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Pakistan stock market opens at single-day high, recovering losses after India standoff

A man uses a mobile phone as he takes a photo of the electronic board displaying share prices during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan, on November 28, 2023. (Reuters/File)
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Updated 12 May 2025
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Pakistan stock market opens at single-day high, recovering losses after India standoff

  • Benchmark KSE-100 Index opens at 117,104.11, up by 9,929.48 points, largest single-day gain on record
  • Pakistani stocks also rally following the IMF’s approval on Friday of a loan program review for Pakistan
Updated 12 May 2025
Ismail Dilawar

KARACHI: The benchmark KSE-100 Index at the Pakistan Stock Exchange (PSX) opened at 117,104.11 points on Monday, up by 9,929.48 points, marking the largest single-day increase in index points after a weekend ceasefire agreement with India. 

Pakistan’s stocks rallied after US President Donald Trump announced a ceasefire between nuclear-armed neighbors India and Pakistan. Both states had exchanged missile, drone and artillery strikes last week amid surging tensions. 

The development is a breath of fresh air for the stock market, which saw a record-breaking 6,482-point plunge last Thursday. This was the largest single-day decline in the index’s history as investors feared an escalation in the conflict between India and Pakistan. 

“Pakistan Stock Market opens at a single-day record,” Khurram Schehzad, adviser to the finance minister, said in a statement. “A new record for a single day, way more than the single-day decline it recorded last week.”

Pakistani stocks also rallied after the International Monetary Fund (IMF) approved a loan program review for Pakistan on Friday. The IMF nod helped unlock around $1 billion in much-needed funds for Islamabad and greenlit a new $1.4 billion bailout despite New Delhi’s objections.

“Pakistan has much more to offer, given IMF’s board approval of $2.4 billion, further decline in interest rates, Pakistan’s measured and responsible response in both its narrative and actions on-ground,” Schehzad noted. 

The official said these developments and a potential “positive” spillover effect of a likely settlement of the US-China tariff dispute, had caught investors’ eye and caused the stocks to rally. 

Schehzad noted that renewed investor confidence, enhanced IMF funding and support, a low inflation rate and stable currency parities in the region all position Pakistan “for a more meaningful economic upside moving forward.”

Earlier during the day, a five percent increase in the KSE-30 index from the previous trading day’s close led to a market halt as per stock market regulations. All equity and equity-based markets were suspended, as per a notification of the PSX.

Markets reopened around 10:42 a.m. local time (0542 GMT).

Topics: Pakistan Stock Exchange Ceasefire Pakistan India Ties

Pakistan launches new fisheries policy, eyeing $10 billion from sector

Updated 8 sec ago
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Pakistan launches new fisheries policy, eyeing $10 billion from sector

  • Despite Pakistan having over 1,050 kilometers of coastline, its untapped fisheries sector contributes only 0.5 percent to GDP
  • Ten-year policy focuses on climate resilience, gender inclusion, modern technologies, says maritime affairs ministry
Updated 8 sec ago
Ismail Dilawar

KARACHI: Pakistan’s government launched its 10-year national fisheries and aquaculture policy on Wednesday, with a senior official saying that better management and value addition could help the fisheries sector generate up to $10 billion in value.

Pakistan has the potential to become a major player in the global fisheries markets with over 1,050 kilometers of coastline along the Arabian Sea and vast inland water resources. However, its fisheries sector remains largely undertapped due to poor regulations and issues such as overfishing, contributing only 0.5 percent to the country’s GDP. 

Pakistan’s Maritime Affairs Minister Junaid Anwar Chaudhry launched the 10-year National Fisheries and Aquaculture Policy 2025–2035 at a workshop in Islamabad.

“With better management and value addition, the [fisheries] sector could generate up to $10 billion in value,” Maritime Affairs Minister Secretary Zaffar Ali Shah said at the workshop.

Shah said despite Pakistan’s long coastline, the fisheries sector has failed to achieve its potential, saying that while it remains a vital source of livelihood, it faces serious issues like overfishing and poor regulation.

“He noted that the newly introduced national policy aims to resolve these challenges through coordinated planning,” the maritime affairs ministry said. 

Chaudhry said the policy focuses on cross-cutting priorities such as climate resilience, environmental protection, child safety, gender inclusion, labor rights and the adoption of modern technologies. 

The minister said that the policy’s success depended on sustained commitment, effective coordination and active engagement from all stakeholders.

“He said this policy represents a major milestone for not just the ministry but for all institutions, communities and stakeholders committed to the future of Pakistan’s blue economy,” the maritime affairs ministry said.

The workshop, organized by the maritime affairs ministry, also featured several panel discussions, including sessions on governance and incentives for the fisheries and aquaculture sectors, strategies for the development and management of aquaculture in Pakistan, and the implementation framework and cross-cutting themes of the national policy.

