ISLAMABAD: The Pakistan Stock Exchange (PSX) began the week on a strong note and gained more than 4,000 points on Monday, stock analysts said, attributing the rally to “easing political noise” and upbeat economic indicators.
The benchmark KSE-100 index surged by 4,411 points, or 4.3 percent, to close at 113,924 points on Monday, according to stock traders. The market saw the trading of 424,809,788 shares and registered the second highest single-day gain from Friday’s close of 109,513 points.
Stock analysts said upbeat economic indicators on surging exports, remittances and foreign exchange reserves as well as the government’s talks with the opposition Pakistani Tehreek-e-Insaf (PTI) party played a catalyst role in the rally.
“Stocks’ bullish record led by scrips across the board as investor weigh falling lending rates after fall in government bond yield and easing political noise,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.
Mehanti’s comments came hours after the Pakistani government held a first round of talks with jailed former prime minister Imran Khan’s PTI party to address political polarization in the country.
Pakistan has remained gripped by political unrest and uncertainty since Khan’s ouster from power through a parliamentary no-confidence vote in April 2022, which has also exacerbated Pakistan’s economic hardships.
However, Pakistan’s economic indicators have improved and the stock market has surged significantly, reaching a historic high of 117,039 points this month. Though the market shed around 9,000 points last week, but it recovered on Friday by registering a sharp increase of more than 3,000 points.
Pakistan’s central bank this month cut its key interest rate by 200 basis points to 13 percent, marking the fifth straight reduction since June. The country’s annual consumer inflation also slowed to 4.9 percent in November, lower than the government’s forecast and the lowest in nearly six years. This was down from 38 percent last year.
Data released by the Pakistan Bureau of Statistics also supports positive investor sentiment as the trade deficit narrowed by 7.39 percent during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.
Exports rose by 12.57 percent to hit $13.69 billion, while imports increased by 3.90 percent to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60 percent year-on-year to $1.589 billion compared to $1.952 billion in November 2023.
Pakistan recorded an increase of 29.1 percent year on year in workers remittances, which amounted to $2.9 billion in November, according to the central bank data. The inflows rose by 33.6 percent to $14.8 billion from July till November, compared to $11.1 billion received during the same period last year.
Pakistan stock market registers second highest single-day gain on ‘easing political noise’
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Pakistan stock market registers second highest single-day gain on ‘easing political noise’
- The benchmark KSE-100 index surged by 4,411 points, or 4.3 percent, to close at 113,924 points on Monday, according to stock traders
- The development came as Pakistan’s government holds talks with ex-PM Imran Khan’s PTI opposition party to address political polarization
Pakistan’s cricket board says PSL T20 tournament to continue despite India-Pakistan tensions
- PSL features several foreign players and is credited with reviving international cricket in Pakistan
- PCB says the cricket league will proceed, with Islamabad United set to take on Quetta Gladiators today
KARACHI: The Pakistan Cricket Board (PCB) on Wednesday confirmed that the HBL Pakistan Super League (PSL) will proceed as scheduled, with Islamabad United set to face Quetta Gladiators later tonight in Rawalpindi, despite rising military tensions with neighboring India.
The match is set to begin at 8 PM local time at the Rawalpindi Cricket Stadium, marking the league’s return to the city for four consecutive fixtures from May 7 to 10.
“HBL Pakistan Super League X will continue as planned with Islamabad United set to take on Quetta Gladiators later today at the Rawalpindi Cricket Stadium,” reads a handout issued by PCB.
The final group match, the PCB added, will be played in Multan on May 11, followed by the Eliminator in Rawalpindi on May 13. The playoffs and final are scheduled for May 14, 16 and 18 at Lahore’s Qaddafi Stadium.
The confirmation comes hours after Pakistan’s military said Indian missile strikes had killed at least 26 civilians and wounded 46 in cross-border attacks on six locations inside Pakistani territory.
