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 PM, Saudi Crown Prince agree to further boost trade and investment ties
- The development comes weeks after Pakistan and Saudi Arabia signed business agreements worth $2.8 billion
- Both leaders express satisfaction over the implementation of the agreements regarding investment in Pakistan
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday met with Saudi Arabia’s Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh, Sharif’s office said, adding the two leaders agreed to further boost bilateral trade and investment ties between the two countries.
This was Sharif’s fifth meeting with the Saudi Crown Prince over the past six months, according to the Pakistan PM’s office. Crown Prince Mohammed said this was the evidence of the “genuine love and affection that connect the peoples of the two countries.”
Sharif last met the Saudi Crown Prince on the sidelines of the Future Investment Initiative in Riyadh in late October, when the two leaders discussed recent agreements, including investments in agriculture, semiconductor manufacturing, and energy, worth $2.8 billion.
“Both leaders agreed that it was now necessary for the two countries to bring about a qualitative change in their economic, trade and investment relationship,” Sharif’s office said in a statement.
“The Crown Prince stressed that it was important to ensure that Pakistan and Saudi Arabia enhance meaningful cooperation that will bring about economic growth and prosperity in Pakistan.”
Pakistani and Saudi businesses signed 27 memorandums of understanding (MoUs) worth $2.2 billion on Oct. 10 during the Saudi investment minister’s visit to Islamabad. On Oct. 30, while Sharif was visiting Riyadh, Saudi Arabia announced it had enhanced the number of business agreements from 27 to 34 and increased their value to $2.8 billion.
Sharif’s office said on Monday that seven out of 34 MoUs signed with Saudi Arabia had been actualized into agreements worth $560 million. In April, the Kingdom also pledged to expedite a $5 billion investment portfolio for Islamabad.
During Tuesday’s meeting in Riyadh, both leaders expressed satisfaction at the pace of progress of the implementation of the agreements regarding investment in Pakistan, according to Sharif’s office. The prime minister reiterated his invitation to Crown Prince Mohammed to visit Pakistan at his earliest convenience.
“The Crown Prince responded that he was looking forward to his visit to Pakistan,” Sharif’s office said.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to more than two million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
ONE WATER SUMMIT
Earlier on Tuesday, Sharif called for transfer of technology, financing and international cooperation to ensure sustainable management of water for all as he addressed the One Water Summit in Riyadh.
The summit, a joint initiative of Saudi Arabia, France, Kazakhstan and the World Bank, aimed for high-level political commitments to promote global cooperation and a coherent international approach toward water resource management.
Addressing the summit, Sharif said water was lifeblood of the planet, which transcended political boundaries, connected nations and fostered shared ecosystem, which was why his country attached great importance to transboundary cooperation.
“At the global level, I would submit for your kind consideration a number of steps to overcome water-related challenges. First, we need international cooperation and collaboration to ensure availability, sustainable management of water and sanitation for all,” he told attendees at the summit.
“Second, exchange of knowledge and expertise as well as transfer of technologies on innovative water management must be prioritized. Third, adequate funding for climate-resilient infrastructure and overcoming financing gap remains critical for climate-vulnerable countries.”
He appreciated the Kingdom of Saudi Arabia, France, Kazakhstan and the World Bank for the initiative, saying the world required “strong political will and global leadership to overcome the water crisis.”
“We must also focus on framework for transparency, data-sharing and regional cooperation to avoid conflicts and promote water-sharing,” the Pakistan premier said.
“We must invest in skills development, research and institutional strengthening to tackle water challenges at national and global levels.”
Sharif detailed steps taken by his government to ensure water security and climate-resilience, saying Pakistan was proud of joining this initiative and looked forward to providing all possible support in achieving its goals.
“As leaders, policymakers and custodians of the future, it is our duty to ensure that these rivers, lakes and aquifers that have nourished civilizations for centuries must not be reduced to tales of the past,” he added.
Pakistan extends deadline for Hajj applications with over 21,000 seats still available
- Saudi Arabia has allotted Pakistan a quota of 179,210 pilgrims for upcoming Hajj pilgrimage
- All applications received till Tuesday have been accepted without any draw, ministry says
ISLAMABAD: The Pakistani government on Tuesday extended its deadline for the submission of Hajj applications till December 10, a religious affairs ministry official said, hoping to receive applications for the remaining 21,171 seats to complete the quota.
Saudi Arabia has allotted Pakistan a total quota of 179,210 pilgrims for the upcoming Hajj pilgrimage, which would be divided equally between the government and private schemes. On Nov. 18, around 15 designated Pakistani banks started receiving applications for Hajj 2025 from the intending pilgrims.
The deadline to file Hajj applications was December 3 that has now been extended to receive more applications, according to the religious affairs ministry. All applications received till December 3 have been accepted, including the applications received through sponsorship scheme.
