Most emerging market stocks started the week lower after disappointing China economic data, while Pakistani equities traded at record highs and investors assessed the fallout of a revised budget in Kenya.
China stocks ended flat on Monday and Hong Kong equities logged their biggest one-day drop after the economy grew much slower than expected in the second quarter, prompting downward revisions for annual growth by brokerages J.P.Morgan and Goldman Sachs.
Attention was also on the once-in-five-years ‘Third Plenum’, due to end on Thursday, where markets hope for some efforts to manage China’s vast property crisis, boost domestic consumption and revitalize the private sector.
“It remains the case that China is taking pragmatic steps to address the problems it can fix, but at nothing like the pace foreign investors or net commodity exporters wish to see,” said Hasnain Malik, head of equity research at Tellimer Research.
MSCI’s index tracking bourses in developing economies slipped 0.2 percent, while an index tracking currencies was flat. Traders assessed political developments in the US and the implications of a second Donald Trump presidency.
In South Asia, Pakistan’s benchmark index rose 1.7 percent to hit a record high after the International Monetary Fund (IMF) and the country reached a staff level agreement (SLA) for a $7 billion, 37-month loan program.
The index has soared 30 percent this year and has almost doubled since Pakistan signed its last SLA for the $3 billion standby arrangement.
India’s main stock indexes also traded at record highs. Quarterly earnings were in focus along with the new government’s annual budget expected on July 23, where a private lender expects the country to cut its current year’s gross market borrowings after a better-than-estimated surplus transfer from the central bank.
Meanwhile, yield on Kenyan sovereign bonds slipped between 5 and 13 basis points (bps) after the government said it plans to cut annual spending by 1.9 percent and widen the fiscal deficit to 3.6 percent of GDP, weeks after it was forced to roll back tax hikes due to mass protests.
Most currencies in eastern and central Europe were tepid against the euro. The forint inched up 0.2 percent ahead of remarks on monetary policy from the Hungary’s deputy central bank governor.
Elsewhere, the shekel inched up 0.1 percent against the dollar ahead of June inflation data and against the backdrop of talks of a Gaza ceasefire, while Rwanda’s franc was flat against the euro as elections were underway.
Pakistan equities trade at record highs as weak China data dents investor mood
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Pakistan equities trade at record highs as weak China data dents investor mood
- Pakistan’s benchmark index rose 1.7 percent to hit a record high after Islamabad reached an agreement for $7 billion loan with the IMF
- The index has soared 30 percent this year and has almost doubled since Pakistan signed its last deal for $3 billion standby arrangement
Islamabad administration revokes permission for Aug. 22 rally by ex-PM Khan’s party
- Last month also, PTI announced it was postponing rally in Islamabad because district administration had revoked permission
- PTI, aiming to mobilize the public for Khan’s release from jail, has been struggling to hold public gatherings since his arrest last year
ISLAMABAD: The chief commissioner of Islamabad has forbidden former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party from holding a rally in the federal capital tomorrow, Thursday, due to what he cited as security threats and a lack of resources, his office said in a notification.
Last month, the PTI announced it was postponing a public rally planned in Islamabad because the district administration had revoked permission. The gathering on the outskirts of the Pakistani capital was meant to put pressure for the release of Khan, who has been in jail since last August. All four convictions handed down to him ahead of a parliamentary election in February have either been suspended or overturned but he remains in jail on new charges. Khan says all legal cases against him are politically motivated.
Ali Amin Gandapur, a senior member of the PTI and chief minister of Khyber Pakhtunkhwa, announced on Aug. 5 that the party would hold a rally in Islamabad in the last week of August or first week of September. The date for the gathering was subsequently set for Aug. 22.
“Considering the opinions of the law enforcement agencies, concerned departments, and after reviewing the situation, I have reached at the conclusion that the current law and order situation in Islamabad does not permit for holding of such a gathering/jalsa [rally] in Islamabad on 22-08-2024 which necessitates the cancelation of the NOC [permission] dated 31-07-2024 granted by the Deputy Commissioner, Islamabad,” a notification from the chief commissioner’s office dated Aug. 21 said.
