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.”
Pakistan stocks post 2.5% weekly gain as IMF talks fuel investor confidence
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Pakistan stocks post 2.5% weekly gain as IMF talks fuel investor confidence
- The bullish sentiment was triggered by a recent IMF visit, raising hopes for a staff-level agreement
- Analysts expect the market to remain positive as Pakistan seeks $1.5 billion in IMF climate financing
Pakistan expresses solidarity with Niger after 44 killed in mosque attack
- Armed militants opened fire on worshippers in mosque at Niger’s Kokorou town on Friday
- Shehbaz Sharif says attack painful reminder “terrorism” recognizes neither faith nor humanity
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Sunday condemned the mosque attack in Niger this week that killed at least 44 people, expressing solidarity with the African country as it reels from the tragedy.
At least 44 people were killed when militants opened fire on worshippers in a mosque on Friday in Niger’s rural border town of Kokorou, the country’s interior ministry said in a statement on Friday.
West Africa’s Sahel region, which includes Niger, has seen an uptick in violence in recent years following the rise of armed fighters linked to Al-Qaeda and Daesh groups that took over the territory in northern Mali after the 2012 Tuareg rebellion.
“Pakistan stands in solidarity with the people of Niger as they mourn the horrific loss of innocent lives in Kokorou, Niger,” Sharif wrote on social media platform X.
“The attack on worshippers, particularly during the sacred month of Ramadan, is a painful reminder that terrorism recognizes neither faith nor humanity,” he added.
The African country said that the attack took place early in the afternoon as people were attending a prayer service at the mosque during the holy month of Ramadan.
The Pakistani prime minister condemned the “barbarity” in strong words, saying that his country shares in Niger’s grief.
Niger’s defense ministry blamed the attack on Daesh affiliate EIGS in a statement late on Friday. EIGS did not respond to the allegations.
Niger frequently fights armed groups in the region, with civilians often becoming casualties of the violence.
Since July 2023, at least 2,400 people have been killed in Niger, according to ACLED, a non-governmental organization that gives armed conflict location and event data.
Pakistan urges international community to take decisive steps to end ‘genocide’ in Palestine
- President Asif Ali Zardari’s statement comes in response to renewed military operations by Israel in Gaza
- Pakistan does not recognize Israel, and its passport explicitly states it cannot be used for travel to country
ISLAMABAD: Pakistan President Asif Ali Zardari on Sunday demanded the international community take decisive steps to end the “genocide” in Palestine, reaffirming solidarity with the people of Gaza as tensions with Israel flare in the Middle East again.
Zardari’s statement came following the disagreement between Hamas and Israel over the next steps in the Jan. 19 ceasefire, with the Jewish state resuming air strikes in Gaza this Tuesday followed by ground operations the day after.
On Friday, Israeli Defense Minister Israel Katz threatened to annex parts of Gaza unless Hamas frees the remaining Israeli hostages seized in the Oct. 7, 2023 attack.
“Here, we express solidarity with Palestine and reaffirm our resolve for their right to self-determination,” Zardari told participants of a military parade held in Islamabad to mark Pakistan’s republic day.
“The international community must immediately take decisive steps to end Palestinian genocide. The Palestinian masses must have complete independence in their own country without any external interference,” he added.
Hamas’ 2023 attack on Israel resulted in 1,218 deaths, mostly civilians, according to Israeli figures.
Nearly 50,000 people in Gaza have been killed in the war since then due to Israel’s retaliation, according to the Hamas-run territory’s health ministry.
Of the 251 Israeli hostages taken that day, 58 are still being held, including 34 the Israeli military says are dead.
Pakistan does not recognize the state of Israel, and its passport explicitly states that it cannot be used for travel to the country.
Islamabad has repeatedly called for an independent Palestinian state based on “internationally agreed parameters” and pre-1967 borders with Al-Quds Al-Sharif as its capital.
