ISLAMABAD: Former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party on Wednesday withdrew a petition seeking the restoration of its election symbol filed in the country’s top court, saying the matter was currently adjudicated by the Peshawar High Court that was likely to issue its verdict later today.
The country’s election regulatory authority issued an order on December 22, ruling the PTI intraparty polls null and void for violating its regulations and taking away “cricket bat” as its election symbol.
The PTI moved the Peshawar High Court (PHC) against the ECP decision that led to the restoration of the party symbol. However, the court upheld the ECP order in a review petition, making the party take its case to the Supreme Court while the PHC was still conducting its proceedings.
“The main case is pending in the Peshawar High Court and the hearing was held for five hours yesterday,” said the newly elected PTI chairman Barrister Gohar Khan while speaking to the media outside the top court. “The judges adjourned the hearing for 9 [am] today.”
“The court observed the decision [in the matter] would most likely be announced [today],” he continued. “Keeping this in mind, the petition we had filed in the Supreme Court against the interim [high court] order became infructuous [or unnecessary] … We have withdrawn the plea from the Supreme Court.”
Election symbols are crucial in Pakistan where the adult literacy rate is just 58 percent, according to World Bank data.
The cricket bat is reflective of ex-PM Khan’s past as a successful cricketer, who led Pakistan to their only 50-over World Cup win in 1992, propelling him to an unrivaled position among the country’s cricket greats.
Political analysts say without the restoration of their election symbol, the PTI leaders will have to contest the upcoming elections as independent candidates.
This will also deprive the party of reserved seats in the national and provincial assemblies for women and religious minorities.
Ex-PM Khan’s party retracts Supreme Court petition for election symbol restoration ahead of Feb. 8 polls
https://arab.news/246zz
Ex-PM Khan’s party retracts Supreme Court petition for election symbol restoration ahead of Feb. 8 polls
- The new PTI chairman says the decision was taken since the Peshawar High Court was also looking into the matter
- Pakistan’s election body took away ‘cricket bat’ as Khan’s party symbol while declaring its intraparty polls null and void
Pakistan stock market crosses record 174,000 points during intraday trading
- Pakistan Finance Adviser Khurram Schehzad says stock market’s equity investor base has increased by over 120,000 in last 18 months
- Official says stock market’s record levels reflect growing investor confidence supported by continued macro stability and key reforms
ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed a record 174,000 points on Monday, Finance Adviser Khurram Schehzad said, marking a strong start to the business week.
According to the data available on the PSX’s official website, the KSE-100 benchmark reported 174,411.72 points during the intraday trading on Monday morning.
“Another milestone for Pakistan’s equity market,” Schehzad wrote on social media platform X. “The KSE-100 Index has crossed 174,400 points, marking yet another record high.”
Pointing out the stock market’s achievements this year, Schehzad said the PSX has delivered 50 percent plus returns in US dollar terms to investors since January this year, “making it one of the best markets in Asia.”
He noted that investors’ participation in the PSX is rising fast, adding that the equity investor base has increased by over 120,000 to cross the 450,000 figure in the last 18 months, marking a 37 percent increase.
“These record levels reflect growing investor confidence, supported by continued macro stability, key reforms, and improving prospects for more sustainable, higher future growth,” he said.
Pakistan’s stocks have surged in recent years, marking a strong performance this year as Islamabad moves to consolidate its financial recovery after years of economic turbulence, which saw it on the verge of a sovereign default in June 2023.
Pakistan’s foreign exchange reserves have surged past the $21 billion mark, as per the central bank’s latest data.
In recent years, the South Asian country has also implemented tough structural reforms under the International Monetary Fund (IMF) loan programs, aimed at reducing fiscal deficits and restoring investor confidence.
