ISLAMABAD: Pakistani Foreign Minister Shah Mehmood Qureshi arrived in Washington on Thursday, on the third leg of his Middle East peace mission, to hold talks with top officials, including US Secretary of State Mike Pompeo, the Foreign Office said.
Pakistan’s efforts have contributed to reduction in regional tensions, said foreign office spokesperson, Aisha Farooqui, in a weekly press briefing in Islamabad.
“The foreign minister during his engagements in Tehran and Saudi Arabia put forward Pakistan’s point of view that war is in nobody’s interest and that we are a partner for peace,” Farooqui said.
According to a statement by the Foreign Office, Qureshi will meet Pompeo, National Security Adviser Robert O’ Brien and other senior US administration officials during his US visit.
He will also have meetings with members of the US Congress and the Pakistani diaspora.
Farooqui said that Qureshi will also highlight the deteriorating situation in Indian-administered Kashmir.
While talking to the media in New York, after attending a UN Security Council session on Kashmir on Wednesday, Qureshi said that he had also briefed the UN secretary general on “Pakistan’s ongoing efforts to defuse the dangerous tensions between Iran, Saudi Arabia and the US following recent events.”
“Pakistan has affirmed that it will not participate in any conflict in the region. It will be a partner for peace. To defuse tensions and promote peace, I visited Tehran and Riyadh earlier this week,” Qureshi said.
Earlier this week, the foreign minister visited Saudi Arabia and Iran as part of his tri-country diplomatic tour for Middle East peace efforts.
Qureshi embarked on his Middle East mission on the instruction of Prime Minister Imran Khan who asked him to travel to Iran, Saudi Arabia and the United States to convey Pakistan’s willingness to play a constructive role for peace in the region.
Khan’s announcement came after the Middle East found itself on the brink of another conflict when the US killed a top Iranian military commander, Maj. Gen. Qassem Soleimani, in an attack authorized by US President Donald Trump.
Qureshi in Washington for Middle East peace talks
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Qureshi in Washington for Middle East peace talks
- Islamabad’s efforts have contributed to reducing tensions in the region, Pakistan Foreign Office claims
- Pakistan foreign minister earlier visited Iran and Saudi Arabia as part of his Middle East peace mission
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.
