LAHORE: Newly elected representatives from Pakistan’s most politically important province of Punjab took oath today, Friday, at the provincial legislative assembly’s inaugural session, amid claims from Pakistan Tehreek-e-Insaf (PTI), party of former Prime Minister Imran Khan, that its elected MPs were being blocked by police from entering the parliamentary building.
An agreement to form a coalition government at the center between Bilawal Bhutto Zardari’s Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) of three-time Premier Nawaz Sharif late Tuesday night ended days of uncertainty and negotiations after an inconclusive Feb. 8 election produced a hung national assembly.
PML-N’s 79 and the PPP’s 54 seats in the National Assembly, or lower house of parliament, together make a simple majority to form a government, though the two parties will also rope in smaller parties in the coalition. Independent candidates backed by Imran Khan won 93 seats, but do not have the numbers to form a government. He and his party have rejected the results of the elections, alleging widespread rigging and holding daily protests since the polls.
The Punjab Assembly is the first house to convene its opening session, out of five assemblies that went to the polls on Feb. 8. The assembly meeting, scheduled to start at 10am, began after 2pm, because of the delayed arrival of the outgoing Punjab Assembly speaker, Sibtain Khan, still a member of the PTI.
Social media and TV footage showed a large number of police and other security officials standing guard outside the premises.
After his arrival, Khan chose to praise the show of strength demonstrated by “PTI loyalists” within the assembly halls.
“We are showing that we are still the largest party in Punjab,” he said. “They [the police and PTI rivals] cannot stop us even if they try. If anyone is denied entry into the assembly, I will go out and bring them in myself.”
The considerable delay in the assembly session led to altercations between PML-N and PTI-backed MPs, marked by mutual political sloganeering.
The speaker directed his criticism toward the Election Commission of Pakistan (ECP) before entering the hall, condemning its “disappointing behavior” by pointing out it had taken away his party’s election symbol right ahead of the national polls to deprive the PTI of reserved seats in the house.
PTI-backed MNAs and MPAs filed affidavits with the ECP on Wednesday to join the Sunni Ittehad Council party, aiming to secure these seats for women and members of religious minorities to bolster their numbers.
“It is the right of all political parties [to get the reserved seats] and we will fight this battle on all legal fronts. For now, we have official matters to take care of,” he said before entering the assembly hall to administer oath to 313 newly elected members.
“POLITICAL HEARTLAND”
A party requires 186 members to form the government in Punjab. The PML-N won the greatest number of seats in the province, 137, has been joined by about two dozen independent members and is also likely to bag a significant number of reserved seats which are allocated based on the number of seats won in polls.
The session will then be prorogued to be summoned on Saturday for the election of the new speaker and deputy speaker of the house, to be followed by the election of the leader of the house, the chief minister.
The Punjab Assembly is the largest elected house in the country, with 371 seats, comprising 297 general seats and 74 reserved seats, including 66 for women and eight for minorities.
The province of more than 127 million people, over half of Pakistan’s population, is known as the country’s most heated battleground, contributing 173 of the 326 seats in Pakistan’s Parliament and is the heartland of the nation’s political, military and industrial elite.
Historically, the party that secures a stronghold in Punjab often manages to form the government at the center. Maryam Nawaz Sharif, the daughter of three-time former PM Nawaz Sharif, is poised to make history as the first woman chief minister of a Pakistani province. The PML-N’s candidate for prime minister is Shehbaz Sharif, Nawaz’s brother.
Earlier in the day, Maryam called a party meeting at the provincial assembly to discuss her party’s governance strategy to consolidate its position in the province.
She was joined by former federal minister for information and broadcasting Marriyum Aurangzeb, who has moved to the province to provide her political assistance.
“I hope that God gives us another chance at service in Punjab,” Maryam told reporters before entering the Punjab Assembly on Friday afternoon. Media footage later showed her sitting in the assembly holding a large portrait of her father.
Newly elected MPs take oath at legislative assembly in Pakistan’s key Punjab province
https://arab.news/rgw5v
Newly elected MPs take oath at legislative assembly in Pakistan’s key Punjab province
- Nawaz Sharif’s PML-N emerged as the largest party in Punjab Assembly in elections held earlier this month
- PTI speaker assembly Sibtain Khan unhappy that they weren’t given reserved seats despite joining Sunni Ittehad Council
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.”
