Najam Sethi pulls out of race to be Pakistan Cricket Board chairman

Chairman of Pakistan Cricket Board (PCB) Najam Sethi gestures as he addresses a news conference at the National Stadium in Karachi on October 18, 2017. (AFP/File)
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Updated 20 June 2023
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Najam Sethi pulls out of race to be Pakistan Cricket Board chairman

  • It is widely believed coalition partner Asif Ali Zardari wants to nominate Zaka Ashraf, a former PCB chairman
  • Traditionally, the PM’s appointee to the PCB board of governors becomes board chairman in Pakistan

ISLAMABAD: Najam Sethi, head of the interim management committee of the Pakistan Cricket Board, has effectively pulled himself out of the race to become the PCB’s next chairman, he said in a Twitter post on Tuesday.

Sethi has been heading the interim management committee since last December, whose tenure was due to end on June 21.

It was widely believed that Sethi would be appointed permanent chairman of the board but speculation has grown in recent weeks on the return of Zaka Ashraf, a former board chairman himself.

“I don’t want to be a bone of contention between Asif Zardari and Shehbaz Sharif,” Sethi tweeted, naming a former Pakistan president and prominent coalition partner in the government and the current prime minister of Pakistan, respectively.

“Such instability and uncertainty is not good for PCB. Under the circumstances I am not a candidate for Chairmanship of PCB. Good luck to all stakeholders.”

Sethi’s tweet was referencing “political horsetrading” over the chairman’s seat, ESPNcricinfo said, as Ashraf is believed to be Zardari’s pick.

Traditionally, the PM’s appointee to the PCB board of governors becomes the board chairman in Pakistan.

Sethi has been running the PCB on an interim basis since Ramiz Raja was removed as chairman and the board’s 2019 constitution was scrapped in December last year. Sethi’s committee was initially given 120 days to bring back the 2014 constitution under which the PCB was run and reinstate the regional and department structure in domestic cricket. The committee was also given a mandate to form a board of governors and elect a chairman.


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

Updated 20 January 2026
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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.