KARACHI: Pakistan’s equities on Friday ended the weekly trading session on a bullish note, with the benchmark KSE100 index posting 4.9 percent gains, analysts said, describing it as the highest growth in two years on a weekly basis.
The index rose by 4.9 percent or 2,157 points — the highest gain since 2020 — during the week to close at 46,602 points, mainly after political uncertainty subsided with the election of Shehbaz Sharif as the prime minister of Pakistan earlier this week.
“This gain can largely be attributed to the end of political uncertainty as Shehbaz Sharif was elected as the prime minister in place of Imran Khan, who was removed from his office through a no-confidence vote in parliament,” said Nabeel Haroon, senior manager for international equity sales at the Karachi-based Topline Securities brokerage house.
“Investor confidence increased, as they believed that due to filling of political void, Pakistan could now again negotiate with the IMF (International Monetary Fund) for the resumption of the ever-important loan facility amid declining forex reserves.”
The South Asian country is in the midst of a $6 billion IMF bailout program and is yet to clear its seventh review that would release around $1 billion.
Pakistan’s stocks opened the week on a high note by scoring the highest ever single-day gains as the KSE100 index surged by 3.8 percent or 1,700 points. The weekend session posted positive gains too, with the index surging 117 points on Friday.
“Stocks closed higher on speculation over possible revival of the IMF program, surge in global crude oil prices and $2.8 billion record remittances in March 2022,” Ahsan Mehanti, CEO of Arif Habib Corporation, commented.
“Upbeat data on large industries’ growth at 8.4 percent and the rupee’s stability played a catalyst role in bullish close.”
During the week, the average trading volume and value also respectively increased by 213 percent and 133 percent to 477.3 million shares and Rs12.1 billion, according to Topline Securities report.
Despite dwindling foreign exchange reserves, Pakistan’s national currency has appreciated by around 3 percent during the week, due to clarity on the political front.
During the week ending on April 08, Pakistan’s official reserves decreased by $ 470 million to $10.8 billion, mainly due to external debt repayments, according to the State Bank of Pakistan.
The US dollar on Friday closed at Rs181.58 in the interbank market as compared to the previous close of Rs181.69. In the open market, however, the rupee remained under pressure and the greenback traded at Rs182 for selling against Rs181.80 previously.
Sharif, the incumbent prime minister, has vowed to resume talks with the IMF for the completion of the seventh review of the $6 billion loan program, which if completed would allow the South Asian country to draw $1 billion from the fund.
Pakistan is also expected to receive $2.3 billion from China after the Beijing rolled over the amount.
Pakistan stocks witness week of highest gains in two years as political uncertainty subsides
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Pakistan stocks witness week of highest gains in two years as political uncertainty subsides
- The benchmark KSE100 index rose by 2,157 points during the week, the highest gain recorded since 2020
- Analysts say revival of IMF program, oil price surge, rupee’s stability key factors behind bullish close
ICC Champions Trophy tour kicks off in Islamabad ahead of 2025 tournament in Pakistan
- People in Islamabad, Karachi, Abbottabad, Murree, Nathia Gali and Taxila will get a glimpse of the trophy
- The ICC Champions Trophy, returning after an eight-year gap, will be hosted by from February 19 to March 9
ISLAMABAD: The much-anticipated trophy tour of one of the International Cricket Council’s most prestigious tournaments, scheduled to be played in Pakistan next year, kicked off in Islamabad on Saturday, with the coveted silverware set to visit seven cities across the country until November 25.
Pakistan is set to host the ICC Champions Trophy 2025 in Karachi, Lahore and Rawalpindi from February 19 to March 9. However, political tensions with India have already cast a shadow over the tournament, as Indian authorities have refused to allow their team to play in Pakistan.
Last week, the ICC informed Pakistan of India’s decision, prompting the country’s cricket board to seek clarification. Pakistan has already ruled out a hybrid hosting model for the tournament, unlike last year’s Asia Cup, where all of India’s games were played in Sri Lanka.
The situation created uncertainty and tension until the ICC released the tournament promo, visually reaffirming that Pakistan will host the championship.
“The ICC Men’s Champions Trophy 2025 Trophy Tour delivered with DP World will start in Islamabad, Pakistan on Saturday,” the ICC said in a statement. “The prestigious silverware will journey across the eight participating nations during the Tour, providing unique experiences for fans.”
