Ex-PM Khan aide says party has majority, demands Pakistan regulator issue pending poll results

Gohar Ali Khan, chairman of Pakistani former Prime Minister Imran Khan's Pakistan Tehreek-Insaf (PTI) party, addresses a press conference at the party's office in Islamabad on February 10, 2024. (REUTERS)
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Updated 11 February 2024
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Ex-PM Khan aide says party has majority, demands Pakistan regulator issue pending poll results

  • Elections were held for 265 seats in the National Assembly and a political party needs 133 seats for a simple majority
  • Khan aide Barrister Gohar Khan says his Pakistan Tehreek-e-Insaf has 170 seats in parliament, will make government

ISLAMABAD: Jailed former prime minister Imran Khan’s aide said on Saturday his party had gained majority of parliamentary seats in Thursday’s national elections and will form government at the center, demanding the country’s election regulator to release pending results in a dozen constituencies.
As the final results continued to trickle in on Saturday afternoon, independent candidates, most of whom were loyal to Khan’s Pakistan Tehreek-e-Insaf (PTI) party, had won 100 seats, according to official results shared by the Election Commission of Pakistan (ECP).

The Pakistan Muslim League-Nawaz (PML-N) of three-time former premier Nawaz Sharif, who is seen as the frontrunner, had secured 71 seats of the National Assembly, lower house of Pakistan parliament, followed by former foreign minister Bilawal Bhutto-Zardari’s Pakistan Peoples Party (PPP) which had secured 54 parliamentary seats.
Barrister Gohar Khan, however, claimed his party had won on 170 parliamentary seats and it would form the next federal government in Pakistan.
“We say this with great confidence that right now, Pakistan Tehreek-e-Insaf has gained 170 seats of the [National Assembly],” he told reporters in Islamabad. “Of these 170 seats, 94 seats are the same that the election commission is admitting.”
Gohar alleged their victory had been turned into defeat on 22 seats, including three in Islamabad, four in Sindh and the rest in the Punjab province. He also said the PTI had won 39 out of 45 National Assembly seats in the Khyber Pakhtunkhwa province, where Khan’s party has ruled in the last two tenures.
Elections were held for 265 seats in the National Assembly and a political party needs 133 seats for a simple majority.
Both the main rivals, Sharif’s party and Khan’s PTI, had separately declared their victory, raising concerns about political feuding in the country, already embroiled in a myriad of crisis.
Gohar criticized Sharif for his call on Friday to other political parties to form a coalition government.
“Yesterday, the announcement by a self-proclaimed prime minister-elect, who does not even have a majority of 50 seats, regarding the formation of government, we believe this is not a good news for democracy,” he said.
“We condemn such a premature statement.”
The Khan aide said only the PTI had majority in parliament and it would form the new government at the center. He urged the ECP to release the remaining election results before midnight or his party would hold demonstrations on Sunday in constituencies with pending results
Earlier in the day, Pakistan’s army chief also called for Pakistani political parties to form a “unified government” to help the country move on from the politics of “anarchy and polarization.”

 


Pakistan stocks tumble 2.3% as Middle East conflict rattles investors

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Pakistan stocks tumble 2.3% as Middle East conflict rattles investors

  • KSE-100 posts weekly loss of 6.3% as geopolitical tensions trigger sell-off
  • Foreign investors dump $25.5 million in equities amid global energy supply fears

ISLAMABAD: Pakistan’s benchmark stock index fell 2.3% on Friday as investors sold shares ahead of the weekend amid growing fears that the escalating conflict involving Iran could disrupt global energy supplies and trade routes.

The KSE-100 index closed down 3,714.57 points at 157,496.10, after touching an intraday high of 161,435.83 and a low of 157,072.64, according to the Pakistan Stock Exchange (PSX) data. Trading volume stood at about 196 million shares with a value of roughly Rs18.8 billion ($67 million).

The decline capped a volatile week for Pakistani equities, with the benchmark index falling 6.3% week-on-week as geopolitical tensions between Iran, the United States and Israel unsettled investors and triggered risk-off sentiment across regional markets.

“KSE-100 Index declined by -6.3% on a week-on-week basis, and this decline can be attributed to the Middle East conflict (US-Israel vs. Iran), where investors sold their positions in the backdrop of increasing risk to global energy supply and trade routes,” brokerage house Topline Securities said in its weekly review.

Topline said foreign corporate investors were among the largest sellers during the week, offloading equities worth $25.5 million, while mutual funds sold shares worth $54.5 million amid investor redemptions.

Banks, insurance companies and local corporates partly cushioned the sell-off, buying equities worth $36 million, $15.7 million and $14.3 million respectively during the week, according to the review.

Other economic developments during the week included Pakistan’s consumer price inflation for February rising to 6.98% from 5.80% in January and the country’s trade deficit widening to $2.98 billion for the month, up 8% from the previous month and 25% year-on-year.

Average daily trading volumes during the week stood at around 658 million shares, with average daily value reaching about Rs36.2 billion ($130 million), Topline said.