Elaborating on reasons for not granting permission, the chief commissioner said an assessment of the institutional capacity of the capital city police was sought, in response to which the Inspector General of Islamabad Police had said he did not have the available resources to manage the security needs of the PTI rally due to multiple events occurring simultaneously in Islamabad.
Recently, religious groups have held violent protests against a blasphemy ruling by the Supreme Court and the Bangladesh cricket team is also in Pakistan for two Test matches, for which police has been deployed to provide security.
“It is expected that the people coming for the [PTI] rally have a plan for a prolonged stay and also bringing items such as tear gas, masks, bedding or sleeping bags, and food provisions, indicates their determination to turn the jalsa into a sit-in,” the notification said.
Pointing out that there were 46 embassies in Islamabad’s sensitive Red Zone, home to important government buildings like parliament and the Supreme Court, the notification called on authorities in different provinces, particularly Punjab, to prevent participants from entering Islamabad for the planned rally on Aug. 22.
The chief commissioner said the Special Branch had also declined to give a go-ahead for the rally due to “threats against public gatherings” and the “current law and order situation.” Representatives of the ISI, MI and IB intelligence agencies had also expressed concerns, “citing the law and order situation, threat alerts, the presence of the Bangladesh Cricket Team, and recent disturbances caused by Khatm-e-Nabuwat [anti blasphemy] rallies in the Red Zone.”
“The agencies referred to the past conduct and track record of the PTI which indicates that a severe law and order situation might arise; and strongly recommended that no political rallies should be allowed under the current circumstances,” the notification concluded.
The PTI, which aims to mobilize the public for the release of its leader, has been struggling to hold rallies across the country since August last year when Khan was arrested on multiple charges and subsequently convicted in four cases, all of which have been quashed by higher courts. The party says it is facing a state-backed crackdown and the mass arrest of its members and supporters for standing by Khan. Pakistani authorities deny the allegations.
The crackdown against the PTI began after alleged supporters of the party attacked and damaged government and military installations on May 9, 2023, after Khan’s brief arrest that day in a graft case. The attacks took place a little over a year after Khan fell out with Pakistan’s powerful military, blaming the institution for colluding with his political rivals to oust him from office in a parliamentary vote in April 2022. The military rejects the allegations.
Hundreds of PTI workers and leaders were arrested following the May 9 riots and many remain behind bars as they await trial. The military has also initiated army court trials of at least 103 people accused of involvement in the violence. Many close Khan aides have since deserted him, due to what is widely believed to be pressure from the army, which denies interfering in politics.
Khan has recently made a “conditional” offer of talks to the army, if “clean and transparent” elections were held and the “bogus” cases against his supporters were dropped. The military, which has repeatedly said Khan and his party were behind the May 9 attacks, has ruled out any talks with him.
Case filed against protesters attempting to storm Pakistan Supreme Court over blasphemy ruling
- Protests against chief justice have been ongoing since February when he granted bail to a blasphemy suspect
- Blasphemy is a sensitive subject in Muslim-majority Pakistan where a mere accusation can lead to lynchings
ISLAMABAD: Police on Wednesday filed a case against over 6,000 protesters who had entered the federal capital’s sensitive Red Zone and tried to storm the Supreme Court earlier this week over a ruling in a blasphemy case heard by Chief Justice Qazi Faez Isa.
In February this year, hundreds of supporters of religious outfits rallied to protest against what they said were blasphemous remarks by CJ Isa in a case against a member of the minority Ahmadi community who has been accused of blasphemy for distributing Islamic literature and been in jail for 13 months. Following the protests, the Supreme Court had released a statement calling the “impression” of blasphemy by Isa “absolutely wrong” and rejecting the “vicious campaign” against him.
On Monday, angry protesters, under the banner of the religious organization, the Aalmi Majlis Tahaffuz-i-Nabuwat, clashed with police after barging into Islamabad’s Red Zone, home to sensitive government buildings such as the Presidency, Prime Minister House, Parliament and the Supreme Court.
