Pakistan stocks hit new high in intraday trading on investor confidence, IMF review optimism
Pakistan stocks hit new high in intraday trading on investor confidence, IMF review optimism /node/2594236/pakistan
Pakistan stocks hit new high in intraday trading on investor confidence, IMF review optimism
A stockbroker speaks on a phone while monitoring the share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on June 24, 2022. (AFP/File)
ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed the 119,000-point threshold in intraday trading for the first time, largely driven by aggressive buying from local mutual funds and confidence over a positive review of an International Monetary Fund bailout program, a top brokerage house said.
The benchmark KSE-100 index climbed 1,215.46 points, or 1.03 percent, to reach 119,189.48 from the last close of 117,974.02 at 9:43am. The index settled at 118,769.77, up by 795.75 or 0.67 percent, from the previous close.
“This strong upward movement was largely driven by aggressive buying from local mutual funds, as investor confidence remained high on expectations of an imminent IMF review, which might be completed earlier than expected,” Topline Securities said in its daily market review.
Market activity remained robust, with 666 million shares traded, amounting to a turnover of Rs38.5 billion. Cnergyico Pk Ltd. oil refining company led the volume charts, with 163.9 million shares changing hands.
“The positive trajectory in the Pakistan Stock Exchange signifies the increasing trust of traders and investors in the government’s economic policies,” Prime Minister Shehbaz Sharif said in statement.
“The government is providing all necessary facilities on a priority basis to ensure a conducive environment for business and investment in the country.”
Earlier this month, an International Monetary Fund (IMF) team concluded its first review of Pakistan’s economic reforms under a $7 billion loan program, describing Pakistan’s progress as “strong,” though the mission departed without finalizing a staff-level agreement.
KARACHI: Pakistan’s stocks ended the week on Friday with a 2.5 percent weekly gain, with the benchmark KSE-100 Index hitting a record high as investors expected a positive outcome from the country’s ongoing talks with the International Monetary Fund (IMF) under the first review.
The last trading session of the week witnessed the stocks gauge rising to 119,405 points during the day before closing in the red at 118,442 points, 0.3 percent lower than the last close due to profit-taking.
An IMF staff mission left Pakistan last week after concluding a visit that lasted for over half a month, with its chief, Nathan Porter, issuing a statement saying the two sides “made significant progress toward reaching a Staff Level Agreement,” triggering a bull run at the Pakistan Stock Exchange.
“The week commenced with the completion of the IMF mission’s visit to Pakistan for the first review of the ongoing $7 billion Extended Fund Facility, though a staff-level agreement remains awaited,” he said.
Pakistan, he continued, was also in the process of securing an arrangement under the Resilience and Sustainability Facility (RSF) with the IMF for additional financing to address the impacts of climate change.
Pakistan is one of the world’s most affected nations by climate change and has witnessed extreme weather events like floods, droughts and heatwaves. The country is seeking about $1.5 billion in climate financing from the global lender, which is currently evaluating the country’s request.
The Karachi-based brokerage research firm Arif Habib Ltd. said the market remained “jubilant” during the week as investor sentiment was supported by expectations of a staff-level agreement between Pakistan and the IMF that will lead to the disbursement of $1.1 billion to Pakistan.
The IMF, it said, shared a draft of the Memorandum of Economic and Financial Policies with the authorities in Pakistan, which signaled progress.
“Furthermore, potential resolution of power circular debt charged up the overall sentiment,” it said.
The IMF has also allowed the government to recalibrate its Rs12.97 trillion tax collection target for the current fiscal year to Rs12.35 trillion.
“We expect the market to remain positive in the upcoming week,” said the research firm. “The equity investors will closely follow developments leading up to Pakistan’s pact with the IMF that is projected to keep the momentum at the bourse buoyant.”
KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Friday the International Monetary Fund’s (IMF) response to his country’s request for climate financing was “very positive,” as he oversaw the signing of Pakistan’s first green bond denominated in the local currency.
The IMF’s climate finance funding provides long-term, low-interest loans to help vulnerable countries tackle climate-related risks and transition to greener economies.
Pakistan, which has experienced extreme weather events like floods, droughts and heatwaves, is in talks with the Washington-based lender to secure as much as $1.5 billion in climate resilience funding.
