Musharraf’s high treason verdict drags Pakistan equities down by 2%

Supporters of Pervez Musharraf chant slogans, after a Pakistani court sentenced the former military ruler to death on charges of high treason and subverting the constitution, during a protest in Karachi, Pakistan, Dec 18, 2019. ( Reuters photo)
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Updated 19 December 2019
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Musharraf’s high treason verdict drags Pakistan equities down by 2%

  • Detailed court verdict, tension on Pakistan-India border stirred panic among investors, analysts say
  • The equity market has been bullish for the past seven weeks with the KSE100 index posting gain of 21.6 %

KARACHI: Pakistan’s equity market on Thursday shed gains by 2.28 percent following the release of the detailed order in Musharraf high treason case which demanded the former military ruler be arrested and hanged. 

The benchmark KSE 100 index declined by 948 points or 2.28 percent to close at the 40655.37 level. During the trading session, the index oscillated by 1364 points between high of 41,794 and low of 40,430 levels.

“Market takes a major plunge today (Thursday) upon release of the detailed judgment of Pervez Musharraf case that caused panic among investors and raised a concern about the ongoing spat between the State Institutions,” Samiullah Tariq, Director Research at Arif Habib Limited, commented. “Besides, the start of roll-over week is also close which along with situation at border cautioned investors to better book profits than hold positions,” he added. 

The Indian army chief, late Wednesday, hinted at potential escalation at the Line of Control (LoC) that marks the de facto border dividing the disputed Kashmir territory between India and Pakistan. The Pakistan army spokesperson in response warned of a befitting response while the country’s foreign minister urged the UN to take notice of India deploying missiles along the LoC. 

The equity market has been bullish for the past seven consecutive weeks with the KSE100 index posting gain of 7,259 points or 21.6 percent, highest since September 2009. The market remained bullish in early trade where the main index gained by193 points.

Sectors that contributed to the performance include Banks -212 points, E&P (Exploration and production) -172 point, Fertilizer -94 points, Power -68 points, and Cement -63 point.

Trading volumes declined from 276.3 million shares to 260.1 million showing a decline of 6 percent on day to day basis. The average traded value also declined by 7 percent to $73.2 million as against $78.5 million.

Negative sentiments witnessed across the board as out of 361 traded stock, 310 stock declined, 34 closed in green and rest remain unchanged. Top decliners to the index were HBL -71 points, followed by OGDC -60 points, PPL -57 points and & HUBC -53 points.

Analysts say the market was waiting to correct itself after a long bullish spell and the court’s ruling has provided the market a correction opportunity. “Because of court verdict, the equity market closed bearish. It was waiting for the reason to correct itself and today it got it,” Adil Ghaffar, former General Secretary of PSX Brokers Association, told Arab News. 


Pakistan army says three militants attempting to infiltrate from Afghan border killed

Updated 6 sec ago
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Pakistan army says three militants attempting to infiltrate from Afghan border killed

  • Kabul government denies it allows militants to use its soil to attack Pakistan
  • Pakistan has seen sharp rise in militant attacks across the country in recent months 

ISLAMABAD: The Pakistan army said on Tuesday it had killed three militants out of a group that had tried to infiltrate its frontier with neighboring Afghanistan in the northwestern North Waziristan district, calling on Kabul to ensure “effective border management” on its side. 

Islamabad, facing a sharp rise in militancy in recent months, says the Tehreek-e-Taliban Pakistan (TTP) group uses Afghanistan as a base to launch attacks and that the ruling Taliban administration has provided safe havens to the group along their shared border. The Taliban government in Kabul denies this. 

The TTP is separate from the Afghan Taliban movement but pledges loyalty to the group that has ruled Afghanistan after the US-led international forces withdrew in 2021.

“On night 25/26 November, movement of a group of khwarij [militants], who were trying to infiltrate through Pakistan-Afghanistan border, was picked up by the security forces in general area Hassan Khel, North Waziristan District,” the army said in a statement. “Own troops effectively engaged and thwarted their attempt to infiltrate. Resultantly, three Khwarij were sent to hell.”

The statement said Islamabad had “consistently” been asking the Afghan government to ensure effective border management on their side of the border. 

“Interim Afghan Government is expected to fulfil its obligations and deny the use of Afghan soil by Khwarij for perpetuating acts of terrorism against Pakistan,” the army added. 

“Security Forces of Pakistan are determined and remain committed to secure its borders and eliminate the menace of terrorism from the country.”


What has caused Pakistan’s deadly clashes between police and supporters of Imran Khan?

