KARACHI: Pakistan’s stock market continued its bullish run on Thursday, extending its previous day’s gains to close with an increase of 1.3 percent, as political uncertainty somewhat decreased after the country’s National Assembly convened its maiden session following controversial polls this month.
The stock market’s benchmark KSE100 index gained 875 points to close at the 64,579 level on Thursday, official data showed. On Wednesday, the KSE100 index had gained by 484 points to close at 63,703 points.
Pakistan has been wracked with political uncertainty due to countrywide protests by political parties, who say the national polls of Feb. 8 were heavily rigged. However, financial analysts noted that investors’ confidence in the market increased as Pakistan’s National Assembly held its maiden session on Thursday, indicating that the country would soon be led by a new democratic government.
“Stocks closed bullish after the president summoned the National Assembly session himself for the formation of a government,” Ahsan Mehanti, the chief executive officer of Arif Habib Corporation, told Arab News.
“The move is easing political noise.”
The Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) parties have announced joining hands to form their government at the center. The two parties have the required number of seats to form a coalition government. They also have the support of smaller parties in the assembly and have announced former premier Shehbaz Sharif as their candidate for prime minister.
Sheheryar Butt, portfolio manager at Pakistani securities brokerage company Darson Securities, said the market had continued its bullish trend from Wednesday amid growing anticipation of the PML-N forming the next government.
“The next government will have to negotiate with IMF (International Monetary Fund) and the manifesto of the PML-N is compatible with the IMF,” Butt noted.
He said that Pakistani investors expect the new government will continue to implement the measures undertaken by the caretaker administration to secure a new long-term program from the IMF.
One of the principal tasks of the new government would be to secure a long-term bailout program from the international lender, as its short-term program expires next month. Pakistan’s fragile $350-billion economy is in desperate need of external financing to shore its up its foreign exchange reserves and escape its economic crisis.
“Pakistan needs a long-term program for at least three years to ensure economic stability, so the market expects that the PML-N will follow the footprint of the caretaker government,” he explained.
Butt was confident Pakistan would secure the last tranche from the IMF under the $3 billion short-term financing agreement it reached with the lender last summer.
Pakistan’s National Assembly will elect the country’s prime minister on March 3 while elections for the speaker and deputy speaker’s posts are scheduled to be held on Friday, March 1.
Pakistan’s stock market records gain as National Assembly holds maiden sitting
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Pakistan’s stock market records gain as National Assembly holds maiden sitting
- Analysts say maiden National Assembly session boosted investors’ confidence in Pakistan’s stock market
- After much political uncertainty and rigging accusations, Pakistani legislators will elect a new premier on Sunday
Pakistan to set up special force for security of foreign nationals in Islamabad
- The development came days after a suicide attack targeted a van carrying Japanese nationals in Karachi
- It followed similar attacks on Chinese nationals in Pakistan’s northwestern and southwestern regions
ISLAMABAD: Pakistan has decided to establish a special force for the security of foreigners, Pakistani state media reported on Saturday, days after militant attacks targeted foreign nationals in the South Asian country.
The decision was made at a meeting presided over by Interior Minister Mohsin Naqvi to review the law-and-order situation in the federal capital territory.
The development came days after a suicide attack targeted a van carrying Japanese nationals, who were on their way to work in the southern Pakistani city of Karachi.
During the meeting, the interior minister directed authorities to ensure foolproof security of foreign nationals in Islamabad, the state-run Radio Pakistan broadcaster reported.
“Special attention should be given to the security of all important offices and places including the red zone in Islamabad,” the report read.
During the meeting, Islamabad police chief, Ali Nasir Rizvi, also gave a detailed briefing on the law-and-order situation in the capital.
Pakistan has witnessed militant attacks on foreign nationals in recent months, particularly the Chinese working in Pakistan on projects relating to the China-Pakistan Economic Corridor (CPEC), a major segment of Beijing’s Belt and Road infrastructure initiative.
Late last month, five Chinese nationals and their Pakistani driver were killed in northwest Pakistan, when a suicide bomber rammed his explosive-laden car into the bus carrying them to Dasu Dam, the biggest hydropower project in Pakistan, where they worked.
The attack came less than a week after Pakistani security forces killed eight Balochistan Liberation Army separatists who opened fire on a convoy carrying Chinese citizens outside the Chinese-funded Gwadar port in the volatile southwestern Balochistan province.