Pakistan reported an increase of over 20 percent in its seafood exports during the last fiscal year, reiterating its commitment to bolster its blue economy. The South Asian country hopes to achieve sustainable economic growth driven largely by exports. 

Topics: Fisheries Pakistan Maritime Affairs Junaid Anwar Chaudhry National Fisheries and Aquaculture Policy

Oscar winner Sharmeen Obaid-Chinoy launches film project to spotlight Pakistan’s unsung changemakers

Updated 31 min 29 sec ago
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Oscar winner Sharmeen Obaid-Chinoy launches film project to spotlight Pakistan’s unsung changemakers

  • Free short film to be produced for one nonprofit, campaign aims to amplify overlooked voices
  • SOC Films project to coincide with Independence Day, covering issues from climate to refugees
Updated 31 min 29 sec ago
Arab News Pakistan

ISLAMABAD: Two-time Academy Award-winning filmmaker Sharmeen Obaid-Chinoy on Wednesday launched a new initiative through her production house, SOC Films, to highlight the work done by grassroots projects and nonprofit organizations in Pakistan through storytelling.

The campaign, titled Frame It Forward, will select one organization to receive a professionally produced short film at no cost. The initiative aims to raise the visibility of local efforts across a wide range of issues, from education and gender equality to wildlife conservation, refugee assistance and community health.

“Too often, vital work being done in the heart of our communities goes unseen simply because it isn’t being told,” Obaid-Chinoy, the founder and CEO of SOC Films, said in a statement. “Frame It Forward is our commitment to community – using the power of film to help elevate voices that deserve to be heard.”

The short film will be publicly released on August 14, Pakistan’s Independence Day, and will be developed in close collaboration with the selected initiative. The deadline for applications is July 25. Nonprofits and grassroots groups across Pakistan are encouraged to apply through an open call.

SOC Films said the campaign was rooted in the belief that storytelling is a powerful tool for driving social change, fostering empathy and encouraging civic engagement.

“This storytelling campaign is dedicated to highlighting the impactful, yet often overlooked, work done by grassroots projects and nonprofit organizations in Pakistan,” the statement said.

Internationally, storytelling has emerged as a key tool for nonprofit visibility, especially in the Global South where many groups struggle to reach wider audiences or fund communications efforts.

Obaid-Chinoy’s films, which have tackled subjects such as acid violence and honor killings, have earned her critical acclaim and global awards. Her team has previously produced free documentaries for organizations including ChildLife Foundation, Indus Hospital and the Karachi Down Syndrome Program (KDSP).

Topics: Sharmeen Obaid-Chinoy SOC Films NGOs Pakistan

Pakistan enacts landmark law to regulate virtual assets, plans pilot for digital currency

Updated 09 July 2025
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Pakistan enacts landmark law to regulate virtual assets, plans pilot for digital currency

  • New authority to license and supervise virtual asset firms
  • Shariah board and digital sandbox included in framework
Updated 09 July 2025
Ismail Dilawar

KARACHI: Pakistan has formally enacted its first law to regulate virtual assets, establishing a federal authority to license and oversee crypto-related businesses, the finance ministry said on Wednesday, as the country joins a growing list of nations adopting formal oversight of blockchain-based finance.

The Virtual Assets Act, 2025 creates the Pakistan Virtual Asset Regulatory Authority (PVARA), a new autonomous regulator to supervise the virtual asset economy, ensure compliance with global anti-money laundering standards and support financial innovation through regulatory sandboxes.

Pakistan’s move aligns with similar frameworks adopted by global peers such as the United Arab Emirates, Singapore, India, and the European Union, where regulators have introduced crypto-specific licensing, centralized oversight authorities, and pilot programs for central bank digital currencies (CBDCs).

The State Bank of Pakistan has also separately announced it is preparing to launch a pilot for a digital rupee, marking a broader shift toward digital modernization of Pakistan’s financial system.

“The Authority has been granted comprehensive powers to ensure transparency, compliance, financial integrity, and the prevention of illicit activities, in alignment with international standards including those of the Financial Action Task Force (FATF),” the finance ministry said, describing the powers of the new regulator set up under the Virtual Assets Act.

Separately, speaking at the Reuters NEXT Asia summit in Singapore on Wednesday, Governor State Bank Jameel Ahmad said the new law would “lay down the foundations for the licensing and regulation” of the virtual assets sector and that the central bank was already in touch with some tech partners.

He said a legal framework for virtual assets was necessary to “evaluate and manage the risk very carefully, and at the same time not allow to let go the opportunity.”

In May, the State Bank clarified that virtual assets were not illegal but advised financial institutions not to engage with them until a formal licensing framework was in place.