“At around 3:35 p.m. [on Monday], miscreants coming from three sides under the leadership of Qazi Abdul Rasheed started assembling at Express Chowk,” a copy of the police complaint registered by Islamabad Police and seen by Arab News said.
“They were about 5,000 to 6,000 and armed with weapons and batons,” the report said, adding that Safe City cameras would be used to identify the suspects.
The complaint said Islamabad’s administration and police officials informed protesters that rallies were the capital under Section 144 of the Code of Criminal Procedure which bars gatherings of more than four people in the interest of public safety. However, the demonstrators blocked three main roads leading to the Red Zone, namely Ataturk Avenue, Jinnah Avenue, and Embassy Road, and set up a stage at Express Chowk, from where they delivered inflammatory speeches through loudspeakers, demanding the chief justice’s resignation.
The police report said authorities tried to peacefully stop protesters from marching toward the Supreme Court building but they advanced forward after attacking police officials and damaging the entry gate to the D-Chowk square as well as cameras, streetlights and police vehicles. Protesters also snatched anti-riot kits from police officials along with a 12-bore gun and beat and injured some officials.
“They continued to spread hatred and incitement, whose purpose was to spread fear and terror in the judiciary, including the higher judiciary, by interpreting religion by themselves and using religion to achieve their nefarious purposes,” the complaint said, adding that the group was stopped at the National Assembly gate from where it later dispersed.
The police report said a case had been filed against the protesters under the country’s Anti-Terrorism Act and various sections of the Pakistan Penal Code (PPC) for charges ranging from terrorism, robbery, rioting with deadly weapons and obstructing public servants from discharging their duties.
Human rights groups say Pakistan’s harsh blasphemy laws are often misused to settle personal scores, and mere accusations have led to violence and mob justice in the past.
Pakistan’s government last month warned the Tehreek-e-Labbaik Pakistan (TLP) religio-political party, which had led the February protests against the chief justice, against spreading hate on the basis of religion after a TLP leader announced a reward of Rs1,00,00,000 [$345,736] for anyone who would kill the top judge.
Shoriful double leaves Pakistan 81-3 in rain-hit first Bangladesh Test
- Star batter Babar Azam, captain Shan Masood depart for 0, 6 runs respectively
- Opener Saim Ayub scores first Test fifty as Pakistan bounce back after early wickets
RAWALPINDI: Bangladesh left-arm paceman Shoriful Islam took two wickets in four balls to leave Pakistan struggling at 81-3 on a rain-hit opening day of the first Test in Rawalpindi on Wednesday.
The 23-year-old spearhead removed the home team’s skipper Shan Masood for six and then star batter Babar Azam for a two-ball duck before Pakistan launched their recovery on a greenish pitch.
Saim Ayub was unbeaten on 42 and Saud Shakeel on 28 at the break, having added a fighting 65 in their fourth-wicket stand.
Bangladesh skipper Najmul Hossain Shanto took no time in sending Pakistan in to bat after winning the toss and caught Pakistan napping at 16-3.
It was Shoriful’s new-ball partner Hasan Mahmud who gave the visitors the first breakthrough when Abdullah Shafique was smartly caught at gully by Zakir Hasan for two in the fourth over.
Shoriful then had Masood caught behind off a sharp delivery, with Bangladesh successfully reviewing a not out decision by South African umpire Adrian Holdstock.
Masood argued the decision by television umpire Martin Gough of England with the on-field officials as Bangladesh fielders celebrated the dismissal, refusing to accept he nicked the ball.
Babar nicked a leg-side delivery in Shoriful’s next over and was caught by wicketkeeper Liton Das for his first home-ground duck in 14 Tests.
No play was possible before lunch, with 230 minutes of action lost because some wet outfield patches left by overnight rain were deemed dangerous.
Pakistan entered the Test with four fast bowlers in an all-pace attack with no frontline spinner, while Bangladesh included three pacers and two spinners.
The two-match series is part of the nine-team World Test championship, with Pakistan currently sixth in the standings and Bangladesh eighth.