Pakistan face New Zealand in 5th T20, aim to end series on positive note
- Two earlier defeats came as a jolt to full-strength Pakistan in their preparations for T20 World Cup
- New Zealand, missing a host of players, are likely to draw confidence from the wins against Pakistan
ISLAMABAD: Pakistan will be facing New Zealand in Lahore today, Saturday, in the final Twenty20 of their five-match series, Pakistani state media reported.
Pakistan have already lost the chance of clinching the series as the Babar Azam-led side trail the series 1-2, with the first game washed away by rain.
The ‘Green Shirts’ are looking to level the series with a win today.
“The match will start at 7:30 in evening,” the state-run Radio Pakistan broadcaster reported.
The defeats came as a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup to be held in the United States and West Indies in June.
New Zealand, missing a host of players due to the Indian Premier League, injuries and unavailability, are likely to draw confidence from their strength in depth going into the World Cup.
Egypt takes key role in renewed diplomatic push for truce in Gaza
- Officials in Israel described latest moves as ‘an attempt by Egypt to restart the talks’ after Qatar mediation efforts broke down
- Egyptian intelligence chief Abbas Kamel to make clear ‘will not tolerate’ Israel’s deployments of troops along Gaza-Egypt border
CAIRO: A high-level Egyptian delegation was in Israel for talks on Friday amid a new diplomatic push for a truce in the Gaza war and the release of Israeli hostages held by Hamas.
The visit followed a trip to Cairo on Thursday by Israeli army chief Lt. Gen. Herzi Halevi and Shin Bet domestic intelligence service head Ronen Bar.
Officials in Israel described the latest moves as “an attempt by Egypt to restart the talks” after previous mediation efforts led by Qatar broke down. They told the Egyptian delegation that Israel was ready to give hostage negotiations “one last chance” to reach a deal before moving forward with an invasion of the southern city of Rafah.
“Israel told Egypt that it is serious about preparations for the operation in Rafah and that it will not let Hamas drag its feet,” one official said.
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Palestinians have been killed in the Gaza Strip during more than six months of war between Israel and Hamas.
Egypt is concerned about a potential influx of Palestinian refugees from Gaza if the war continues with the long-threatened Israeli offensive into Rafah, and has taken an increasingly active role in the negotiations.
“The Egyptians are really picking up the mantle on this. Egypt wants to see progress, not least because it’s worried about a prospective Rafah operation,” the official said.
Israel was increasingly looking past Qatar as a main broker, according to the official, after it failed to respond to Israeli demands to expel Hamas leaders from its territory or curb their finances.
“Qatar is still involved but in a lesser capacity,” the official said. “It’s clear to everyone they failed to deliver, even when it came to expelling Hamas or even shutting down their bank accounts.”
Hamas officials said they still considered Qatar a key mediator, alongside Egypt.
White House national security adviser Jake Sullivan said he saw fresh momentum in the talks.
“I believe that there is a renewed effort … to try to find a way forward,” he said “Do I think that there is … new life in these hostage talks? I believe there is.”
No new proposals
An official, who spoke on condition of anonymity, said Israel had no new proposals to make, although it was willing to consider a limited truce in which 33 hostages would be released by Hamas, instead of the 40 previously under discussion.
“There are no current hostage talks between Israel and Hamas, nor is there a new Israeli offer in that regard,” the official said. “What there is, is an attempt by Egypt to restart the talks with an Egyptian proposal that would entail the release of 33 hostages — women, elderly and infirm.”
According to Israeli media reports, Israeli intelligence officials believe there are 33 female, elderly and sick hostages left alive in Gaza, out of a total of 133 still being held by Hamas and other Palestinian militant groups.
There was no decision on how long any truce would last but if such an exchange were agreed, the pause in fighting would be “definitely less than six weeks,” the official said.
The visit by the Egyptian delegation came a day after the United States and 17 other countries appealed to Hamas to release all of its hostages as a pathway to end the crisis in Gaza. Hamas vowed not to relent to international pressure.
Hamas said it was “open to any ideas or proposals that take into account the needs and rights of our people.” However it stuck to central demands Israel has rejected, and said it criticized the statement for not calling for a permanent ceasefire and the withdrawal of Israeli forces from Gaza.