The IMF is also reviewing Pakistan’s economic performance under its $7 billion Extended Fund Facility (EFF) program.
“Over the last few weeks, we have had very constructive discussions with the IMF with respect to the climate resilience fund,” the minister said while addressing an event in Islamabad, adding it was the first time his country had approached the global lender for climate financing and had got a “very positive” response.
“In the coming days, hopefully, we will get to hear more about it,” he continued.
Aurangzeb witnessed the signing of Parwaaz Green Action Bond, Pakistan’s first-ever rupee-denominated green bond to be listed on the stock exchange.
The Rs1 billion ($3.6 million) bond aims to mobilize capital for environmentally sustainable projects and strengthen Pakistan’s green investment ecosystem.
This is the second green bond after Pakistan issued the $500 million Water and Power Development Authority (WAPDA) bond, which was oversubscribed by six times.
Recalling the devastating effects of the 2022 floods and growing pollution, the finance minister said Pakistan was beginning to see and accept climate change as an existential threat.
He said out of a total 13,000 glaciers in Pakistan, 10,000 were receding and were expected to cause significant water disruptions.
He pointed out Pakistan needed financing to deal with such challenges for which it looked toward its multilateral and development partners. However, he emphasized the importance of building Pakistan’s own capacity “in terms of investable, bankable projects” in the context of increasing climate disasters.
“After the 2022 flood, the pledges which were made exceeded $10 billion,” he noted. “What we finally received in the country was one third of it.”
About Pakistan’s first rupee-denominated green bond, he said the country would require some key enablers, such as a proper bond yield curve, secondary market liquidity and a green taxonomy framework.
“Hopefully, as it gets sold out, it should encourage more people both locally and internationally to come up with the financing structures,” he added.
KARACHI: A prominent Pakistani religio-political party held pro-Palestine protests outside the American diplomatic missions in major cities on Friday, condemning Washington’s support for Israel’s recent military actions in Gaza.
Israeli airstrikes have killed over 500 Palestinians, with more than half of them women and children, since Tuesday, according to Palestinian health authorities in Gaza.
The renewed escalation is a blow to the ceasefire agreement reached between Israel and Hamas on Jan. 15, following more than a year of Israeli airstrikes that flattened much of Gaza’s infrastructure, including schools, hospitals and residential neighborhoods.
Around 48,000 Palestinians in Gaza were killed during the 15-month war that began in October 2023.
Reacting to the development, Jamaat-e-Islami (JI) Pakistan decided to bring out pro-Palestine rallies, with its chief Hafiz Naeem-ur-Rahman addressing his followers in Lahore to highlight the gravity of the situation.
“People are on the streets showing solidarity with their Palestinian brothers, sisters and children,” he said. “This is the month of Ramadan, and the calamity happening during this month is a shameful reality for humanity.”
Members and activists of Pakistan’s Jamaat-e-Islami (JI) party take part in a protest to express their solidarity with the Palestinians, in Lahore on March 21, 2025. (AFP)
Rahman condemned the “relentless bombardment” in Gaza that has led to the death of hundreds of people and caused widespread destruction in the area.
“If there is any power behind Israel’s terrorism and the genocide of Palestinians, it is the power of America,” he said. “This is why America is complicit in the bloodshed of Palestinians, supporting Israel and Netanyahu.”
He criticized the international community’s inaction and the perceived complacency of Muslim rulers, questioning the silence of their armies and the continuation of trade with the US and Israel.
“All these people share equal responsibility for the blood of Palestinians,” he declared.
Members and activists of Pakistan’s Jamaat-e-Islami (JI) party hold posters as they take part in a protest to express their solidarity with the Palestinians, in Peshawar on March 21, 2025. (AFP)
The JI chief demanded the government to clarify how a group of Pakistani journalists recently managed to travel to Israel.
“Reports are circulating on social media about Pakistani journalists traveling to Israel,” he said. “The government should present its stance on this matter. If a deal is made with the Zionists and the blood of Palestinians traded, the nation will turn these rulers into an example for others.”
Pakistan does not recognize Israel and explicitly states this on its passport. The foreign office said this week it was seeking more information about the reported visit of the Pakistani delegation while ruling out any possibility of recognizing Israel.