“We have received 68,434 applications so far which may increase till 12 midnight,” Umar Butt, a spokesperson for the religious affairs ministry, told Arab News.
Last year, Pakistan surrendered 21,000 Hajj seats to Saudi Arabia due to a shortage of applications, but this year the government is hopeful of achieving the required number of applications till December 10.
The religious affairs ministry last month announced the country’s Hajj 2025 policy, allowing pilgrims for the first time to pay Hajj fees in installments.
“The balloting will be held if the applications are received more than the allocated Hajj quota,” the ministry said in a statement on Tuesday, adding the deadline for submission of Hajj applications had been extended keeping in view people of far-flung areas.
Under the government scheme, the first installment of Hajj dues, Rs200,000 ($717), must be deposited along with the Hajj application, while the second installment of Rs400,000 ($1,435) has to be deposited within ten days of balloting. The remaining amount has to be deposited by Feb. 10 next year.
Pakistan’s religious affairs ministry has launched the ‘Pak Hajj 2025’ mobile application to guide and facilitate pilgrims. The app is available for both Android and iPhone users.
The Pakistani government has also announced a reduction in airfares for Hajj 2025, with a Rs14,000 ($50) drop in ticket prices. Pilgrims enrolled in the federal program will now pay Rs220,000 for airfare, down from last year’s Rs234,000. The national flag carrier, the Pakistan International Airlines (PIA), Saudi Airlines and other private airlines have agreed to the relief package, according to the Pakistani government.
The religious affairs ministry has appealed to the overseas Pakistanis to deposit their sponsorship funds till December 10 to hold the slots.
“Hajj applications can be submitted through an online portal on the ministry’s website,” the ministry said. “Pilgrims have been requested to download the Pak Hajj mobile app for new instructions.”
Pakistan PM calls for global cooperation for sustainable water management at Riyadh forum
- The One Water Summit, a joint initiative of Saudi Arabia, France, Kazakhstan and World Bank, aims to stimulate global partnerships for water resource management
- PM Shehbaz Sharif says it is their duty as leaders to ensure that water resources that have nourished civilizations for centuries must not be reduced to tales of past
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday called for transfer of technology, financing and international cooperation to ensure sustainable management of water for all as he addressed the One Water Summit in Riyadh, Saudi Arabia.
The summit, a joint initiative of Saudi Arabia, France, Kazakhstan and the World Bank, aimed for high-level political commitments to promote global cooperation and a coherent international approach toward water resource management.
Addressing the summit, Sharif said water was lifeblood of the planet, which transcended political boundaries, connected nations and fostered shared ecosystem, which was why his country attached great importance to transboundary cooperation.
“At the global level, I would submit for your kind consideration a number of steps to overcome water-related challenges. First, we need international cooperation and collaboration to ensure availability, sustainable management of water and sanitation for all,” he told attendees at the summit.
“Second, exchange of knowledge and expertise as well as transfer of technologies on innovative water management must be prioritized. Third, adequate funding for climate-resilient infrastructure and overcoming financing gap remains critical for climate-vulnerable countries.”
He appreciated the Kingdom of Saudi Arabia, France, Kazakhstan and the World Bank for the initiative, saying the world required “strong political will and global leadership to overcome the water crisis.”
“We must also focus on framework for transparency, data-sharing and regional cooperation to avoid conflicts and promote water-sharing,” the Pakistan premier said.
“We must invest in skills development, research and institutional strengthening to tackle water challenges at national and global levels.”
Sharif detailed steps taken by his government to ensure water security and climate-resilience, saying Pakistan was proud of joining this initiative and looked forward to providing all possible support in achieving its goals.
“As leaders, policymakers and custodians of the future, it is our duty to ensure that these rivers, lakes and aquifers that have nourished civilizations for centuries must not be reduced to tales of the past,” he added.
The One Water Summit is being held on Dec. 3-4 on the margins of the next high-level session of the COP16 of the United Nations Convention to Combat Desertification (UNCCD). It aims to contribute to ongoing United Nations discussions and processes to enhance global water governance, accelerate action on SDG6 on water and sanitation, and build on the momentum of the UN Water Conference in 2023.
The summit aims to scale up projects by stimulating partnerships between states, international organizations, local authorities, development and private banks, businesses, philanthropies, scientific experts, NGOs and civil society, in line with previous One Planet Summits, according to the forum’s website.
The forum will also act as an incubator for solutions in preparation for the next UN Water Conference in 2026, and integrate its agenda into the other existing water processes and initiatives such as the World Water Forum, the Dushanbe Conference and the World Water Week.
