KARACHI: Pakistan equities on Friday hit yet another record high by breaching the 66,000-mark amid bullish sentiments built on the International Monetary Fund (IMF) program and completion of its first review, rupee stability, and the government’s plan to raise Rs90 billion through Islamic bonds, equity analysts said.
The key stock index, KSE100, closed the weekend trading session at a historic high level of 66,223 after gaining 1,505 points, or rising 2.33 percent. During the trading week, the index collectively gained 3,730 points. The recent rally has increased the market capitalization from $31.3 billion to $32.8 billion in a week.
“The stocks closed at a new record surge and new all-time high amid rupee stability and the government’s plan to launch Rs90 billion worth of Ijarah Sukuks for retail investors to diversify funding sources,” Ahsan Mehanti, CEO of Arif Habib Corporation, told Arab News.
He attributed the bull run to falling external debt, the positive outcome of the Special Investment Facilitation Council (SIFC), a civil-military hybrid forum established to fast-track decision-making and promote investment from foreign nations, and expectations for a current account surplus in November 2023.
In a landmark development for the country’s financial markets, the federal government launched one-year Ijarah Sukuk earlier in the day from the platform of Pakistan Stock Exchange (PSX) in the first phase.
In total, the government plans to raise Rs90 billion through three auctions of the bond.
Speaking at the gong ceremony, Prime Minister Anwaar-ul-Haq Kakar said Pakistan’s economy faced multiple challenges at the start of the financial year 2023-2024, but the government had tried to solve the structural and macroeconomic issues which helped improve the situation.
“I would like to thank the effort of all stakeholders to bring our economy back on track by lowering the exchange rate of dollar from all-time high of approximately 307 on September 5, 2023, in the interbank market to around 284 today,” he said.
Kakar maintained the capital market served as a catalyst for innovation, entrepreneurship and growth in the realm of finance.
“It provides fuel to business to expend, create jobs and contribute to overall development of society. As a part of federal government, we are committed to fostering an environment that nurtures and sustains this growth,” he added.
The prime minister said the capital market acted as a stabilizing force, absorbing shocks and steering the economy toward stability.
Economists say the current bull run is fueled by the successful completion of $3 billion IMF bailout program review, strong earnings growth and the steps taken by the government to discourage smuggling of various commodities and foreign currencies.
Pakistan expects another tranche of $700 million from IMF after the global lender’s board meeting on January 11, 2024.
“Pakistan stock exchange has tailwind of the IMF program, the completion of the first review, the enforcement measures by the establishment including curbing smuggling, de-dollarization and some improvements in the Afghan transit trade,” Dr. Khaqan Najeeb, former advisor to the finance ministry, told Arab News.
Going forward, he said the country would have to comply with the IMF standby arrangement to design another program for long term macroeconomic stability.
He noted this required more structural reforms in the economy after the new government takes over in the wake of the next general elections.
Pakistan stock market crosses another historic milestone by surging past 66,000 points
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Pakistan stock market crosses another historic milestone by surging past 66,000 points
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- Analysts say the current bull run at the stock market is fueled by IMF program and policy measures for economic improvement
- An economic expert asks the government to comply with the IMF standby arrangement to ensure macroeconomic stability
Pakistan to witness more rains next week as Cyclone ASNA moves away from coastal regions
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- The monsoon rains have so far claimed 285 lives across the country since July 1, according to the NDMA
- The meteorological department warns fishermen in Balochistan to stay away from the sea until tonight
ISLAMABAD: The National Disaster Management Authority (NDMA) has warned of more rain in different parts of the country from September 2 to 5, as the Pakistan Meteorological Department (PMD) announced Sunday the cyclonic storm ASNA had moved further away from the coastal regions and was expected to weaken gradually.
Pakistan has witnessed massive monsoon rains since the beginning of July, during which, according to the country’s disaster management body, 285 people were reported to have lost their lives by the end of this week.
The PMD also warned residents of Pakistan’s southern coastal areas of a possible cyclonic storm after the weather system developed over India’s Rann of Kutch before gaining intensity.
However, Chief Meteorologist Dr. Sardar Sarfaraz informed on Saturday the cyclone was moving toward Oman, though he noted it could still cause heavy rains and thunderstorms in Sindh and Balochistan provinces.
“National Emergencies Operation Center has anticipated that several regions in Pakistan are expected to experience moderate monsoon rains from 2nd to 5th September 2024,” the NDMA said in a statement.
It said that northeastern Punjab was likely to expect rainfall under the system along with the Potohar region, Khyber Pakhtunkhwa and Balochistan.
“General public is advised to avoid visiting the seaside and beach areas and remain cautious of loose structures like billboards, electrical poles, solar panels and hoardings,” it added.
The PMD also said in its weather alert that sea conditions were likely to remain rough with gusting wind going up to 80 kilometers per hours until Sunday night.
“Fishermen of Balochistan are advised not to venture in open sea till tonight while those of Sindh can resume their activities from today,” it said.
The PMD also said its cyclone monitoring center in Karachi was closely observing the weather system and would issue further updates about it.
Pakistan cuts petrol price by a meagre Rs1.8 per liter
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- The South Asian country revises petroleum prices every fortnight
- Latest decrease unlikely to offer any relief to inflation-hit Pakistanis
ISLAMABAD: The Pakistani government has cut the price of petrol by Rs1.8 per liter, the information ministry announced late Saturday.
Pakistan revises petroleum prices every fortnight. After the latest revision, petrol will now cost Rs259.10 per liter.
The price of high-speed diesel went down by Rs3.32 to Rs262.75 per liter.
“The new prices will take effect from September 1, 2024,” the information ministry said in a statement.
