Saudi Arabia, other nations welcome news of India-Pakistan ceasefire

A partially damaged wall of the Neelum Jhelum Hydropower Project is pictured following Indian strikes in Nausari, about 40kms from Muzaffarabad, the capital of Azad Kashmir, on May 8, 2025. (AFP)
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Updated 10 May 2025
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Saudi Arabia, other nations welcome news of India-Pakistan ceasefire

  • Pakistan appreciates Saudi Arabia’s positive role in promoting regional peace and stability
  • Western powers say ‘dialogue is key,’ hoping both sides to respect the ceasefire agreement

ISLAMABAD: Saudi Arabia, China, the United Arab Emirates, and several other countries on Saturday welcomed the ceasefire understanding between Pakistan and India, following a week of military escalation that raised fears of a full-blown war between the two South Asian neighbors.

The ceasefire, brokered with US support after missile and drone exchanges between the nuclear-armed neighbors, has drawn a wave of diplomatic endorsements after many countries called for restraint and renewed dialogue.

Pakistan has credited the international community for playing a constructive role in defusing tensions, while also emphasizing its own measured response to what it described as Indian aggression.

“Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq Dar @MIshaqDar50, received a call from the Saudi Minister of State for Foreign Affairs, Adel Aljubeir @AdelAljubeir, who welcomed the ceasefire understanding between

Pakistan and India,” Pakistan’s foreign office said in a post on social media platform X.

“DPM appreciated Saudi Arabia’s positive and constructive role in promoting peace & security in South Asia,” it added.

Dar also spoke with Chinese Foreign Minister Wang Yi, briefing him on the regional situation following Indian attacks and Islamabad’s “carefully calibrated response.”

According to Pakistan’s foreign office, Wang acknowledged Pakistan’s restraint and described its actions as responsible under challenging circumstances.

China reaffirmed its support for Pakistan’s sovereignty and territorial integrity and pledged continued coordination.

The UAE also expressed support for the ceasefire.

In a separate call, UAE Deputy Prime Minister Sheikh Abdullah bin Zayed welcomed the development, and Dar commended the Gulf state’s diplomatic engagement in fostering regional peace.

Germany’s foreign office described the ceasefire as a “first, important step out of the escalation spiral” and stressed the importance of dialogue.

“Dialogue is key,” it said. “The German government has been in contact with both sides in the past days.”

Kaja Kallas, the EU High Representative for Foreign Affairs, said she had spoken with both Indian and Pakistani foreign ministers and called the truce a “vital step toward de-escalation.”

“All efforts must be made to ensure it is respected,” she wrote on X, reaffirming the EU’s commitment to peace, stability and counter-terrorism in the region.

The flare-up between Pakistan and India, one of the most serious in recent years, followed a deadly attack in Indian-administered Kashmir last month and escalated into missile strikes, drone attacks and cross-border fire over the past week.

The ceasefire, announced Saturday, has temporarily halted hostilities, with both sides trading blame for the conflict.


Pakistan stocks hit record high on hopes of rate cut, improved US ties

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Pakistan stocks hit record high on hopes of rate cut, improved US ties

  • Benchmark index gains 2,662 points, or 1.44 percent, to close at an all-time high of 187,761 points
  • Engro, UBL, Hub Power, Fauji Fertilizer, Meezan Bank and Service Industries added 1,554 points to index

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a record high as it surpassed the 187,500-point mark on Monday, with analysts citing improving ties with the United States and expectations of an imminent interest rate cut.

The benchmark KSE-100 index gained 2,662.86 points, or 1.44 percent, to close at an all-time high of 187,761.69 points, up from the previous close of 185,098.83 points, according to PSX data.

The stock gains came a day after President Donald Trump invited Prime Minister Shehbaz Sharif to join the so-called “Board of Peace” for Gaza, amid increasing Pakistan-US diplomatic and economic engagement since Trump’s rise to presidency.

“Falling government bond yields and improving Pakistan-US relations played a catalyst role in record close at PSX,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.

Meanwhile, Karachi-based market research firm Topline Securities said bulls extended their rally as hopes of a rate cut by the State Bank of Pakistan (SBP) fueled investor sentiment.

“Investor sentiment remained upbeat, largely fueled by rising expectations of an imminent interest rate cut,” it said in a post on X. “Market participants increasingly priced in a 50bps reduction in the upcoming monetary policy, which kept buying interest alive and underpinned broad-based gains.”

In December, the SBP cut its key policy rate by 50 basis points to 10.5 percent, resuming monetary easing after four meetings in a move that surprised many despite International Monetary Fund guidance to keep policy “appropriately tight” to anchor inflation expectations.

Engro Holdings Limited (ENGROH), United Bank Limited (UBL), Hub Power Company Limited (HUBC), Fauji Fertilizer Company Limited (FFC), Meezan Bank Limited (MEBL) and Service Industries Limited (SRVI) collectively added 1,554 points to the benchmark index on Monday, according to Topline Securities.

“Total market volumes stood at 1,195 million shares, while the value of shares traded amounted to Rs63.7 billion,” the research firm said. “[Bank Makramah Limited] BML led the volume chart, emerging as the most actively traded stock with 246 million shares.”