UAE, US, China congratulate Pakistan on eve of 77th Independence Day

UAE Ambassador in Islamabad Hamad Obaid Al-Zaabi and other officials attend Pakistan's Independence Day celebrations at the UAE embassy in Islamabad on August 13, 2023. (Twitter/uaeembassyisb)
Short Url
Updated 13 August 2023
Follow

UAE, US, China congratulate Pakistan on eve of 77th Independence Day

  • Pakistan will celebrate 76 years of independence on August 14, 2023
  • Ties with Pakistan 'successful model' for bilateral relations, says UAE envoy

ISLAMABAD: The United States, China, the United Arab Emirates, and other countries congratulated Pakistan on Sunday as the nation gears up to celebrate its 77th Independence Day tomorrow, Monday.

Pakistan achieved independence from British colonial India on August 14, 1947, after the United Kingdom partitioned the subcontinent into two separate nations—Muslim-majority Pakistan and Hindu-majority India.

Over the course of seven decades, Pakistan has established close and cordial ties with the UAE, China, and the United States, and established trade and economic relationships with all three countries.

"Through wise forethought, diplomatic efforts, and trade and business exchanges enacted over the last few years, the UAE and Pakistan relationship has become a successful model for bilateral relations and has been elevating to another level, closer than ever," UAE Ambassador to Pakistan Hamad Obaid Al Zaabi said in a statement.

He said Pakistan and UAE have extended their relations across economic affairs to the domains of education, culture, science, and technology.

US Ambassador to Pakistan Donald Blome said last year was a testament to the strength of the Pakistan-US relationship.

"We worked together on health, energy, and climate, and to support the Pakistani people's recovery from last year's floods," Blome said in a recorded video message.

"Together, we will work to create a more sustainable, resilient, and prosperous future."

The Chinese embassy in Pakistan also congratulated Pakistan on the eve of its independence day, reiterating its commitment to friendship with the South Asian country.

"On the way to prosperity, China always stands with Pakistan," the embassy wrote on the platform X, formerly known as Twitter.


Pakistan stocks plunge in record one-day fall as selling pressure grips market

Updated 6 sec ago
Follow

Pakistan stocks plunge in record one-day fall as selling pressure grips market

  • KSE-100 sheds 6,683 points, steepest drop in its history
  • Foreign selling, thin Ramadan trading volumes deepen rout

ISLAMABAD: Pakistan’s benchmark stock index posted its sharpest single-day decline on Thursday, as heavy selling by foreign investors and financial institutions triggered a broad market rout amid reduced trading activity during Ramadan.

The KSE-100 index closed at 172,170, down 6,683 points, after falling as much as 7,205 points intraday in a session marked by extreme volatility and persistent selling pressure, according to market data.

The selloff came as investors remained cautious in the face of continued foreign corporate outflows, while local insurance companies also emerged as major sellers, further weakening sentiment and accelerating losses.

“Carnage was witnessed at the local bourse as the KSE-100 Index suffered its steepest single-day fall in history,” brokerage Topline Securities said in a market note, adding that institutional selling intensified the downward momentum. 

“Persistent foreign corporate selling continued to dampen sentiment and keep investors on the sidelines.”

Trading hours shortened for Ramadan also contributed to sharp price swings, as thinner volumes amplified market moves and reduced liquidity.

Major index-heavy stocks including Fauji Fertilizer Company, Engro Holdings, United Bank Limited, Oil & Gas Development Company, Pakistan Petroleum Limited and Meezan Bank led the decline, collectively wiping more than 2,100 points off the benchmark.

Overall activity remained subdued, with total trading volumes recorded at 542 million shares and turnover at Rs27.36 billion ($97.6 million ). WorldCall Telecom led the volumes chart with over 84 million shares traded.

Analysts said the combination of institutional selling and limited participation heightened volatility, leaving investors wary in the near term.