Pakistan stocks continue to rally on Saudi investment optimism, decline in inflation

A stockbroker speaks on a phone while monitoring the share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on May 9, 2022. (AFP/File)
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Updated 06 May 2024
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Pakistan stocks continue to rally on Saudi investment optimism, decline in inflation

  • A 50-member delegation led by Saudi Arabia’s Assistant Minister of Investment Ibrahim Al-Mubarak arrived in Pakistan on Sunday
  • Pakistan and Saudi Arabia have seen a flurry of bilateral visits in recent weeks that have fueled hopes of investment in South Asian country

KARACHI: Pakistan’s benchmark share index closed at another all-time high by registering a 1.2 percent gain as bulls celebrated the arrival of a high-level investment delegation from Saudi Arabia, analysts said on Monday.

The KSE-100 index witnessed a bullish trend, gaining an intraday high of 1,158.65 points that marked a 1.61 percent increase. It closed at 72,764.24 points, up by 1.20 percent.

Stock analysts said the major contributing factor behind the bullish close was the arrival of a 50-member Saudi business delegation in Pakistan for potential investments and a drop in inflation.

“Today’s all the bullish activity was because of the Saudi delegation visiting Pakistan to explore investment opportunities,” Sheheryar Butt, portfolio manager at Darson Securities, told Arab News. 

The delegation, led by Saudi Arabia’s Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan on Sunday. It comprises representatives of some 30 Saudi companies from the fields of IT, telecom, energy, aviation, construction, mining exploration, agriculture and human resource development.

Butt said the encouraging remarks by the visiting Saudi investment minister on Monday also played a key role in keeping the market in the green zone.

Addressing an investment summit in Islamabad, the Saudi minister said Pakistan was a “high priority” economic opportunity and the Kingdom believed in the potential of Pakistan’s economy, demographics and talent as well as location and natural resources.

Speaking at the summit, Pakistan Finance Minister Muhammad Aurangzeb said foreign investment was vital to macroeconomic stability in Pakistan and the visit of Saudi investors was a link in this chain.

Auzrangzeb said Prime Minister Shehbaz Sharif’s successful visit to Saudi Arabia opened the way for economic cooperation between the two countries.

“The visit of a delegation of Saudi investors to Pakistan is also a part of paving the way for this economic cooperation,” the minister said. “The government is now moving toward privatization and PIA [Pakistan International Airlines] will also be privatized.”

He said export-led growth, foreign direct investment (FDI) and excess to capital were top priorities of the government, and it was working on short, medium and long-term strategies as well as structural economic reforms.

Ali Nawaz, CEO of Chase Securities, attributed the bullish trend at the stock market to the arrival of the Saudi investment delegation.

“This news likely injected optimism into the market as it suggests potential for increased foreign investment, bolstering investor confidence,” Nawaz said.

Other factors, he said, included a decline in inflation that fueled a positive sentiment.

“Lower inflation rates typically indicate a healthier economic environment, fostering expectations of potential interest rate cuts in the future,” he added.
 


Around 540 Pakistani students to return from Bishkek today via commercial flights— deputy PM

Updated 19 May 2024
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Around 540 Pakistani students to return from Bishkek today via commercial flights— deputy PM

  • First batch of 130 Pakistani students from Bishkek arrived in Lahore on Saturday night 
  • Fifty students have also registered to return home via special air force flight, says deputy PM

ISLAMABAD: Deputy Prime Minister (DPM) Ishaq Dar announced the government has arranged three commercial flights to repatriate around 540 Pakistani students from Bishkek today, Sunday, following violent clashes in the city this week that led to the evacuations.

The development took place after frenzied mobs attacked foreign nationals in the Kyrgyz capital of Bishkek on Friday. The attacks began after videos of a brawl between Kyrgyz and Egyptian students went viral on social media, prompting furious mobs to target hostels of medical universities and private lodgings of international students, including Pakistanis, in the city.

The first batch of around 130 Pakistani students arrived in Lahore late Saturday night. According to official statistics, around 10,000 Pakistani students are enrolled in various educational institutions in Kyrgyzstan, with nearly 6,000 residing and studying in Bishkek.

“Three commercial special flights have been arranged for today (Sunday) on which 540 students will come back while 130 returned yesterday,” Dar told reporters during a media briefing in Lahore.

“A special flight of Pakistan Air Force will also bring around 130 students. So far, 50 students have registered themselves to come on this flight,” he added.

Dar said he spoke with the foreign minister of Kyrgyzstan today, Sunday, who assured him that the situation in the country was under control and that no new incidents had occurred since Friday afternoon.

“Kyrgyz foreign minister has confirmed that 16 foreign students including four to five Pakistanis got injured during this incident and are under treatment,” Dar said.

He added that Kyrgyzstan’s government has also assured that security at students’ hostels has been enhanced and that they were constantly monitoring the situation.

Earlier on Saturday evening, the PM’s Office said Prime Minister Shehbaz Sharif had directed Dar and another cabinet member, Amir Muqam, to travel to Bishkek on Sunday and address the situation there.

