ISLAMABAD: The Pakistan Stock Exchange (PSX) on Monday breached the 94,000-point mark but retreated by more than 370 points to still close at a record high, with analysts attributing the bullish trend to rupee’s stability and the government’s move to slash the policy rate.
The KSE-100 index rose to a record 94,020 points, a level never seen before in PSX history, during the intraday trading, but closed at 93,648 points. The index was still up by more than 350 points from the previous day’s close of 93,291 points.
The Pakistani stock market has been experiencing a bullish trend since last week which was evident when it breached the 93,000-point barrier for the first time on Friday.
Ahsan Mehanti of Arif Habib Corporation told Arab News the bullish trend was led by blue chip companies after American finance company, MSCI, revised Pakistan’s expected standard index weight for November to 4.4 percent. The MSCI, in its latest review this month, announced the addition of eight Pakistani companies to its Frontier Market Small Cap Index.
“Rupee stability and falling bank lending rates following a slump in government bond yields played a catalyst role in bullish activity at PSX,” Mehanti told Arab News via text.
The bullish trend has been observed in the stock market since last Monday when Pakistan’s central bank cut its key policy rate by 250 basis points, bringing it to 15 percent. This was the fourth straight reduction since June, as the country keeps up efforts to revive a sluggish economy with inflation easing.
Pakistan continues to enjoy record gains in the stock market as its economic indicators continue to improve after Islamabad secured a 37-month, $7 billion bailout from the International Monetary Fund (IMF) in September.
Last year, Pakistan narrowly avoided a sovereign default when it clinched a last-gasp $3 billion IMF bailout deal. The country has suffered a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.
Pakistan Stock Exchange retreats from 94,000 points to close at record high
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Pakistan Stock Exchange retreats from 94,000 points to close at record high
- Rupee stability, falling bank lending rates played catalyst role in the market’s bullish activity, analyst says
- Pakistan Stock Exchange has witnessed bullish trend since last Monday when government slashed policy rate
Pakistani senate committee says Council of Islamic Ideology’s statement against VPNs ‘unreasonable’
- Council of Islamic Ideology’s chairman last week said use of VPNs to access illegal content is impermissible
- Senate Standing Committee on IT questions the legality of interior ministry’s letter banning use of VPNs
ISLAMABAD: The Senate Standing Committee on Information Technology this week criticized a recent statement by Pakistan’s top body of clerics against the use of virtual private networks (VPNs) as “unreasonable,” stressing that recent Internet disruptions had impacted the livelihoods of over 2.5 million freelancers in the country.
The Ministry of Interior, in a letter to the Pakistan Telecommunications Authority (PTA) on Friday, directed the nationwide blocking of illegal VPNs, citing their use by militants for financial transactions and violence. The ministry also noted that VPNs were being used by Pakistanis to access pornographic websites and blasphemous content.
The Council of Islamic Ideology (CII), a constitutional advisory body that reviews laws to ensure they align with Islamic principles, also declared the usage of VPNs as “un-Islamic” in a statement after the development. CII Chairman Raghib Hussain Naeem said the state had the authority to prevent wrongdoing or actions that facilitate it, which included the blocking of VPNs. He said the use of VPNs with the intention to access illegal content or blocked websites is considered impermissible from an Islamic perspective.
A meeting of the Senate Standing Committee on Information Technology on the recent Internet disruptions in Pakistan, chaired by Senator Palwasha Mohammad Zai Khan on Monday, criticized the CII’s statement against the use of VPNs.
“The Committee called the Islamic Ideological Council’s comments on the blockage of VPNs as unreasonable,” a press release shared by the Senate Secretariat Media Directorate said. It added that the committee humorously suggested the CII should also ban television as it displays “harmful content.”
“The Committee opined that nothing would be achieved by blocking the tools, and instead, the government should focus on regulating them,” it said. “The Committee sought the basis for the Islamic Ideological Council’s judgment.”
