Pakistan equities shed 518 points as national currency continues to recover against USD

Stockbrokers monitor share prices at the Pakistan Stock Exchange in Karachi, Pakistan, on March 13, 2020. (AFP/File)
Short Url
Updated 02 June 2022
Follow

Pakistan equities shed 518 points as national currency continues to recover against USD

  • Stock market declined as the government increased treasury bond yield along with saving rates
  • Rupee continued to recover losses amid expectation of the resumption of an IMF loan program

KARACHI: Pakistan’s equity market on Thursday shed more than 500 points amid treasury bond yield and saving rate hikes, though the national currency continued to recover against the United States dollar, dealers and analysts said.

The benchmark KSE 100 index declined by 518 points, or 1.21 percent, to close at 42,237, as the government raised national saving certificate profit rates and investors remained concerned about electricity tariff hike by the government to meet a key condition of the International Monetary Fund (IMF).

“Stocks declined amid thin trade due to the surge in treasury bond yields by 75 bps [basis points] to 15.25 percent and a slump in global equities,” Ahsan Mehanti, chief executive officer of Arif Habib Corporation, told Arab News.

“The surge in NSS [National Saving Scheme] rates and a likely announcement regarding higher power prices to restore the IMF [loan] program [of $6 billion] played a catalyst role in the bearish close today,” he added.

Pakistan has revised profit rates on several national saving certificates and schemes by 36 to 150 bps. The rate of profit on special saving certificates has been increased by 60 bps to 13 percent. Similarly, regular certificate rate has also gone up by 36 bps to 12.36 percent while savings account rate has spiked by 150 bps to 12.25 percent.

Meanwhile, the Pakistani rupee continued to recoup some of the losses made during the recent rally against the greenback.

The national currency has been gaining strength amid expectations that Pakistan will be able to revive the IMF loan facility after the authorities raised the petroleum product prices.

The rupee gained 0.14 percent during the trading in interbank market on Thursday and closed at Rs197.59 against the dollar.

The currency hit its lowest level of Rs202.01 on May 26 against the greenback amid uncertain outcome of talks between Pakistan and the IMF in Qatar.

“The government’s measures to stabilize currency trading and hope for the revival of the IMF program have played a major role in the recovery of the rupee against the US dollar in the interbank market,” Abdul Azeem, head of research at Spectrum Securities, told Arab News.

Pakistan desperately needs external financial inflows to boost its falling foreign exchange reserves that can hardly cover two months of import payments. According to an official statement, the central bank reserves decreased by $366 million by the end of the previous week. They currently stand at about $9.72 billion.

Pakistan is expecting an immediate release of around $1 billion from the IMF after rolling back subsidies on petroleum products that would boost its forex reserves. The country has so far received $3 billion from the fund while the remaining amount is expected after the resumption of the program.

The IMF recently said that considerable progress had been made in its talks with Pakistan, though it also emphasized the urgency of removing fuel and power subsidies to achieve the program objectives.


Pakistan opens foreign players’ registration process for premier cricket league

Updated 6 sec ago
Follow

Pakistan opens foreign players’ registration process for premier cricket league

  • Pakistan Super League is a men’s Twenty20 cricket league contested by six city-based franchise teams
  • PCB says relegation process and retention of players will be carried out during the ongoing month

ISLAMABAD: The Pakistan Cricket Board (PCB) this week announced it had opened the registration process for foreign players to take part in the 10th edition of the Pakistan Super League (PSL), the country’s premier cricket league, slated to be held next year. 

Founded in 2015, the PSL is a men’s Twenty20 cricket league contested by six city-based franchise teams. It features a mix of Pakistani and foreign cricket stars who play side-by-side in the franchises. 

“The registration window for foreign players to register themselves for the 10th edition of HBL Pakistan Super League (PSL) along with the trade window is now open,” the PCB said on Thursday. “The category renewals of the players will be announced on Tuesday, 17 December.”

The PCB said that the relegation process and retention of players will be carried out during the ongoing month.

The HBL PSL Players’ Draft is scheduled to take place on Jan. 11, 2015, the board said. The venue and time for the draft will be announced in due course, it added. 

“We are thrilled to announce the opening of the registration process for foreign players as well as the trade window,” the PCB said. “This marks an exciting beginning to preparations for the highly anticipated 10th edition of the HBL Pakistan Super League.”