Activists of Pakistan’s Jamaat-e-Islami (JI) party hold a banner as they take part in a protest to express their solidarity with the Palestinians, in Islamabad on March 21, 2025. (AFP)
In Karachi, JI’s city head, Munim Zafar Khan, led a protest outside the US Consulate, where he reiterated the importance of protecting Jerusalem by framing it as a matter of faith.
“The people of Gaza remain steadfast despite the devastation Israel has inflicted upon them,” he said. “With faith in Allah and perseverance, no worldly power can defeat you.”
Khan echoed Rahman’s criticism of Muslim rulers, accusing them of being “meek before America” and failing to protect the Palestinian people.
He also praised young people around the world for showing solidarity with Palestine and highlighted the resilience of the Gazan people, who are observing Ramadan under dire conditions.
ISLAMABAD: Pakistan has granted temporary registration to Starlink, a satellite Internet service by SpaceX that promises high-speed connectivity, particularly in underserved areas, state media reported on Friday.
The move comes as the international company, owned by billionaire Elon Musk, applied to secure a full operating license in Pakistan, where demand for improved Internet access remains high.
Musk, who has drawn global attention for his proximity to US President Donald Trump and controversial political stances, has pushed to expand Starlink’s footprint globally despite regulatory hurdles in several countries.
“With the consensus of all security and regulatory bodies, Starlink has been issued a temporary No Objection Certificate (NOC),” the Associated Press of Pakistan (APP) news agency said while quoting an official statement.
APP said the decision was described by Federal Minister for Information Technology Shaza Fatima Khawaja as part of the government’s initiative to enhance the country’s Internet infrastructure.
“Starlink’s registration is a major step forward in this journey,” she continued.
The IT minister said the Pakistan Telecommunication Authority (PTA) would oversee compliance with fee payments and other licensing requirements by the company.
“Modern solutions like satellite Internet will greatly enhance connectivity, particularly in underserved and remote areas of the country,” she added, calling the approval a milestone.
Khawaja highlighted the Pakistani administration adopted a “whole-of-government” approach, working in close collaboration with all relevant institutions to facilitate Starlink’s registration process.
She also acknowledged the respective roles played by cybercrime and security agencies, the PTA and the country’s space agency in this regard.
The minister expressed optimism that Starlink’s entry into Pakistan would formally launch satellite Internet services and bridge the digital divide.
Pakistan Taliban kill five police officers in multiple attacks
The group announced a ‘spring campaign’ against the security forces earlier this month
Militant attacks have so far claimed over 170 lives in Pakistan’s western provinces this year
Updated 21 March 2025
AFP
PESHAWAR: The Pakistani Taliban killed at least five police officers and wounded six others in multiple attacks in the country’s northwest, police said Friday.
There were at least five separate attacks across Khyber Pakhtunkhwa province, a police official told AFP on condition of anonymity.
The killings were claimed by the Pakistani Taliban — known as Tehreek-e-Taliban Pakistan (TTP) — which in mid-March announced a “spring campaign” against the security forces.
The group has since claimed responsibility for more than 80 attacks in Khyber Pakhtunkhwa, a mountainous province along the porous Afghan border.
Qasim Ali, police chief in the provincial capital Peshawar, said “there has been a noticeable rise in attacks on the police” recently.
Such incidents are a daily occurrence in the region, where the military regularly says it kills “terrorists.”
Ali reported attacks against police in nine district over just two days since TTP announced its offensive, saying the force has responded with more counterterrorism operations.
More than 170 people, mostly security personnel, have been killed in militant attacks against the state in Khyber Pakhtunkhwa and neighboring Balochistan province since the beginning of this year, according to an AFP tally.
Balochistan saw a dramatic train siege this month which officials said resulted in around 60 deaths, half of which were separatists behind the assault.
Last year was the deadliest year in almost a decade, with more than 1,600 people killed in attacks in Pakistan — nearly half of them security forces personnel — according to the Islamabad-based Center for Research and Security Studies.
The violence is largely limited to Pakistan’s border regions with Afghanistan.
Islamabad accuses Kabul of failing to counter militants operating from its territory that are targeting Pakistan, an allegation the Taliban authorities deny.
