Pakistan’s key stock index, spurred by hopes of Saudi investment, breaches 71,000 barrier

Pakistan’s key stock index, spurred by hopes of Saudi investment, breaches 71,000 barrier
This photo, taken on February 23, 2024, shows Pakistan Stock Exchange building in Karachi. (AN Photo/File)
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Updated 16 April 2024
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Pakistan’s key stock index, spurred by hopes of Saudi investment, breaches 71,000 barrier

Pakistan’s key stock index, spurred by hopes of Saudi investment, breaches 71,000 barrier
  • The benchmark KSE 100 index reached a record high of 71,092 points during intra-day trading on Tuesday
  • Saudi Arabia’s foreign minister arrived in Pakistan on Monday with his visit aimed at enhancing economic cooperation

KARACHI: Bulls at the Pakistan Stock Exchange (PSX) welcomed a high-profile Saudi delegation’s visit to Pakistan on Tuesday, as the key stock index registered an all-time high of over 71,000 points during intraday trading as investors hoped Islamabad would attract investment from the Kingdom, analysts said.
The benchmark KSE 100 index reached a record high of 71,092 points during the day on Tuesday before closing 60.9 points down at 70,483.6 level, the stock market’s website showed. The bullish trend followed a day after Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan arrived in Pakistan on a two-day visit to the country.
The Saudi minister’s visit is aimed at enhancing bilateral economic cooperation and pushing forward previously agreed investment deals with Pakistan. His trip comes a little over a week after Crown Prince Mohammed bin Salman met Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite investments worth $5 billion.
“The current bullish trend in the stock market is fueled by hopes of realizing Saudi investments and deposits following the visit of a high-profile delegation [to Pakistan],” Muhammad Sohail, CEO of Topline Securities, told Arab News.
Pakistan’s prime minister, president and foreign minister on Tuesday said the Saudi foreign minister’s ongoing visit would help transform a longstanding friendship between the two nations into a strategic and commercial partnership.
Pakistan has identified agriculture, mining, energy and IT sectors for foreign investment through the Special Investment Facilitation Council (SIFC), a hybrid civil-military body that was formed in June last year to attract investments from mainly Gulf countries.
Ali Nawaz, CEO of Chase Securities, said other than the Saudi delegation’s arrival, other reasons had also influenced Pakistani stocks to perform well.
“Firstly, positive corporate performance by listed companies, characterized by revenue growth and profitability, has bolstered investor confidence in the market,” Nawaz told Arab News.
He said Pakistan’s stable political conditions have contributed to a positive sentiment among investors and encouraged them to invest in equities.
“Foreign investors continue to accumulate position in equity markets bringing in much-needed liquidity into capital markets,” Nawaz said.
Ahsan Mehanti, CEO of Arif Habib Corporation, said the stock market had gained impressively during the day but closed at a lower level due to institutional profit taking. Profit taking refers to the act of selling a security to lock in gains after it has risen appreciably.
Mehanti said the development had taken place amid “uncertainty over the outcome of Pakistan-IMF talks for new bailout program and geo-political tensions.”
Pakistan’s finance minister Muhammad Aurangzeb, who is in Washington, has initiated talks with IMF officials to secure a new loan program after the South Asian country’s $3 billion loan program draws to a close this month.
Speaking at an event hosted by the Atlantic Council, a think tank, the finance minister said Pakistan is looking for a larger loan program that would span two to three years in duration.
“We will need a two-to-three period year time period so that we can actually go through the structural reforms,” the finance minister said.