 Since 2016, Islamabad United have become champions of the HBL PSL thrice, which include the opening (2016), third (2018) and last edition (2024) of the league. 

Lahore Qalandars have won twice in 2022 and 2023, while Peshawar Zalmi remained champions of the 2017 edition. 

Quetta Gladiators won the 2019 edition while Karachi Kings clinched their maiden title in 2020 and the Multan Sultans emerged as the winners in 2021. 


Pakistan Senate unanimously passes resolution condemning Israel’s campaigns against Gaza, Syria

Updated 13 December 2024
Follow

Pakistan Senate unanimously passes resolution condemning Israel’s campaigns against Gaza, Syria

  • Pakistan Peoples Party Senator Sherry Rehman moves resolution urging international community to protect Palestinian lives
  • Senate condemns Israel’s “exploitation of political vacuum” in Syria after the fall of Bashar Assad’s government in the country

ISLAMABAD: Pakistan’s upper house of parliament, the Senate, passed a unanimous resolution on Thursday condemning Israel’s bombardment of Gaza and Syria, urging the international community to intervene and protect Palestinian lives, state-run media reported. 
Israel’s military campaign in Gaza has killed more than 44,000 people and injured thousands more since the Oct. 7, 2023 attacks by Hamas in which Israel says 1,200 people were killed and 250 taken hostage. 
Israel has also attacked Syria since the fall of Bashar al-Assad’s government this month and conducted a military incursion into the buffer zone separating the two countries since 1974, despite protests from the UN.
“The Senate on Thursday passed a resolution unanimously condemning Israel’s bombardment extending to many countries,” the Associated Press of Pakistan (APP) reported. 
The resolution was moved by Pakistan Peoples Party (PPP) Senator Sherry Rehman on behalf of all political parties.
As per the resolution, the Senate strongly condemned Israel’s blatant disregard for international law, particularly in its actions against Palestine and urged the Jewish state be held accountable for them.
The Senate also condemned Israel for its “exploitation of the political vacuum” in Syria following Assad’s government. 
“This agenda now extends beyond Palestine to violations of the sovereignty of Syria and many other countries,” the resolution said. 
Calling for immediate accountability for Israel’s actions, the Senate also condemned the killing of United Nations Relief and Works Agency (UNRWA) team members in the Middle East. 
Israel has killed 249 UNRWA staff members in its military campaigns carried out up till November this year, it added.
“Such attacks are a blatant violation of United Nations General Assembly Resolution 302; which mandates UNRWA’s role in providing critical humanitarian assistance to vulnerable populations,” the resolution said. 
Pakistan’s upper house of parliament also condemned the targeted killing of over 180 journalists during Israeli bombings in Gaza along with the destruction of critical infrastructure including hospitals, schools and even residential areas.
“The Senate reaffirms Pakistan’s unwavering support for the Palestinian cause, recognizing it as a moral, political, and legal obligation. Pakistan reiterates its consistent support for the two-state solution of the Palestinian issue, as enshrined in relevant Security Council and General Assembly resolutions,” the resolution stated. 
The Senate also urged the international community to take action to “protect Palestinian lives, hold Israel accountable for war crimes and ensure compliance with international humanitarian law.”
Since the beginning of Israel’s war on Gaza, Pakistan has repeatedly raised the issue at the UN, the Organization of Islamic Cooperation and other multilateral platforms, demanding international powers and bodies stop Israeli military actions in Gaza.
Pakistan has dispatched a total of 1,273 tons of relief items to the war-affected people of Gaza until Nov. 27, according to the National Disaster Management Authority.
The South Asian nation does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters” and the pre-1967 borders with Al-Quds Al-Sharif as its capital.


Ex-Pakistan PM Khan’s party rejects reports of holding talks with government to ease tensions

Updated 12 December 2024
Follow

Ex-Pakistan PM Khan’s party rejects reports of holding talks with government to ease tensions

  • Reports of possible talks surfaced after Khan’s party leaders met ruling party member Ayaz Sadiq after his sister’s death
  • Khan announced earlier this month his party will launch civil disobedience campaign against government from Dec. 14

ISLAMABAD: Former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party on Thursday refuted reports it had held talks with the government on easing political tensions in the country, stressing that the ex-premier would announce details of his anti-government civil disobedience movement on Dec. 14. 

