KARACHI: Stock investors have been trading cautiously since last week when an International Monetary Fund (IMF) mission arrived in Pakistan to review the country’s economic performance under its reforms-oriented, $7 billion loan program, analysts said on Thursday.
Pakistan’s stocks turned green on Thursday after losing more than 300 points in the last three sessions, with the benchmark KSE-100 index gaining 0.9 percent to close at 115,094.23 points. The stocks, which have gained about 3 percent since March 3 when the IMF experts landed in the country, have been fluctuating and witnessed four bull-runs and as many bearish sessions.
While the IMF and the government remain tightlipped about what they are discussing behind the closed doors, local media reports claim that the two sides are not on the same page over issues relating to Pakistan’s revenue shortfall, debt sustainability, and the resolution of the country’s power sector debt. The central bank unexpectedly maintaining the interest rate at 12 percent this week is being seen as another negative for stocks investors.
“The stock market is jittery because of the IMF review along with other factors,” Sana Tawfik, head of research at Karachi-based Arif Habib Ltd., told Arab News.
She said the market was mainly reacting to news reports about the IMF expressing concern over Pakistan’s tax shortfall of around Rs600 billion ($2.1 billion) and rejecting the government’s plans to resolve the lingering circular debt that was expected to increase to as much as Rs1 trillion by June.
The IMF wants Pakistan to increase its tax-to-GDP ratio, which is the lowest in the region, to 13 percent by taxing incomes from agriculture, real estate and retail sectors. Pakistan, however, fell short of the IMF-backed tax collection target this year.
“There is a concern in the market that this tax shortfall may upset the review,” Tawfik said, adding that the selling pressure and a lack of a proper trigger were other drags on the stock index.
Ahsan Mehanti, chief executive officer at Arif Habib Commodities Ltd., said the issues being discussed with the IMF would have a “direct impact” on stocks, including energy, cement and even the cost of borrowing that is directly related to economic growth.
“Generally higher interest rates are negative for the stocks and we believe the IMF certainly does play a role in the central bank’s decisions,” Mehanti told Arab News.
Pakistan’s policymakers avoid squeezing the interest rate much at a time when the IMF is reviewing the release of its first tranche under the $7 billion program.
“The market expects IMF’s proposal may be growth negative owing to higher interest rates to check inflation risks, thin LSM (large-scale manufacturing) growth in case of a cut in the PSDP (public sector development program) or refusals of circular debt plans,” the commodity analyst said.
But Amjad Waheed, chief executive officer at the NBP Fund Management Ltd., held a different view and said the recent fluctuation looked more like a case of profit-taking as investors booked handsome profits during the last couple of years, when the stock market rose as much as 84 percent.
“The IMF talks are ongoing stable and as per routine. I haven’t heard of any tough conditions that the IMF is going to set,” said Waheed, who manages billions of rupees of investor savings.
“People have earned enough and some people now booking profit is normal. The market corrects a bit because of profit-taking.”
The fund manager said some investors might be selling their stocks as their expectation for a rate cut of as much as 1,500 basis points could not materialize because of Monday’s decision by the central bank.
“As an investor I am very conscious at the moment. I am holding on to my stocks. I am holding on to my investments. I am very careful with that,” Isra Ghous Rasool, a 22-year-old stock investor from Karachi, told Arab News in a recent interview.
IMF review talks keep stock investors jittery in Pakistan
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IMF review talks keep stock investors jittery in Pakistan
- Pakistan stock market has seen four bullish runs and as many bearish sessions since an IMF team arrived in Pakistan this month
- Analysts says the talks with the IMF will have a ‘direct impact’ on stocks such as energy, cement and even the cost of borrowing
Pakistan says committed to ceasefire after Modi warns of more strikes
- Modi has said will hit “terror hideouts” in Pakistan in case of new attacks on India, won’t be deterred by “nuclear blackmail“
- Foreign office says India’s portrayal of Pakistan as seeking a ceasefire in “despair and frustration is yet another blatant lie”
ISLAMABAD: Islamabad said on Tuesday it was committed to a recent ceasefire deal with New Delhi and taking necessary steps toward de-escalation, after Indian Prime Minister Narendra Modi warned he would target “terrorist hideouts” across the border if there were fresh attacks on India.