Dar said they were not traveling to the country at the Kyrgyzstan government’s request, adding that Pakistan has instead sent two officers from the foreign office to facilitate the country’s embassy.

“We were supposed to leave today for the Kyrgyz republic but their foreign minister requested [us] not to come because it would give the wrong impression about the incident and would provide fuel to the opposition,” Dar said.

He said Kyrgyzstan’s foreign minister has categorically denied any Pakistani students were killed in the clashes.

“Their (Kyrgyzstan) foreign minister also said they have arrested a few culprits and assured that no one involved will be spared,” the deputy prime minister said.

Dar said Pakistan’s foreign office had summoned the Kyrgyz Charge d’Affaires to the Ministry of Foreign Affairs on Saturday for a demarche over the current situation.

“It [violence] happened due to a clash between students and foreign students were targeted from Pakistan, India, Bangladesh and Arab countries,” he said.

Dar said Pakistan’s embassy had confirmed the situation is not tense anymore and that Pakistanis injured are being provided the best possible medical facilities.

Separately, in a telephone call with Pakistan’s Ambassador to Kyrgyzstan Hasan Ali Zaigham, PM Sharif instructed the embassy to make the necessary arrangements for the special plane to bring back Pakistani students.

The prime minister said injured Pakistani students should be brought back to Pakistan on a priority basis.

“The Prime Minister also instructed to ensure repatriation of family members residing in Kyrgyzstan with the Pakistani students,” PMO said.


Pakistan says will push for peace in Middle East if elected non-permanent UNSC member

Updated 19 May 2024
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Pakistan says will push for peace in Middle East if elected non-permanent UNSC member

  • Elections for five of 10 non-permanent seats of UNSC for 2025-26 to take place on June 6
  • Pakistan has been elected as non-permanent UNSC member seven times, most recently in 2013

ISLAMABAD: Pakistan will work for peace in the Middle East and Africa, and promote the right of self-determination of people living under foreign occupation if it gets elected as a non-permanent member of the Security Council, Pakistan’s ambassador to the UN said on Sunday. 
Elections for five of the 10 non-permanent seats on the UN Security Council for 2025-26 are set to take place on June 6. Pakistan says its candidacy has the endorsement of the 55-member Asian Group.
The South Asian country has been elected to the Security Council seven times, most recently in 2013. Other times Pakistan got elected was in 1952-1953, 1968-1969, 1976-1977, 1983-1984, 1993-1994 and 2003-2004.
Speaking to members of the US-based Pakistan Students Association Coalition (PSA Coalition) via video link, Pakistan’s Ambassador to the UN Munir Akram said election to the Security Council would require Islamabad to play a leading role in addressing Kashmir, Afghanistan and counterterrorism issues. 
“Pakistan will articulate developing countries’ aspirations, work for peace and in the Middle East and Africa as well as promote the right of self-determination for peoples under foreign occupation if elected as a non-permanent member of the UN Security Council,” Akram said, according to the state-run Associated Press of Pakistan (APP). 
Akram spoke about the current state of the world. including key global challenges amid regional conflicts. 
“He said that as the intense competition between major powers became a new reality of the world order, the world was undergoing a fast transition from its unipolar status to a bipolar plus order,” the APP said. 
The Pakistani ambassador’s comments came as Israel continues its relentless military assault on Gaza. Israel’s attacks against Hamas have killed at least 35,386 people, mostly civilians, according to the Hamas-run Gaza health ministry. 
The Jewish state’s siege has brought dire food shortages and the threat of famine to the densely populated territory.
Pakistan, which does not have diplomatic ties with Israel, has consistently called for an immediate ceasefire in the Middle East and urged world powers to work toward a two-state solution in the restive region, according to the aspirations of the people of Palestine.


Polling for NA-148 by-election in Pakistan’s Multan underway

Updated 19 May 2024
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Polling for NA-148 by-election in Pakistan’s Multan underway

  • Ex-PM Yousaf Raza Gillani vacated NA-148 seat after getting elected Senate chairman 
  • Tough competition expected between SIC’s Taimur Malik and PPP’s Ali Musa Gillani 

ISLAMABAD: Polling commenced for Multan’s NA-148 on Sunday, state-run media reported, with thousands expected to cast their ballots in today’s by-election. 
Former prime minister Yousaf Raza Gillani won the NA-148 constituency in Multan in the contentious Feb. 8 national election. However, Gillani had to vacate the seat after he was elected to the post of Senate chairman in April. 
A total of 444,231 registered voters in the constituency are expected to exercise their right to cast votes in 275 polling stations and 933 polling booths set up for the polling exercise. Pakistan’s election regulator has set up 485 polling booths for men and 448 for women, state-run Radio Pakistan said.
Voting commenced at 08:00 a.m. and is expected to continue till 5:00 p.m.
“People in good numbers are arriving at the polling stations to cast their votes at the earliest due to hot weather,” Radio Pakistan said. 
“Comprehensive security arrangements have been made for free, fair and transparent polls.”
Eight candidates including the Imran Khan-backed Sunni Ittehad Council (SIC) leader Taimur Malik and Pakistan Peoples Party’s (PPP) Ali Qasim Gillani are vying for the seat.
The Feb. 8 election was marred by a countrywide shutdown of mobile phone services. The results of the polls, which were declared unfair by Khan and his PTI party, threw up a hung parliament in which no political party emerged with the majority to form its government.
Khan’s PTI, which formed the largest bloc in the National Assembly after winning over 90 seats, said it won a two-thirds majority but was denied victory by Pakistan’s election regulator, accusing it of manipulating votes. The Election Commission of Pakistan (ECP) denied the allegations and so did the caretaker government.


