KARACHI: Prime Minister Shehbaz Sharif on Saturday offered Pakistan’s assistance to Myanmar and Thailand following a deadly earthquake that has claimed more than 1,000 lives, with many still feared to be trapped under the rubble of collapsed buildings.
The shallow 7.7-magnitude tremor hit northwest of the city of Sagaing in central Myanmar on Friday afternoon and was followed minutes later by a 6.4-magnitude aftershock.
It flattened buildings, downed bridges, and cracked roads across swathes of Myanmar, and even demolished a 30-story skyscraper under construction hundreds of kilometers away in Bangkok.
Sharif said he was saddened by the devastating earthquake and his thoughts and prayers were with the people of the two Southeast Asian nations in this difficult time.
“Pakistan stands in solidarity with Thailand and Myanmar, offers our support and wishes them strength, safety, and a swift recovery from this catastrophe,” he said on X.
At least 1,002 people were killed and nearly 2,400 injured in Myanmar, the ruling junta said in a statement. Around 10 more deaths have been confirmed in Bangkok.
But with communications badly disrupted, the true scale of the disaster is only starting to emerge from the isolated military-ruled state, and the toll is expected to rise significantly.
It was the biggest quake to hit Myanmar in decades and junta chief, Min Aung Hlaing, issued an exceptionally rare appeal for international aid on Friday, indicating the severity of the calamity.
Offers of foreign assistance began coming in, with President Donald Trump on Friday pledging US help.
“It’s a real bad one, and we will be helping. We’ve already spoken with the country,” Trump told reporters in the Oval Office.
An initial flight from India carrying hygiene kits, blankets, food parcels and other essentials landed in the commercial capital Yangon on Saturday.
China said it sent an 82-person team of rescuers to Myanmar.
Aid agencies have warned that Myanmar is totally unprepared to deal with a disaster of this magnitude. Some 3.5 million people were displaced by the raging civil war, many at risk of hunger, even before the quake struck.
Pakistan offers assistance to Myanmar, Thailand as quake death toll passes 1,000
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Pakistan offers assistance to Myanmar, Thailand as quake death toll passes 1,000
- The earthquake quake flattened buildings, downed bridges, and cracked roads across swathes of Myanmar, demolished a 30-story skyscraper in Bangkok
- Aid agencies say Myanmar is totally unprepared to deal with a disaster of this magnitude, where a civil war has already displaced some 3.5 million people
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
