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
https://arab.news/wv65t
‘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
Pakistan high court pauses tree-cutting in Islamabad until Feb. 2
- Islamabad High Court asks CDA to ‘explain and justify’ tree-cutting at next hearing
- CDA officials say 29,000 trees were cut due to allergies, deny felling in green belts
ISLAMABAD: The Islamabad High Court has ordered an immediate halt to tree-cutting in the federal capital until Feb. 2, seeking justification from civic authorities over the legality of a large-scale felling drive that has seen thousands of trees removed in recent months.
The interim order, issued by a single-judge bench led by Justice Khadim Hussain Soomro, came during proceedings on a petition challenging the Capital Development Authority’s (CDA) tree-cutting operations in Islamabad’s Shakarparian area and H-8 sector.
At the outset of the hearing, the petitioner’s counsel argued that trees were being felled in violation of the Pakistan Environmental Protection Act 1997, the Islamabad Wildlife Ordinance 1979 and the city’s master plan.
“Respondents shall not cut trees till the next date of hearing,” Justice Soomro said in the court order released on Friday while referring to CDA officials.
“Respondents are directed to come fully prepared and to file paragraph-wise comments before the next date of hearing, along with a comprehensive report explaining the justification and legal basis for the cutting of trees,” he added.
According to the court order, the petitioner maintained that the CDA had not made any public disclosure regarding the legal basis for the operation and that the felling was causing environmental harm.
The petition sought access to the official record of tree-cutting activities and called for the penalization of CDA officials responsible for the act under relevant criminal and environmental laws.
It also urged the court to impose a moratorium on infrastructure projects in Islamabad, order large-scale replanting as compensation and constitute a judicial commission headed by a retired Supreme Court judge to probe the alleged violations.
CDA officials acknowledge around 29,000 paper mulberry trees have been cut in the capital in recent months, arguing that the species triggers seasonal allergies such as sneezing, itchy eyes and nasal congestion.
They also maintain that no trees have been removed from designated green belts and that the number of replacement trees planted exceeds those felled.
Designed in the 1960s by Greek architect Constantinos Doxiadis, Islamabad was conceived as a low-density city with green belts and protected natural zones at its core.
Critics, however, say the recent felling has extended beyond paper mulberry trees and question whether authorities are adhering to the city’s master plan and the legal protections governing forested and green areas.
The court has adjourned its hearing until Feb. 2, 2026.
