Pakistan’s caretaker commerce minister given additional charge of interior ministry

The file photo taken on June 16, 2021, shows Pakistan's commerce minister, Dr. Gohar Ejaz, who was given additional charge of the interior minister on January 24, 2024. (University of Management and Technology/Website)
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Updated 24 January 2024
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Pakistan’s caretaker commerce minister given additional charge of interior ministry

  • Interior minister’s post was vacant since Sarfraz Bugti resigned in December 
  • New minister’s appointment comes weeks before Pakistan heads to the polls on Feb. 8

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday handed over the additional charge of the interior ministry to Commerce Minister Dr. Gohar Ejaz, days before Pakistan heads to the polls amid fears of militant attacks marring elections. 

The interior minister’s post was vacant since December when Sarfaraz Bugti, then Pakistan’s interior minister, resigned citing “personal reasons.” Bugti later joined the Pakistan Peoples Party (PPP) ahead of national elections, his move coming hours before the Election Commission of Pakistan (ECP) announced the schedule for polls. 

Pakistan’s law bars any member of a caretaker set-up from contesting elections. 

“The Prime Minister, in terms of rule 3(4) of the Rules of Business, 1973, has been pleased to assign the portfolio of Interior to Mr.[Gohar] Ejaz with immediate effect,” a notification from the Cabinet Division seen by Arab News said. 

Gohar assumed office following the notification, the ministry said in a post on social media website. It uploaded a video of the new caretaker interior minister meeting senior personnel during a visit to the ministry. 

Gohar, a businessperson and industrialist, assumes charge of the ministry as Pakistan suffers an uptick in militant attacks in its western regions bordering Afghanistan.

An election candidate was gunned down on Jan. 10 in northwestern Pakistan along with two others, while a former minister of the Pakistan Muslim League-Nawaz (PML-N) was critically wounded in a gun attack in southwestern Pakistan the same day. 

The attacks stoked fears that polls would be marred by violence carried out by banned outfits and militant groups in the South Asian country. 

Pakistan’s federal cabinet headed by PM Kakar on Tuesday approved the deployment of army soldiers and civil armed forces personnel for polls. The Prime Minister’s Office said army contingents would act as a Rapid Response Force on polling day. 

The troops would be stationed in sensitive and highly sensitive constituencies and inside polling stations, the PMO said. 


Pakistan stocks hit record high on hopes of rate cut, improved US ties

Updated 19 January 2026
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Pakistan stocks hit record high on hopes of rate cut, improved US ties

  • Benchmark index gains 2,662 points, or 1.44 percent, to close at an all-time high of 187,761 points
  • Engro, UBL, Hub Power, Fauji Fertilizer, Meezan Bank and Service Industries added 1,554 points to index

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a record high as it surpassed the 187,500-point mark on Monday, with analysts citing improving ties with the United States and expectations of an imminent interest rate cut.

The benchmark KSE-100 index gained 2,662.86 points, or 1.44 percent, to close at an all-time high of 187,761.69 points, up from the previous close of 185,098.83 points, according to PSX data.

The stock gains came a day after President Donald Trump invited Prime Minister Shehbaz Sharif to join the so-called “Board of Peace” for Gaza, amid increasing Pakistan-US diplomatic and economic engagement since Trump’s rise to presidency.

“Falling government bond yields and improving Pakistan-US relations played a catalyst role in record close at PSX,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.

Meanwhile, Karachi-based market research firm Topline Securities said bulls extended their rally as hopes of a rate cut by the State Bank of Pakistan (SBP) fueled investor sentiment.

“Investor sentiment remained upbeat, largely fueled by rising expectations of an imminent interest rate cut,” it said in a post on X. “Market participants increasingly priced in a 50bps reduction in the upcoming monetary policy, which kept buying interest alive and underpinned broad-based gains.”

In December, the SBP cut its key policy rate by 50 basis points to 10.5 percent, resuming monetary easing after four meetings in a move that surprised many despite International Monetary Fund guidance to keep policy “appropriately tight” to anchor inflation expectations.

Engro Holdings Limited (ENGROH), United Bank Limited (UBL), Hub Power Company Limited (HUBC), Fauji Fertilizer Company Limited (FFC), Meezan Bank Limited (MEBL) and Service Industries Limited (SRVI) collectively added 1,554 points to the benchmark index on Monday, according to Topline Securities.

“Total market volumes stood at 1,195 million shares, while the value of shares traded amounted to Rs63.7 billion,” the research firm said. “[Bank Makramah Limited] BML led the volume chart, emerging as the most actively traded stock with 246 million shares.”