ISLAMABAD: Pakistan’s foreign office on Thursday urged both Iran and South Korea to exercise restraint and resolve their differences under international law.
The statement was issued after South Korea moved its forces near the Strait of Hormuz after Iran seized its oil tanker along with the crew on Monday.
“We have noted the development [in the Strait of Hormuz]. We urge all sides to exercise restraint,” the foreign office spokesman, Zahid Hafeez Chaudhri, said in a press briefing in Islamabad.
“All the differences pertaining to maritime affairs should be resolved as per international laws,” he added.
Iran’s Revolutionary Guard stormed the South Korean tanker earlier this week and forcefully took it to an Iranian port nearby.
The South Korean Navy sent its destroyer to the area amid escalating tensions. A South Korean delegation also left for Iran on Thursday to negotiate an early release of the oil tanker and its crew.
“A dangerous situation is developing in the area that must wisely be addressed in this early stage. Any disturbance in this part of the world, which contributes about 65 percent to the world oil trade, should be a matter of grave concern. The stakes are high for every country,” retired naval officer and maritime affairs expert, Rear Admiral Saleem Akhtar, told Arab News.
He added that the development was particularly challenging for Pakistan due to its close proximity to the Strait of Hormuz.
“Our 95 percent of the trade comes from this place,” he said. “If it escalates, it can be a very dangerous situation for Pakistan. It will affect our merchant ships and make trade far more expensive and difficult.”
Pakistan should use its close relations with Iran to deescalate the situation and mediate, Akhtar suggested.
Another maritime affairs expert, Vice Admiral Khan Hasham bin Saddique, said it was a good sign that South Korea had sent its delegation to Iran to diplomatically resolve the issue.
“The Strait of Hormuz is extremely important for the whole region. A diplomatic solution to the problem is good for everyone in the neighborhood and since peace in this area is vital to international trade,” he told Arab News.
Pakistan urges restraint from Iran after South Korea tanker seizure
https://arab.news/5wdh3
Pakistan urges restraint from Iran after South Korea tanker seizure
- Iran's Revolutionary Guard recently stormed a South Korean oil tanker and took it to a nearby port
- All differences pertaining to maritime affairs should be resolved as per international law, says the foreign ministry
Pakistan stocks close at record high over current account surplus, falling bond yields
- KSE-100 index gains 1,646.79 points or 0.97% to close at new high of 171,960.64 points
- Pakistan’s central bank posted a current account surplus of $100 million in November
KARACHI: Pakistani stocks closed at an all-time high of 171,960.4 points on Thursday, with financial analysts attributing the surge to increasing investor confidence stemming from a current account surplus reported in November and a drop in government bond yields.
The benchmark KSE-100 index gained 1,646.79 points or 0.97% to close at an all-time high of 171,960.64 points on Thursday. The previous day, Pakistani stocks surged to 170,313.85 points at close of business.
Ahsan Mehanti, chief executive officer at Arif Habib Commodities, said the optimistic mood at the stock exchange was fueled by the $100 million current account surplus reported by the central bank in November.
“Speculations ahead of year-end close and fall in government bond yields up to 70 basis points after the SBP (State Bank of Pakistan) policy easing played the catalyst role in bullish activity at PSX,” Mehanti told Arab News.
The surplus was a welcome development for Islamabad as Pakistan’s central bank reported a $291 million deficit in October.
Topline Securities, a Pakistani brokerage firm, said in its daily market review that strong buying by local funds followed a drop in Pakistan Investment Bond (PIB) yields, which boosted investor confidence.
PIB yields are the returns on bonds or government-backed securities that pay fixed semi-annual interest, with rates influenced by market demand and SBP auctions.
“Strength in ENGRO (Engro Corporation), FFC (Fauji Fertilizer Company), UBL (United Bank Limited), LUCK (Lucky Cement) and BAHL (Bank AL Habib) underpinned positive momentum, collectively contributing 1,504 points to the index,” the brokerage firm wrote on X.
“This upside was partly offset by declines in PIOC (Pakistan International Oil Company), DHPL (D.H. Corporation Limited) and MLCF (Millat Tractor Limited), which together subtracted 176 points.”
The sustained rise in equities comes amid improving liquidity conditions and continued investor participation, with market participants focusing on corporate earnings, sector-specific developments and broader macroeconomic signals.
Earlier on Monday, Pakistan’s central bank cut its key policy interest rate by 50 basis points to 10.5%, a move that surprised analysts and followed four consecutive policy meetings where rates were held unchanged.
The cut came despite an International Monetary Fund staff report earlier this month cautioning against premature monetary easing.
Inflation eased to 6.1% in November, remaining within the SBP’s target band, though analysts have warned that price pressures could resurface later in the fiscal year as base effects fade and food and transport costs remain volatile.