The trophy was displayed in Islamabad on the opening day of the tour and is set to travel to Taxila and Khanpur on November 17, Abbottabad on November 18, Murree on November 19, Nathia Gali on November 20 and Karachi from November 22 to 25.
Following its journey across Pakistan, the trophy will embark on an international tour, visiting Afghanistan, Bangladesh, Australia, New Zealand, South Africa, England and India.
“A series of physical and digital engagements traversing iconic destinations, sporting events, and key battles in the international cricket calendar form the Trophy Tour schedule,” the ICC added. “Fans will be treated to a content series titled ‘Champion on Tour’ that will document the Trophy Tour’s journey around the world through the unique lens of food, music, and cricket,” it continued.
ICC Chief Commercial Officer Anurag Dahiya expressed pleasure at the launch of the trophy tour as well.
“The silverware, which will be showcased across all participating nations, will allow the sport’s passionate fanbase to enjoy the unforgettable experience of being up close with the iconic trophy,” he said.
The men’s Champions Trophy is making a comeback in 2025 after an eight-year hiatus. Pakistan, the reigning champion, claimed the title in the 2017 final against India. The last edition of the tournament was held in England.
Pakistani authors hail Sharjah book fair as step toward bridging readers-writers gap
- The 43rd edition of Sharjah International Book Fair started on Nov. 6 and will conclude on Sunday
- Pakistani writers Amna Mufti and Rumana Husain focused on their works during panel discussions
KARACHI: Pakistani authors participating in the 43rd edition of the Sharjah International Book Fair, set to conclude this weekend, described the event on Saturday as the first step toward bridging the gap between writers and readers residing in the two countries.
The event is touted as one of the largest book fairs in the world. The 43rd edition of the annual event was inaugurated by Sheikh Sultan bin Muhammad Al-Qasimi, the ruler of Sharjah, on November 6 and will end on November 17.
During its 11-day run, the event hosted over 2,500 publishers from more than 100 nations while celebrating over 400 authors under the theme “It Starts with a Book.” Among literary figures from around the world, Pakistani authors Amna Mufti, Rumana Husain and Dr. Osama Siddique participated in the fair for the first time.
“I was really impressed to learn that it was the 43rd edition of the fair and that this vision goes back at least four decades,” Husain told Arab News. “It was commendable how they have carried it for so long.”
“I had a wonderful time at the elegant opening, followed by a captivating award ceremony and gala dinner on the first day,” she continued. “The fair was impressively large.”
Husain was part of a panel discussion titled “Influence of Cultural Expectations and Educational Choices” on the third day of the fair. She shared the stage with co-panelist Dr. Adiy Tweissi from Jordan, while the session was moderated by Sharara Al Ali from Syria.
Husain, who has penned over 80 books for children in Urdu, shared her journey as a writer with a particular niche during an interaction with students of H.H. Shaikh Rashid Al Maktoum Pakistani School in Dubai.
“It would be a wonderful collaboration with writers in the UAE if our books are translated into Arabic because Arabic is spoken so widely in so many countries throughout the Arab world,” she said. “We have put forth this idea with the organizers.”
Karachi-based Husain along with two other authors were invited to the book fair due to Mufti’s efforts.
“I learned in 2023 that the UAE government is offering a 10-year golden visa to writers. So, I made a portfolio and got mine in no time. In return for their hospitality, I decided to contribute to the literary exchange between the two countries,” Mufti told Arab News.
“I had my session on the second day of the fair, where I discussed my book ‘Pani Mar Raha Hai,’ with Nadia Swan moderating my over hour-long session, followed by a book signing,” she said.
“Pani Mar Raha Hai,” or Water is Dying, is a contemporary Urdu novel addressing the water crisis and highlighting the impact of climate change on human life.
“I was particularly intrigued to see attendees from Kerala [India], in addition to Pakistan, who were very keen to learn about the themes in my book,” said Mufti.
She also noted that the book fair marked the completion of the Historical Dictionary of the Arabic Language, a lifelong project of Sheikh Sultan. Spanning 127 volumes, it compiles an extensive body of Arabic linguistic knowledge, making it accessible to the public.
In addition to the dictionary, an Arabic encyclopedia covering science, literature, arts and media was also launched on the opening day.