Modi, who also said India would not be deterred by what he called Islamabad’s “nuclear blackmail,” was speaking two days after the nuclear-armed neighbors agreed to a ceasefire, reached after four days of intense exchanges of fire as the old enemies targeted each other’s military installations with missiles and drones, killing dozens of civilians.
The military confrontation began on Wednesday, when India said it launched strikes on nine “terrorist infrastructure” sites in Pakistan and Azad Kashmir, with Pakistan retaliating by downing five Indian fighter jets. The escalation was triggered by tensions over an attack on Hindu tourists by militants in Indian-administered Kashmir last month that New Delhi has said Pakistan was involved in. Islamabad has denied any links to the attack and called for a neutral investigation.
In a statement released by the foreign office, Pakistan rejected the “provocative and inflammatory assertions” made by Modi, saying they signaled a “dangerous escalation rooted in misinformation, political opportunism, and a blatant disregard for international law.”
“This statement also reflects a propensity to fabricate misleading narratives to justify aggression,” the foreign office said.
“Pakistan remains committed to the recent ceasefire understanding and taking necessary steps toward de-escalation and regional stability.”
The FO said the ceasefire was achieved through the mediation of several friendly countries and the portrayal of Pakistan as seeking a ceasefire in “despair and frustration is yet another blatant lie.”
On Tuesday morning, the Pakistan army put out figures for deaths in the latest confrontation, saying 11 armed forces personnel and 41 civilians, including women and children, had been killed.
“Indian actions set a dangerous precedent for aggression, dragging the entire region to the brink of disaster. This reflects the mindset of a revisionist actor that seeks to upend strategic stability in South Asia without regard for consequences,” the foreign office added.
“Moreover, India is justifying the cold-blooded murder of innocent civilians, mostly women and children, as well as its highly irresponsible brinkmanship as the new normal for the region.
“Make no mistake, we will closely monitor India’s actions and behavior in this regard in the coming days. We also urge the international community to do the same.”
The statement ended by saying any future aggression would be met with “full resolve” and called on India to prioritize regional stability and the well-being of its citizens “over narrow, politically motivated jingoism.”
Bitter rivals India and Pakistan have fought two of their three wars over Kashmir, a region split between them, since gaining independence from British colonial rule in 1947. Both nations are nuclear-armed, raising global alarm every time an armed conflict breaks out between them.
“If there is a terrorist attack on India, a fitting reply will be given... on our terms,” Modi had said in Monday’s speech in Hindi in a televised address. “In the coming days, we will measure every step of Pakistan... what kind of attitude Pakistan will adopt.”
“India will strike precisely and decisively at the terrorist hideouts developing under the cover of nuclear blackmail,” he said, and listed New Delhi’s conditions for holding talks with Islamabad and lifting curbs imposed after the Kashmir attack.
“India’s position is clear: terror and talks cannot go together, terror and trade cannot go together and water and blood cannot flow together,” he said, referring to a water sharing pact between the two countries New Delhi unilaterally suspended after the April 22 militant attack.
- With inputs from Reuters
Pakistan certifies aviation security officers under UK-led training, aims for stronger global compliance
- Officials of Pakistan’s aviation security directorate have been trained by ICAO-qualified instructors
- The training will help aviation security inspectors increase compliance with international standards
KARACHI: Pakistan’s civil aviation regulator on Tuesday said all officers in its aviation security directorate have been internationally certified as security inspectors, following a UK-sponsored training program conducted by instructors qualified by the International Civil Aviation Organization (ICAO).
The certification, delivered by the UK Department for Transport (DfT), marks a key step in boosting Pakistan’s compliance with global aviation security standards. Officials said the move is expected to strengthen oversight, improve regulatory capability and bolster Pakistan’s standing under ICAO’s global audit regime.
“This training will play a pivotal role in enhancing the capabilities of our national aviation security inspectors and help increase compliance with international standards,” the Pakistan Civil Aviation Authority (CAA) said in a statement.
The training, conducted in Pakistan by ICAO-qualified UK instructors, officially recognizes all officers in the CAA’s Directorate of Aviation Security as certified Aviation Security Inspectors, a designation that enables them to conduct safety and compliance assessments in line with international protocols.
