KARACHI: The Pakistan Stock Exchange (PSX) this month is going to launch a new trading system acquired from the Shenzhen Stock Exchange (SZSE), the burse’s chief executive has said.
The SZSE is one of China’s three stock exchanges — along with Shanghai Stock Exchange, and China Financial Futures Exchange — that hold a 40 percent stake in the PSX.
The PSX signed a $5 million contract with SZSE in November 2019 for the acquisition of Trading and Surveillance System to improve its operational and technological level. It was first scheduled to be implemented in March 2021.
“We expect to launch within the month of October. There were certain requirements that our stakeholders had requested to accommodate in the trading system which now have been implemented,” PSX chief executive Farrukh H. Khan told Arab News earlier this week.
The system is expected to make the PSX more transparent and attractive.
“The system will vastly improve the capabilities of our trading and abilities to introduce new products like options,” Khan said. “We’ll have a proper surveillance system and the robustness of the much better system.”
The bourse’s benchmark KSE 100 index dropped 25.61 percent in April 2020 and touched the year’s lowest 27,228.80 level. The index recouped some of the losses in later months.
Pakistan’s bourse was declared Asia’s best stock market and the world’s fourth best performing market in 2020 by Market Currents, a New York-based financial markets research firm.
However, last month Morgan Stanley Capital International (MSCI) downgraded PSX from its Emerging Market Index (EMI) to Frontier Markets Index (FMI), following a continuous drop in share prices of its listed companies.
In 2017, benchmark KSE 100 had peaked to 53,000 points level with market capitalization of $100 billion. However, market capitalization has dropped over the years to $45 billion including 17 percent decline in last four months.
“This (downgrading) was mainly due to the size of the market capitalization which has declined,” Khan said. “Rising oil prices, which doubled in recent days, Afghanistan’s situation, interest rate hike and rupee remained under pressure and MSCI reclassification generally has created negative impacts in equity market.”
“Pakistan’s stock market has given average 19 percent return in dollar terms during last 20 years,” Khan said.
Pakistan’s stock market recorded growth earnings of 60 percent last year.
This Friday, the PSX KSE 100 closing level was 44,821.53.
Pakistan Stock Exchange to launch new trading system this month
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Pakistan Stock Exchange to launch new trading system this month
- PSX acquired trading and surveillance system from Shenzhen Stock Exchange
- Pakistan stock market’s capitalization has dropped from $100 billion in 2017 to $45 billion
Pakistani investigation agency says has arrested human smuggler with India links
- Five Pakistani illegal migrants were killed this month when their boat capsized near a Greek island
- FIA says suspected human smuggler worked with an Indian in Azerbaijan to send people to Poland
KARACHI: Pakistani authorities on Friday announced the arrest of a human smuggler from Karachi, accusing him of working with an Indian agent to illegally send people to Europe, as Prime Minister Shehbaz Sharif stressed the need to eradicate the practice while presiding over a meeting in the federal capital.
The arrest follows a renewed government drive against human smuggling after five Pakistani nationals died in a boat tragedy near the Greek island of Gavdos earlier this month.
Last year, the issue of illegal migration to Europe drew national attention when hundreds of people, including 262 Pakistanis, drowned after their overcrowded vessel capsized off the southwestern Greek coastal town of Pylos during a voyage from Libya.
The Federal Investigation Agency’s (FIA) announcement of the arrest of Abdul Shakoor, the suspected human smuggler, has brought yet another illegal migration route to Europe under the spotlight, as it said the accused collaborated with an Indian national based in Central Asia.
“An Indian agent named Gautam Sharma, residing in Azerbaijan, was coordinating the illegal transportation of the suspects from Azerbaijan to Poland,” the FIA informed, adding three other suspects, Hasib Ahmed, Qaiser Ahmed and Usman Ali, hailing from different areas of Punjab province, were also arrested.
“Human smuggler Abdul Shakoor had made agreements to send the other suspects to Poland, charging $5,028.89 per person,” the statement added. “The suspects paid the agent an advance of $898.02 per person.”
The FIA also named the organizations that helped the suspects obtain visas.
Separately, the prime minister chaired a review meeting on measures to curb human smuggling, wherein he reviewed the report of a committee formed to investigate the latest migrant boat tragedy near Greece and present its findings.