Updated 26 November 2024
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What has caused Pakistan’s deadly clashes between police and supporters of Imran Khan?

  • Topping the demands of Khan’s Pakistan Tehreek-e-Insaf party is the release of all its leaders, including Khan
  • PTI supporters say they will hold ‘do or die’ sit-in at public square near parliament that is a popular protest site

Thousands of supporters of Pakistan’s jailed former Prime Minister Imran Khan marched on the capital Islamabad this week, breaking through barricades and clashing with police in response to his call for a sit-in protest.

Here is a look at what led to the protest and this chapter of political rallies in Pakistan:

WHAT DO PROTESTERS WANT?

Topping the demands of Khan’s Pakistan Tehreek-e-Insaf (PTI) party is the release of all its leaders, including Khan, who has been jailed on a series of corruption charges since August 2023.

They also seek the resignation of the current government over what they call rigged general elections this year.

PTI supporters from across the country, including Khan’s wife Bushra Bibi, have marched on the capital, with large numbers coming from the party’s stronghold in the northern province of Khyber Pakhtunkhwa.

They have vowed to enter the capital and rally at a public square near parliament that is a popular protest site, holding what leaders have called a “do or die” sit-in.

HOW HAS THE GOVERNMENT RESPONDED?

Prime Minister Shehbaz Sharif’s government has given no indication yet of bending to the demands. Authorities have used shipping containers to block major roads and streets in Islamabad, with police and paramilitary patrolling in riot gear.

Mobile Internet links are down and schools have been closed for several days in the capital and the nearby garrison city of Rawalpindi. Gatherings have been banned in Islamabad.

WHAT HAS HAPPENED SINCE THE MARCH BEGAN?

Thousands of supporters clashed with police and paramilitary troops on the weekend, as they tried to enter Islamabad.

Both sides have reported injuries and the prime minister’s office said members of the paramilitary were killed when they were run over by a car in the protest convoy. The interior ministry put the number of those killed at four.

WHERE DO THE PROTESTERS WANT TO GO?

The marchers aim to reach the roundabout near parliament that has long been a rallying point for protests and sit-ins that have marked Pakistan’s turbulent politics for decades.

The site is in Islamabad’s heavily fortified red zone, home to parliament, key government installations, luxury hotels, embassies and the offices of foreign organizations.

WHAT IS THE HISTORY OF POLITICAL PROTEST IN PAKISTAN?

Stormy politics and unrest during Pakistan’s 77-year history have included protests and sit-ins by opposition parties.

Khan led one of Pakistan’s largest sit-ins in 2014 when his supporters protesting against the PML-N government occupied the roundabout site for 126 days.

PTI supporters last marched on Islamabad in October, sparking days of clashes with police that killed one officer.


Ex-PM Khan party’s protest disrupts petrol supply in Islamabad, Punjab— oil transporters 

Updated 26 November 2024
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Ex-PM Khan party’s protest disrupts petrol supply in Islamabad, Punjab— oil transporters 

  • Authorities have sealed off roads leading to Islamabad with containers to deter protesters
  • Several pump stations have run out of petrol due to non-delivery, says oil tankers association 

ISLAMABAD: The supply of petrol to Islamabad and several cities in Pakistan’s eastern Punjab province has been “severely affected” due to a protest by former prime minister Imran Khan’s party, an oil tankers association said on Tuesday, as major roads and highways leading to the capital were sealed off. 

Pakistani authorities started closing highways and motorways leading to Islamabad in many parts of the country with shipping containers on Saturday, ahead of a “long march” to Islamabad by Khan’s party. 

Authorities also said on Sunday they were closing certain sections of the motorway due to maintenance work. These sections were: M-1 Islamabad to Peshawar, M-2 Islamabad to Lahore, M-3 Lahore to Abdul Hakeem, M-4 Pindi Bhattian to Multan, M-14 Hakla to Yarik and M-11 Lahore to Sialkot.

The closed routes had stalled the delivery of petrol to several parts of Punjab and Islamabad, Oil Tanker Contractors Association spokesperson Noman Butt said. 

“Routes to Islamabad, Rawalpindi and North Punjab are closed due to which supply from petrol tankers is severely affected,” Butt said in a statement. 

“Thousands of tankers are waiting for the route to open.”

Butt said petrol had not been supplied to Gujranwala, Jhelum, Sialkot and Kharian districts in Punjab for the last three days. 

He said petrol supply has also been affected in Islamabad, Kohala, and the northern city of Gilgit. 

“Petrol has run out at pumps in many cities,” he added.

