No plans for meeting between Pakistani, Indian PMs on SCO sidelines — foreign office

A combination photo, created on September 14, 2022, shows Prime Minister Shehbaz Sharif (R) and Indian Prime Minister Narendra Modi (L). (AFP)
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Updated 14 September 2022
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No plans for meeting between Pakistani, Indian PMs on SCO sidelines — foreign office

  • PM Sharif will attend SCO Council of Heads of State in Uzbekistan on September 15-16 with climate, food security in focus
  • India’s Modi, China’s Xi, Russia’s Putin, and Iran’s Ebrahim Raisi are all expected to attend SCO’s 22nd meeting

ISLAMABAD: No meeting is “envisaged” between Pakistani Prime Mini­ster Shehbaz Sharif and his Indian counterpart Narendra Modi on the sidelines of the Shanghai Cooperation Organi­sation (SCO) summit later this week, the Pakistani foreign office said on Wednesday.

Sharif will attend a meeting of the SCO Council of Heads of State (CHS) in Uzbekistan on September 15-16, with climate change, food security and other issues on the agenda. Modi, Chinese President Xi Jinping, Russian President Vladimir Putin, and Iranian President Ebrahim Raisi are all expected to attend what will be the SCO’s 22nd meeting.

The SCO is a regional security bloc launched in 2001 to combat terrorism and other security concerns. The group initially consisted of China, Russia and four ex-Soviet Central Asian republics, before India and Pakistan joined in 2017.

“No meeting is envisaged with the Indian prime mini­ster,” Pakistani Foreign Office spokesman Asim Iftikhar told the Dawn newspaper.

However, the foreign office said earlier on Wednesday the Pakistani prime minister would hold bilateral meetings with other participating leaders on the sidelines.

The regional summit comes at a time when Pakistan is reeling from the aftermath of torrential rains and floods, which experts have blamed on climate change. The floods have killed more than 1,400 people, washed away livestock and swathes of crops, and destroyed key infrastructure across the South Asian nation, where officials say the losses could go as high as $40 billion.


Pakistan stocks hit another all-time high as optimism prevails over worker remittances

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Pakistan stocks hit another all-time high as optimism prevails over worker remittances

  • Pakistan recorded an inflow of $3.6 billion in Dec., with officials expecting remittances to exceed $40 billion this fiscal year
  • ENGROH, PPL, SAZEW, OGDC and PSO collectively added 661 points as the benchmark KSE-100 index rose by 860 points

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a another all-time high as it crossed 188,000 points on Tuesday, amid hopes of strong remittance inflows and budget relief linked to the International Monetary Fund (IMF) talks.

Pakistan recorded an inflow of $3.6 billion in December, with Saudi Arabia emerging as the largest contributor. Pakistani officials expect remittances to exceed $40 billion this fiscal year.

On Tuesday, the benchmark KSE-100 index gained 860.09 points, or 0.46 percent, to close at 188,621.78 points, up from the previous close of 187,761.69 points, according to PSX data.

Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News the market witnessed bullish activity amid speculation of the earnings season.

“FM (finance minister) expectations for $41 billion remittances in FY26, and expectations over renegotiation of IMF deal for relief in federal budget played a catalyst role in the record close at PSX,” he said.

Pakistan is currently navigating a long path to economic recovery under a $7 billion Extended Fund Facility (EFF) approved in Sept. 2024, which has seen Islamabad take several reforms, including privatization of loss-making state entities.

Meanwhile, Pakistani market research firm Topline Securities said in its daily review that the upward momentum at PSX was driven by buying from local mutual funds.

“Additionally, SAZEW [Sazgar Engineering Works Limited] notified that it will commence bookings for its CKD [Completely Knocked Down models] — ‘TANK-500 Hi4-T 4x4 2.0L Turbo AT PHEV and HEV’ — starting Monday, January 26, 2026,” Topline Securities Senior Equity Trader Naveed Nadeem said.

CKD means the cars are assembled locally from imported parts.

Engro Holdings Limited (ENGROH), Pakistan Petroleum Limited (PPL), SAZEW, Oil & Gas Development Company Limited (OGDC), and Pakistan State Oil (PSO) collectively added 661 points to the index, according to the research firm.

It said a total of 1,222 million shares were traded at a value of $227.86 million (Rs63.8 billion) on Tuesday, with Hascol Petroleum Limited topping the volume chart by trading 113 million shares.