Meanwhile, Senator Afnan Ullah questioned the legality of the interior ministry’s letter, saying that VPNs do not fall under the umbrella of social media apps. “The Committee directed the PTA to seek the legal opinion of the Attorney General of Pakistan on whether or not VPNs fall under the ambit of social media apps,” the statement said.
Digital rights activists and bodies have criticized Pakistan’s recent Internet restrictions, notably after the February general elections, where allegations of electoral manipulation led to the blocking of social media platform X.
Media reports also suggested the government was setting up a national firewall, which had led to the slowdown of Internet speed across Pakistan, saying the decision was taken to curb “anti-state narratives” by political activists.
Discussing the reasons for the Internet disruptions, Khan criticized the IT minister for not attending the meeting.
“She stated that there are around 2.5 million freelancers in the country, and the recent Internet disruption was causing hindrances for them in earning their livelihood,” the press release said. “Despite inviting the minister for IT, she didn’t bother to attend the meeting for the third consecutive time.”
It said the committee decided to highlight the IT minister’s inability to defend his ministry’s decisions in a letter to Prime Minister Shehbaz Sharif.
Among users of VPNs in Pakistan are supporters of the country’s imprisoned former prime minister Imran Khan, who have called for a march on Islamabad on Nov. 24 to pressure the government for his release.
Pakistan needs additional $191.8 billion for low-carbon transition by 2050 — ADB
- Pakistan, one of 10 most vulnerable nations to climate change, faces challenges such as floods and extreme heat waves
- Under its updated Nationally Determined Contributions, Pakistan has pledged to reduce GHG emissions by 50% by 2030
ISLAMABAD: Pakistan will need an additional $191.8 billion between 2020-2050 to transition to a low-carbon energy system and meet its international climate commitments, an Asian Development Bank (ADB) report released this month said.
The report outlines a detailed pathway to help the South Asian nation reduce greenhouse gas (GHG) emissions while maintaining sustainable economic growth. It distinguishes between low-carbon and business-as-usual (BAU) scenarios, with the former focusing on deploying renewable energy, improving energy efficiency and transitioning to cleaner fuels in sectors like power, transport and industry.
“The low-carbon scenario would require an additional investment of $191.8 billion (in 2022 prices) between 2020 and 2050 over the BAU scenario, so the investment commitment is substantial,” the report said.
“Achieving such an ambitious investment program will be challenging,” it added, emphasizing that a significant portion of the required financing would need to come from private sector investments and international financial assistance.
Pakistan, the fifth most populous country in the world, aims to become an upper-middle-income economy by 2047, its centenary year of independence. However, it also remains one of the 10 most vulnerable nations to climate change, facing challenges ranging from devastating floods to extreme heatwaves.
Under its updated Nationally Determined Contributions (NDCs) submitted in 2021, Pakistan has pledged to reduce GHG emissions by 50% by 2030, compared to 2015 levels. Of this, 15% is unconditional, while the remaining 35% is contingent upon receiving adequate international financial support.
The ADB report identifies the energy sector as central to Pakistan’s climate transition.
Investments in hydropower ($153 billion), nuclear power ($103 billion), wind ($62 billion) and solar energy ($51 billion) are necessary to shift away from coal and other fossil fuels. An additional $22 billion is required for modernizing transmission and distribution networks to ensure grid stability.
“The energy sector will need to evolve on a different path,” the report said, highlighting that energy-related emissions could be reduced by 23% by 2030 and 36% by 2050 under the low-carbon scenario compared to the BAU approach.
The report also noted that Pakistan’s renewable energy potential is vast, particularly in solar and wind, given the country’s high sunlight levels and favorable wind conditions. However, achieving these targets would require policy reforms, technological advancements and substantial foreign investments.
The ADB publication emphasized that the low-carbon scenario would involve a shift to cleaner fuels, including natural gas, nuclear power and renewables, as well as the electrification of transport and residential sectors.