Khan’s party aims to pressure the government to end his imprisonment, which has lasted for over a year on what his party contends are politically motivated charges. 

The party also aims to raise its voice against alleged rigging in the Feb. 8 general elections while calling for measures to ensure judicial independence, which it says has been undermined by the 26th constitutional amendment. The government denies this. 

Thousands of Khan supporters arrived at D-Chowk, a high-security area in Islamabad’s Red Zone that houses key government buildings and is a popular site for protests, on Tuesday afternoon. 

His supporters, led by the former prime minister’s wife Bushra Khan, braved teargassing, arrests and clashes to reach D-Chowk where they plan on staging a sit-in protest to demand his release. 

Pakistan’s interior minister said three Rangers personnel and a Punjab Police constable had been killed in the clashes. The PTI rejects its supporters were responsible for their deaths. 


Pakistan to build its first indigenously designed and built frigate-sized warship — naval chief 

Updated 26 November 2024
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Pakistan to build its first indigenously designed and built frigate-sized warship — naval chief 

  • Frigates are designed for surface warfare, anti-submarine warfare and have air defense capabilities
  • Pakistan has been actively working to bolster its naval capabilities by inducting advanced warships

ISLAMABAD: Pakistan Naval Chief Admiral Naveed Ashraf said this week that the country is building its first indigenously designed frigate-sized warship called “Jinnah Class Frigates” to address the challenges presented by the prevalent multi-threat maritime environment. 
A frigate-sized warship is a multi-mission naval vessel, typically 100-150 meters in length, with a displacement of 2,000-4,000 tons. Frigates are designed for surface warfare, anti-submarine warfare, and have air defense capabilities. They are equipped with a mix of guns, missiles, torpedoes, and anti-submarine rockets. 
Pakistan has been attempting to bolster its naval capabilities through the induction of advanced warships. Recently, it inducted PNS Babur and PNS Hunain, two state-of-the-art vessels, into its fleet. These warships are part of a broader effort to enhance the country’s maritime security and operational readiness. 
In an interview with Naval News website on Monday, which covers naval defense and technology, Pakistan Navy chief Admiral Ashraf highlighted that the Pakistan was focusing on inducting modern platforms, force multipliers, and indigenization apart from ensuring a variety of options to reduce reliance on external sources.
“Based on experience gained during the construction of MILGEM Class Ships, the Pakistan Navy is planning to build JINNAH Class Frigates which will be our first ever indigenously designed and built frigate-sized warship,” he said. 
The report said Pakistan inducted Type 054 A/P Frigates from China, OPVs Batch-1 and Batch-II from Romania, and MILGEM Class Corvette from Turkiye, adding that these will add to the navy’s existing defense capabilities.
PNS Babur, constructed in Turkiye and PNS Hunain, an offshore patrol vessel from Romania, are equipped with cutting-edge technology to address both surface and air threats. 
“Pakistan Navy is in the process of inducting the remaining MILGEM class ships as two of these ships are being constructed indigenously in Pakistan (KS&EW),” the naval chief was quoted as saying. 
“Our development strategy is based on ‘progressive capability enhancement’ to create a balanced, potent, and combat-ready force to deal with the evolving threats through the acquisition of force multipliers, and indigenous and innovative technical solutions.”


Zimbabwe win toss and elect to bat in 2nd ODI against Pakistan

Updated 26 November 2024
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Zimbabwe win toss and elect to bat in 2nd ODI against Pakistan

  • Pakistan suffered 80-run humiliating loss to Zimbabwe in first ODI on Sunday 
  • Tayyab Tahir and leg-spinner Abrar Ahmed debut for Pakistan in second ODI 

BULAWAYO: Zimbabwe won the toss and elected to bat in the second one-day international against Pakistan on Tuesday.
Pakistan made two changes after Zimbabwe recorded a stunning 80-run win on DLS method in the rain-affected first match to lead the three-game series 1-0 on Monday.
Middle-order batter Tayyab Tahir and leg-spinner Abrar Ahmed were awarded ODI debuts in place of Haseebullah Khan and fast bowler Mohammad Hasnain.
Haseebullah got dropped after making 0 in his debut ODI while Hasnain made way for Abrar with the wicket expecting to slow bowlers.
Zimbabwe didn’t tinker with its winning combination after Pakistan struggled against both pace and spin in the first game.
Pakistan have rested its frontline white-ball players Shaheen Shah Afridi, Naseem Shah and Babar Azam as they tested bench strength ahead of next year’s Champions Trophy.
Bulawayo will host the third and final ODI on Thursday and will also host both teams in the three-match T20 series.