ISLAMABAD: The Pakistan Stock Exchange (PSX) on Friday breached a major psychological barrier, surging past 99,000 points during intra-day trading before settling at 97,798.23, as analysts attributed the rally to investor optimism driven by falling lending rates and higher foreign exchange reserves.
The benchmark KSE-100 index climbed 2,057.40 points by 11:10 am, reaching 99,385.79 points from the previous close. However, the index closed at 97,798.23, marking an increase of 469.84 points or 0.48 percent.
Analyst Ahsan Mehanti of Arif Habib Corporation said bank levies on large deposits, surging global oil prices, and rupee stability were fueling investor optimism.
“Stocks remained bullish, led by scrips across the board, as investors weighed falling lending rates and the imposition of bank levies on large deposits following a drop in government bond yields,” he told Arab News. “Surging global crude oil prices, rupee stability, and higher forex reserves played a catalytic role in the record surge at the PSX.”
Last month, Pakistan’s external current account recorded a surplus of $349 million, 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 in 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. Economic indicators have also steadily improved since securing a 37-month, $7 billion bailout from the International Monetary Fund (IMF) in September.
In the past, the country faced 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-minute $3 billion IMF bailout deal.
Pakistani stocks break psychological 99,000 barrier on optimism over rates, reserves
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Pakistani stocks break psychological 99,000 barrier on optimism over rates, reserves
- An analyst attributes the intraday rally to broad-based gains across most economic sectors
- The stock market has remained bullish since the government slashed policy rate in November
Pakistani court sentences four people to death for blasphemy
- Under Pakistan’s laws, anyone found guilty of insulting Islam or its figures can be sentenced to death
- Authorities have yet to carry out such a penalty, although opposition to the law can incite reprisals
MULTAN: A Pakistani court Saturday sentenced four people to death for blasphemy, allegedly because they posted sacrilegious material on social media about Islamic religious figures and the Holy Qur’an. Their lawyer said appeal preparations are underway.
Under the country’s blasphemy laws, anyone found guilty of insulting Islam or its religious figures can be sentenced to death. Authorities have yet to carry out such a penalty, although the accusation of blasphemy and opposition to the law can incite mob violence or reprisals.
Judge Tariq Ayub in the city of Rawalpindi declared that blasphemy, disrespect to holy figures, and desecration of the Holy Qur’an were unforgivable offenses and left no room for leniency.
Along with the death sentences, the judge imposed collective fines of 4.6 million rupees (around $16,500) and handed down jail terms to each of the four should a higher court overturn their death sentences.
The men’s lawyer, Manzoor Rahmani, criticized the court’s decision and investigating authorities’ lack of evidence.
“The doubts and uncertainties that arise in such cases are ignored by the courts, likely due to the fear of religious backlash and potential mob violence against the judge if the accused is acquitted,” said Rahmani.
“We are preparing our appeals against the decision and will go to the High Court.”
Anti-blasphemy measures introduced in Pakistan in the 1980s made it illegal to insult Islam.
Since then, people have been accused of insulting the religion, desecrating its texts, or writing offensive remarks on the walls of mosques. Critics of the law say it is used to settle personal disputes.
Pakistan’s Sindh province bans vehicles without Ajrak-inscribed plates on roads from Apr. 3
- The provincial government introduced white registration plates that feature an Ajrak-inscribed design in July 2021, replacing the old, yellow plates
- While some motorists adopted the new plates, owners of more than 3 million vehicles continue to use the old ones, the Sindh excise department says
KARACHI: The government in Pakistan’s southern Sindh province has banned vehicles without the ancient Ajrak-inscribed registration plates from plying the roads from April 3, the Sindh excise department said on Saturday.
Ajrak, a vibrant block-printed cotton cloth with striking crimson and indigo hues, is deeply ingrained in the Sindhi culture. Adorned with symmetrical patterns and sparkling white motifs, primarily stars, it is believed to have roots in the ancient Indus Valley Civilization.
