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Pakistan stock market closes above 109,000 points on Saudi deposit rollover, upbeat indicators

Pakistan stock market closes above 109,000 points on Saudi deposit rollover, upbeat indicators
Stockbrokers watch an index board showing the latest share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on September 20, 2021. (AFP/File)
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Updated 06 December 2024
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Pakistan stock market closes above 109,000 points on Saudi deposit rollover, upbeat indicators

Pakistan stock market closes above 109,000 points on Saudi deposit rollover, upbeat indicators
  • The benchmark KSE-100 index surged by 814 points, or 0.75 percent, to hit a record high of 109,053.95 points
  • The development came a day after Saudi Arabia extended term of its $3 billion deposit for a year
Updated 06 December 2024
KASHIF IMRAN
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ISLAMABAD: The Pakistan Stock Exchange (PSX) on Friday closed at 109,053.95 points when trading ended on Friday, as the bullish sentiment prevailed in the market, analysts said, a day after Saudi Arabia rolled over $3 billion deposit with Pakistan and amid improving macroeconomic indicators.
The benchmark KSE-100 index surged by 814 points, or 0.75 percent, when trading ended on Friday. 
Ahsan Mehanti, chief executive officer of Arif Habib Commodities, attributed the euphoria to the rollover of Saudi deposit, a stable rupee and upbeat economic indicators.
“Stocks bullish trend was led by selected scrips, led by oil and banking sector, amid speculation ahead of SBP [State Bank of Pakistan] key policy rate announcement next week,” he told Arab News.
Saudi authorities extended the $3 billion financial support to Islamabad in November 2021 to shore up Pakistan’s foreign exchange reserves. The Kingdom rolled over the deposit in 2022 and 2023 as Pakistan faced an economic crisis.
The South Asian country slashed interest rates by 250 basis points in November to help revive a sluggish economy, amid a major drop in the annual inflation rate.
On Thursday, the PSX posted its third largest single-day gain, adding 3,135 points, or 2.98 percent, to the KSE-100 index to close at 108,239 points.
According to a poll conducted by Topline Securities, 71 percent of participants expect the central bank to announce a minimum rate cut of 200bps later this month.

Topics: Pakistan economy Pakistan Stock Exchange Pakistan Stock Exchange (PSX)

Pakistan reiterates support for peace and stability in Sudan as war rages on

Pakistan reiterates support for peace and stability in Sudan as war rages on
Updated 09 January 2025
Shahjahan Khurram  
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Pakistan reiterates support for peace and stability in Sudan as war rages on

Pakistan reiterates support for peace and stability in Sudan as war rages on
  • Pakistan’s foreign minister discusses bilateral ties, civil war in Sudan with Sudanese counterpart
  • A 20-month civil war has killed over 24,000 in Sudan, driven more than 14 million from their homes
Updated 09 January 2025
Shahjahan Khurram  

ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar on Thursday reiterated Islamabad’s support for peace and stability in Sudan, reiterating the desire for his country to strengthen bilateral ties with the African country. 
Sudanese people have suffered due to a 20-month civil war between the army and a paramilitary group that has killed over 24,000 and driven over 14 million from their homes in the country, according to the UN. 
Dar received a telephone call from Dr. Ali Youssef Ahmed Al-Sharif, the foreign minister of Sudan, the foreign office said. The two discussed bilateral ties between Pakistan and Sudan, and the war in the African country. 
“DPM/FM reiterated Pakistan’s historic and fraternal ties with the people of Sudan,” Pakistan’s foreign office said in a statement. 
“Expressed desire to further strengthen bilateral cooperation. Reassured Pakistan’s support for peace and stability in Sudan.”
Due to the prolonged war in the African country, an estimated 3.2 million Sudanese have crossed into neighboring countries, including Chad, Egypt and South Sudan, to escape the horrors of the conflict, as per the UN.
Pakistan’s United Nations Ambassador Munir Akram this week raised alarm at the UN Security Council over the worsening food security situation in Sudan, urging both warring parties to agree to an immediate and unconditional ceasefire. 
Akram called on the international community to alleviate the humanitarian crisis in Sudan and bridge the 36 percent funding gap for humanitarian appeals relating to Sudan.
“The international community must unite to support a common vision for return to peace and normalcy in Sudan,” he said. 
“Foreign interference in the internal conflict of Sudan must stop. The UNSC arms embargo on Sudan must be respected.”