NEW POWERS

The new regulator will introduce a structured licensing regime for all firms offering services related to cryptocurrencies, digital tokens and blockchain-based assets in or from Pakistan. These entities must meet operational and compliance standards and will be subject to ongoing reporting obligations.

The law gives PVARA powers to combat illicit finance and enforce transparency in line with the FATF framework, a key benchmark for Pakistan, which was removed from the FATF grey list in 2022 after significant reforms.

The regulator’s governing board will include top officials from Pakistan’s economic and regulatory institutions: the governor of the State Bank of Pakistan, secretaries of finance, law, IT and telecom, as well as the chairpersons of the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and the Digital Pakistan Authority.

Two independent directors with expertise in law, technology, or finance will also be appointed by the federal government.

The chairperson of the Authority, who will lead PVARA’s operations, is to be selected based on “demonstrated experience in finance, law, technology, or regulatory affairs,” according to the statement.

In a nod to Pakistan’s Islamic financial system, the law mandates the creation of a Shariah Advisory Committee to advise PVARA on the religious permissibility of virtual asset products and services. Any licensed firm offering Shariah-compliant services must adhere to this committee’s rulings.

To handle disputes, the law also establishes a Virtual Assets Appellate Tribunal, which will operate independently and include experts in law, finance, and technology to hear appeals against regulatory decisions.

The legislation provides space for responsible innovation by allowing startups and developers to test blockchain-based products within a regulatory sandbox, a controlled environment supervised by PVARA.

The authority may also issue no-action letters, temporarily exempting experimental projects from certain rules under defined conditions.

DIGITAL RUPEE

The enactment of the new law builds on recent crypto-focused developments in Pakistan.

In March 2025, the government-backed Pakistan Crypto Council (PCC) was launched to support blockchain and virtual asset adoption. It has already initiated conversations with global crypto firms and plans to explore bitcoin mining using surplus energy. It has also appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve. It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial.

Meanwhile, the State Bank of Pakistan is preparing a pilot project for a digital rupee, Governor Ahmad said while speaking at the Reuters NEXT Asia summit.

Pakistan was “building up our capacity on the central bank digital currency” and hoped to roll out a pilot soon, Ahmad said. 

With inputs from Reuters

Topics: bitcoin Crypto currency virtual assets

Pakistan eyes UAE’s digitalization model to boost public finance reforms

Updated 09 July 2025
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Pakistan eyes UAE’s digitalization model to boost public finance reforms

  • High-level Pakistani delegation is in UAE to learn from its governance and public sector innovation models
  • Both sides discuss budgeting practices, public finance oversight and tax policy reforms, and common challenges
Updated 09 July 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s State Minister for Finance Bilal Azhar Kayani met his UAE counterpart Mohamed Bin Hadi Al Hussaini on Wednesday, stressing the importance of learning from the Gulf country’s digitalization model to promote e-commerce and macroeconomic stability, the Pakistan embassy in Abu Dhabi said. 

Kayani is leading a senior delegation of Pakistani officials who arrived in the UAE this week to participate in a two-day experience exchange program aimed at learning from the UAE’s governance and public sector innovation models.

The program, running from July 8–9, includes sessions with various UAE ministries and authorities and focuses on innovative approaches to public service delivery, competitiveness, and institutional reform. The initiative is in line with Islamabad’s desire to modernize its public sector and strengthen economic cooperation with the Gulf nation.

“Minister Kayani also outlined Pakistan’s reform agenda to modernize public sector finance and emphasized the importance of learning from the UAE’s digitalization model,” the Pakistani embassy said about Kayani’s meeting with Al Hussaini. 

Kayani expressed Pakistan’s appreciation for the UAE’s continued financial support, the statement said, recognizing it played a vital role in maintaining the country’s economic stability.
 
The two sides held discussions on key aspects of fiscal management, including budgeting practices, public finance oversight and tax policy reforms, the Pakistan embassy in Abu Dhabi said.

“Both ministers shared insights from their respective national experiences, identifying common challenges and opportunities to strengthen institutional capacity and improve governance frameworks,” it said. 
 
Kayani said Pakistan’s reform agenda, spearheaded by Prime Minister Shehbaz Sharif, was focused on e-commerce, digitization and sustained macroeconomic stability.

“He emphasized that Pakistan remains committed to deepening structural reforms, ensuring fiscal responsibility, and promoting transparency and good governance as key pillars of long-term economic resilience,” the statement said. 
 
The two sides also reflected on the memorandum of understanding (MoU) signed between Pakistan’s Planning Ministry and the UAE’s Cabinet Affairs ministry on June 16, 2025.

The MoU reinforces the shared commitment of both governments to modernize governance, build institutional capacity, and develop future-ready public administration systems.

Islamabad considers UAE a vital economic ally as it is Pakistan’s third-largest trading partner after China and the United States. 