During her stay in the UAE, Mufti has held a session with female students at Woodlem Park School in Ajman, where she shared storytelling techniques with a group of 200 participants from 65 nationalities.
According to Visit Sharjah, the Sharjah International Book Fair features over 400 literary events, including writing workshops, poetry recitations and book signings.
The stalls prominently showcase local favorites, including books on Sharjah and Arabic art and culture. Additionally, live cookery stations allow visitors to experience Arabic cuisine and its preparation.
“It was an initial exchange for the first time,” said Mufti.
“There is a huge number of expat Pakistanis and Indians in Sharjah, and there is significant acceptance for Urdu there,” she added. “Our books could be translated into Arabic and vice versa. This exchange should lead to fruitful outcomes for the expansion of culture and literature in both countries.”
Through ‘Haryali’ art exhibition, Denmark calls for urgent environmental action in Pakistan
- Danish embassy organizes exhibition featuring artworks by 36 Pakistani artists against global warming, pollution
- Pakistan consistently ranks among countries affected most by climate change, where floods killed over 1,700 in 2022
ISLAMABAD: The Embassy of Denmark in Pakistan’s capital this week organized a powerful art exhibition that called for urgent environmental action to battle climate challenges, with the European country’s ambassador pledging support for Islamabad in transitioning to renewable energy.
Pakistan is one of the world’s worst affected countries due to the impacts of climate change, despite contributing less than one percent of planet-warming emissions. Unusually heavy rains in June 2022 killed over 1,700 people, destroyed critical infrastructure in the country and affected over 33 million people which scientists attributed to climate change.
“Haryali,” which translates to greenery in Urdu, was the name chosen for the exhibition which took place at the Danish ambassador’s residence in Islamabad on Friday night. The exhibition was held to mark 75 years of Pakistan’s diplomatic relations with Denmark at a time when various world leaders have gathered in Baku to attend the COP29 climate conference.
The exhibition featured artworks by 36 Pakistani artists, who highlighted the disastrous effects of climate change and global warming through sculptures and paintings.
“Pakistan is one of the countries in the world suffering the most from climate change and action needs to be taken,” Danish Ambassador Jakob Linulf told Arab News on Friday.
“And this is not something that Pakistan can do by themselves, and from the Danish side we are ready to help with all the expertise that we have gained through our battle also to make a greener society.”
Linulf said Denmark uses solar, wind, water and biomass to generate electricity, adding that Pakistan has an abundance of all of these resources.
“I would love to see Pakistan transforming its energy sector into a more sustainable energy sector,” he said.
Iman Bilal, a Pakistani sculptor, highlighted the health dangers associated with microplastics.
“We’re deteriorating our health, it’s internalized,” she said, stressing the role of art in motivating stakeholders to take action to avoid environmental degradation.
Kareem Ahmed Khan, an artist from the scenic Hunza Valley in northern Pakistan severely impacted by glacial lake outburst floods (GLOFs), reflected on climate change’s devastating impact on his region.
“For the past seven to eight years, I’ve been working to highlight the impact of climate change on my region,” Khan told Arab News.
Pakistani Prime Minister Shehbaz Sharif, who spoke at a number of events at COP29 earlier this week, used the forum to highlight the need to restore confidence in the pledging process and increase climate finance for vulnerable, developing countries.
Spencer Johnson takes five as Australia beat Pakistan to clinch T20 series
- Pakistan fell short by 13 runs despite Haris Rauf’s impressive 4-22, which restricted the hosts to 147-9
- Australia, having won the rain-hit opener in Brisbane, will host the final game in Hobart on Monday
SYDNEY: Speedster Spencer Johnson took 5-26 to propel Australia to a tense 13-run victory over Pakistan in Sydney on Saturday and seal their three-match T20 series with a game to go.
Set just 148 to win after Haris Rauf claimed 4-22 to keep the hosts in check, Pakistan were all out for 134 in the final over despite a lively 52 from Usman Khan.
Australia won a rain-hit first match in Brisbane by 29 runs with the final game at Hobart on Monday.
“We thought we were there or thereabouts and I thought the way the bowlers went about it was brilliant,” said Australian captain Josh Inglis.
“There’s so many options in this team I can go to. Every time I turned to Johnson tonight, he got a wicket. The way they played tonight was really good.”