India’s defense ministry said it had launched “Operation Sindoor,” targeting what it claimed were “militant infrastructure” linked to a recent deadly assault on tourists in Indian-administered Kashmir.
New Delhi has blamed the attack on Pakistan, a charge Islamabad has repeatedly denied.
Responding to the Indian attack, Pakistan’s Information Minister Attaullah Tarar said the country’s air force had downed five Indian fighter jets in the early hours of Wednesday.
The PSL, which features several foreign players, is widely credited with reviving international cricket in Pakistan after a decade-long suspension following the 2009 militant attack on the Sri Lankan team in Lahore.
The HBL PSL, now in its 10th season, is considered Pakistan’s premier T20 franchise competition and a symbol of the country’s sporting resilience.
Since its full return to home soil in 2020, it has helped Pakistan rebuild its reputation as a safe destination for international cricket.
Pakistan, US pledge to strengthen economic ties in high-level trade talks in Islamabad
- The US remains Pakistan’s largest export market, amounting for $5.1 billion exports in 2024
- Pakistani officials say efforts currently underway to address trade deficit, market access issues
ISLAMABAD: Pakistan and the United States (US) have reaffirmed their commitment to deepening economic ties, the Pakistani commerce ministry said on Tuesday, following a series of high-level meetings in Islamabad aimed at enhancing bilateral trade and investment.
The statement came after a delegation of the US Chamber of Commerce and the US-Pakistan Business Council (USPBC), led by Charles Freeman, met with Commerce Minister Jam Kamal Khan in Islamabad. The delegation was accompanied by US Charge d’Affaires Natalie A. Baker.
Khan welcomed the visit and described it as a step forward in strengthening economic relations between the two nations, acknowledging the USPBC’s pivotal role over the past two decades in fostering commercial engagement between the two sides.
“Pakistan values the United States as its largest export destination and deeply appreciates this strategic trade relationship,” he said. “Efforts are underway to address trade deficit and market access issues through a comprehensive strategy involving relevant stakeholders.”
He noted the recent 90-day pause in reciprocal tariffs, announced last month, between the two countries offered a significant opportunity for “constructive” dialogue and the formulation of a sustainable, mutually beneficial trade roadmap.
US President Donald Trump has imposed a 10 percent baseline tariff on all imports to the US and higher duties on dozens of other countries. Pakistan faces a 29 percent tariff due to a trade surplus with the US of about $3 billion.
US goods exports to Pakistan were $2.1 billion in 2024, up 4.4 percent ($90.9 million) from 2023, according to US government data. The import of goods from Pakistan to the US totaled $5.1 billion in 2024, up 4.9 percent ($238.7 million) from 2023.
During the meeting, US Charge d’Affaires Baker praised positive developments in bilateral agricultural trade, particularly the resumption of US soybean exports to Pakistan.
“Enhanced cooperation in the cotton sector is also a key area for mutual growth, given Pakistan’s textile industry’s demand for high-quality cotton and the US’s position to meet this demand,” she was quoted as saying.
Kamal assured the US delegation of Pakistan’s commitment to maintaining a predictable, transparent and fair trade environment for American businesses and investors. He reiterated that his government remains dedicated to fostering a strong working relationship with the US on both bilateral and multilateral platforms.
Freeman, the US Chamber of Commerce’s senior vice president, appreciated the Pakistani government’s commitment to facilitating businesses and said they looked forward to continued dialogue and technical cooperation to support economic growth and job creation in both countries.
The visit of the US delegation came at a time when Pakistan is striving to boost trade and foreign investment as it slowly recovers from a prolonged economic meltdown. The South Asian country has pursued aggressive economic diplomacy in recent years, signing several agreements and memoranda of understanding with countries in Central Asia and the Middle East and beyond.
The US delegates later held a meeting with Prime Minister Shehbaz Sharif, who appreciated the USPBC’s role in advancing economic ties between Pakistan and the US.
