ISLAMABAD: Pakistan’s stock market continued to extend its rally on Friday and surpassed the unprecedented 115,000-point mark before pulling back during the weekend trading session as investors locked in profits from the recent surge, analysts said.
The benchmark KSE-100 index surged by 121.30 points, or 0.11 percent, to close at 114,301.80 points from Thursday’s close of 114,180.50 points. The index hit an intraday high of 115,172.44 points after climbing 991.94 points during the weekend trading session.
Stock analysts attributed the ongoing rally to expectations of a policy rate cut by the Pakistani central bank next week.
“The monetary policy is due on Dec. 16 (Monday) and there are expectations of a sharp rate cut,” Raza Jafri, head of equities at Intermarket Securities, told Arab News. “The stock market is reacting accordingly.”
Arif Habib Corporation’s Chief Executive Officer Ahsan Mehanti said the market reached a new all-time high on Friday due to positive sentiment originating from recent growth projections and lowering inflation.
“Asian Development Bank raising growth projections to three percent and lowering inflation forecast to 10 percent for FY25 played the role of a catalyst in the record surge at PSX,” he said.
Pakistan’s annual consumer inflation also slowed to 4.9 percent in November, lower than the government’s forecast and the lowest in nearly six years. This is down from 38 percent last year.
Commenting on the market’s bullish run this week, Jafri said Pakistani companies were currently trading at a relatively low price-to-earnings ratio of six times their profits, significantly below the 10-year average of 7.5 times and the historical peak of 12 times.
Mehanti said the stocks rallied to new highs this week over Finance Minister Muhammad Aurangzeb’s assurance of achieving macroeconomic stability, apart from surging global crude oil prices.
Pakistani stocks have performed significantly well this week on the back of investor confidence regarding a possible interest rate cut by the central bank at the next monetary policy meeting. The central bank has already slashed interest rates by 700 basis points (bps) in four consecutive meetings since June, bringing it to 15 percent.
According to a poll by Topline Securities, 71 percent of participants expect the central bank to announce a minimum rate cut of 200bps next week.
Trade data released by the Pakistan Bureau of Statistics also supports positive investor sentiment as the trade deficit narrowed by 7.39 percent during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.
Exports rose by 12.57 percent to hit $13.69 billion, while imports increased by 3.90 percent to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60 percent year-on-year to $1.589 billion compared to $1.952 billion in November 2023.
Pakistan stock market recovers to end weekend session below 115,000 points
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Pakistan stock market recovers to end weekend session below 115,000 points
- KSE-100 index surged by 121.30 points, or 0.11 percent, to close at 114,301.80 following an intraday high of 115,172.44 points
- Analysts credit the stock market’s bullish run this week to investor confidence regarding possible interest rate cut on Dec. 16
Pakistan, Tajikistan agree to promote land-based connectivity at Islamabad meeting
- The development comes amid Pakistan’s efforts to consolidate its role as a trade and transit hub for landlocked Central Asian republics
- On Wednesday, Pakistan’s power minister said both nations needed to explore ‘new avenues of cooperation’ in commercial and economic fields
ISLAMABAD: Pakistan and Tajikistan on Friday agreed to enhance cooperation in land-based connectivity, Pakistani state media reported, amid Pakistan’s efforts to consolidate its role as a pivotal trade and transit hub connecting the landlocked Central Asian states with the rest of the world.
The understanding was reached at a meeting between Tajikistan Energy Minister Juma Daler Shofaqir and Pakistan Prime Minister Shehbaz Sharif in Islamabad, according to Pakistan’s APP news agency.
Shofaqir is visiting Pakistan to participate in the Pakistan-Tajikistan Joint Commission. The prime minister welcomed him and expressed satisfaction with the progress made in bilateral cooperation between the two countries in various sectors.
“Both sides agreed to further promote cooperation in sectors such as communications, particularly land-based connectivity, energy, education, and agriculture,” the APP reported.
The development came a day after Pakistan and Tajikistan signed two memorandums of understanding (MoUs) at the seventh session of the Pakistan-Tajikistan Joint Commission held in Islamabad this week, according to Pakistani state media.
The first MoU forges a “historic partnership” between Pakistan’s northwestern province of Khyber-Pakhtunkhwa (KP) and Tajikistan’s Khatlon province, paving the way for enhanced cooperation and mutual development. A second MoU has been signed between the Pakistani and Tajik football federations.
PM Sharif expressed satisfaction over the MoUs reached during the Tajik energy minister’s visit to Pakistan and emphasized that timely implementation of these agreements would further strengthen bilateral relations.
“The Tajik minister thanked the prime minister for the warm welcome and hospitality and emphasized the importance of enhancing relations and cooperation between the two countries,” the APP report read.
There has been a flurry of visits, investment talks and economic activity between officials from Pakistan and the Central Asian nations in recent weeks. Tajikistan is Pakistan’s closest neighbor in Central Asia with a narrow strip of 14km through the Wakhan corridor separating the two countries.