By 2050, renewables could account for 61% of electricity generation under this scenario, compared to 17% under the BAU approach.
“Electrification and energy efficiency improvements will play a critical role in reducing demand and emissions,” the report noted, pointing to opportunities such as transitioning from coal to gas in industry and using electricity instead of gas for cooking.
To meet these goals, the report called for strengthening the investment climate, aligning incentives for private sector engagement and enhancing regulatory frameworks.
Pakistan says ‘ready to assist’ as Bangladesh deaths from dengue cross 400
- Around 78,595 patients have been admitted to hospital nationwide in Bangladesh, official figures show
- Dengue is endemic to Pakistan, which experiences year-round transmission with seasonal peaks
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Monday extended assistance to Bangladesh as it battles its worst outbreak of dengue in years, with more than 400 deaths as rising temperatures and a longer monsoon season drive a surge in infections, leaving hospitals struggling to cope.
Around 78,595 patients have been admitted to hospitals nationwide in Bangladesh, the latest official figures show. By mid-November, 4,173 patients were being treated, with 1,835 of them in Dhaka, the capital, and 2,338 elsewhere.
Dengue is an illness that spreads through vectors, carried by the bite of an infected mosquito. There is currently no cure or vaccine for dengue fever, which in its most severe form can lead to fatalities. People affected by dengue go through intense flu-like symptoms including high fever, intense headache, muscle and joint pain, and nausea and vomiting, typically persisting for approximately a week.
“Deeply saddened by the loss of precious lives due to the dengue outbreak in Bangladesh,” Sharif said in a message on X. “Pakistan stands in solidarity with our brothers and sisters in Bangladesh at this difficult time and we stand ready to assist in whatever way we can.”
Dense populations in cities exacerbate the spread of the disease, usually more common in the monsoon season from June to September though it has spilled beyond that window this year.
A rise in temperatures and longer monsoons, both linked to climate change, have caused a spike in mosquito breeding, driving the rapid spread of the virus in Bangladesh.
Last year was the deadliest on record in the current crisis, with 1,705 deaths and more than 321,000 infections reported.
The growing frequency and severity of outbreaks strains Bangladesh’s already overwhelmed health care system, as hospitals battle to treat thousands of patients.
Bangladesh health officials have urged precautions against mosquito bites, such as mosquito repellents and bed nets, while experts want tougher measures to eliminate the stagnant waters where mosquitoes breed.
Dengue fever is endemic to Pakistan, which experiences year-round transmission with seasonal peaks.
With inputs from Reuters
Imran Khan’s party doubles down on Islamabad protest as administration bans public gatherings
- District magistrates bans gathering of more than five people for next two months
- Ban comes as Pakistan Tehreek-e-Insaf is planning protest in Islamabad on Nov. 24
ISLAMABAD: The Pakistan Tehreek-e-Insaf party (PTI) of jailed former Prime Minister Imran Khan on Monday urged followers to go ahead with a planned protest march to the federal capital as a two-month ban on public gatherings was imposed in Islamabad by the district magistrate.
The PTI announced last week it would lead a ‘long march’ to the capital on Nov. 24 over alleged rigging in Feb. 8 general elections and to call for the release of political prisoners, including Khan, and in support of the independence of the judiciary.
In a notification dated Nov. 18, the district magistrate imposed a two-month-long ban on the gathering of more than five people in Islamabad, effective immediately.
“The long march will start from Punjab, Sindh, Balochistan & KP [Khyber Pakhtunkhwa] provinces, Azad Kashmir & Gilgit Baltistan under the provincial leadership of each province, etc., making its way toward the federal capital Islamabad,” the PTI said in a statement, hours after the district magistrate announced the ban.
The party’s recent rallies and marches have been thwarted by similar bans on public gatherings imposed under Section 144 of the Pakistan Penal Code which allows the government to prohibit various forms of political assembly, gatherings, sit-ins, rallies, demonstrations, and other activities for a specified period.