Sharif instructed the formation of a committee, led by Interior Minister Mohsin Naqvi, to develop sustainable solutions for tackling human smuggling.
“The Prime Minister directed that all individuals involved in the heinous human smuggling trade be arrested within a week and legal action be taken against them,” said an official statement circulated by his office after the meeting.
The prime minister questioned why no disciplinary action had been taken so far against complicit government officials facilitating smugglers and directed authorities to ensure stricter visa checks and compliance with travel regulations for all outbound migrants.
The meeting was also provided an update on the identification of Pakistani nationals involved in the boat capsize near Greece this month and the progress of repatriating their bodies.
Pakistan rescues nine crew members from Indian cargo vessel after distress alert
- The rescue followed another operation this month in which 12 Indian crew members were saved
- Incident reflects sporadic cooperation between the two nuclear rivals amid continuing tensions
KARACHI: The Pakistan Maritime Security Agency (PMSA) successfully rescued nine crew members from an Indian cargo vessel, according to an official statement, after receiving a distress alert from Mumbai.
The incident marks the second such rescue operation by the PMSA within a month, highlighting sporadic cooperation between the two nuclear-armed rivals amid continued tensions.
Diplomatic ties between India and Pakistan remain strained. Both sides also detain each other’s fishermen who inadvertently cross maritime boundaries, often leaving them to languish in prison for extended periods.
The distressed Indian vessel, Tajdare Haram, reportedly experienced water ingress approximately 120 nautical miles south of Karachi, forcing the crew to abandon ship and take refuge in a life raft.
“Upon receiving the distress alert from the Maritime Rescue Coordination Center (MRCC) Mumbai, PMSA immediately launched a coordinated rescue effort,” the Pakistani agency announced in a statement Thursday.
“PMSA deployed an aircraft and directed nearby merchant vessels and PMSA ships to the scene of the incident,” it added. “The PMSA aircraft successfully located the survivors and facilitated the Indian Coast Guard vessel operating in nearby Indian waters for subsequent recovery.”
The rescue followed another operation earlier this month when the PMSA saved 12 Indian crew members from MSV Peeran-e-Peer in a similar situation.
The PMSA said it remained steadfast in its commitment to ensuring maritime safety and upholding international obligations under the Safety of Life at Sea Convention.
Pakistan PM orders uninterrupted gas supply amid complaints from domestic consumers
- Prime Minister Sharif orders reforms to the gas distribution system to resolve the issue permanently
- Officials claim improvement in gas load management, say power sector also getting sufficient supply
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for reforms to the gas distribution system after complaints from domestic consumers about shortages, as he was briefed in a meeting that surplus regasified liquefied natural gas (RLNG) was available in the system.
Pakistan has long struggled with gas shortages, particularly during the winter months, as declining domestic production and increasing reliance on imports widen the supply-demand gap.
“Uninterrupted gas supply to domestic consumers during the winter must be ensured immediately,” the prime minister directed during the meeting. “Reforms should be introduced in the system’s structure to resolve this issue permanently.”
He maintained that ensuring gas supply to domestic consumers was the government’s top priority.
Officials briefed Sharif that, compared to the previous year, there has been an improvement in gas load management, resulting in reduced load shedding durations, adding that domestic consumers were currently receiving gas from 5 AM to 10 PM.
“The power sector is also being provided gas according to its demand,” the briefing noted. “Additionally, all gas fields in the country remain operational.
The officials also said the Sui Norther Gas Pipelines Limited had resolved 93 percent of consumer complaints, while Sui Souther Gas Company Limited’s resolution rate stood at 79 percent.
Pakistan’s restive southwestern Balochistan province accounts for much of the country’s domestic gas production, though separatist violence in the region often leads to attacks on pipelines, disrupting supply.
Earlier this week, unidentified assailants near Quetta blew up a pipeline, cutting off supply to several areas in Balochistan.
Repairs commenced after the area was secured, but the incident caused significant inconvenience to residents of the province.
Nearly 400 Pakistani soldiers killed in counter-terrorism operations in 2024, military says
- Pakistani security forces conducted 59,775 intelligence-based operations this year, killing 925 militants, army says
- Pakistan is battling a resurgence of militant violence particularly in its Khyber Pakhtunkhwa and Balochistan provinces
ISLAMABAD: Nearly 400 Pakistani soldiers and over 900 militants have been killed in counter-terrorism operations this year, the Pakistan army said on Friday, as the South Asian nation battles a resurgence of militant violence.