The Gulf country is also home to over 1.8 million Pakistani expatriates and is the highest source of foreign remittances for Pakistan after Saudi Arabia. 

Topics: Pakistan UAE relations ecommerce public governance

Pakistan, Türkiye aim to boost trade to $5 billion, deepen energy and defense ties

Updated 09 July 2025
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Pakistan, Türkiye aim to boost trade to $5 billion, deepen energy and defense ties

  • Deputy PM Dar announces Karachi special economic zone for Turkish investors
  • Turkish and Pakistani leaders explore joint aerospace and warfare tech initiatives
Updated 09 July 2025
Falak Mahmood Khan

ISLAMABAD: Pakistan and Türkiye on Wednesday announced plans to expand bilateral trade to $5 billion and deepen cooperation in energy, defense, and strategic infrastructure, as senior ministers from both nations met in Islamabad amid growing regional instability.

Turkish Foreign Minister Hakan Fidan and Defense Minister Yaşar Güler arrived in Pakistan late Tuesday for high-level discussions with political and military leaders. The visit, described by Pakistan’s foreign office as a sign of “deepening strategic ties,” included consultations on regional stability, trade expansion, and defense modernization.

At a joint news conference with Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar, the Turkish foreign minister said both sides were committed to strengthening what has long been a close bilateral partnership.

“Economy, energy, defense industry, education and culture are areas where we are extending our cooperation each day,” Fidan said. “The joint working groups under the High-Level Strategic Cooperation Council — from defense, from energy, from education — are all working in a very productive manner.”

“We are aiming to increase our commercial relations to $5 billion,” he added. “In the field of energy, we are intensifying joint activities in mining and also in precious stones, as well as natural gas and the oil sector.”

Fidan highlighted a recent agreement signed in April between Turkish Petroleum Corporation (TPAO) and a Pakistani state-owned firm to explore offshore oil and gas, calling it a “preliminary step toward broader structural cooperation” in the energy sector.

On defense cooperation, Fidan described joint initiatives as “a strategic step for the security of both countries,” noting that multiple projects in defense manufacturing and technology were already underway.

ECONOMIC ZONE, RAIL REVIVAL

Speaking at the joint press conference, Deputy PM Dar announced several new initiatives aimed at increasing Turkish investment in Pakistan.

 

 

“We are pursuing establishment of a Special Economic Zone dedicated for Turkish entrepreneurs in Karachi,” he said, adding that Pakistan was working to revive the long-dormant Istanbul–Tehran–Islamabad freight train, which was once seen as a key transnational trade route linking South Asia with Europe.

“Our delegations are meeting in coming weeks to finalize the roadmap for its revival,” he said.

Dar added that Turkish companies were being considered for major upcoming infrastructure and energy projects, including the Jinnah Medical Complex, Danish University, offshore drilling operations, and privatization of electricity distribution companies (DISCOs).

The deputy PM said the two nations had also agreed to revive the long-dormant Joint Ministerial Commission after 11 years and the Pakistani minister of commerce and the Turkish minister of defense would be co-chairing a joint session of the Commission in coming weeks.

“All this work will lay a solid foundation for the 8th High-Level Strategic Cooperation Council, which will be held next year in Türkiye and co-chaired by the Honourable President of Türkiye [Recep Tayyip Erdoğan] and the Prime Minister of Pakistan [Shehbaz Sharif],” Dar said.

DEFENSE TIES

In a separate engagement, Turkish Defense Minister Yaşar Güler met with Pakistan’s Air Chief Marshal Zaheer Ahmed Baber Sidhu at the Air Headquarters in Islamabad to assess the state of bilateral defense cooperation and discuss emerging regional threats.

According to Pakistan’s military media wing, Inter-Services Public Relations (ISPR), both sides agreed to set up joint working groups to deepen collaboration in aerospace technologies, advanced training, and new domains of warfare.

Güler praised the operational readiness of the Pakistan Air Force, particularly during its recent conflict with India, and expressed interest in expanding industry-to-industry partnerships.

He also emphasized the importance of joint ventures in disruptive technologies, including unmanned aerial systems, advanced avionics and pilot exchange programs. Both parties pledged to enhance joint air exercises and finalize plans for more intensive training cooperation.

The ISPR said the meeting reflected the “shared commitment of both the brotherly nations to enhance strategic cooperation, solidify defense ties and promote lasting institutional linkages between the Armed Forces of Pakistan and Türkiye.”

Topics: Pakistan Turkiye ties Turkish Foreign Minister Turkey's Foreign Minister Hakan Fidan Deputy Prime Minister Ishaq Dar

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Pakistan launches new fisheries policy, eyeing $10 billion from sector
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Pakistan enacts landmark law to regulate virtual assets, plans pilot for digital currency

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