Pakistan gears up for PM Sharif’s visit to China in May
- Planning minister says China has invested $25 billion in infrastructure projects in Pakistan since 2013
- However, the undertaking has been affected by Pakistan’s financial woes, attacks on Chinese in recent years
ISLAMABAD: Pakistan is preparing for a possible visit by Prime Minister Shehbaz Sharif to China next month and the 13th meeting of a joint cooperation committee (JCC) on the China-Pakistan Economic Corridor (CPEC), the Pakistani planning ministry said on Friday.
The statement came after Planning Minister Ahsan Iqbal presided over a meeting with regard to the prime minister’s visit and preparations for the 13th JCC meeting.
Sharif is expected to visit China in May to restore Beijing’s confidence in Islamabad with regard to various Chinese-funded projects, Pakistani state media reported this month, citing a senior official.
“The federal minister said that the prime minister’s visit to China will be of great importance and China wishes that the 13th JCC [meeting] is held before this visit,” the Pakistani planning ministry said in a statement.
“So that projects, including five new economic corridors, can be accelerated and the desired results can be obtained from the visit.”
Beijing is investing over $65 billion in energy and infrastructure projects in Pakistan as part of CPEC, a major segment of Beijing’s Belt and Road infrastructure initiative, which will connect China to the Arabian Sea and help Islamabad expand and modernize its economy through a network of roads, railways, pipelines and ports in Pakistan.
Since its initiation in 2013, CPEC has seen tens of billions of dollars funnelled into massive transport, energy and infrastructure projects. But the undertaking has also been hit by Pakistan struggling to keep up its financial obligations as well as militant attacks on Chinese nationals in Pakistan.
From 2013 to 2018, Iqbal said, China invested $25 billion in Pakistan under CPEC that improved economic condition of the country.
He said his government was currently taking steps to implement CPEC projects and was determined to soon complete them.
Green glamor: Young Pakistani innovators transform electronic waste into fashionable jewelry
- Jewelry crafted from electronic scrap appeals to a young demographic that values innovation, ethical lifestyle choices
- Sameer Asif began to pursue entrepreneurial dream by partnering with a classmate to launch ‘Wired Wonders’ in 2023
ISLAMABAD: In a room filled with discarded computer components and broken electronic items, 21-year-old Sameer Asif works under a bright fluorescent light, meticulously shaping an old motherboard into a heart-shaped pendant.
His project is more than a hobby; it’s the core of his entrepreneurial dream, “Wired Wonders,” a venture launched in 2023 to transform electronic waste into wearable art.
Jewelry crafted from electronic scrap aligns with a global trend in sustainable fashion, appealing to a young demographic that values innovation, individuality and ethical lifestyle choices.
Despite its niche market appeal, this form of jewelry reflects a growing interest in repurposing materials that would otherwise contribute to landfills, offering a creative solution to the challenge of electronic waste.
For Asif, however, the whole thing began as an accident.
“I was always into arts and crafts as a child,” he told Arab News in a conversation this week. “I enjoyed giving handmade things, and the first-ever necklace I made from a motherboard was also a gift for my friend.”
“She wore it to the university, and people started asking her about it,” he continued. “That’s when we thought this could actually become a business since people were interested in it.”
Asif said he was fascinated by electronics since childhood, using his tools to dismantle sophisticated gadgets to understand how they worked.
“When I was like five or six years old, on my birthday, someone gifted me a toy set of mechanical things,” he recalled. “It had nuts and screws, and it came with a screwdriver. I used that screwdriver to open my brother’s PlayStation 2 which he really loved.”
“I just opened it but couldn’t fit it back,” he recalled with a smile, saying his brother and parents were not pleased with him.
Asif partnered with his friend Maham Usman to launch Wired Wonders, asking her to manage the social media, sales and marketing.
Asked about the challenges of developing a small niche business, Usman said the biggest problem was procuring discarded motherboards that were not readily available.
“There are like one or two scrapyards in Rawalpindi where they sell discarded electronics in bulk,” she said. “To tackle this challenge, we have started a recycling initiative where we ask people to donate the electronic devices they want to dispense with. Not only will this help us with business, but it is also good for the environment.”
Making a single piece of jewelry can take about two hours. The process involves cutting and shaping motherboard pieces, removing the sharp edges and then pouring resin – a transparent, viscous liquid – over it for shine and preservation. Thereafter, the piece is left to dry for 24 hours.
Asked about the prices of their products, the Wired Wonders’ team informed that they ranged from $1.40 to $7.
“The gold and copper in motherboards add unique value to our jewelry,” Usman said.