Pakistan win toss, bowl in fourth New Zealand T20I
- Chasing team has won each of three games of current T20I series between both sides
- Pakistan beat New Zealand by nine wickets in stellar run chase in last match on Friday
Tauranga, New Zealand: Pakistan won the toss and elected to bowl in the fourth Twenty20 against New Zealand in Mount Maunganui on Sunday as they bid to square the five-match series.
Captain Salman Agha’s decision was no surprise, given that the chasing team has comfortably won each of the first three games of the series.
New Zealand made two changes from the team that lost the third match in Auckland on Friday by nine wickets, leaving Pakistan trailing 2-1.
Both are to their seam attack, with Zak Foulkes and Will O’Rourke replacing Kyle Jamieson and Ben Sears.
Pakistan are unchanged from the team that won at Eden Park, highlighted by opener Hasan Nawaz’s maiden century of 105 not out off 45 balls.
New Zealand: Tim Seifert, Finn Allen, Mark Chapman, Daryl Mitchell, James Neesham, Mitchell Hay, Michael Bracewell (capt), Ish Sodhi, Zak Foulkes, Jacob Duffy, Will O’Rourke
Pakistan: Mohammad Haris, Hasan Nawaz, Salman Agha (capt), Irfan Khan, Shadab Khan, Abdul Samad, Khushdil Shah, Abbas Afridi, Shaheen Shah Afridi, Haris Rauf, Abrar Ahmed
Umpires: Chris Brown (NZL), Wayne Knights (NZL)
TV umpire: Kim Cotton (NZL)
Match referee: Jeff Crowe (NZL)
Pakistan celebrates Republic Day with military parade in capital city
- Pakistan holds military parade on Mar. 23 each year to commemorate Lahore Resolution’s adoption by Muslim League party in 1940
- Pakistan President Asif Ali Zardari says country has capability to rise above geopolitical challenges, stabilize economy and its borders
ISLAMABAD: Pakistan celebrated its Republic Day with a grand military parade in the capital city on Sunday, as the country’s president vowed the nation would rise above its current challenges to stabilize its economy.
The parade was held at the Aiwan-e-Sadr or the official residence of the president on Sunday morning. It is held each year on Mar. 23 to celebrate the adoption of the Lahore Resolution by the Muslim League party, which called for the creation of an independent state for the Muslims of India on Mar. 23, 1940.
The day began with a 31-gun salute in the federal capital and a 21-gun salute in provincial capitals. All three contingents of Pakistan’s armed forces, the army, the navy and the air force took part in the military parade.
Speaking at the ceremony, chief guest President Asif Ali Zardari acknowledged that the country is facing several challenges. However, he said Pakistan was capable of striving and prevailing over its existing difficulties.
“Pakistan faces several geopolitical problems but our brave armed forces are giving numerous sacrifices as they stand shoulder-to-shoulder with Pakistan’s masses,” Zardari told attendees at the parade.
“We will stabilize our borders, our economy and our agriculture,” he added.
Apart from Zardari, the ceremony was attended by Prime Minister Shehbaz Sharif, armed forces services chiefs, senior officials and other dignitaries.
Pakistan Air Force fighter jets presented a fly-past at the ceremony to showcase the country’s air defense capabilities. Pakistan Army troops also held a march-past at the parade, paying homage to the attendees at the event.
While last year the event was held at the Parade Avenue in Islamabad, this year it was held at the Aiwan-e-Sadr on a “limited” scale due to the holy month of Ramadan, state broadcaster Radio Pakistan reported earlier this week.
This year, the military parade took place as Pakistan grapples with surging militancy, especially in its southwestern Balochistan province bordering Iran and Afghanistan. Separatist militants last Tuesday bombed a section of the railway track and stormed the Peshawar-bound Jaffar Express train carrying over 400 passengers in the mountainous Bolan region.