Pakistan’s religion minister arrives in Makkah to review Hajj 2024 arrangements

Updated 19 May 2024
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Pakistan’s religion minister arrives in Makkah to review Hajj 2024 arrangements

  • Chaudhry Salik Hussain to visit Saudi institutions, catering companies and residences of Hajj pilgrims today, says religion ministry
  • At least 22,696 Pakistani pilgrims arrived in Madinah via 93 flights since April 9 when Pakistan started pre-Hajj flight operations

ISLAMABAD: Religious Affairs Minister Chaudhry Salik Hussain reached Makkah on Sunday to review Hajj 2024 arrangements, the religion ministry said, as Pakistani pilgrims continue to arrive in Saudi Arabia ahead of the annual Islamic pilgrimage.
Hajj is one of the five pillars of Islam and requires every adult Muslim to undertake the journey to the holy Islamic sites in Makkah at least once in their lifetime if they are financially and physically able.
Pakistani pilgrims have been arriving in Madinah since May 9 when Pakistan launched its pre-Hajj flight operations. At least 22,696 Pakistani pilgrims have since arrived in Madinah through 93 flights, the Ministry of Religious Affairs (MoRA) said in a statement.
Hussain, who arrived in Madinah earlier this week to inspect Hajj arrangements, reached Makkah on Sunday to hold important meetings with Saudi officials and gauge preparations for the Islamic pilgrimage.
“Chaudhry Salik Hussain will visit Saudi institutions, catering companies, and residences of Hajj pilgrims today, Sunday,” MoRA said in a statement.
It added the minister would visit the Pakistan Hajj Mission in Makkah’s office after performing Umrah.
Pakistan’s religion ministry said over 11,000 Pakistani Hajj pilgrims visited the “Riazul Jannah” in Madinah, a small space between the pulpit and the grave of Prophet Muhammad (peace be upon him).
Pakistan has a Hajj quota of 179,210 pilgrims this year, of which 63,805 people will perform the pilgrimage under the government scheme, while the rest will use private tour operators. This year’s pilgrimage is expected to run from June 14-19.


UN-linked body grants ‘A status’ to Pakistan’s National Commission for Human Rights

Updated 19 May 2024
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UN-linked body grants ‘A status’ to Pakistan’s National Commission for Human Rights

  • Accreditation allows National Commission for Human Rights to sit at Human Rights Council, other UN bodies’ meetings
  • NCHR was formed in 2012 for promotion and protection of human rights in Pakistan as per country’s constitution

ISLAMABAD: The Global Alliance for National Human Rights Institutions (GANHRI), one of the largest rights networks worldwide, has granted Pakistan’s National Commission for Human Rights (NCHR) an A-list status, making it a “historic first” for the South Asian country, state media reported this week, 
Representing over 110 National Human Rights Institutions (NHRIs), their members and staff across all regions, GANHRI is one of the largest human rights networks worldwide. It is also a trusted partner of the United Nations. 
The NCHR was formed in 2012 for the promotion and protection of human rights in Pakistan as per the country’s constitution and international rights instruments. 
“Despite it being extremely rare for commissions to attain A status in the first round, Pakistan’s NCHR has been accredited with this highest grade in its first try,” the state-run Associated Press of Pakistan (APP) reported on Saturday. 
“It is also the only country to have attained new A status in this year’s session.”
The status grants NCHR a seat at the Human Rights Council and other UN bodies, APP said, adding that it was “a historic first” for Pakistan. 
“In the past, Pakistan’s commission could only act as an observer but now will get a voice at the table,” it said. 
“NCHR Pakistan joins the ranks of the United Kingdom, Sweden, Denmark, France and others as an A status NHRI.”
The NCHR’s application process involved submitting a lengthy 125-page report about its establishment, independence, composition, organizational infrastructure, working methods, mandate, and quasi-judicial functions.
The NCHR team was interviewed by a committee comprising over 25 persons and select chairpersons of accredited commissions throughout the world before it attained the prestigious status.
“This milestone positions Pakistan’s NCHR in a global alliance of quality, world-class commissions,” the state media said.
“It allows NCHR to speak at the UN Human Rights Council and other global forums to present Pakistan’s case for human rights. Its voice is strategic for financial concessions to Pakistan such as GSP+, FATE, and IME.”