Topics: Pakistan Sudan Ties Sudan war

Pakistan eyes enhanced trade with Indonesia ahead of its president’s visit 

Pakistan eyes enhanced trade with Indonesia ahead of its president’s visit 
Updated 09 January 2025
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Pakistan eyes enhanced trade with Indonesia ahead of its president’s visit 

Pakistan eyes enhanced trade with Indonesia ahead of its president’s visit 
  • Indonesia’s president is expected to visit Pakistan later in January to discuss trade, bilateral issues
  • Planning minister calls for cooperation with Indonesia in education, health, information and tourism
Updated 09 January 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Planning Minister Ahsan Iqbal has directed officials to devise a strategy to boost bilateral trade with Indonesia, state-run media reported on Thursday, as Islamabad gears up to welcome President Prabowo Subianto to the country later this month. 
Pakistan and Indonesia have attempted to bolster their economic ties through trade and investment over the years. The two countries signed a Preferential Trade Agreement in 2012 that became operational in September 2013, allowing for concessional market access to 232 goods from Pakistan such as fresh fruits, cotton and fabrics, and 313 from Indonesia, such as edible palm oil products, sugar confectionaries and cocoa products.
Earlier this week, Prime Minister Shehbaz Sharif confirmed that Subianto will be in Pakistan later this month an official visit to the country.
“The minister directed the relevant authorities to formulate concrete proposals to enhance trade relations, emphasizing the need to strategically target the Indonesian market to showcase Pakistani products effectively,” the state-run Associated Press of Pakistan (APP) said. 
Iqbal was speaking to officials while he chaired a meeting of a committee constituted by Sharif to enhance bilateral cooperation and trade between both countries ahead of Subianto’s visit. 
“This landmark visit will open new avenues for trade and cooperation, further strengthening bilateral relations between Pakistan and Indonesia,” APP quoted Iqbal as saying. 
“Indonesia has successfully integrated its cultural diversity into a unified identity. We can learn from their model.”
Iqbal stressed collaboration with Indonesia in the education, health, information technology and tourism sectors. He also suggested providing scholarships in IT and health care sectors to students from both countries.
In October last year, Pakistan and Indonesia signed bilateral trade pacts and memorandums of understanding worth $10.7 million during an Indonesian trade expo.
According to the Pakistan Business Council, the trade relationship between Pakistan and Indonesia holds significant potential for growth, with opportunities for increased cooperation in areas like agriculture, textiles, and energy.

Topics: Pakistan Indonesia Ties

Pakistani authorities report 70th polio case of 2024 from Karachi

Pakistani authorities report 70th polio case of 2024 from Karachi
Updated 09 January 2025
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Pakistani authorities report 70th polio case of 2024 from Karachi

Pakistani authorities report 70th polio case of 2024 from Karachi
  • Onset of polio case took place in December 2024, say Pakistani health authorities
  • Pakistan has reported 20 out of 70 poliovirus cases from southern Sindh province
Updated 09 January 2025
NAIMAT KHAN

KARACHI: Pakistani health authorities reported the country’s 70th poliovirus case of 2024 on Thursday, saying that its symptoms started becoming apparent in a child last month in the southern port city of Karachi, the polio eradication program said. 
Polio is a paralyzing disease with no cure. Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five are essential to provide high immunity against the disease.
As per the program, the onset of this case was on Dec. 21, 2024 and the case was reported in the Karachi East district. With the latest case, the district has now reported two polio cases from 2024. 
“The Regional Reference Laboratory for Polio Eradication at the National Institute of Health has confirmed the detection of wild poliovirus type 1 (WPV1) in a male child from Karachi East,” the program said in a statement. 
As per the latest toll, out of the 70 poliovirus cases of 2024, 27 have been reported from Balochistan, 21 from Khyber Pakhtunkhwa, 20 from Sindh, and one each from Punjab and Islamabad.
The Pakistan Polio Program organizes several mass vaccination campaigns annually, delivering the vaccine directly to people’s doorsteps.
On Jan. 6, Pakistan concluded a week-long anti-polio drive in southwestern Balochistan.
The health ministry said the first nationwide polio campaign of this year is scheduled to take place from Feb. 3-9, urging the parents to ensure the safety of their children by welcoming the vaccinators.
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 vaccination teams.
In the early 1990s, the country 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.

Topics: Polio cases in Pakistan

Pakistan hopes Afghanistan joins other Islamic countries at girls’ education summit

Pakistan hopes Afghanistan joins other Islamic countries at girls’ education summit
Updated 09 January 2025
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Pakistan hopes Afghanistan joins other Islamic countries at girls’ education summit

Pakistan hopes Afghanistan joins other Islamic countries at girls’ education summit
  • Pakistan to host global conference on girls education in Islamabad from Jan. 11-12 
  • No justification for restricting women’s education in Islam, says education minister
Updated 09 January 2025
SAIMA SHABBIR