Pakistan’s Khyber Pakhtunkhwa and Balochistan provinces have seen a surge in terror attacks in recent months, with groups like the Pakistani Taliban and other militant and separatist groups attacking security forces’ convoys and check posts and carrying out daily targeted killings and kidnappings of law enforcers and government officials.
Addressing a press conference on Friday, military spokesman Lt. Gen. Ahmed Sharif Chaudhry said security forces have conducted 59,775 intelligence-based operations this year, during which 925 militants had been killed and hundreds of others arrested.
“Over the last five years, this is the highest number of terrorists killed in a single year,” Chaudhry said at a media briefing, saying 73 of the militants killed were “high value targets.”
“During these counter-terrorism operations in year 2024, 383 brave officers and jawans embraced martyrdom.”
The Pakistani Taliban group, also known as Tehreek-e-Taliban Pakistan (TTP), has increased attacks against Pakistani security forces mainly in the northwestern Khyber Pakhtunkhwa province bordering Afghanistan, particularly since November 2022 when a fragile truce between the Pakistani Taliban and the state broke down.
The southwestern Balochistan province, which borders Afghanistan and Iran and is home to key Chinese Belt and Road Initiative projects, has also seen a surge in strikes by separatist ethnic militants, who say they are fighting an unfair distribution of the remote, impoverished province’s mineral wealth. The Pakistani state denies the allegation and says it is working for the uplift of local communities.
The attacks in KP have soured Pakistan’s ties with Kabul, with Islamabad frequently accusing the Taliban administration of sheltering and supporting militant groups. Afghan officials deny state complicity, insisting Pakistan’s security issues are an internal matter.
On Wednesday, the Afghan Taliban said at least 46 people had been killed in Pakistani airstrikes in the eastern border province of Paktika. The Pakistan army and government have not officially confirmed the strikes.
“Despite all of Pakistan’s efforts and repeatedly pointing out to the Afghan interim government on the state level, Fitna Al-Khwarij [TTP] and other terrorists have been carrying out terrorist activities in Pakistan using Afghanistan’s soil,” Chaudhry said.
“Pakistan will leave no stone unturned in dismantling terrorist networks and safeguarding its citizens against terrorism.”
Markram leads South Africa to 180-5 in 1st Test against Pakistan
- Aiden Markram was batting on an attractive 81 off 123 balls before Pakistan hit back with two wickets in the latter half of the first session
- Pakistan were dismissed for 211 on Day 1 after Dane Paterson grabbed his second successive five-wicket haul, Corbin Bosch claimed 4-63
CENTURION: Opening batter Aiden Markram closed in on his eighth Test century and led South Africa to 180-5 at lunch on the second day of the first Test against Pakistan on Friday.
South Africa, which needs to win one of the two Test matches against Pakistan to seal a place in the final of the World Test Championship at Lord’s next year, trails the visitors by 31 on a pitch tailor-made for fast bowlers.
Markram was batting on an attractive 81 off 123 balls before Pakistan hit back with two wickets in the latter half of the first session with captain Temba Bavuma (31) and David Bedingham (30) both edging behind the wickets.
Wicketkeeper-batter Kyle Verreynne was yet to score but Markram stood tall in the first session and helped South Africa score 98 runs before lunch for the loss of two wickets.
Resuming on 82-3, Markram completed his half century with an exquisite cover driven boundary off Naseem Shah and stretched the fourth-wicket stand to 70 runs with Bavuma before Pakistan got its first breakthrough.
Aamer Jamal was rewarded for his persistent length balls to Bavuma as the South African skipper finally got a thick outside edge while going for a loose drive.
Bedingham counterattacked from the onset, smashing five boundaries in his 33-ball knock and also survived when Pakistan unsuccessfully went for an lbw television review against Naseem Shah’s full pitched delivery, which television replays suggested would have missed the leg stump.
However, Naseem didn’t have to wait long as Bedingham was beaten by some extra bounce and nicked it in the first slip in the penultimate over before lunch.
Pakistan was dismissed for 211 on Day 1 after Dane Paterson (5-61) grabbed his second successive five-wicket haul and debutant Corbin Bosch claimed 4-63, which included a wicket with his first ball in Test cricket.