The government also reduced the price of kerosene oil by Rs2.15 to Rs169.62 per liter, while light diesel oil went down by Rs2.97 to Rs154.05 per liter.
In Pakistan, petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
However, the negligible decrease in petrol and diesel prices is unlikely to provide much relief to the inflation-stricken Pakistanis.
Pakistan expects more jobs, higher exports as Chinese company plans renewable energy investment
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- China’s Hexing Electrical is known for its presence in the global smart metering and energy management industry
- Its management plans to set up the first manufacturing unit of its kind in Pakistan to produce inverters, batteries
ISLAMABAD: A leading Chinese company has expressed interest in investing in Pakistan’s renewable energy sector by setting up an industry, said an official statement on Saturday, prompting a senior minister to observe the step will lead to greater employment opportunities and increase the country’s exports.
China’s Hexing Electrical is a reputable mid-sized company that was founded in 1992 and is primarily known for its presence in the global smart metering and energy management industry. The Chinese company has also expanded its business into the renewable energy sector and is involved in the manufacturing of technical equipment.
Its chairman, Liangzhang Zhou, met Pakistan’s minister for investment and privatization, Abdul Aleem Khan, along with his company delegation in the federal capital, Islamabad, to discuss the possibility of setting up the first manufacturing unit of its kind in the country to produce inverters and batteries.
The development comes nearly two months after Prime Minister Shehbaz Sharif went to China on a five-day visit where, apart from the political leadership, he met with representatives of Chinese companies operating in various economic sectors and encouraged them to invest in his country.
“The establishment of new factories will increase the rate of employment and export in the country and once again boost the national economy as well,” he was quoted as saying in a statement circulated by the ministry after the meeting.
Khan highlighted the investment potential in Pakistan, assuring the Chinese business delegation of full cooperation.
He also maintained that the establishment of factories in the electrical sector with foreign investment would serve as a precursor to the country’s economic development.
The chairman of the Chinese company said his organization was serving 90 countries with a workforce of 7,000, though it had only established such factories in 20 states around the world.
The governments in Islamabad and Beijing have already been working on infrastructure development and regional connectivity projects under the multibillion-dollar China-Pakistan Economic Corridor (CPEC).
The two countries hope the private sector will take the lead in the next CPEC phase and benefit from the planned industrial zones in Pakistan through business-to-business collaboration and investments.
Senior army officer, relatives released days after kidnapping in northwest Pakistan — military
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- Lt Col Khalid Ameer was visiting ancestral village in Dera Ismail Khan for his father’s funeral when he was abducted
- Military says tribal elders played role in ‘safe and unconditional’ release of the officer and three of his relatives
KARACHI: A senior army officer and three of his relatives, who were kidnapped by unidentified gunmen in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province, safely returned to their home on Saturday, the Pakistani military said.
The army officer, Lt. Col. Khalid Ameer, was on a visit to his ancestral village in Kulachi area of the Dera Ismail Khan district for the funeral of his father, when he was abducted along with three other relatives on Wednesday, according to police.
In a statement issued late Saturday, the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing, confirmed securing their “safe and unconditional” release.
“Safe and unconditional release of Lt Col Khalid Ameer and three of his other relatives has been secured due to role played by tribal elders and local notables,” the ISPR said. “All the abductees have safely returned home.”
The military statement had no mention of the kidnappers, but the northwestern Pakistani region has witnessed a surge in militant activities by the Tehreek-e-Taliban Pakistan (TTP) and other groups in recent months.
This month, two policemen were killed when a convoy of judges came under attack in the region, according to police. In February, 10 policemen were killed and six others injured in an attack on a police station in Dera Ismail Khan.
In April last year, Judge Shakirullah Marwat was abducted by unidentified kidnappers near a village at the junction of Tank and Dera Ismail Khan districts, but was recovered after a few days.
Pakistan has faced deadly attacks by the TTP since an uneasy, months-long truce with the group collapsed in November 2022.
Islamabad blames the latest surge in violence on neighboring Afghanistan, saying Pakistani Taliban militants have taken refuge there and run camps to train insurgents to launch attacks inside Pakistan.
Kabul says rising violence in Pakistan is a domestic issue of Islamabad and it does not allow militants to operate on its territory.
Islamabad police ban public gatherings in view of ‘elevated security concerns’
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- The development comes a week before a rally by jailed former prime minister Imran Khan’s party in Islamabad
- Islamabad police say the restriction has been imposed to maintain public order and ensure safety of all citizens
ISLAMABAD: The Islamabad police have imposed a ban on public gatherings in the federal capital in view of “elevated security concerns,” Pakistani state media reported on Saturday.
The South Asian country has been witnessing a surge in militant attacks, including a string of coordinated assaults launched last Sunday that killed more than 50 people in the southwestern Balochistan province.
To prohibit any public gathering, the Islamabad police said they had imposed Section 144 of the Code of Criminal Procedure, a provision that allows authorities to prohibit assembly of four or more people.
“These restrictions are designed to maintain public order and ensure the safety of all citizens,” an Islamabad police spokesperson was quoted as saying by the state-run APP news agency.
The report did not specify how long the restriction would be in place.
The development also comes a week before a rally by jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) opposition party in Islamabad on September 8. The rally was initially planned for July to build pressure for Khan’s release from prison following his arrest over a year ago, but the party had rescheduled it for August 22.
The PTI once again postponed the gathering this month after the Islamabad administration denied permission for the event, citing security threats and a lack of resources with security agencies.
The capital police urged the public to avoid participating in any “unauthorized” political activities that could disrupt the law-and-order environment, according to the APP report.
“We ask everyone to cooperate with these measures to help us maintain peace and security,” the police spokesperson said.