Police say two people arrested in southern Sindh for stealing mobile tower, scrap partially recovered

Police say two people arrested in southern Sindh for stealing mobile tower, scrap partially recovered
Updated 7 sec ago
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Police say two people arrested in southern Sindh for stealing mobile tower, scrap partially recovered

Police say two people arrested in southern Sindh for stealing mobile tower, scrap partially recovered
  • The unique incident took place in Larkana earlier this month on June 7, and the stolen tower valued about $7,196
  • The owner of the land where the tower was installed says he had not been paid rent by the company for six months

LARKANA, Sindh: Police in Pakistan’s southern Sindh province have arrested two suspects in connection with the theft of a private company’s mobile phone tower in Larkana district, an official statement informed Saturday, saying that part of the scrap of the stolen tower had been recovered.
The statement said a case had been registered at the Naudero Police Station in Larkana following a complaint filed by the regional security manager of Telenor Pakistan about the theft of the tower.
“The suspect nominated in the case, along with a scrap dealer, was caught and arrested,” the statement continued. “Some of the stolen material was also recovered.”
It added that investigations had revealed the tower had not been used for nearly six months.
The statement mentioned that Muhammad Rakhiyal Abro, the owner of the private land where the tower had been installed, said after his arrest that the mobile company had not paid rent to him or salary to the watchman during this period.
“Rakhiyal said individuals claiming to be Telenor company’s employees approached him about a week ago, saying the company had decided to shut down and remove the tower,” it said.
A police official informed a portion of the scrap of the stolen tower had been recovered and a scrap dealer, Saadullah Brohi, had been taken into custody.
“The recovered scrap weighs around 20 maunds [746.5 kilograms], while an equal amount of scrap remains to be recovered,” Station House Officer of Naudero Police, Shahid Memon, told Arab News.
According to the police complaint, the incident occurred earlier this month on June 7, and the stolen tower valued about Rs2 million ($7,196).


Pakistan PM mourns the loss of Holy Ka`aba’s key bearer, offers condolences

Pakistan PM mourns the loss of Holy Ka`aba’s key bearer, offers condolences
Updated 24 min 4 sec ago
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Pakistan PM mourns the loss of Holy Ka`aba’s key bearer, offers condolences

Pakistan PM mourns the loss of Holy Ka`aba’s key bearer, offers condolences
  • Dr. Sheikh Saleh Al-Shaibi was born in Makkah and secured a doctorate in Islamic Studies
  • His family was assigned by the Prophet (PBUH) himself to be the caretaker of the Ka`aba

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday expressed grief and offered condolences over the passing of Dr. Sheikh Saleh Al-Shaibi, the guardian and key bearer of the Holy Ka`aba, who died earlier in the day.
Dr. Al-Shaibi, who was born in Makkah and secured a doctorate in Islamic Studies, initially worked as a university professor and published several books on religion and history.
He belonged to a family that has served as the caretaker of Ka`aba, the black cubical structure at the heart of Makkah’s Grand Mosque, since the city was conquered by the first Muslim community under the leadership of Prophet Muhammad (PBUH).
“Dr. Sheikh Saleh Al-Shaibi had the unique honor of being the key bearer of the Ka`aba and every Muslim is proud of his fate for having such an honor,” Sharif said in a condolence message reported by Radio Pakistan.
He prayed for the high rank for the deceased in the afterlife and patience for the bereaved family.
Dr. Al-Shaibi became the caretaker of the Ka`aba in 2013 after his uncle, Abdul Qader Taha Al-Shaibi, passed away.
The Prophet (PBUH) had handed the key to the Ka`aba to his ancestor, Uthman Ibn Abi Talha, in the eighth year of hijra and ordered that the honor should forever remain in his family.


Lawyer says Pakistani court ruling offers hope for easier life for Afghan musicians, transgender refugees

Lawyer says Pakistani court ruling offers hope for easier life for Afghan musicians, transgender refugees
Updated 22 June 2024
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Lawyer says Pakistani court ruling offers hope for easier life for Afghan musicians, transgender refugees

Lawyer says Pakistani court ruling offers hope for easier life for Afghan musicians, transgender refugees
  • Peshawar High Court ordered Pakistani authorities not to deport these people seeking asylum in the country
  • Afghan musicians, transgender persons fled their country due to fear of persecution after the Taliban’s return

