ISLAMABAD: Pakistan on Friday accused India of "jeopardizing the peace and stability of the entire region," following a standoff between Indian and Chinese troops in the border region of Ladakh.
The accusation came from Foreign Minister Shah Mahmood Qureshi, who also said the showdown was sparked by Indian infrastructure works in the disputed area.
"The recent conflict between China and India was triggered by the latter’s illegal constructions in Ladakh. In the wake of the law and order situation in the region, the international community should take immediate notice of the Indian government's growing extremism and hegemonic agenda,” Qureshi said in a statement.
Earlier this week and in a series of tweets, Pakistani Prime Minister Imran Khan also attacked India by saying that Prime Minister Narendra Modi's government is "becoming a threat to India’s neighbors."
Pakistani Foreign Office spokeswoman Aisha Farooqui told Arab News on Friday that regional peace and security are being threatened by India on both the Line of Control (LoC) with Pakistan and the Line of Actual Control (LAC) with China, as well as on its border with Nepal.
“Increasingly we see a pattern whereby India has taken unilateral actions in violation of established mechanisms and bilateral understandings and agreements with its neighbors,” Farooqui said.
On May 10, the Indian army reported that several Indian and Chinese soldiers were injured in a cross-border clash at Naku La in North Sikkim, which borders Bhutan, Nepal and China. The focus has since moved to India's Ladakh region across the border from Tibet.
India and China fought a war over India's northeastern state of Arunachal Pradesh in 1962. China still claims some 90,000 square kilometers of territory under New Delhi's control.
While no shot has been fired across their border for more than four decades, there have been numerous face-offs. In 2017, there was a 72-day showdown after Chinese forces moved into the disputed Doklam plateau on the China-India-Bhutan border.
On Wednesday, US President Donald Trump offered to mediate the dispute.
"We have informed both India and China that the United States is ready, willing and able to mediate or arbitrate their now raging border dispute,” Trump wrote in a Twitter post.
India, however, sidestepped the offer and announced it would resolve the matter diplomatically.
"India is committed to the objective of maintenance of peace and tranquility in the border areas with China. At the same time, we remain firm in our resolve to ensure India's sovereignty and national security,” India’s foreign ministry spokesman, Anurag Srivastava, told reporters during a media briefing on Thursday.
Pakistan accuses India of threatening regional peace and stability
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Pakistan accuses India of threatening regional peace and stability
- India on Thursday said it would peacefully resolve its border conflict with China
- The stand-off began in early May with a scuffle between Indian and Chinese border troops
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.
