support to the government over a law which would secure a three-year extension for Pakistan’s military chief.
A number of senior party figures had also questioned the party’s decision to support the bill, PML-N Chairman Raja Zafarul Haq told Arab News declining to name any of the dissidents.
At last week’s parliamentary meeting of lawmakers from the PML-N, “one person, I will not name him, said that the law will only be amended as per the doctrine of necessity, temporarily; this will not be a permanent solution,” Haq said.
The government of Prime Minister Imran Khan approved an extension for General Qamar Javed Bajwa in August 2019, citing a worsening national security situation in the region over its rivalry with India.
But in a surprise ruling, the Supreme Court struck down the extension in November, ordering the government and army to produce legal provisions and arguments on the reasoning behind the move, pitting the judiciary against the government and powerful military.
On Tuesday, the National Assembly passed three bills to legalize tenure extensions for the army, navy and air force chiefs. Their appointments, reappointments and extensions will now be the prerogative of the prime minister and cannot be challenged in a court of law.
Shahid Khaqan Abbasi, Pakistan’s former prime minister and a jailed PML-N leader, told reporters on Monday that “there are flaws in the law [Pakistan Army Amendment Act 2020].”
“Such bills are made for the future, they should be examined carefully,” he said.
Mixed reaction in party ranks after PML-N supports to amend Army Act
https://arab.news/nkrns
Mixed reaction in party ranks after PML-N supports to amend Army Act
- Party chairman says aware of dissent over a law which would secure three-year extension for army chief
- On Tuesday, the National Assembly passed three bills to legalize tenure extensions for the army, navy and air force chiefs
Pakistan stocks hit record high on hopes of rate cut, improved US ties
- Benchmark index gains 2,662 points, or 1.44 percent, to close at an all-time high of 187,761 points
- Engro, UBL, Hub Power, Fauji Fertilizer, Meezan Bank and Service Industries added 1,554 points to index
ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a record high as it surpassed the 187,500-point mark on Monday, with analysts citing improving ties with the United States and expectations of an imminent interest rate cut.
The benchmark KSE-100 index gained 2,662.86 points, or 1.44 percent, to close at an all-time high of 187,761.69 points, up from the previous close of 185,098.83 points, according to PSX data.
The stock gains came a day after President Donald Trump invited Prime Minister Shehbaz Sharif to join the so-called “Board of Peace” for Gaza, amid increasing Pakistan-US diplomatic and economic engagement since Trump’s rise to presidency.
“Falling government bond yields and improving Pakistan-US relations played a catalyst role in record close at PSX,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.
Meanwhile, Karachi-based market research firm Topline Securities said bulls extended their rally as hopes of a rate cut by the State Bank of Pakistan (SBP) fueled investor sentiment.
“Investor sentiment remained upbeat, largely fueled by rising expectations of an imminent interest rate cut,” it said in a post on X. “Market participants increasingly priced in a 50bps reduction in the upcoming monetary policy, which kept buying interest alive and underpinned broad-based gains.”
In December, the SBP cut its key policy rate by 50 basis points to 10.5 percent, resuming monetary easing after four meetings in a move that surprised many despite International Monetary Fund guidance to keep policy “appropriately tight” to anchor inflation expectations.
Engro Holdings Limited (ENGROH), United Bank Limited (UBL), Hub Power Company Limited (HUBC), Fauji Fertilizer Company Limited (FFC), Meezan Bank Limited (MEBL) and Service Industries Limited (SRVI) collectively added 1,554 points to the benchmark index on Monday, according to Topline Securities.
“Total market volumes stood at 1,195 million shares, while the value of shares traded amounted to Rs63.7 billion,” the research firm said. “[Bank Makramah Limited] BML led the volume chart, emerging as the most actively traded stock with 246 million shares.”