Muqeem stars as Pakistan crush Zimbabwe to win T20 series
- The 25-year-old took five consecutive wickets for the loss of only three runs
- Zimbabwe crumbled to 57 all out in 12.4 overs after making a promising start
BULAWAYO: Pakistan wrist spinner Sufiyan Muqeem starred in a series-clinching 10-wicket Twenty20 international rout of Zimbabwe in Bulawayo on Tuesday.
The 25-year-old took five consecutive wickets for the loss of only three runs as Zimbabwe crumbled to 57 all out in 12.4 overs after making a promising start.
Pakistan then sped to 61-0 off 33 balls through Saim Ayub (36) and Omair Yousuf (22) to follow up a 57-run victory last Sunday in the first of three matches.
Victory completed a white-ball double for the tourists, who won a one-day international series 2-1 last week.
Pakistan captain Salman Agha said: “Losing the toss did not concern us because we had plans and executed them really well. The bowling of Sufiyan was outstanding.
“We have a young side full of quality players and the way they are performing is very heartening for me.”
Zimbabwe skipper Sikandar Raza admitted his team were “all hurting and in a pretty bad place at the moment.
“My biggest concern is whether we are learning our lessons when we suffer defeats because we seem to be making the same mistakes match after match.”
Zimbabwe openers Brian Bennett (21) and Tadiwanashe Marumani (16) — the only batters to reach double figures — built a 37-run partnership in four overs.
Then, both fell within five balls, and the home team lost their 10 wickets for just 20 runs as Muqeem wreaked havoc.
Marumani was caught by Tayyab Tahir at cover point and Bennett by Irfan Khan at deep square leg at the Queens Sports Club.
All-rounder Raza, often the batting savior for Zimbabwe, made just three before his off stump was uprooted by Abbas Afridi.
Raza was among four bowlers who had no success trying to contain Ayub and Yousuf. The openers struck 10 boundaries, including a six each, between them.
A four from Ayub past backward point sealed victory.
Pakistan complete the T20 series against Zimbabwe on Thursday. They then travel to South Africa for an eight-match all-formats tour, including two Tests.
BBC names Pakistan's Mahrang Baloch, Hadiqa Kiani among 100 most inspiring women in 2024
- Baloch, a medical doctor and activist, has led several demonstrations against alleged enforced disappearances in Pakistan
- In response to the devastating 2022 floods in Pakistan, Kiani launched her Vaseela-e-Raah project to aid flood-affectees
ISLAMABAD: The British Broadcasting Corporation (BBC) on Tuesday named two Pakistanis, Mahrang Baloch and Hadiqa Kiani, among a list of 100 most inspiring and influential women in 2024.
Women have had to dig deep and find new levels of resilience from facing deadly conflicts and humanitarian crises in Gaza, Lebanon, Ukraine and Sudan, to witnessing the polarisation in societies that followed a record number of elections around the world, according to the broadcaster.
'BBC 100 Women' acknowledged the toll this year took on women by celebrating those who pushed for change as the world changed around them. The list also remained committed to exploring the impact of the climate emergency, highlighting climate pioneers who worked to help their communities tackle its impacts.
Baloch, a Pakistani medical doctor and political activist, was among hundreds of women across Pakistan taking part in demonstrations against alleged enforced disappearances in the southwestern Balochistan province. In late 2023, she led a 1,600-kilometer march to Islamabad to demand information on whereabouts of their family members, and was twice arrested during the journey.
"The medical doctor has since then become a prominent activist, under the banner of her own human rights group Baloch Yakjehti (Unity) Committee," the BBC wrote. "Her work in the field of human rights was recognised in the TIME100 Next 2024 list of emerging leaders."
Protesters from Pakistan's most impoverished Balochistan province, which has been the scene of a long-running insurgency, say their loved ones have been taken and killed by Pakistani security forces, amid a counterinsurgency operation. The authorities deny the accusations.
Pakistani singer and songwriter Kiani, known for her contributions to humanitarian causes, was the other Pakistani on the list. Rising to fame in the 1990s, she became a celebrated force in South Asian female pop music as well as a United Nations Development Programme (UNDP) goodwill ambassador.
"In response to the devastating 2022 floods in Pakistan, Kiani launched her Vaseela-e-Raah project, dedicated to aiding victims in the regions of Balochistan and South Punjab," the broadcaster said.
"She urged the public to assist displaced families and last year, the project announced it had built 370 homes and other facilities in the affected areas."
The BBC's list of 100 inspiring and influential women from around the world also included stranded astronaut Sunita Williams, rape survivor Gisèle Pelicot, actress Sharon Stone, Olympic athletes Rebeca Andrade and Allyson Felix, singer Raye, Nobel Peace Prize laureate Nadia Murad, visual artist Tracey Emin, climate campaigner Adenike Oladosu and writer Cristina Rivera Garza.