“My government looks forward to a constructive partnership with the US government, businesses, investors and industrialists to increase bilateral trade and investment in goods and services, especially in the IT sector,” Sharif said, adding that Pakistan’s market was ripe for investment.
“The government of Pakistan is in touch with the US administration on the tariff issue and I hope that a mutually beneficial solution will be found.”
The delegates expressed their “keen interest” in investing in various Pakistani sectors and to benefit from existing opportunities, Sharif’s office said.
PIA grounds flights for 12 hours amid India-Pakistan military escalation
- A latest Notice to Airmen circulated by authorities indicates Pakistan’s airspace remains open
- Several Asian airlines are still rerouting or canceling their flights amid India-Pakistan tensions
KARACHI: Pakistan International Airlines (PIA) has canceled all flights for the next 12 hours, a spokesperson announced on Wednesday, as tensions escalated sharply with neighboring India following missile strikes.
The move comes as Pakistan’s military said at least 26 civilians had been killed and 46 injured in Indian attacks on six locations inside Pakistani territory.
India said its forces had launched “Operation Sindoor,” targeting sites it claimed were linked to a recent attack on tourists in Indian-administered Kashmir which it blamed on Pakistan despite Islamabad’s repeated denials.
Pakistan’s information minister, Attaullah Tarar, said the Pakistani military had downed five Indian jets in retaliation for the late-night strikes.
“PIA has currently canceled flights for next 12 hours. Passengers are requested to keep in contact with PIA,” Abdullah Khan, the PIA spokesperson, told Arab News.
He added that flights already airborne had been diverted to Karachi while all ground operations were put on hold.
Despite the cancelations, a source within the Pakistan Airport Authority (PAA) told Arab News the country’s airspace remained open.
“The latest NOTAM cancels previous NOTAM which has closed airspace,” the source said, sharing the latest Notice to Airmen.
Meanwhile, several Asian airlines said they were rerouting or canceling flights to and from Europe because of fighting between India and Pakistan, according to Reuters.
Taiwan’s EVA Air said it would adjust its Europe-bound flights to avoid airspace affected by the conflict.
One flight from Vienna was diverted back, while a Taipei–Milan flight was rerouted to Vienna for refueling before continuing to its destination, the airline said in a statement to Reuters.
Korean Air began rerouting its Seoul Incheon-Dubai flights on Wednesday, opting for a southern route over Myanmar, Bangladesh and India instead of Pakistani airspace.
Thai Airways said flights to Europe and South Asia would be rerouted from early Wednesday morning, warning of potential delays.
Taiwan’s China Airlines also said it had activated its contingency plan and taken measures to ensure passenger and crew safety, though it did not elaborate.
-With Input from Reuters
Pakistan says it downed five jets after Indian missile attack as global powers urge restraint
- Official sources in Indian Kashmir confirm to Reuters at least three of their planes have ‘crashed’
- PM Sharif to hold a national security meeting today to finalize Islamabad’s response to the situation
ISLAMABAD: Pakistan said on Wednesday it had downed five Indian fighter jets in a major escalation between the nuclear-armed South Asian rivals, a claim partly corroborated by Indian government sources who confirmed at least three, as the international community urged both countries to exercise restraint and avoid further conflict.
The military confrontation follows a missile attack by India on Tuesday, when the Indian armed forces said they had struck nine Pakistani sites described as “terrorist infrastructure” allegedly linked to an April 22 militant assault in the disputed Himalayan region of Kashmir.
According to Pakistan’s military, six locations across its territory, including Ahmedpur East, Muridke, Sialkot, Shakargarh, Kotli and Muzaffarabad, were targeted, resulting in the deaths of 26 civilians and injuries to at least 46 others.
Pakistan said it had also responded to the Indian strikes, though details were a bit murky initially.
“The aggression they committed has been responded to by Pakistan many times over,” Pakistan’s Information Minister Ataullah Tarar said in a televised statement on Wednesday.