PESHAWAR: A lawyer representing undocumented musicians and transgender people from Afghanistan said on Saturday he was hopeful a recent court verdict would make his clients’ lives easier in Pakistan after they fled their country due to fear of persecution in the wake of the Taliban’s return to power in 2021.
A two-member bench of the Peshawar High Court, comprising Justices Ijaz Anwar and Waqar Ahmad, instructed the Pakistani authorities not to “harass” these musicians while hearing their petition pending further proceedings.
It also issued an order prohibiting the forced repatriation of these individuals seeking asylum in Pakistan until the court issued its final directive.
The Afghan Taliban imposed a ban on music soon after taking over the capital city of Kabul over two years ago, considering it against the principles of Islamic Shariah.
The musicians filed a case in the Peshawar High Court last October to prevent their return to Afghanistan, following a massive deportation drive for unregistered foreigners initiated by Pakistani authorities citing security reasons.
“The recent development offers hope for Afghan artists and transgender people who fear persecution if they are deported to Afghanistan,” Advocate Mumtaz Khan told Arab News on Saturday.
He noted that many Afghan musicians were detained and harassed by the police due to a lack of documentation.
“The situation of Afghan musicians has remained dire,” he continued. “They cannot move freely or hold public concerts.”
Khan maintained these people had fled their country to save their lives where the Afghan interim administration officials had been arresting and beating musicians.
According to official documents prepared by the home and tribal affairs department of Khyber Pakhtunkhwa, 354,255 unregistered foreigners have been repatriated via the northwestern Pakistani province that shares its border with Afghanistan since September 17.
The international community, including the United States and various UN agencies, has urged Pakistan not to deport vulnerable Afghan nationals, expressing concerns over risks to their lives amid ongoing human rights challenges in the neighboring state.
Speaking to Arab News, Faiz Muhammad Sakhi, a former musicology professor at the Kabul University who fled to Pakistan after the Taliban takeover, said his sons had been arrested by the police due to their lack of documents.
“I’m currently trying to secure their bail through court,” he said.
“Our lives are not very good in Pakistan,” he continued. “Neither can we go back to Afghanistan. I hope the recent court order will lessen our difficulties in this country.”


Pakistan PM says ‘soft states’ cannot gain investor confidence, calls for robust response to militancy

Pakistan PM says ‘soft states’ cannot gain investor confidence, calls for robust response to militancy
Updated 9 min 33 sec ago
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Pakistan PM says ‘soft states’ cannot gain investor confidence, calls for robust response to militancy

Pakistan PM says ‘soft states’ cannot gain investor confidence, calls for robust response to militancy
  • Shehbaz Sharif calls it a ‘grave mistake’ only to expect the armed forces to deal with the issue of militant violence
  • He asks the provinces to play their role, saying it was their joint responsibility after the eighteenth amendment

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday emphasized the necessity of developing a strong and comprehensive response to the challenge of militant violence in Pakistan, saying it was not possible for a “soft state” to strengthen its economy since it tends to lose confidence of potential investors.
Sharif made the observation while addressing the National Action Plan’s Apex Committee, a high-level forum that includes members such as the army chief, provincial chief ministers and heads of major civil and military law enforcement agencies.
The committee oversees and coordinates comprehensive national efforts to combat militant and other security threats within the country.
The prime minister’s statement comes just a day after senior Chinese politician Liu Jianchao said in Islamabad that Pakistan’s security challenges were undermining the confidence of investors from his country.
Liu’s statement reinforced concerns raised by authorities in Beijing following several attacks on Chinese nationals working on energy and infrastructure development projects in Pakistan, including a suicide bombing in March this year that killed five of them.
“For sustainable development in Pakistan, stability and the rule of law are essential,” said the prime minister. “It is our collective responsibility to enforce the writ of the state with full force and without exception.”
“A soft state can never earn the confidence of investors, whether they are domestic or foreign,” he continued. “Therefore, a healthy and strong economy cannot be envisaged in an unstable state plagued by terrorism.”
Sharif maintained fighting militant violence was the joint responsibility of all institutions of the state.
“We have very easily left this matter to the officers and soldiers of our armed forces,” he added. “The provinces and governments have completely absolved themselves of this responsibility. This is the dangerous approach that has developed over the past years.”
The prime minister noted this was not the way Pakistan could “end terrorism.”
“After the 18th amendment in the constitution, the provincial governments have a significant role in this effort and have also been provided resources,” he said. “Therefore, I expect that the provinces will play an active part in combating terrorism. Together, God willing, we will eradicate this scourge.”
He said it was important for everyone to take the ownership of the war against militancy, adding that leaving it to just one institution of the state would be a “grave mistake.”
Earlier in the day, Pakistan’s interior minister Mohsin Naqvi also held a meeting to review the security measures for foreign nationals, particularly the Chinese workers in the country.


