ISLAMABAD: Pakistan’s stock market recorded more than 2 percent weekly gains as it closed the weekend trading session gains on Friday, a Karachi-based securities firm said, attributing it to positive developments regarding Pakistan’s $7 billion International Monetary Fund (IMF) program.
While the benchmark KSE-100 index shed 327 points on Friday to close at 119,405 points, it witnessed a 2.5 percent growth in its volume during the week.
“This gain can be attributed to buying by mutual funds on favorable IMF program review, government’s efforts to resolve circular debt, lower electricity prices and rebound in cement prices,” Topline Securities said in its weekly review.
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 South Asian country, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path.
Other developments during the outgoing week were Pakistan’s current account deficit for Feb. coming in at $12 million and the T-Bill where participation of Rs1,575 billion was seen, with government raising Rs392 billion as against target of Rs800 billion.
“Increase in investor participation was observed during the week as average daily traded volume and value stood at 508 million shares (up by 51% WoW) and Rs31.5 billion (up by 43% WoW) respectively.
Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review
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Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review
- Pakistan, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path
- The country’s current account deficit for Feb. coming in at $12 million and T-Bill where participation of Rs1,575 billion was seen
Pakistan says Indian minister initiated handshake in Dhaka, first contact since May conflict
- Pakistan’s Ayaz Sadiq and India’s Subrahmanyam Jaishankar met on the sidelines of Khaleda Zia’s funeral
- The National Assembly of Pakistan says Islamabad has consistently emphasized dialogue with New Delhi
ISLAMABAD: Pakistan said on Wednesday Indian External Affairs Minister Subrahmanyam Jaishankar initiated a brief handshake with Speaker of the National Assembly Sardar Ayaz Sadiq in Dhaka, marking the first high-level contact between the two nuclear-armed rivals since their military conflict in May.
The encounter took place on the sidelines of the funeral of former Bangladeshi prime minister Khaleda Zia, attended by senior officials and diplomats from multiple countries.
Ties between India and Pakistan have remained frozen since a four-day military confrontation in May, during which both sides exchanged missile, drone and air strikes before a ceasefire brokered by Washington.
“During Speaker NA Sardar Ayaz Sadiq’s visit to the Parliament of Bangladesh ... the Indian External Minister Dr. S. Jaishankar approached the Speaker National Assembly and [shook] hands,” Pakistan’s National Assembly said in a post on social media platform X.
It added that Jaishankar introduced himself to Sadiq during the brief interaction. India has not commented publicly on the exchange.
“It is noteworthy that Pakistan has consistently emphasized dialogue, restraint, and cooperative measures, including proposals for peace talks,” the post continued.
Tensions between the two neighbors escalated in April after a militant attack in Indian-administered Kashmir killed more than 20 tourists. New Delhi blamed Pakistan for supporting the attack, an allegation Islamabad denied, calling instead for an independent and transparent investigation.
Officials from both countries have largely avoided public interactions since the conflict, with senior figures refraining from handshakes or exchanges at international gatherings.
Sadiq was in Dhaka to attend Zia’s funeral and to convey condolences from Pakistan’s leadership and people. He also met Zia’s son Tarique Rahman, the acting chairman of the Bangladesh Nationalist Party, according to Pakistan’s high commission in Bangladesh.
Speaking to Pakistan’s Geo TV, Sadiq confirmed that Jaishankar approached him in full media glare and exchanged pleasantries.
Responding to a question about being photographed with the Indian minister, he said: “Cameras arrived with them. Our people took the photographs later.”