The cherished fabric accompanies every stage of life in Sindh, from infant cradles to grand ceremonial occasions. Its versatility is reflected in its wide array of uses as a hammock for infants, bridal accessory, turban, shawl, bed cover, tablecloth, meaningful gift, and as a token of respect for honored guests.
The Sindh government had decided to replace the old, yellow-colored registration plates with white, Ajrak-inscribed plates in July 2021, keeping the province’s traditions in view. While some motorists adopted the new plates, owners of more than 3 million vehicles continue to use the old ones, according to the excise department.
“This will not only allow vehicles from Sindh to represent their province wherever they travel, but also showcase the region’s 6,000-year-old history of peace and civilization,” Shabbir bin Babar, a spokesperson of the Sindh excise department, told Arab News.
In December last year, the excise and taxation department had made it mandatory for all private and commercial vehicles to obtain the new plates.
The significance of Ajrak in Sindh’s culture can also be gauged from a bust of the Priest-King excavated at Mohenjo-daro, a UNESCO world heritage site and the largest settlement of the ancient Indus Valley Civilization that flourished around 2,500 BCE, that is currently housed in the National Museum of Pakistan in Karachi, depicting his one shoulder draped in a cloth resembling Ajrak.
Sindh Excise, Taxation and Narcotics Control Minister Mukesh Kumar Chawla told Arab News the initiative is aimed at celebrating the region’s rich culture.
“No weapons have ever been found among the artifacts unearthed at Mohenjo-daro, which sets it apart from other ancient discoveries worldwide,” he said.
“But we have the discovery of beautiful Ajrak, which signifies that the inhabitants of Sindh were always a peace-loving and civilized people.”
Chawla said Ajrak is an integral part of Sindh’s rich culture that reflects the region’s hospitality.
“The people of Sindh are considered some of the most hospitable globally,” he said. “[Ajrak is] a reflection of these traditions and their deep connection with the land.”
Death of Indian fisherman in Pakistan prison renews calls for release of detainees
- Babu Kana, 55, died of cardiac arrest in Karachi’s Malir prison this week, according to a Pakistani jail official
- Of over 200 Indian prisoners, majority have completed their terms and 30 are suffering from various diseases
KARACHI: An Indian fisherman, who had been detained in Pakistan for nearly three years, died of cardiac arrest at Karachi’s Malir Prison this week, a jail official confirmed on Saturday, with the death renewing calls from human rights advocates in both countries for greater empathy and speedy procedures for the release of fisher folk who unintentionally cross maritime borders.
Indian and Pakistani fishermen are routinely detained by both maritime agencies for allegedly entering each other’s territorial waters. The poorly defined maritime boundary in the Arabian Sea, coupled with the limited navigational capabilities of many fishing boats, frequently leads to unintentional crossings.
Malir Prison, where 55-year-old Indian fisherman Babu Kana died on Thursday, has faced scrutiny in recent years over the deaths of several detainees due to health complications. In 2023 alone, two Indian fishermen, Balo Jetha and Soma Deva, died as their health deteriorated during incarceration.
Kana was detained by Pakistani authorities in 2022 after his boat strayed into Pakistani waters. Despite completing his sentence the same year, he remained imprisoned due to procedural delays in the deportation process, according to Malir Prison Superintendent Arshad Shah.
“His health suddenly deteriorated on Thursday and he was taken to the prison hospital where he passed away,” Shah told Arab News, adding that the inmate had no medical history.
The prison official said the Indian detainee had been granted consular access, but he couldn’t be deported due to a “delay in his verification from the Indian side.”
A spokesperson for the Indian high commission in Pakistan did not respond to Arab News’ request for comment as to what led to the significant delay that hindered Kana’s chances to reunite with his family.
More than 200 Indian fishermen have been languishing in Malir prison and a large number of them have completed their sentences, while 30 fishermen are suffering from different diseases, according to the jail superintendent.
“We are providing them best available treatment, but those who have completed their term should be taken back to their country,” Shah added.
Jatin Desai, an Indian rights activist who campaigns for the release of fishermen from both countries, said Kana was one of 217 Indian fishermen currently incarcerated in Pakistani prisons.
