ISLAMABAD: The Constitutional Bench of the Pakistan Supreme Court on Tuesday dismissed a petition challenging the extension of the tenure of Army Chief Gen. Asim Munir, state news agency APP said. 

Pakistan’s parliament earlier this month passed bills to extend the terms of the heads of the armed forces to five years from three, a move that has been opposed by rights activists as well as the opposition Pakistan Tehreek-e-Insaf (PTI) party of jailed ex-Prime Minister Imran Khan.

The PTI believes extending the term of commanders including the army chief would deal another blow to the embattled Khan and his party, which blames the military for his downfall. The army denies involvement. 

“The petition was dismissed after the petitioner Mahmood Akhtar Naqvi failed to appear before the court and defend his argument in spite of repeated notices,” APP said. “Also, the new legislation fixing the tenure of all three service chiefs paved the way for the dismissal of the petition.”

The office of the army chief is considered to be the most powerful in the country, with the military having ruled Pakistan for almost half of its 75-year history. Even when not directly in power, the army is considered to be the invisible guiding hand in politics and holds considerable sway in internal security, foreign policy, and economic affairs, among other domains. 

The coalition government led by Prime Minister Shehbaz Sharif has defended the passage of the new bills that extend the tenures of the army, navy and air force chiefs, saying the move would check against services chiefs granting themselves extensions and “formalize” the duration of their service. The government says the bills are aimed at building continuity and avoiding the political turmoil that usually surrounds the appointment of the army chief every three years. 

Rights activists and democracy advocates say the measures by the Sharif-led coalition, which is opposed to Khan and took power after an election in February, could be aimed at shoring up support from powerful military figures.

Under the new law, Gen.l Munir, who took office in November 2022 with a timeline to retire in 2025, will serve until 2027 irrespective of a retirement age of 64 for a general.

Khan, who has been in jail since August last year, has been at odds with generals he blames for his 2022 ousting, after he fell out with then-army chief Qamar Javed Bajwa. The military denies it interferes in politics. 

Khan’s party-backed candidates won the most seats in February’s election but fell short of a majority, clearing the way for his opponents led by Sharif to form a government.

Khan’s supporters have since been agitating in parliament and on the streets, alleging that the election was rigged to keep them out of power, which the election commission denies. The PTI says the ruling alliance does not enjoy legitimacy, an accusation the government rejects.

The passage of the new bills on extension in service tenure follows controversial amendments made to the constitution last month, granting lawmakers the authority to nominate the chief justice of Pakistan, who previously used to be automatically appointed according to the principle of seniority.

The amendments allowed the government to bypass the senior-most judge of the Supreme Court, Justice Mansoor Ali Shah, and appoint Justice Yahya Afridi as the country’s top judge.

The opposition and the legal fraternity have opposed the amendments, arguing that they are aimed at granting more power to the executive in making judicial appointments and curtailing the independence of the judiciary. The government denies this.

ISLAMABAD: The Pakistan Stock Exchange on Tuesday surged past 96,000 points to hit a record high in intraday trading, with analysts attributing the rally to a current account surplus in October due to higher remittances, exports and foreign direct investment.

The benchmark KSE-100 index climbed to a record 935.66 points or 0.98 percent to stand at 95,931.33 from the previous close of 94,995.67 points. It touched the 96,036.48 mark for the first time at 2:44pm PST. 

Ahsan Mehanti at the Arif Habib Corporation told Arab News potential investors had weighed surging foreign reserves as well as government decisions over reforms for loss-making state-owned enterprises, independent power producers and energy pricing.

“Stocks bullish on reports of current account surplus of $349 million in Oct. 2024 on higher remittances, exports and FDI rising by 32pc to $904m for Jul-Oct. 2024,” he said. “The next triggers could be easing political noise amid protest calls by opposition.”

Pakistan’s external current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of surplus and the highest in this period. The current account reflects a nation’s transactions with the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments. 

A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.

A bullish trend has been observed at the stock market since Pakistan’s central bank cut its key policy rate by 250 basis points, bringing it to 15 percent earlier this month. It’s economic indicators have also steadily improved since securing a 37-month, $7 billion bailout from the International Monetary Fund (IMF) in September.

Before this, the country went through a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.

Last year, Pakistan narrowly avoided a sovereign default by clinching a last-gasp $3 billion IMF bailout deal.