KARACHI: Pakistan’s stocks rallied on Monday and rose 0.6 percent to the highest close in more than two months as the International Monetary Fund (IMF) gave some positive signals about its ongoing review of the South Asian country’s $7 billion loan program.
The benchmark KSE-100 index gained more than 1,000 points in the day trade before closing the week’s first session at 116,199.59 points, according to stock analysts.
Sana Tawfik, head of research at Arif Habib Ltd, said the stock market could reach 123,000 points by June if Pakistan sails through the first review of the IMF program.
“This is the highest since January 6,” Tawfik said, citing two main reasons for Monday’s bullish run.
“One is the IMF that issued a statement saying significant progress has been made [in talks with Pakistan] toward reaching the staff-level agreement. [Secondly], the overall sentiment is positive.”
The Washington-based lender put all speculation about its negotiations with Islamabad to an end, when its mission chief, Nathan Porter, said last week the two sides had made “significant progress” toward reaching an accord.
“The mission and the authorities will continue policy discussions virtually to finalize these discussions over the coming days,” Porter said on March 15.
The IMF team stayed in Pakistan for more than two weeks and reviewed the country’s economic reforms under its Extended Fund Facility as well as a fresh loan of about $1.5 billion to increase its climate resilience and sustainability.
“The IMF described the progress of the $7 billion loan program as ‘strong’ despite the absence of a staff-level agreement,” said Naveed Nadeem, a senior equity trader at Topline Securities Ltd., in a note to clients.
Monday’s rally was driven by Mari Energies, Pakistan State Oil, Oil & Gas Development Company Ltd. Lucky Cement and Searle Pakistan that collectively added 658 points to the benchmark index at the Pakistan Stock Exchange.
The equity market also gained some strength from reports of the government’s plan to resolve the longstanding issue of power sector debt, or the circular debt, according to analysts.
“This performance was influenced by the government’s initiatives to tackle Pakistan’s power sector debt,” Nadeem added.
‘Significant progress’ in IMF review triggers bull run at Pakistan stock market
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‘Significant progress’ in IMF review triggers bull run at Pakistan stock market
- The KSE-100 index gained over 1,000 points to close the week’s first session at 116,199.59 points
- The index may rise to a record 123,000 points by June, if Pakistan clears IMF review, analyst says
Security beefed up in Islamabad ahead of religiopolitical party’s pro-Gaza march today
- Jamaat-e-Islami Pakistan plans to organize Gaza Solidarity March at 3:00 p.m. in Islamabad today
- Local media reports say major routes leading to Red Zone sealed off with containers, barbed wire
ISLAMABAD: Security has been beefed up in Pakistan’s capital and all routes leading to the Red Zone in Islamabad have been sealed today, Sunday, ahead of a planned Gaza Solidarity March by the Jamaat-e-Islami (JI) political party.
Religiopolitical party JI had announced it would organize a march toward the US embassy in Islamabad on Apr. 20 to protest Washington’s support for Israel’s military campaign in Gaza.
The JI has held massive protests in Karachi, Lahore and other Pakistani cities this month to protest against Israel’s renewed hostilities in Gaza. The party has also called for a nationwide strike against Israel’s war on Apr. 22.
“Jamaat-e-Islami’s Gaza March is taking place in Islamabad today,” Amirul Azeem, the JI’s general secretary, said in a video message.
“The government of Pakistan has decided to stop this march. I request the people of Pakistan to actively participate in it.”
Azeem said the Islamabad march by the party would remain peaceful similar to its demonstrations in other parts of the country in the recent past. He urged men, women and the elderly from all walks of life to take part in the march and show their support for Palestine.
Local media reported that the government has heightened security measures in the capital ahead of the march, which is scheduled to begin at 3:00 pm.
Authorities have blocked three main routes leading to the Red Zone, a high-security area in Islamabad where all the top government buildings, diplomatic missions, and key institutions are located, using containers, barbed wire and concrete barriers.
News reports also mentioned the increased presence of police personnel at various locations in the city.
Pakistan, which does not have diplomatic relations with Israel, has frequently criticized the Jewish state for its military operations in Gaza. Islamabad has also called for the resumption of humanitarian aid to the Palestinian territory and the need for a revival of negotiations leading to a two-state solution.
Islamabad consistently calls for an independent Palestinian state along the pre-1967 borders and with East Jerusalem as its capital.
Since Oct. 7, 2023, Israel’s military offensives in Gaza have killed over 51,000 people and wounded over 116,000, as per the Gaza Health Ministry.