Khan has been in jail since August 2023 and has faced dozens of cases since he was removed as prime minister in 2022 after which he launched a protest movement against a coalition of his rivals led by current Prime Minister Shehbaz Sharif and backed by the all-powerful military, which denies interfering in politics.
Khan says cases against him, which disqualified him from contesting the February elections, are politically motivated. His party has held several protest rallies in recent months to build public pressure for its leader’s release.
With regards to the latest protest, the PTI’s first demand is a rollback of recent constitutional amendments like the 26th amendment that the PTI says is an attempt to curtail the independence of the senior judiciary. It is also calling for the release of party leaders and supporters and a return of what it describes as a “stolen mandate” after Feb. 8 general elections.
Pakistan’s government denies being unfair in its treatment of Khan and his party and the election commission rejects allegations the elections were rigged. The government also says recent amendments related to the judiciary are meant to smooth out its functioning and tackle a backlog of cases.
“The purpose of this peaceful demonstration by PTI, is to stage a peaceful protest demanding, the restoration of the judiciary, the return of mandate stolen ... and the release of political prisoners under custody without trial,” the PTI statement said.
Earlier on Monday, the district magistrate, without naming the PTI, said processions being planned in the capital “can disrupt public place and tranquility and keeping in view the current law & order and security environment, it is necessary to control such types of illegal activities which present a threat to public peace, tranquility and maintenance of law & order.”
He added that the demonstrations would cause “public annoyance or injury, endanger human life and safety, pose a threat to public property, and may lead to a riot or an affray including sectarian riot within the revenue/territorial limits of district Islamabad.”
In light of this, all gatherings of more than five people are banned in the capital, the notification said:
“This order shall come into force with immediate effect and shall remain in force for a period of TWO MONTHS.”
Seven policemen abducted by armed gunmen in northwest Pakistan amid militancy surge
- Police data shows 75 police officials have been killed in Khyber Pakhtunkhwa province this year
- Pakistan blames surge in militancy on neighboring Afghanistan whose Taliban rulers deny the accusations
PESHAWAR: Unidentified gunmen abducted seven policemen from a check post on Monday in Pakistan’s northwestern district of Bannu, police said, as the Khyber Pakhtunkhwa province battles a rise in militant attacks on cops and other government officials.
Pakistan’s northwest has seen a rise in militant attacks in recent months, which Islamabad says are mostly carried out by Afghan nationals and their facilitators and by Tehreek-e Taliban Pakistan (TTP) and other militant groups who cross over into Pakistan using safe haven in Afghanistan.
The Taliban government in Kabul says Pakistan’s security challenges are a domestic issue and cannot be blamed on the neighbor.
Police data shows 75 policemen have been killed and 113 injured in militant attacks and targeted assassinations in 2024 in Khyber Pakhtunkhwa province, which borders Afghanistan.
“Armed men abducted seven police personnel from the Rocha checkpoint in the jurisdiction of Utmanzai Police Station in Bannu district,” District Police Officer (DPO) Zia Uddin told Arab News, saying up to 40 gunmen first surrounded the checkpoint in the mountainous area of Sub-Division Wazir on Monday evening.
“The armed men abducted seven police personnel from the Rocha checkpoint in the jurisdiction of Utmanzai Police Station in Bannu district.”
The militants also took away all weapons and equipment at the checkpoint.
“Four police personnel escaped as they were not present at the location at the time,” the DPO added.
The Pakistani government and security officials have said repeatedly that such attacks have risen in recent months, many of them claimed by the TTP and launched from Afghan soil.
The TTP is separate from the Afghan Taliban movement, but pledges loyalty to the Islamist group that now rules Afghanistan after US-led international forces withdrew in 2021.
Islamabad says TTP uses Afghanistan as a base and says the ruling Taliban administration has provided safe havens to the group close to the border. The Taliban deny this.
