PESHAWAR: Warring tribes in Pakistan’s northwestern Kurram district, where tribal and sectarian clashes since November have claimed over 130 lives, signed a peace agreement on Wednesday agreeing to surrender their weapons to the provincial government and dismantle bunkers in the area, a Khyber Pakhtunkhwa (KP) government official confirmed.

Kurram, a northwestern district of around 600,000 people in KP, has been rocked by tribal and sectarian clashes since Nov. 21 when gunmen attacked a convoy of Shia passengers, killing 52. The attack sparked further violence and road closures in the district and its capital Parachinar, restricting access to medicine, food and fuel in the area as casualties surged to 136.

A grand jirga, or council of political and tribal elders formed by the provincial government this month, has been attempting since weeks to mediate between the rival Sunni and Shia factions and broker a peace agreement.

“Both sides have agreed on the demolition of bunkers and the handover of heavy weapons,” KP government spokesperson Muhammad Ali Saif said in a statement. “We congratulate the people of Kurram on the signing of the peace agreement, which will usher in a new era of peace and prosperity in Kurram.”

Saif said the signing of the agreement will ensure that normal life will be “fully restored” in the district.

According to a copy of the agreement seen by Arab News, members of the jirga and elders of both warring tribes, in the presence of district officials, agreed that all parties would abide by the agreement.

“After the signing of this agreement, the parties will not use weapons against each other,” the agreement reads. “In case of violation, the government will take action with the cooperation of the peace committee against the village or area [that violates the agreement.]”

The agreement said that people will not be allowed to display light and heavy weapons in the district, adding that there will also be a ban on collecting donations to buy weapons. A timeframe for collecting weapons from the armed factions would be announced within 15 days, it said.

Another point of the agreement said that fine of Rs10 million [$35,933] would be imposed on those who violate the terms of the deal by using weapons against each other.

It also said that all bunkers dug by the warring tribes would be dismantled within one month, while there will be a ban on digging new bunkers. It said that families who had been displaced due to the clashes in recent weeks would be rehabilitated.

The agreement said that land disputes in the volatile district would be settled on a priority basis with the cooperation of the local tribes and the district administration. Opening banned outfits’ offices would be prohibited in the district while social media accounts spreading hate would be discouraged via collective efforts backed by the government.

‘SOURCE OF CONSOLATION’

Munir Bangash, a tribal elder who is part of the jirga, told Arab News the peace agreement has been welcomed widely. However, its implementation was a challenging job, he said.

“The agreement is a source of consolation for all parties involved,” Bangash said. “Now, it is up to the government to establish its writ and ensure its implementation in letter and spirit.”

Niaz Muhammad, a member of the Shia group “Anjuman-e-Hussain Parachinar,” was also part of the jirga. He said his group was satisfied with the agreement amid hopes that peace would return to Kurram as people were fed up of constant fighting.

“We’re happy with the signing of the agreement,” Muhammad told Arab News. “Both the tribes want peace that’s why the peace agreement was reached. If there is a will there is a way.”

Saif said to ensure implementation of the agreement, people will leave in convoys on Saturday via land routes in the district.

Chief Minister Ali Amin Gandapur lauded the provincial government’s efforts, saying they yielded fruit after convincing both parties to sign the peace deal.

“I welcome this important development and congratulate all parties,” Gandapur said in a statement. “The signing of the agreement is a significant step toward a sustainable solution to the Kurram issue.”

He lauded the efforts of local administration, cabinet members, civil and security officials and specifically members of the jirga for playing a vibrant role in tackling the issue amicably.

The agreement was a clear message to elements spreading hatred between the parties, he said, adding that fighting and violence were not solutions to problems.

“If there is peace in the region, there will be development and positive changes,” Gandapur said.

ISLAMABAD: The KSE-100 index of the Pakistan Stock Exchange (PSX) recorded an impressive 85% gain in Pakistani rupees and 87% in US dollars during 2024, a report by the country’s top brokerage house said this week, listing pharmaceuticals, jute and transport among the top-performing sectors of the market.
Pakistan’s stock market has enjoyed gains and bullish trends since the past two months. Financial analysts have attributed the stock market’s bullish trend to drastic cuts in key policy rate, strengthening of the rupee and economic gains triggered by Islamabad signing a $7 billion loan with the International Monetary Fund (IMF) this year.
Pakistan’s central bank cut its key policy rate by 200 basis points to 13% on Dec. 16, making it the fifth straight reduction since June, as the country keeps up efforts to revive a sluggish economy with inflation on the decline as per official figures.
According to a yearly market review by Topline Securities on Tuesday, the market capitalization of companies listed at the Pakistan Stock Exchange (PSX) increased by 61% to reach Rs14.6 trillion this year.
“Benchmark KSE 100 Index jumped 85% in PKR (87% in USD) in 2024, with only one trading session left,” the report said. “Market value (market capitalization) of listed companies at PSX also increased by 61% to reach Rs14.6trn.”
The report pointed out that pharmaceuticals, jute and transport were the best performing sectors in 2024 as their market cap increased by 198%, 182% and 130% respectively. On the other hand, chemicals, modarabas, and textile weaving sectors remained the worst performing sectors that posted declines of 54%, 33% and 2%, respectively in 2024.
Raza Jafri, the head of equity at Intermarket Securities, told Arab News that the gains enjoyed by the PSX made it one of the “best-performing equity markets in the world.”
He highlighted that the Pakistan stock market’s gains outpaced those of the Morgan Stanley Capital International Emerging Markets Index and the Morgan Stanley Capital International Frontier Markets Index, which gained only around five percent in 2024.
“Macro stabilization, which reflected in sharp interest rate cuts and a stable Pakistani rupee, enabled equity market valuations in Pakistan to bounce back from record lows,” Jafri told Arab News on Wednesday.
Meanwhile, Arif Habib Commodities CEO Ahsan Mehanti said the PSX outperformed other stock markets due to the central bank’s key policy rate, robust economic indicators and the successful disbursement of the new IMF program.
“Government bond yields fell by over an unprecedented 1100bps during the year inviting institutional interest in equities,” he said. “Fall in global crude oil prices reduced import bill by up to $5 billion and helped CPI inflation to fall below five percent resulting in current account surplus and rupee stability.”
According to Topline Securities, the best-performing stocks in Pakistan were GlaxoSmithKline Pakistan (GLAXO), which recorded a 385% increase; Air Link Communication (AIRLINK), which gained 268%; Sazgar Engineering (SAZEW), which gained 252 percent; Fauji Fertilizer Company (FFC), which rose 246 percent; and Mari Petroleum Company (MARI), which gained 220 percent.
It added that the top performers among all listed stocks in 2024 were Ali Asghar Textile Mills (AATM), which gained 2,774%; Khalid Siraj Textile Mills (KSTM), which rose by 1,156%, Thatta Cement Company (THCCL), whose share price soared by 1,027%; and Dewan Automotive Engineering (DWAE), which surged by 1,073%.
Pakistan’s Prime Minister Shehbaz Sharif also expressed his happiness over the Pakistani stock market’s performance in a post on social media platform X.