Afghan PM condemns Pakistan’s ‘unilateral’ deportations
- Pakistan has launched strict campaign to evict by end of month more than 800,000 Afghans
- Afghan PM Hasan Akhund urges Pakistan government to facilitate “dignified return” of refugees
KABUL: Afghanistan’s prime minister condemned on Saturday the “unilateral measures” taken by Pakistan to forcibly deport tens of thousands of Afghans since the start of April.
Pakistan has launched a strict campaign to evict by the end of the month more than 800,000 Afghans who have had their residence permits canceled, including some who were born in Pakistan or lived there for decades.
Pakistan’s top diplomat Ishaq Dar flew to Kabul for a day-long visit on Saturday where he held discussions with Afghan Taliban officials, including Prime Minister Hasan Akhund and Foreign Minister Amir Khan Muttaqi.
“Rather than collaborating with the Islamic Emirate on the gradual repatriation process, Pakistan’s unilateral measures are intensifying the problem and hindering progress toward a solution,” Akhund said during his meeting with Dar.
He urged the Pakistani government to “facilitate the dignified return of Afghan refugees,” according to a statement on X.
Earlier, foreign minister Muttaqi “expressed his deep concern and disappointment over the situation and forced deportation of Afghan refugees in Pakistan,” the ministry’s deputy spokesperson Zia Ahmad said on X.
Ahmad added that Dar had reassured officials that Afghans “will not be mistreated.”
Afghans in Pakistan have reported weeks of arbitrary arrests, extortion and harassment by authorities.
Islamabad has said nearly 85,000 have already crossed into Afghanistan, with convoys of Afghan families heading to border crossings each day fearing raids, arrests or separation from family members.
On Friday, Pakistan’s deputy interior minister Tallal Chaudhry told a news conference that “there will not be any sort of leniency and extension in the deadline.”
The relationship between the two neighbors has soured as attacks in Pakistan’s border regions have soared following the return of the Taliban government in Afghanistan in 2021.
Last year was the deadliest in Pakistan for a decade, with Islamabad accusing Kabul of allowing militants to take refuge in Afghanistan, from where they plan attacks.
The Taliban government denies the charge.
Chaudhry said on Friday that nearly 85,000 Afghans have crossed into Afghanistan since the start of April, the majority of them undocumented.
More than half of them were children, according to the United Nations refugee agency.
The women and girls among those crossing were entering a country where they are banned from education beyond secondary school and barred from many sectors of work.
Afghanistan’s refugees ministry spokesman told AFP on Saturday the Taliban authorities had recorded some 71,000 Afghan returnees through the two main border points with Pakistan between April 1 and 18.
In the first phase of returns in 2023, hundreds of thousands of undocumented Afghans were forced across the border in the space of a few weeks.
In the second phase announced in March, the Pakistan government canceled the residence permits of more than 800,000 Afghans and warned thousands more awaiting relocation to other countries to leave by the end of April.
The move to expel Afghans is widely supported by Pakistanis.
“They are totally disrespectful toward our country. They have abused us, they have used us. One can’t live in a country if they don’t respect it,” said Ahmad Waleed, standing in his shop on Friday in Rawalpindi, near the capital.
Peshawar Zalmi smash PSL record with 120-run win over Multan Sultans
- Pacer Ali Raza returns figures of 4/21 while Tom Kohler-Cadmore scores blistering half-century
- Player of the Match Abdul Samad smashes 40 runs from 14 balls, hitting three sixes and four fours
ISLAMABAS: Peshawar Zalmi got off the mark in the Pakistan Super League (PSL) 2025 tournament on Saturday by defeating former champions Multan Sultans by 120 runs at the Rawalpindi Cricket Stadium, registering the highest margin of victory in the PSL’s history.
After Zalmi openers Saim Ayub and Babar Azam fell for low scores earlier on, Tom Kohler-Cadmore (52 runs from 30 balls) Mohammad Haris (45 runs from 21 balls) and Abdul Samad (40 runs from 14 balls) helped the “Yellow Storm” finish at an impressive score of 227-7 off their 20 overs.
In response, the Sultans were no match for Zalmi’s potent bowling. Skipper Mohammad Rizwan’s side was bowled out for 107 runs in 15.5 overs courtesy of a stellar bowling performance by new pace sensation Ali Raza, who returned figures of 4/21 from his four overs, and spinner Ariq Yaqoob, who finished with 3/20.
“A blazing batting performance that saw Zalmi muster 227-7 in 20 overs was followed by young pace sensation Ali Raza’s masterclass as they registered the highest margin of victory in HBL PSL history,” the Pakistan Cricket Board (PCB) said on its website.
Speaking at the post-match press conference, Player of the Match Samad said Zalmi expected him to perform well as he had been playing domestic cricket for some time.
“Stuck to my natural game,” he said, “We had to score 200-plus runs. There was grip, and the pitch was on the slow side but glad the execution went well.”