Pakistan police charge man with cyber terrorism over misinformation that led to riots in UK
- Freelance web developer Farhan Asif is accused of spreading misinformation about UK teenage suspect in stabbing that killed three girls in July
- False information claimed the suspect was a recently arrived asylum-seeker and had a name that suggested the teen was Muslim, unleashing mob attacks
LAHORE, Pakistan: Pakistani police have arrested a man and charged him with cyber terrorism for his alleged role in spreading misinformation that led to widespread rioting in the UK earlier this month, a senior police investigator said Wednesday.
The suspect was identified as Farhan Asif, 32, a freelance web developer, said Imran Kishwar, deputy inspector general of investigations in Lahore, the capital of eastern Punjab province.
The man is accused of spreading misinformation from YouTube and Facebook about the British teenage suspect in a stabbing attack that killed three girls and injured 10 other people July 29 at a dance class in Northwest England.
The false information claimed that the suspect was a recently arrived asylum-seeker and had a name that suggested the teen was Muslim.
After the misinformation led to a violent mob attacking a mosque near the site of the stabbing the next day, police took the unusual step of clarifying that the suspect was born in the UK It’s been widely reported in British media that his parents are from Rwanda and said to have Christian beliefs.
Channel3 Now, an account on the X social media platform that purports to be a news channel, was one of the first outlets to report the false name, Ali Al-Shakati. A Facebook account for the channel said it is managed by people in Pakistan and the US.
The site’s editor-in-chief posted an apology July 31 for “the misleading information published in a recent article on our website, Channel3 NOW. We deeply regret any confusion or inconvenience this may have caused.”
But the false reports were widely disseminated and are blamed for fueling more than a week of rioting that broke out across the United Kingdom and has led to more than 1,000 arrests.
Authorities have blamed far-right agitators for stoking the violent unrest by continuing to spread misinformation and promoting the violent demonstrations online.
At a news conference in the eastern city of Lahore, police said Asif was arrested at his house in the city for questioning.
He said Asif has claimed that he was not the source of the misinformation but that he reposted it from social media.
Police have handed over the case to the Federal Investigation Agency, which handles cases relating to the cyber terrorism. It was unclear if Britain had requested his extradition.
Pakistani PM’s address on Sept. 26 as UNGA meets with focus on Palestine, Ukraine, Sudan
- Debate of the 193-member Assembly’s 79th session will take place from September 24-30
- PM Sharif last addressed UNGA after devastating floods in 2022 killed at least 1,700 people
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif is set to address the United Nations General Assembly’s annual General Debate on September 26, according to a provisional list of speakers released by the UN this week as world leaders meet amid conflicts in Palestine, Ukraine and Sudan.
Pakistan has repeatedly used the UN platform to raise its voice on key global and regional issues like Islamophobia, Kashmir, Palestine, terrorism and climate change.
“The Assembly’s 79th session, which actually opens on September 10, will be meeting amid heightening tensions in the world with several active conflicts, including in Palestine, Ukraine and the Sudan,” state-run APP reported.
“It will be the second time Prime Minister Sharif will deliver a speech to the General Assembly — the UN’s main policy-making organ — he last addressed it in 2022,” APP added, saying over 130 world leaders had so far confirmed their participation in the debate, quoting Monica Greylay, the spokesperson for the UN General Assembly.
“They will be addressing international peace and security issues. The provisional list of speakers issued by the UN is not final; the UN regularly updates it in the weeks leading up to the session to account for any changes in attendance, schedules, and speaking slots of leaders, ministers and ambassadors.”
Among key issues that will come up at UNGA is Russia’s war on Ukraine as well as the conflict in Gaza, where a military campaign launched by Israel last October has killed over 40,000 Palestinians. The power struggle between the Sudanese Armed Forces and the Rapid Support Forces which erupted into a large-scale conflict in April 2023 and has been driving humanitarian needs in the country ever since will also likely come under discussion. Conservative estimates say the Sudan conflict has killed at least 15,500 people, while some estimates are as high as 150,000.
The last time Sharif delivered a speech to the UNGA was in 2022 in the aftermath of climate-induced floods that killed more than 1,700 people across the country.