ISLAMABAD: Pakistan’s education minister on Thursday hoped Afghanistan would join representatives from 47 other Islamic countries and attend the upcoming global conference on girls’ education in Muslim countries, scheduled to be held later this week in Islamabad. 
Pakistan’s education ministry will host the global conference titled: “Girls’ Education in Muslim Communities: Challenges and Opportunities” from Jan. 11-12 in Islamabad. Pakistan’s foreign office said on Wednesday that 150 representatives from 47 countries, including education experts, religious scholars, diplomats, and politicians are expected to partake in the summit. 
Since the Afghan Taliban seized Kabul in August 2021, women and girls have been gradually barred from attending secondary school and university, undertaking most forms of paid employment, and attending public spaces such as public parks or gyms by the government there. 
“We have extended an invitation to Afghanistan to participate in this conference and hope that their delegation will attend, as it is a very important neighboring country,” Education Minister Khalid Maqbool Siddiqui told reporters during a media briefing in Islamabad.
Since the Taliban’s return to power in 2021, at least 1.4 million Afghan girls have been denied access to secondary education, according to a report by the United Nations International Children’s Emergency Fund (UNICEF) released in August last year.
The minister said everyone respects tribal customs and cultures, but all such practices must align with Islamic values in Muslim countries, adding that nothing holds precedence over them. 
“In Islam, there is no justification for restricting women’s education,” Siddiqui said. 
He said that while the conference will officially kick off on Saturday, a session of the world’s religious scholars on girls’ education, chaired by the religion minister, will take place on Friday.
Siddiqui said the Muslim World League, the Organization of Islamic Cooperation and key Islamic countries are actively participating in this event.
“Malala Yousafzai, a renowned activist for girls’ education, will also participate in this conference,” he said, adding that experts and representatives from diplomatic missions in Islamabad from non-Muslim countries will also attend the event.
Describing the objective of the conference, he said the primary aim of the conference is to stress the implementation of the Islamic message, which clearly states that both men and women have the right to education.
“By promoting girls’ education, we can build better homes, a better society and a stronger nation,” he said. 
He said education in Pakistan was currently in an emergency state as millions of children were out of school and needed important steps to deal with this situation. 
Siddiqui said that an “Islamabad Declaration” will be announced after the conference on Sunday. 
“This declaration will outline decisive steps to transform the trends of girls’ education in Islamic countries by mobilizing all available resources,” he said. 
Prime Minister Shehbaz Sharif will inaugurate the event and deliver the keynote address at the opening session on Jan. 11. 
Pakistan’s foreign office said Sharif will reaffirm the nation’s commitment to promoting girls’ education and gender equality.

Topics: Pakistan Afghanistan girls education afghan women's rights Afghan girls education

Pakistan province calls for inquiry after Baloch separatists attack remote southwestern town

Pakistan province calls for inquiry after Baloch separatists attack remote southwestern town
Updated 09 January 2025
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Pakistan province calls for inquiry after Baloch separatists attack remote southwestern town

Pakistan province calls for inquiry after Baloch separatists attack remote southwestern town
  • Balochistan Liberation Army fighters torched Levies station, NADRA office before security forces moved in
  • Strict action will be taken against district administration members found guilty of negligence, says official
Updated 09 January 2025
SAADULLAH AKHTER

QUETTA: The government in Pakistan’s Balochistan province on Thursday called for an impartial inquiry into an attack by armed fighters from the separatist Balochistan Liberation Army (BLA) group on a remote town in the country’s southwest before security forces regained control of it. 
The attack in Zehri, located 150 kilometers from Khuzdar city, occurred when BLA fighters stormed the Levies force station on Wednesday and the National Database and Registration Authority (NADRA) office, setting the buildings ablaze and robbing a private bank.
Khuzdar deputy commissioner told Arab News that security forces retaliated in a timely manner and regained control of the area. One soldier of the Frontier Corps was injured during the standoff as the armed men escaped. 
Shahid Rind, the spokesperson for the provincial government, said strict action would be taken against the district administration members found guilty of negligence during the attack and did not retaliate in a timely manner.
“Balochistan government has called for an impartial inquiry into the Zehri attack from all aspects,” Rind said in a statement, adding that the provincial home department had issued instructions to engage the civil administration in this regard. 

Smoke billows from the National Database and Registration Authority (NADRA) office in Zehri, a small town in Pakistan's restive Balochistan province, on January 8, 2025. (Balochistan Police)

Rind said law enforcement agencies are monitoring the situation in Zehri while the government has strengthened security arrangements in the entire province.
“The government has been taking concrete measures to uplift the performance of the civil administrations in the entire Balochistan to prevent attacks like Zehri in the future,” the spokesperson said. 
Balochistan, Pakistan’s largest and resource-rich province, has long been plagued by a low-level insurgency led by ethnic Baloch separatist groups like the BLA. They accuse Islamabad of exploiting the province’s natural resources, such as gold and copper, while neglecting the local population.
Pakistan rejects these allegations, asserting that the federal government has prioritized Balochistan’s development by investing in health, education and infrastructure projects.
The BLA has become a significant security threat in recent years, carrying out major attacks in Balochistan and Sindh provinces targeting security forces, ethnic Punjabis and Chinese nationals working on development projects.
Violence by Baloch separatist factions, primarily the BLA, killed about 300 people over the past year, marking an escalation in the decades-long conflict.

Topics: Quetta Baloch Liberation Army (BLA) Balochistan Attacks

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