“Not only were five of their jets shot down, but a drone was also brought down,” he added. “We also targeted their posts along the Line of Control. Their posts were destroyed, and they were forced to wave the white flag.”
According to Reuters, local government sources on the Indian side of Jammu and Kashmir said three of their fighter jets had “crashed” in the region. Pakistan’s military also told the news agency it had shot down five Indian aircraft, though the Indian authorities have not officially confirmed any planes were brought down by hostile fire.
In New Delhi, the Indian defense ministry maintained that its strikes had targeted militant infrastructure and avoided civilian or military installations.
The escalation prompted immediate international concern. US Secretary of State Marco Rubio said he was closely monitoring the situation and echoed President Donald Trump’s earlier remarks hoping the conflict would end quickly.
“I will continue to engage both Indian and Pakistani leadership toward a peaceful resolution,” he said.
United Nations Secretary-General António Guterres urged both nations to exercise “maximum military restraint,” warning that the world could not afford a broader military confrontation between the two nuclear-armed countries.
China’s foreign ministry also called on both sides to de-escalate and said it regretted India’s military action while expressing concern about the rising tensions.
Prime Minister Shehbaz Sharif has called a meeting of the National Security Committee (NSC) during the day to finalize Islamabad’s response and review military preparedness.
Authorities in Pakistan’s eastern Punjab province declared an emergency, placed hospitals and security forces on high alert and ordered schools to remain closed.
The latest crisis was triggered by the April 22 attack in Pahalgam, a popular tourist destination in Indian-administered Kashmir, in which 26 people were killed. India accused Pakistan of orchestrating the attack but provided no public evidence.
Pakistan, in response, denied any involvement and called for an international investigation.
Kashmir has remained a flashpoint between the two countries since 1947. Both nations claim the region in full but administer separate portions. They have fought two of their three wars over the disputed territory, and tensions have remained high, particularly since India revoked the special semi-autonomous status of Jammu and Kashmir in 2019.
India accuses Pakistan of supporting militant groups that have waged an insurgency in Indian-administered Kashmir since 1989, a charge Islamabad denies, saying it provides only moral and diplomatic support for the Kashmiri people’s right to self-determination.
The current confrontation recalls the last major military standoff between the two nations in 2019, when an Indian airstrike in Balakot was followed by Pakistani retaliatory action, including the downing of an Indian fighter jet and the capture of its pilot, who was later released in a gesture of goodwill.
Pakistan says eight killed, 35 injured after India fires missiles at six locations
- Pakistan military says Ahmedpur East, Muridke, Sialkot, Shakargarh, Kotli, Muzaffarabad cities targeted
- India says hit “terrorist infrastructure” at nine sites from where April 22 militant attack against India was “planned”
ISLAMABAD: Pakistan military spokesperson Lieutenant General Ahmed Sharif Chaudhry said on Wednesday eight civilians had been killed and 33 injured as India launched missile attacks at six locations in a sharp escalation of hostility between the two nuclear-armed rivals.
The development comes amid heightened tensions between the longstanding enemies in the aftermath of an attack on tourists in Indian-administered Kashmir last month in which 26 men were killed. India, without providing evidence publicly, has accused Pakistan of involvement in the assault in the hill station of Pahalgam and vowed to respond. Pakistan has denied involvement, and several top officials have spoken since of intelligence that India was planning to launch retaliatory attacks.
Kashmir has been disputed between India and Pakistan since 1947. Both rule it in part and claim it in full and have fought two of their three wars over the Himalayan region. India accuses Pakistan of arming and training militants involved in a separatist insurgency in its part of Kashmir since 1989, which Islamabad denies, saying it offers only moral and diplomatic support to the Kashmiri people in their struggle for self-determination.
“Total of six locations in Pakistan were hit,” Chaudhry said in televised remarks, saying the attacks were carried out using “different weapons.”