Australia secured a vital breakthrough by removing Babar Azam (3) off Xavier Bartlett in the second over and Pakistan’s woes deepened when Johnson accounted for Sahibzada Farhan (5).
Runs were hard to come by and after facing 26 balls for 16, skipper Mohammad Rizwan knew he had to up the tempo.
But it cost him with Tim David taking a fine diving catch in the deep off Johnson, who then bagged Salman Agha next ball, caught behind by Inglis to leave Pakistan on 44-4 after 10 overs.
Khan played himself in and brought up his first T20 half-century.
But Johnson struck again with Abbas Afridi (4) following soon after to earn the 28-year-old a maiden five-wicket haul in his seventh T20.
Two wickets in an over by spin king Adam Zampa piled the pressure on Pakistan who were unable to rise to the challenge.
Earlier, Australia was restricted to 147-9 after a rip-roaring start, but a slew of dropped catches cost Pakistan.
“If you take the positives, the boys bowled very well. We know Australia is not an easy team,” said Rizwan.
“But if you drop crucial catches, it will cost you the game.
“We all know the pitch wasn’t easy to bat,” he added.
Jake Fraser-McGurk and Matthew Short stitched together a highly entertaining 52-run opening stand off just 22 balls before Rauf struck twice in three deliveries.
After tempting Fraser-McGurk (20) into another slog that was taken in the deep by Agha, he enticed a leading edge from Inglis (0).
Pakistan had their tails up and Short quickly followed for 32, bowled by Afridi, with three wickets falling for four runs.
Marcus Stoinis survived two dropped catches but finally fell on 14, reverse-sweeping to Sufiyan Muqeem, who was brought into side for Haseebullah Khan.
Muqeem’s wrist-spin then took care of dangerman Glenn Maxwell (21) as the runs dried up.
David was removed by Rauf for 18 and he collected his fourth by bowling Bartlett (5).
Aaron Hardie made a handy 28 before Afridi removed him and Johnson in successive balls in the final over.
Seven paramilitary soldiers killed in overnight militant attack in Pakistan’s southwest
- Militants launched an armed assault on a Frontier Corps check-post in the remote district of Kalat
- Balochistan Liberation Army claimed responsibility for the attack, which also left 12 people injured
QUETTA: At least seven soldiers of Pakistan’s paramilitary Frontier Corps (FC) were killed in an overnight attack on a security check-post in the mountainous region of Kalat district in the restive southwestern province of Balochistan, according to a local administration official on Saturday.
The province has been the site of a low-level insurgency by separatist militants for over two decades, although militant attacks have intensified significantly in recent months.
Last August, Baloch separatists launched a string of coordinated attacks targeting civilians and military forces, resulting in more than 50 deaths within a few hours. The latest attack on Pakistani security forces follows a deadly suicide bombing last week at the crowded Quetta railway station, which killed over two dozen people, including army personnel and wounded more than 50 others.
“Armed militants attacked a Frontier Corps check-post in Shah Mardan, an area located 60 kilometers from Kalat city at midnight,” Kalat’s Deputy Commissioner Bilal Shabir told Arab News over the phone.
“Seven soldiers of the paramilitary force were killed in the attack and 12 injured,” he continued, sharing the details of the armed assault. “Subsequently, a security clearance operation was carried out in the mountainous area.”
Asked how many attackers were killed in the skirmish, the deputy commissioner said authorities had not received information on that.
In a statement issued on Saturday, the banned separatist group Balochistan Liberation Army (BLA) claimed responsibility for the attack, saying its fighters had targeted the paramilitary post in Kalat.
The BLA, the largest of several Baloch ethnic insurgent groups, seeks independence for the volatile province, which is home to approximately 15 million people and borders Afghanistan to the north and Iran to the west.
The BLA and other Baloch nationalist groups accuse the Pakistani state of unfairly exploiting the province’s rich gas and mineral resources— an allegation denied by successive governments, which claim to have been undertaking development projects to improve residents’ quality of life.
Prime Minister Shehbaz Sharif condemned the attack on FC personnel, calling the attackers enemies of the province’s economic development.
The prime minister also ordered quality medical treatment for those injured in the attack in Kalat, a remote district located about 140 kilometers from Quetta.
