ISLAMABAD: Prime Minister Shehbaz Sharif vowed to further strengthen economic ties with Bahrain during a meeting with Bahrain’s Ambassador Mohammed Ebraheem Mohammed in Islamabad on Wednesday.
Sharif, 70, was elected to the top political office of his country on April 11, following a week-long constitutional crisis that culminated in the ouster of former prime minister Imran Khan through a no-confidence vote.
Ambassador Mohammed conveyed the Bahraini leadership’s message of felicitations to the new prime minister and reaffirmed his country’s desire to further consolidate its bilateral relations with Pakistan.
“The prime minister strongly emphasized the importance of deepening bilateral economic engagement and highlighted the vast potential in the trade, investment, IT, manpower, and food security sectors,” a statement from the PM office said.
PM Sharif appreciated the efforts of Bahrain’s government in looking after the Pakistani community during the testing times of the Covid-19 pandemic.
“He also welcomed the project of King Hamad Nursing University and Associated Medical Sciences Hospital in Islamabad, which is a testament to the close brotherly relationship between the two countries,” the statement read.
The Bahraini ambassador recalled the long-standing and fraternal ties between the two countries and underlined Bahrain’s desire to further deepen and broaden bilateral relations with Pakistan.
Bahrain is home to a large Pakistani diaspora in the Gulf region.
Pakistan and Bahrain enjoy close, cordial ties resting on the firm foundation of shared faith and values.
Pakistani PM vows to further deepen economic ties with Bahrain
https://arab.news/njtpd
Pakistani PM vows to further deepen economic ties with Bahrain
- Bahrain’s ambassador congratulates PM Sharif on behalf of country’s leadership
- Bahrain is home to a large Pakistani diaspora in the Gulf
Pakistan stocks hit record high on hopes of rate cut, improved US ties
- Benchmark index gains 2,662 points, or 1.44 percent, to close at an all-time high of 187,761 points
- Engro, UBL, Hub Power, Fauji Fertilizer, Meezan Bank and Service Industries added 1,554 points to index
ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a record high as it surpassed the 187,500-point mark on Monday, with analysts citing improving ties with the United States and expectations of an imminent interest rate cut.
The benchmark KSE-100 index gained 2,662.86 points, or 1.44 percent, to close at an all-time high of 187,761.69 points, up from the previous close of 185,098.83 points, according to PSX data.
The stock gains came a day after President Donald Trump invited Prime Minister Shehbaz Sharif to join the so-called “Board of Peace” for Gaza, amid increasing Pakistan-US diplomatic and economic engagement since Trump’s rise to presidency.
“Falling government bond yields and improving Pakistan-US relations played a catalyst role in record close at PSX,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.
Meanwhile, Karachi-based market research firm Topline Securities said bulls extended their rally as hopes of a rate cut by the State Bank of Pakistan (SBP) fueled investor sentiment.
“Investor sentiment remained upbeat, largely fueled by rising expectations of an imminent interest rate cut,” it said in a post on X. “Market participants increasingly priced in a 50bps reduction in the upcoming monetary policy, which kept buying interest alive and underpinned broad-based gains.”
In December, the SBP cut its key policy rate by 50 basis points to 10.5 percent, resuming monetary easing after four meetings in a move that surprised many despite International Monetary Fund guidance to keep policy “appropriately tight” to anchor inflation expectations.
Engro Holdings Limited (ENGROH), United Bank Limited (UBL), Hub Power Company Limited (HUBC), Fauji Fertilizer Company Limited (FFC), Meezan Bank Limited (MEBL) and Service Industries Limited (SRVI) collectively added 1,554 points to the benchmark index on Monday, according to Topline Securities.
“Total market volumes stood at 1,195 million shares, while the value of shares traded amounted to Rs63.7 billion,” the research firm said. “[Bank Makramah Limited] BML led the volume chart, emerging as the most actively traded stock with 246 million shares.”
