Ex-PM Khan announces return to electioneering, pins hopes on judiciary

An activist of Tehreek-e-Insaf (PTI) party listens to Pakistan's former Prime Minister Imran Khan's speech on a phone, in Zaman Park in Lahore, Pakistan, on May 13, 2023. (AFP)
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Updated 14 May 2023
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Ex-PM Khan announces return to electioneering, pins hopes on judiciary

  • The Supreme Court last month ordered the government to hold the provincial elections on May 14 
  • Khan says his opponents want to keep him out of the election race fearing they will be wiped out 

ISLAMABAD: Former Pakistani prime minister Imran Khan has said that he would launch a mass contact campaign next week with regard to elections in Pakistan’s most populous Punjab province, pinning his hopes on the country’s judiciary amid a standoff with the government. 

Pakistan’s top court last month fixed May 14 as the date for elections in the country’s most populous province. The landmark ruling came after days of hearing on a petition filed by Khan’s Pakistan Tehreek-e-Insaf (PTI) party over the Election Commission of Pakistan (ECP) decision to postpone the polls from April 30 to October 8. 

Khan’s party dissolved the Punjab Assembly along with another provincial legislature it controlled in a bid to force nationwide snap polls, which Khan has been campaigning for since his ouster in a parliamentary no-trust vote in April 2022. 

On Saturday, the former premier told UK’s Sky News broadcaster that the coalition government of PM Shehbaz Sharif was “petrified of elections” as it feared the polls would wipe all other political parties out. 

“The gap between us and all the other parties is so huge now that they are petrified that they will be wiped out,” Khan said. 

“I am going to go out in public and start my mass contact from Wednesday onwards. We will carry on, hoping the Supreme Court will announce an election date in three weeks’ time.” 

The government maintains that it is not feasible for the country, which has for months been embroiled in an economic crisis, to separately hold provincial elections. Pakistan historically holds the provincial and national elections at the same time. 

But Khan said his opponents wanted to keep him out of the election race. 

“The only way they will allow elections is that I am inside jail or killed,” he told Sky News. “They want me out of the election race.” 

The Supreme Court is also expected to take up the matter on Monday as the government has failed to comply with its orders to hold Punjab polls on May 14. 


Pakistan stock market sheds over 2,000 points amid regional tensions

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Pakistan stock market sheds over 2,000 points amid regional tensions

  • KSE-100 index lost 2,025.53 points, or 1.1 percent, to close at 182,384.14
  • The development comes amid public unrest in Iran, possibility of a US strike

ISLAMABAD: The Pakistan Stock Exchange (PSX) fell sharply and lost more than 2,000 points during the intraday trade on Monday, with analysts blaming the slump on geopolitical uncertainty linked to heightened tensions in the region.

The benchmark KSE-100 index lost 2,025.53 points, or 1.1 percent, to close at 182,384.14 points, down from 184,409.67 points at the weekend close, according to PSX data.

The development came amid public unrest in Iran over worsening economic conditions, with the death toll reaching nearly 550 and the government arresting more than 10,600 people in a crackdown.

US President Donald Trump said late Sunday his administration was in talks to set up a meeting with Tehran but cautioned he may have to act first as reports mount of increasing deaths and the government continues arrests.

“[Pakistan] stocks slumped on geopolitical uncertainty,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News. “Weak global equities, political noise, and security unrest played a catalyst role in selling activity at PSX.”

Meanwhile, Pakistani market research firm Topline Securities said activity slowed noticeably as buying interest from local funds eased after last week’s strong rally.

“With the market having advanced nearly 3 percent on a WoW (week on week) basis, investors chose to lock in gains, resulting in broad-based profit-taking during the session,” it said on X.

“The pullback appears to be a healthy consolidation after the recent sharp up-move, rather than a shift in the market’s underlying sentiment.”

It said that a total of 1,055 million shares were traded at the market on Monday, with Fauji Foods Limited (FFL) topping the volume chart with 65.6 million shares.

Pakistan’s stock market has gained momentum in recent months as broad institutional buying boosted investor confidence amid ongoing economic reforms under international lending programs.

Around 135,000 new investors have joined the PSX over the last 18 months. Last week, Pakistani stocks climbed to a fresh all-time high with the benchmark KSE-100 Index crossing the 186,000-point mark for the first time ever.