“According to our records, 216 Indian fishermen are still languishing in Pakistani jails, while 81 Pakistani fishermen are imprisoned in India,” Desai told Arab News over the phone from Mumbai.
He said the 2008 Agreement on Consular Access mandates the release and repatriation of people within one month of confirming their nationality and sentence completion.
“In Babu’s case, his consular access was granted, and his identity was confirmed,” Desai said, urging both countries to adhere to the agreement and expedite the release of all detainees.
Faisal Edhi, chairman of Pakistan’s Edhi Foundation charity, said delays in the repatriation of detained fishermen often extend even after a fisherman’s death.
“We have received the deceased’s body, but it will take over two weeks to send it back to India,” Edhi said, highlighting the plight of the families of these fishermen.
Edhi, who has been part of repatriation of nearly 400 Indian fishermen in recent years, urged both countries to immediately confirm the identities of fishermen and send them back to their countries.
Khizar Qazi, vice-chair of the Human Rights Commission of Pakistan (HRCP), said most of these fishermen come from poor families and, in most cases, they are the sole breadwinners of their families.
“Fishermen from both sides endure harsh jail conditions that severely impact their mental health,” Qazi told Arab News.
“Upon arrest, they should be promptly handed over. If necessary, they should be detained for a short term, and upon release, their boats should be returned – a practice we have yet to witness from either side.”
Pakistan reports first case of mpox virus this year
- Authorities detected the virus in a 35-year-old man during screening at the Peshawar airport, shifted him to isolation ward
- Since reporting first case in August, Pakistan has implemented screening protocols at all airports and border entry points
ISLAMABAD: Pakistan has reported first case of mpox virus this year in the northwestern Pakistani city of Peshawar, Pakistani state media reported on Saturday.
People who contract mpox get flu-like symptoms and pus-filled lesions. Children, pregnant women and people with weakened immune systems are at higher risk of complications from the infection.
Authorities detected the virus in a 35-year-old man during screening at the Peshawar airport, the Radio Pakistan broadcaster reported.
“As soon as the case was reported, the public health team reached Peshawar airport and shifted the patient to Police Services Hospital,” Ehtesham Ali, adviser to provincial chief minister on health, was quoted as saying.
Pakistan confirmed its first mpox case in August last year and has since implemented screening protocols at all airports and border entry points. The South Asian country reported at least eight mpox cases in 2024.
The World Health Organization on August 14, 2024 declared a global health emergency over the spread of a new mutated strain of mpox named clade I, which first emerged in the Democratic Republic of Congo and spread to several countries, leading to increased monitoring and preventive measures worldwide.
Pakistan has so far not reported any cases of the new mutation.
Pakistani security forces kill four militants in restive northwest
- Pakistan has struggled to curb militancy in its northwest since a truce with Pakistani Taliban collapsed in 2022
- In 2024 alone, the military reported that 383 Pakistani soldiers and 925 militants were killed in various clashes
ISLAMABAD: Pakistani security forces have killed four militants in an intelligence-based operation in the northwestern Khyber Pakhtunkhwa (KP) province, the Pakistani military said on Saturday, amid a surge in militancy in the region.
The operation was conducted in KP’s Khyber district, which border Afghanistan, on reported presence of militants, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing.
The deceased militants were actively involved in militant activities against security forces and killing of innocent civilians. Two other militants were injured in the gunfight.
“Sanitization operation is being conducted to eliminate any other Kharji [militant] found in the area,” the ISPR said in a statement.
Pakistan has struggled to contain surging militancy in KP since a fragile truce between the Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP), and the state broke down in November 2022. The TTP and other militant groups have frequently targeted security forces convoys and check-posts, besides targeted killings and kidnappings of law enforcers and government officials in recent months.
In 2024 alone, the military reported that 383 soldiers and 925 militants were killed in various clashes.
Saturday’s operation came two weeks after Pakistani security forces killed nine militants in two separate engagements in KP’s North Waziristan district.
Islamabad has frequently blamed the surge in militancy on Afghanistan, accusing it of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement and insist that Pakistan’s security issues are an internal matter of Islamabad.