Pakistan has previously ranked high in South Asia on ICAO’s Effective Implementation Rating, a global benchmark that measures a country’s adherence to international aviation safety and security practices.
The assessment is conducted under ICAO’s Universal Security Audit Program (USAP), which evaluates how well member states implement aviation security oversight systems.
The PCAA informed it was also expanding safety inspector training through international academic placements, adding two officers had been selected for fully sponsored postgraduate programs in France and South Korea, secured through ongoing coordination with both countries’ civil aviation authorities.
Pakistan’s top court adjourns Zahir Jaffer’s appeal in Noor Mukadam murder case until May 19
- Jaffer, a Pakistani-American, was sentenced to death in 2022 for killing and beheading Mukadam
- He filed an appeal in the Supreme Court in April 2023, seeking to overturn the punishment
ISLAMABAD: Pakistan’s Supreme Court on Tuesday adjourned the hearing of an appeal filed by Zahir Zakir Jaffer, a Pakistani-American convicted of murdering the daughter of a former diplomat, until May 19, according to local media reports.
Jaffer was sentenced to death in 2022 for the brutal killing of 27-year-old Noor Mukadam, whose beheaded body was found in July 2021 at a residence in Islamabad’s upscale F-7/4 sector.
The case sparked nationwide outrage and became one of Pakistan’s most widely followed trials involving violence against women.
Last year, the Islamabad High Court upheld Jaffer’s death sentence, originally handed down by a sessions court. Subsequently, he filed an appeal in the Supreme Court in April 2023, seeking to overturn the punishment.
“The Supreme Court on Monday adjourned the hearing of Zahir Jaffer’s appeal against his death sentence in the Noor Mukadam murder case until 19 May, following consensus from both parties,” Geo News reported.
Earlier in the day, a three-member bench led by Justice Hashim Kakar heard the case, alongside Justices Ishtiaq Ibrahim and Ali Baqar Najafi. Both defense lawyer Salman Safdar and prosecution counsel Shah Khawar appeared before the court.
The defense requested more time to file additional documentation. Justice Kakar reportedly expressed dissatisfaction with the delay, while Justice Najafi advised the prosecution to formally respond only after the defense had submitted the application.
The appeal hearing was preceded by a social media post from Justice for Noor, an advocacy page on Instagram run by Mukadam’s friends.
The post maintained that the defense had attempted to delay court hearings in the past, though it also expressed faith in the country’s judicial system.
“Stand with us,” it urged its followers. “Stand for justice.”
The court adjourned the hearing until May 19, instructing both sides to come fully prepared.
Kohli, Rohit Test exits leave India facing uncertain new era
- Batting great Kohli and captain Rohit both retired from Tests in the past week
- Shubman Gill has been left as front-runner to lead a new-look India in England
NEW DEHLI, INDIA: Indian cricket will enter an uncertain new era next week when selectors name a Test squad without all-time greats Virat Kohli and Rohit Sharma for the first time in more than a decade.
Batting great Kohli and captain Rohit both retired from Tests in the past week, leaving Shubman Gill as the front-runner to lead a new-look India in England.
The retirement last year of veteran spinner Ravichandran Ashwin leaves India without the backbone of the side that was formerly number one in the world Test rankings.
Top-order batsman Gill is favorite to be given the task of starting India’s rebuild with the five-Test England series, which begins on June 20 at Headingley.
“Gill looks like the heir apparent but his record overseas hasn’t looked too great,” veteran cricket journalist Ayaz Memon told AFP.
The 25-year-old Gill has scored 1,893 runs at an average of 35.05 in 32 Tests since his debut in 2020, with five hundreds.
But in 13 Tests away from home his average is only 29.50.
Gill is likely to move up the order to open alongside the 23-year-old Yashasvi Jaiswal, with big-hitting Shreyas Iyer in the frame to replace Kohli at the fall of the second wicket.
Others who could be charged with the almost impossible task of following in all-time great Kohli’s footsteps are Sarfaraz Khan, Rajat Patidar and Dhruv Jurel.
Wicketkeeper-batsman Rishabh Pant has also been mentioned as a future captain, but his current poor form and less-than-inspiring leadership of Lucknow Super Giants in the IPL are counting against his immediate elevation.
Leading pace bowler Jasprit Bumrah was Rohit’s deputy in Australia and led the team in two Tests, winning one, and was seen as another candidate for captain.
