ISLAMABAD: Pakistan’s local news channels claimed Saturday the opposition Pakistan Muslim League-Nawaz (PML-N) party was winning a closely watched electoral contest for a National Assembly seat in Punjab that fell vacant after the death of an opposition lawmaker Syed Iftikharul Hassan Shah last year.
Tens of thousands of people voted to elect their new representative in a re-election held earlier in the day for the NA-75 seat from Daska, a small town in Sialkot district.
The country’s election authorities held a by-poll in the area last February, but later declared the contest null and void due to widespread irregularities that the PML-N blamed on the ruling Pakistan Tehreek-e-Insaf (PTI) party.
The Election Commission of Pakistan suspected back in February that the results of 20 polling stations had been falsified.
Saturday’s electoral contest was largely believed to be between PML-N candidate Nosheen Iftikhar and PTI ticket holder Ali Asjad Malhi, though there were other politicians who also participated in it.
Pakistani election authorities informed a local news channel earlier in the day they had tried to provide a free and fair environment to hold a transparent election.
“Rangers are on patrol duty, ensuring the transportation of election staff and material, while army troops have been stationed in Daska Stadium and will be available on call,” Dawn newspaper reported. “To make the conduct of the re-poll transparent, CCTV cameras have been installed at 47 sensitive polling stations, out of a total 360.”
Major opposition party leads in re-election in Pakistani town of Daska
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Major opposition party leads in re-election in Pakistani town of Daska
- Local news channels claim the Pakistan Muslim League-Nawaz is winning the contest in Punjab's NA-75 constituency
- The Election Commission of Pakistan held a by-poll in the area last February but later declared it null and void
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.