On Wednesday, speaking at the Joint Commission in Islamabad along with Shofaqir, Pakistan’s Power Minister Sardar Awais Leghari said both nations needed to explore “new avenues of cooperation” in commercial and economic fields.
“I’m pleased to note that both sides have agreed to create a joint coordination committee on transit trade under the Tajikistan-Pakistan trade transit agreement, which will play a pivotal role in addressing operational challenges and ensuring the smooth implementation of transit trade provisions,” Leghari said.
He hoped deliberations of the joint commission would aid in preparing “concrete” recommendations to advance further growth in the fields of trade, energy, agriculture and education as well as the industrial sector.
KSrelief launches new food security package to support over 1 million Pakistanis
- The initiative seeks to improve the nutritional well-being of vulnerable families in the South Asian country
- KSrelief says the project highlights Saudi Arabia’s steadfast commitment to supporting Pakistan, its people
ISLAMABAD: Saudi Arabia’s King Salman Humanitarian Aid and Relief Center (KSrelief) on Friday announced the launch of its latest food security initiative in Pakistan, which would benefit more than one million people till Nov. 2025.
The Saudi organization has one of the largest humanitarian budgets available to any aid agency worldwide, which has allowed its officials to undertake a wide variety of projects in more than 100 countries. Since 2005, KSrelief has completed 214 projects worth more than $184.6 million.
The latest project, implemented in collaboration with Pakistan’s national and provincial disaster management authorities, the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) and other key partners, seeks to combat food insecurity and improve nutritional well-being of vulnerable families.
“KSrelief will distribute over (14,000 tons) 147,500 food packages across Pakistan from December 2024 to November 2025,” the Saudi charity said in a statement. “This initiative is set to benefit over 1,032,500 individuals across all provinces, including Gilgit-Baltistan and Azad Jammu & Kashmir.”
The distribution will be carried out under KSrelief’s direct supervision, ensuring transparency and efficiency, according to the charity organization. Beneficiaries will be identified with the assistance of local government authorities to guarantee aid reaches those in greatest need.
“Each food package, weighing 95 kilograms, includes: 80 kg of flour, 5 liters of cooking oil, 5 kg of sugar, 5 kg of Daal Chana,” it said. “These packages are designed to sustain a family for an entire month.”
The initiative highlights Saudi Arabia’s steadfast commitment to supporting Pakistan and its people, according to the charity. It is part of KSrelief’s broader mission to deliver life-saving assistance and relief to communities affected by natural disasters, food insecurity and other challenges, regardless of nationality or religion.
“By addressing critical food needs, KSrelief aims to enhance resilience, foster stability, and improve the quality of life for Pakistan’s most vulnerable communities, reaffirming its role as a global leader in humanitarian efforts,” it added.
Pakistan all-rounder Imad Wasim retires from international cricket
- Wasim played 75 T20 internationals after making debut against Zimbabwe in 2015
- He scored 554 runs in T20s and also took 73 wickets with his left-arm spin bowling
ISLAMABAD: Imad Wasim has announced his retirement from international cricket, six months after the Pakistan all-rounder made a comeback and played at the T20 World Cup.
“After much thought and reflection, I have decided to retire from international cricket,” Wasim wrote on X on Friday. “Representing Pakistan on the world stage has been the greatest honor of my life, and every moment wearing the green jersey has been unforgettable.”
The 35-year-old Wasim played 75 T20 internationals after making his debut against Zimbabwe in 2015. He scored 554 runs in T20s and also took 73 wickets with his left-arm spin bowling. Wasim also played 55 ODIs for Pakistan and took 44 wickets while scoring 986 runs.
Wasim quit international cricket in November 2023 after selectors ignored the all-rounder because of his fitness issues. Wasim changed his mind and made himself available for June’s T20 World Cup where Pakistan made an early exit after losing to archrival India and United States in group matches.
Wasim struggled to make a mark and finished the tournament with only three wickets in three games and could score only 19 runs.
The all-rounder said he will continue to play in domestic cricket and franchise cricket around the world.
“While this chapter comes to an end, I look forward to continuing my journey in cricket through domestic and franchise cricket, and I hope to keep entertaining you all in new ways. Thank you for everything. Pakistan,” he said.
Pakistan postpones anti-polio drive in northwestern district amid fragile security situation
- Kurram has a long history of violent conflicts and recent clashes between Shiite, Sunni communities, which began on Nov. 21, killed 133 people
- The development comes as the South Asian country reports four new cases of the polio virus that have brought the nationwide tally to 63 this year
PESHAWAR: Pakistani authorities have postponed a planned anti-polio vaccination campaign in the northwestern Kurram district, a senior health official said on Friday, citing a fragile security situation after weeks of deadly sectarian clashes in the region.
