ISLAMABAD: Federal interior minister Sheikh Rashid Ahmed told a news conference on Tuesday the government was willing to accept all the Tehreek-e-Labbaik Pakistan (TLP) party’s demands but it was not in a position to shut down the French embassy or expel its ambassador.
Thousands of workers and supporters of the banned TLP religious faction decided to march on Islamabad on Friday, seeking the release of their top leader, Saad Rizvi, and demanding the expulsion of the French envoy to Pakistan over the caricatures of the Prophet Muhammad (PBUH) published in France last year.
The government formed a committee to negotiate with the group and pacify the situation while asking the TLP leaders to review their demand regarding the expulsion of the European envoy.
“The top issue of the TLP leadership is the closure of the French embassy and expulsion of the French ambassador,” Ahmed said while addressing the news conference, adding: “Pakistani security forces, its institutions and democratic government are on the same page and they have decided that all [of the TLP] demands are legitimate except for the one that relates to the French diplomatic mission.”
He said fulfilling the TLP demand could create significant problems for Pakistan that is already facing tough economic circumstances.
The minister urged Saad Rizvi and the consultative body of his religious faction to deliberate over the issue more carefully.
“We want them to review their demand,” he said.
Ahmed informed that Pakistan was also planning a conference of the foreign ministers of various Muslim countries, adding that the government did not want any unpleasant circumstances to emerge right ahead of that event.
Founded in 2015, the TLP religious group has made the sanctity of the Prophet Muhammad (PBUH) central to its politics.
Its leadership has also opposed any amendments to the country’s blasphemy laws and tried to put the government under pressure to adopt a more aggressive posture toward France after the repeated publication of the anti-Islam caricatures.
Pakistan refuses to expel French ambassador, asks banned religious group to review its demand
https://arab.news/54jug
Pakistan refuses to expel French ambassador, asks banned religious group to review its demand
- Interior minister says military and civilian institutions agree expelling French envoy would create economic problems for Pakistan
- Urges TLP leader Saad Rizvi and the consultative body of his religious party to review their demand "more carefully"
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.
