LAHORE: The Pakistan Cricket Board (PCB) is considering the United Arab Emirates as a venue to stage the remainder of the Pakistan Super League (PSL) Twenty20 tournament but the country’s COVID-19 body will take a final call, the governing body said on Thursday.
The PCB’s flagship tournament was suspended after 14 games in March after seven individuals, including six players, tested positive for COVID-19.
The governing body had said last month that the PSL would resume on June 1 and the remaining 20 games would take place in Karachi’s National Stadium, with the final on June 20.
“Now, the National Command and Operation Center (NCOC) will announce the decision. If it decides that the league should be resumed, we will bio-secure Karachi and all matches would be played there,” a PCB spokesman said.
“If the NCOC does not give the go-ahead to PCB for holding matches in Karachi, we will consult the franchises to hold the rest of the tournament in the UAE.”
ESPNCricinfo reported that all six PSL franchises had asked the PCB to move the tournament to the UAE, which also hosted last year’s Indian Premier League (IPL).
The lucrative IPL T20 competition was suspended abruptly this week, triggered by a resurgence of the pandemic in India.
Pakistan considers holding remaining cricket super league matches in UAE
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Pakistan considers holding remaining cricket super league matches in UAE
- PSL was suspended after 14 games in March after players tested positive for COVID-19
- Pakistan Cricket Board said last month that PSL would resume on June 1 in Karachi
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.