The development came as the South Asian country reported four new cases of the polio virus that brought the nationwide tally to 63 this year. Pakistan and the neighboring Afghanistan are the only two countries in the world where polio remains an endemic.
Kurram, a former semi-autonomous tribal region bordering Afghanistan, has a long history of violent conflicts and the recent clashes between Shiite and Sunni communities, which began on Nov. 21, killed 133 people in the restive region.
Though a council of tribal elders, or jirgah, backed by the Khyber Pakhtunkhwa provincial government, this month managed a ceasefire between the warring tribes, security situation remains fragile in the district where road closures have led to shortage of medicines and food.
“Yes, the anti-polio campaign in Kurram has been postponed delayed for now. After improvement in the security environment and reopening of roads, new dates for polio eradication campaign will be announced for the district,” Dr. Qaisar Khan, the Kurram district health officer (DHO), told Arab News.
Pakistan will launch its next anti-polio vaccination campaign from Dec. 16 till Dec. 22 to reach more than 44 million children under the age of five in 143 districts across the country, according to the official.
Pakistan is a Sunni-majority country, but Kurram has a large Shiite population, and the communities have clashed for decades. Provincial authorities last Sunday dispatched a batch of essential medicines via helicopter to the volatile district to ease the suffering of residents.
Pakistan’s chief health officer said on Nov. 10 an estimated 500,000 children had missed polio vaccination during the last countrywide inoculation drive.
This year, the country’s polio program has confirmed 26 polio cases in Balochistan, 18 in Khyber Pakhtunkhwa, 17 in Sindh, and one each in Punjab and the federal capital of Islamabad.
Poliovirus, which can cause crippling paralysis particularly in young children, is incurable and remains a threat to human health as long as it has not been eradicated. Immunization campaigns have succeeded in most countries and have come close in Pakistan, but persistent problems remain.
In the early 1990s, Pakistan reported around 20,000 cases annually but in 2018 the number dropped to eight cases. Six cases were reported in 2023 and only one in 2021.
Pakistan’s polio program began in 1994 but efforts to eradicate the virus have since been undermined by vaccine misinformation and opposition from some religious hard-liners who say immunization is a foreign ploy to sterilize Muslim children or a cover for Western spies. Militant groups also frequently attack and kill members of polio vaccine teams.
In July 2019, a vaccination drive in Khyber Pakhtunkhwa was thwarted after mass panic was created by rumors that children were fainting or vomiting after being immunized.
Public health studies in Pakistan have shown that a lack of knowledge about vaccines, together with poverty and rural residency, are also factors that commonly influence whether parents vaccinate their children against polio.
43 militants killed in Pakistan’s restive northwest and southwest this week — military
- Security forces gunned down 18 militants in Khyber Pakhtunkhwa and 25 in Balochistan
- Pakistan has struggled to curb militancy, blaming Afghanistan for the surge in recent years
ISLAMABAD: Security forces have killed 43 militants in intelligence-based operations (IBOs) this week in Pakistan’s northwestern Khyber Pakhtunkhwa and southwestern Balochistan provinces that border Afghanistan, the Pakistani military’s media wing said on Friday, as the South Asian nation steps up its fight to curb militancy.
On night of December 12-13, security forces conducted an IBO in KP’s Lakki Marwat district and killed six militants. Since 9 December, 18 militants have been killed in the province, according to the Inter-Services Public Relations (ISPR), the military’s media wing.
Security forces, after an intense fire exchange, neutralized 10 militants in two separate IBOs in Musa Khel and Panjgur districts of Balochistan on Dec. 13, leaving 25 militants dead in the region this week.
“These operations will continue till peace in the area is restored and khawrij [militants] are eliminated, as the security forces of Pakistan are determined to wipe out the menace of terrorism from the country,” the ISPR said in a statement.
Pakistan has struggled to contain surging militancy in KP since November 2022, when a fragile truce between the Tehreek-e-Taliban Pakistan (TTP), or the Pakistani Taliban, and the state broke down. Since then, the TTP has increased attacks against Pakistan’s security forces.
The remote Balochistan province, which is home to the Gwadar Port, built by China as part of the China-Pakistan Economic Corridor (CPEC), a $65 billion investment in President Xi Jinping’s Belt and Road infrastructure initiative, has seen an increase in strikes by separatist militants this year.
Pakistan’s military has a huge presence in Balochistan, which borders Afghanistan and Iran, and has long run intelligence-based operations against insurgent groups, which accuse the central government of exploiting Balochistan’s mineral and gas resources. The Pakistani state denies the allegation and says it is working to uplift the region through development initiatives.
Pakistan has frequently accused neighboring Afghanistan of sheltering and supporting militant groups, urging the Taliban administration in Kabul to prevent its territory from being used by armed factions to launch cross-border attacks. Afghan officials deny involvement, insisting Pakistan’s security issues are an internal matter of Islamabad.