After registering their first win in three matches, Zalmi have moved up to number five on the PSL points table while the Sultans remain at the bottom with three losses from as many matches.
Islamabad United remain at the top of the table with three wins from three matches, while Lahore Qalandars secure the number two spot with two wins out of three matches.
PM Sharif urges global investors to tap into Pakistan’s minerals sector
- Pakistan organizes three-day Health, Engineering and Minerals Show in Lahore with foreign delegates in attendance
- Exhibition featured a range of high-tech stalls showcasing agricultural machinery, precious stones and pharmaceuticals
ISLAMABAD: Prime Minister Shehbaz Sharif this week invited global investors and friendly countries to tap into the country’s mining sector and take advantage of its economic opportunities, state-run media reported.
Pakistan is home to one of the world’s largest porphyry copper-gold mineral zones, while the Reko Diq mine in southwestern Balochistan province has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50 percent stake in the Reko Diq mines, considers them one of the world’s largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan’s struggling economy.
In recent months, Pakistan has aggressively tried to tap into its huge reserves of natural resources to extract maximum economic advantage from them. Islamabad hosted a two-day minerals summit this month in which hundreds of delegates from around the world visited Pakistan to explore opportunities in its mining and minerals sector.
“Pakistan is rich in talent, especially in IT and AI sectors,” Sharif said on Saturday while speaking at the three-day Health Engineering and Minerals Show [HEMS] in Lahore.
“We are extending investment opportunities to friendly nations and inviting them to initiate joint ventures, particularly in the mining and minerals sector,” he added.
The Pakistani prime minister stressed that over 60 percent of Pakistan’s population comprises the youth, describing them as intelligent and capable.
He called for equipping them with modern skills and professional training.
“Our young generation is our asset, and with the right direction and innovation, they can drive Pakistan’s economic success,” he added.
Sharif credited his government for increasing Pakistan’s exports, saying that its consistent policies had caused the country to boost production and rely less on imports.
The exhibition featured a range of high-tech stalls showcasing agricultural machinery, precious stones, pharmaceuticals and surgical instruments, the state-run Associated Press of Pakistan (APP) said.
Dignitaries and delegates from China, Africa, the Middle East, Europe, the United States, Turkiye and other countries participated, with a total of 860 foreign delegates in attendance.
On this occasion, several bilateral agreements and memoranda of understanding were signed, the APP said.
UAE deputy PM to arrive in Pakistan today to discuss energy, security, trade cooperation
- Sheikh Abdullah Bin Zayed Al Nahyan’s visit reflects fraternal relations between both countries, says state media
- In recent months, Pakistan and United Arab Emirates have signed several agreements to boost economic ties
ISLAMABAD: UAE’s Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan is scheduled to arrive in Pakistan today, Sunday, on a two-day visit to hold discussions with Pakistani officials on bilateral energy, trade and security cooperation, Pakistan’s foreign ministry said.
Pakistan and the UAE have deepened their economic partnership in recent years. The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment, with over $10 billion invested in the last two decades.
“During his visit, His Highness Sheikh Abdullah bin Zayed Al Nahyan will hold talks with the Deputy Prime Minister/Foreign Minister of Pakistan,” the foreign ministry said.
“The entire spectrum of bilateral relations, with particular focus on trade and investment, energy cooperation, regional security and people-to-people linkages will be reviewed during the meeting.”
The foreign ministry said the UAE deputy premier’s visit reflects the deep-rooted, fraternal relations that Pakistan and the UAE enjoy.
“It also underscores the two countries’ shared commitment to strengthening bilateral cooperation across all areas of mutual interest,” the state broadcaster added.
The UAE deputy prime minister will also meet Prime Minister Shehbaz Sharif during his two-day visit.
“The visit of His Highness Sheikh Abdullah bin Zayed Al Nahyan will further cement the longstanding Pakistan-UAE ties and contribute to deepening bilateral engagements in diverse fields, benefiting the peoples of both countries,” the ministry said.
The UAE is home to over a million Pakistani expatriates — the second-largest overseas Pakistani community globally — and a major source of remittance inflows to Pakistan.
Policymakers in Islamabad view the UAE as an ideal export destination due to its geographic proximity, which lowers freight costs and facilitates smoother trade.
In recent months, the two countries have signed a series of agreements to boost economic ties.
In February, during the Abu Dhabi crown prince’s visit to Pakistan, the two sides signed accords in mining, railways, banking and infrastructure.
Last year in January, Pakistan and the UAE signed deals worth more than $3 billion covering railways, economic zones and infrastructure development.
The UAE has become an even more crucial partner for Pakistan amid Islamabad’s efforts to achieve sustainable economic growth after suffering from a prolonged macroeconomic crisis.