‘Sacrifice won’t go to waste,’ Pakistan PM says as five soldiers killed in IED blast 

‘Sacrifice won’t go to waste,’ Pakistan PM says as five soldiers killed in IED blast 
Updated 22 June 2024
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‘Sacrifice won’t go to waste,’ Pakistan PM says as five soldiers killed in IED blast 

‘Sacrifice won’t go to waste,’ Pakistan PM says as five soldiers killed in IED blast 
  • IED blast targeted vehicle carrying security forces in Kurram district in northwestern province
  • Top officials attend funeral of Sepoy Haroon William, Christian soldier who was killed in latest blast 

ISLAMABAD: Prime Minister Shehbaz Sharif said on Saturday the sacrifice of Pakistan army soldiers killed in an improvised explosive device (IED) blast in northwestern Pakistan this week wouldn’t go to waste, as he vowed to continue the South Asian nation’s ‘war against terrorism.’
The IED blast targeted a vehicle carrying security forces personnel in Kurram district of Pakistan’s Khyber Pakhtunkhwa (KP) province, the Pakistan army’s media wing said in a statement. 
The blast comes amid a rise in terror attacks mostly claimed by the Pakistani Taliban, known as the Tehrik-e-Taliban Pakistan or TTP, an ally of the Afghan Taliban but a separate group, which has stepped up its assaults in the region since the Taliban seized power in Afghanistan in 2021. Pakistan says the TTP uses Afghan soil to launch attacks in Pakistan, a charge that Kabul denies. 
On Saturday, Sharif and other top government and military officers including the army chief attended the funeral prayers in Islamabad of Sepoy Haroon William, a Christian soldier who was killed in the Kurram IED blast. 
“The army’s history is filled with such sacrifices. In yesterday’s unfortunate incident, Haroon William sacrificed his life for the motherland,” Sharif said as he addressed the funeral service. “Me, army chief and everyone hail their sacrifice for the nation, I believe this sacrifice will not go to waste.”
A day earlier, Sharif had vowed to continue “the war against the menace [of terrorism] till its complete elimination.”
Pakistan has witnessed a surge in militant attacks in recent years, predominantly in Khyber Pakhtunkhwa. In January 2023 militants killed at least 101 people, mostly police officers, when a suicide bomber disguised as a policeman attacked a mosque in the northwestern city of Peshawar. In another major attack, five Chinese nationals were killed in a suicide bombing on their convoy in March.
Earlier this month, a report by the provincial counter-terrorism department (CTD) said 65 police officials were killed and 86 wounded in 237 incidents of terrorism in Khyber Pakhtunkhwa in the past five months. Police had killed 117 militants and arrested 299 others in a series of operations, the report added. 
Pakistani authorities often say Afghanistan’s Taliban rulers are providing shelter to TTP fighters across the two nations’ shared border. The Afghan Taliban government insists it doesn’t allow anyone to use Afghan soil for violence in another country. The TTP has also said it is not using Afghan soil to target troops in Pakistan.