The crisis was resolved the following day when the armed forces carried out a successful operation to rescue the hostages, killing all 33 militants in the process. A final count showed 23 soldiers, three railway employees and five passengers had died in the attack.
Violence persisted in the region days later as a blast killed five, including three paramilitary soldiers, in the province’s Nushki district last Sunday.
On Saturday, unidentified gunmen shot dead four cops and four Punjab-based laborers in Balochistan in separate attacks.
No group has claimed responsibility for the attacks but suspicion is likely to fall on the outlawed militant Baloch Liberation Army (BLA) group, which has carried out attacks against Punjab-based laborers and law enforcers in the southwestern province.
Gunmen kill four cops, four Punjab-based laborers in southwestern Pakistan
- Unidentified men shoot dead police officers in Balochistan’s restive Nushki district, say police official
- No group has claimed responsibility but suspicion likely to fall on separatist Baloch Liberation Army
QUETTA: Unidentified gunmen killed four police officers and four Punjab-based laborers in Pakistan’s southwestern Balochistan in separate attacks on Saturday, police and government officials confirmed amid the province’s worsening security situation.
The first attack took place in Balochistan’s Mangochar town, located some 40 kilometers from Kalat district, at 2:30pm on Saturday when gunmen shot dead four laborers who hailed from Pakistan’s eastern Punjab province, Mangochar Assistant Commissioner Ali Gul Imrani said. The laborers hailed from Punjab’s Sadiqabad district.
Attacks on laborers from other parts of the country have increased in Balochistan, with militants accusing them of profiting from the region.
In a separate attack, four cops were killed the same day after unidentified men on a motorcycle ambushed a police mobile in Nushki district’s Ghareebabad area, Nushki Police Station House Officer Zafar Sumalani told Arab News.
“A police mobile came under attack on Saturday when armed men targeted them with intense gunfire,” Sumalani said. “Four policemen, including three constables and one head constable, were killed.”
Sumalani said the policemen belonged to Nushki district, adding that their bodies had been shifted to the District Headquarters Hospital in the area.
“Police have beefed up security in Nushki and its surrounding areas to hunt down the attackers involved in killing policemen,” he said.
Prime Minister Shehbaz Sharif condemned the attack on the police officers, expressing grief and sorrow over the incident.
“The prime minister directed authorities to launch an immediate investigation into the incident and identify those responsible,” the Prime Minister’s Office (PMO) said in a statement.
So far, no group has claimed responsibility for both attacks but suspicion is likely to fall on the outlawed separatist militant outfit Baloch Liberation Army (BLA).
The BLA has carried out attacks against Punjab-based laborers and law enforcers in the restive southwestern province, as the group demands a greater share of Balochistan’s natural resources from the province.
Balochistan, which shares porous borders with Iran and Afghanistan, has experienced a low-scale insurgency by Baloch separatist groups for decades, who accuse Islamabad of denying them a share in the natural resources of the province.
Pakistan’s central government and the military deny the allegations, pointing to several projects they say are aimed at bringing progress to the province.
The attacks take place amid the worsening security situation in the province. BLA fighters last Tuesday stormed a train in the rugged Bolan region, seizing hundreds of passengers before the military launched a rescue operation.
The siege that lasted for two days ended after a military operation that killed 33 militants. The attack, which also claimed the lives of more than 30 Pakistanis, was one of the deadliest train assaults in the country’s history.
The attacks also take place in Balochistan amid rising political instability in the province, as a leading Baloch ethnic rights group announced on Saturday its top leader Mahrang Baloch had been arrested along with several of her colleagues in Balochistan after police raided their protest camp at dawn in the provincial capital of Quetta.
The Baloch Yakjehti Committee (BYC) said its leader’s arrest came amid a province-wide wheel-jam strike that followed an alleged police attack on a protest in Quetta that killed three people on Friday evening.
BYC said its leader and other supporters began a sit-in with the bodies of the deceased when authorities intervened and detained them.