“Eight Pakistanis were martyred, 35 are injured and two are missing.”
An Indian government statement said its armed forces had launched "Operation Sindoor," hitting nine sites in Pakistan and Azad Kashmir from where it said the Pahalgam attack of April 22 had been “planned and directed.”
No Pakistani military facilities had been targeted, the statement added.
Detailing the casualties, the Pakistan army spokesman said a 3-year-old child, two men and two women had been killed in Ahmedpur East, a city in the eastern province of Punjab, while 31 people were injured.
One man was killed in Muridke, also in Punjab, while two teenagers had died in Kotli in Azad Kashmir, which is a part of the disputed Himalayan region governed by Pakistan. Other places that were struck were Muzaffarabad, also in Azad Kashmir, and Sialkot and Shakargarh in Punjab, but no casualties were reported there.
“The Pakistan Armed Forces, with the full support of the Pakistani nation, are giving and will continue to give a strong response to this cowardly and unprovoked attack,” Chaudhry said, without giving details on the nature of Pakistan’s retaliation.
Information Minister Attaullah Tarar told BBC Pakistan had shot down three Indian planes while Defense Minister Khawaja Muhammad Asif told Bloomberg TV Pakistan has downed five Indian planes and captured some Indian soldiers also.
The claims could not be independently verified by Arab News.
When asked if he feared a further escalation of the conflict, Tarar told Sky News Pakistan had offered to be part of an investigation into the Pahalgam attack but India had acted as “the aggressor without evidence.”
Pakistan's foreign ministry said while the Indian air force had remained within Indian airspace, it “violated Pakistan's sovereignty using standoff weapons.”
“MAXIMUM RESTRAINT”
Prime Minister Shehbaz Sharif has meanwhile convened a meeting of the National Security Committee at 10am to finalize Pakistan’s response to the Indian actions while the ministry of defense in New Delhi said it would provide a “detailed briefing” on the operation later in the day.
A spokesman for United Nations Secretary-General António Guterres said he was “very concerned” about the Indian military operations and had called for “maximum military restraint” from both countries.
"The world cannot afford a military confrontation between India and Pakistan,” the statement said.
Speaking to reporters at the White House, US President Donald Trump said he had just heard about the intensification of hostilities that had occurred in recent hours.
"It's a shame … I hope it ends very quickly," he said.
After the Pahalgam attack, India and Pakistan unleashed a raft of punitive measures against each other, with Pakistan closing its airspace to Indian airlines, and India suspending the 1960 Indus Waters Treaty that regulates water-sharing from the Indus River and its tributaries.
Diplomatic relations between Pakistan and India were weak even before the latest conflict as Pakistan had expelled India’s envoy and not posted its own ambassador in New Delhi after India revoked the semi-autonomous status of Kashmir in 2019.
The last military confrontation between the rivals occurred in 2019 when India conducted air strikes on what it said was a militant training camp near the northwestern Pakistani town of Balakot in response to a suicide car bombing in Indian-administered Kashmir's Pulwama area.
Pakistan, which said the planes had bombed an empty hillside and not a camp, launched a retaliatory incursion into Indian airspace that led to a dogfight between the two air forces, leading to the capture of an Indian pilot.
The situation cooled after he was released days later.
On Wednesday morning, Indian police said two women had been injured in Indian-administered Kashmir in shelling by Pakistani troops. One of them was in critical condition, they added. There was no comment from the Pakistani military.
In Pakistan, an emergency has been declared in the country’s largest and most populous province of Punjab, the provincial chief minister said, with hospitals and security forces on high alert. Schools will also remain closed on Wednesday.
A spokesperson for Pakistan International Airlines said flights already airborne had been diverted to Karachi, while flights on the ground had been put on hold.
Qatar Airways said on X it had temporarily suspended flights to Pakistan due to Pakistani airspace closure.
With inputs from Reuters