Pakistani media reported that the government and PTI had agreed to ease political tensions in the country after PTI leaders Asad Qaiser and Salman Akram Raja met ruling party Pakistan Muslim League Nawaz’s (PML-N) member and National Assembly Speaker Ayaz Sadiq this week to offer condolences on his sister’s death. 

Prime Minister Shehbaz Sharif subsequently visited Sadiq’s residence, fueling speculation that the reported negotiations were discussed between Sadiq and the Pakistani premier. 

Reports of negotiations have surfaced after Khan earlier this month announced the PTI would launch a civil disobedience campaign from Dec. 14 if the government did not meet two of his demands. In a message to supporters on Dec. 5, the jailed Khan said he was setting up a five-member negotiations committee to hold talks with the federal government for the release of political prisoners, and also demanded judicial commissions to investigate protests on May 9 last year and Nov. 24 this year in which the government says his supporters partook in violence and caused vandalism. 

“There were no talks with the government when they [PTI leader] went for the condolence, nothing else was discussed or no political talk except the condolence happened,” Khan’s close aide and PTI spokesperson Sayed Zulfikar Bukhari told Arab News.

He said PTI was open to talks with everyone, however, he questioned whether the government had the authority or power to engage meaningfully with the opposition. 

Khan’s party alleges the Sharif-led coalition government came to power after rigging polls with the help of Pakistan’s all-powerful military. It frequently accuses the Sharif-led government of being a stooge of the military. 

Both deny the allegations and Pakistan’s military has repeatedly said it does not interfere in political matters. 

“As for talks with the government, we are happy to have talks with everybody but the question is does the government have any power or any authority, that will still remain to be seen,” Bukhari added. 

“Because at the moment they seem to have even less authority and power than us.”

Another PTI leader and an important member of its legal team, Muhammad Shoaib Shaheen, also endorsed Bukhari’s stance that there were no talks at any level between Khan’s party and the government. 

“Qaiser visited the speaker of the National Assembly only to offer condolences and any talks will happen only if the government shows seriousness toward the PTI’s demands,” Shaheen told Arab News.

Commenting on the PTI’s call for civil disobedience, Shaheen said Khan himself will announce the civil disobedience process and its details on or after Dec. 14. 

“If the government engages in talks with genuine intent, even then Khan will decide whether to postpone the movement,” Shaheen said. 

’ABANDON OLD WAYS’

Arab News reached out to government spokespersons, including Information Minister Ataullah Tarar and other members of Sharif’s cabinet for a comment. They did not respond till the filing of this report.

In an interview with local media on Wednesday night, Tarar dismissed the rumors of talks between the two sides as baseless, stating that there have been no formal discussions between the government and PTI.

Speaking on the floor of the Senate on Thursday, senior PML-N leader Irfan Siddiqui said the government is willing to engage in dialogue, but urged PTI to abandon its “old ways” and avoid creating undue pressure.

“Even today, we are ready for dialogue and will engage with an open heart, but do not hold a sword over our heads,” Siddiqui said. 

“Before any dialogue, PTI members must abandon their old ways,” he added.

Siddiqui said reconciliation was “a very good policy” and that if dialogue between the two sides did take place, solutions to political issues could be found.

“Peaceful protest is everyone’s right but this right is not unconditional,” he said.


UK aims to boost home-schooling safety after British-Pakistani girl’s murder

Updated 12 December 2024
Follow

UK aims to boost home-schooling safety after British-Pakistani girl’s murder

  • Ten-year-old Sara Sharif’s father, step-mother were convicted of murdering her this week
  • Months before death, her father had taken Sharif out of school to be taught at home

LONDON: British Prime Minister Keir Starmer on Thursday called for better safeguards for home-schooled children and said there were “questions that need to be answered” after the brutal murder of a 10-year-old girl.

Sara Sharif’s father and step-mother were convicted of murder on Wednesday in a trial that revealed gruesome details of the abuse inflicted on her, and the failure of child protection services to intervene despite warning signs.

Months before her death, her father Urfan Sharif had taken her out of school to be taught at home, after Sara’s teacher reported her bruises to child services.

At the time, child services had probed the incident but did not take any action.

Starmer said the “awful” case was “about making sure that (there are) protecting safeguards for children, particularly those being home-schooled.”

The Department for Education said it was “already taking action to make sure no child falls through the cracks” and “bringing in greater safeguards for children in home education.”