But Bumrah has only recently returned to action after suffering a back injury during the final Test at Sydney in January.
The five Tests in England are crammed into six weeks, meaning India will need to manage the workload of their pace attack by resting bowlers for one or more matches, effectively ruling Bumrah out of the captaincy debate.
Memon, who called Kohli’s retirement “a big moment in Indian cricket,” said there was enough strength in depth to fill the void left by Kohli, opener Rohit and Ashwin.
“There are senior pros like (Mohammed) Shami, if he is in form and selected, and (Ravindra) Jadeja,” said Memon.
“The new crop of Yashasvi Jaiswal, Shubman Gill, Rishabh Pant, maybe Prasidh Krishna, Mohammed Siraj look good.
“They could be looking for a young spinner, maybe Washington Sundar because Ashwin is not there.”
Off-spinner Ashwin called an abrupt halt to his international career after playing the second Test in Adelaide last year.
He ended his career with 537 wickets in 106 matches, eighth on the all-time list and behind only Anil Kumble for India, who had 619 dismissals.
India’s 1983 World Cup-winning all-rounder Sandeep Patil believes the new-look India could come out stronger after a period of transition.
“The two stalwarts, the two pillars of Indian cricket, have gone,” Patil, who was chief selector when Kohli became captain in 2015, told The Times of India.
“It is time to rebuild. It will be a challenge for the national selectors, but I am sure we will find a solution.
“If one player exits, the next one is ready.”
Pakistan says has introduced ‘historic’ new facilities for Hajj pilgrims
- For the first time, Hajj pilgrims will have access to fully air-conditioned camps in Mina
- New facilities part of effort to ensure smoother, more comfortable Hajj experience
ISLAMABAD: Director Hajj in Makkah, Azizullah Khan, said on Tuesday Pakistani pilgrims will this year enjoy “historic facilities” in Mashair, sacred sites used during the Hajj pilgrimage, including fully air-conditioned camps in Mina with sofa-cum-beds, and improved accommodation in Makkah.
Over the last few years, Saudi Arabia has launched mobile apps like Nusuk, Hajj Navigator, Tawakkalna and Asefny to streamline services, with the aim to make the Hajj experience smoother by offering real-time guidance and ensuring pilgrim safety.
For the first time, Pakistani Hajj pilgrims will have access to fully air-conditioned camps in Mina and be accommodated in top-of-the-line hotels and buildings in the Azizia and Batha Quraish neighborhoods.
Pilgrims will receive a specially designed bag containing the Pakistani flag, a QR code for identification, and relevant information. A mobile app will provide access to Hajj group information, training schedules, flight details, accommodation details, and live maps and locations during the pilgrimage.
“For the first time in history, Hujjaj will have sofa-cum-beds instead of mattresses while tents are upgraded with gypsum board walls and air coolers have been replaced with air conditioners,” Khan told Radio Pakistan, adding that elevated luggage storage racks had also been introduced to enhance comfort.
“Dedicated sections are overseeing food, health and transport related arrangements round the clock for maximum facilitation of the pilgrims,” he said, adding that 99 percent of pilgrims who had arrived in Saudi Arabia had received Nusuk cards.
The cards are an essential Hajj permit, not just an ID, for pilgrims traveling to Makkah and the holy sites. It facilitates movement and ensures the well-being of Hajj pilgrims by managing logistics and administration. The card also allows pilgrims to access information about their Hajj mission, schedules, and allows for communication with their mission. Additionally, it enables receiving alerts, evaluating services, and filing observations.
Compulsory Hajj training has been made available for all pilgrims in Pakistan, starting from Jan. 18, 2025, with details accessible through the “Pak Hajj 2025 Mobile App.”
For the government Hajj scheme, the option of three easy installments has been introduced for the first time.
All Hajj-related financial transactions have also been digitized, ensuring transparency and accountability.
Pakistan’s Hajj medical mission includes a hospital each in Makkah and Madinah, along with two dispensaries in Madinah and nine in Makkah, all fully functional.
A Monitoring Cell has been established to address potential issues faced by private pilgrims and provide support to them. Various specialized units, including a Wheelchair Desk, have been set up to cater to the needs of different groups of pilgrims.