The government plans to “make sure that schools and teachers are involved in safeguarding decisions,” a Downing Street spokesperson said, adding that details would be included in upcoming legislation.

Parents will also need local authority consent for home-schooling at-risk children under the proposed changes, and a register of children who are not in school will be drawn up.

Sara was found dead in her home in August 2023, with extensive injuries including broken bones, burns and even bite marks after being subjected to years of abuse.

She had also been in and out of foster care after Sharif separated from her mother, Olga Sharif, to marry the step-mother Beinash Batool.

Despite previous allegations of abusive behavior against the father made by Olga, Sharif won custody of Sara in 2019, just four years before she was killed.

Children’s Commissioner Rachel de Souza said Sara’s death highlighted “profound weaknesses in our child protection system.”

De Souza said it was “madness” that an at-risk child could be taken out of school, calling for a ban on home-schooling of suspected abuse victims.

According to a child safeguarding report published on Thursday, 485 children in England died or were seriously harmed by abuse or neglect in the year to April 2024.

Urfan Sharif, Beinash Batool and Sara’s uncle Faisal Malik, who was cleared of murder but convicted of causing or allowing her death, are due to be sentenced on Tuesday.


Combatting smog, air pollution at center of discussions as Punjab chief minister visits China

Updated 12 December 2024
Follow

Combatting smog, air pollution at center of discussions as Punjab chief minister visits China

  • CM Maryam Nawaz Sharif on China visit from Dec. 8-15, meets China’s Ecology and Environment Minister 
  • Almost two million people from Pakistan fell sick when smog choked Punjab for over two weeks last month

ISLAMABAD: Combatting smog and air pollution has remained at the center of discussions this week as the chief minister of Pakistan’s most populous Punjab province, Maryam Nawaz Sharif, visits China on a week-long trip.

Smog had choked Pakistan’s eastern Punjab province for weeks last month, sickening nearly two million people and shrouding vast swathes of the province in a toxic haze. 

On Thursday, Lahore, the capital of Punjab, was listed as the world’s third most polluted city by Swiss air monitor IQAir, and its PM2.5 concentration, which comprises air particles that damage lungs, was 20.5 times the World Health Organization annual guideline value. Last month, the province had closed down schools and offices, banned outdoor activities and shortened timings for restaurants, shops and markets in a bid to control smog.

China has taken significant steps to combat its worsening air quality, declaring a “war on pollution” in 2015. Key measures include reducing coal consumption, increasing renewable energy capacity, and improving air quality monitoring systems. However, the Helsinki-based Center for Research on Energy and Clean Air (CREA) said last month in its annual assessment China’s emissions of carbon dioxide were on course to rise slightly this year, despite rapid progress on renewables and electric vehicles, putting a key 2025 climate target further out of reach.

“China is also a miracle in curbing pollution, smog mitigation, smog eradication and the steps that China has taken is not only an inspiration for us to learn from but also commend them,” CM Sharif said in televised comments during a meeting with Chinese Ecology and Environment Minister Huang Runqiu on Wednesday. 

“I am also completely and absolutely committed to making Punjab into a climate resilient Punjab.”

Briefing Chinese officials on Pakistan’s short-, medium- and long-term plans to combat air pollution, Sharif said:

“There is a complete plan that is in place which is environment conservation, biodiversity conservation, sustainable development and, most critical areas where we are working on daily basis, is air pollution, improving air quality standards and eradicating smog.”

Sharif said Pakistan would adopt the Chinese model of shifting industries out of cities to give people cleaner air to breathe.

Earlier this week, Sharif’s office said Punjab would develop an advanced air quality management system with the help of China and had set up a Beijing-Punjab Clean Air Joint Working Group.

“I suggest we form a working group where we can sit together on taking some tangible measures for smog mitigation, smog eradication and improving the air quality in Pakistan,” Sharif added. “We can exchange technologies, ideas, success stories and follow in China’s footsteps.”

She urged the working group to adopt a knowledge sharing policy regarding policy formulation, technology transfer, data, sharing, emission reduction strategies and e-transport.

On Thursday, the Punjab CM also invited a Chinese solar company to establish a manufacturing plan in Pakistan during her visit to the Jinko Solar Company in Shanghai, state broadcaster Radio Pakistan reported.

“The CM directed the concerned authorities of Punjab government to take necessary steps for setting up the solar manufacturing plant in the province,” the report said.