KARACHI: Pakistan’s stocks made history by scoring highest ever single-day gains on Monday, traders and analysts said, in a massive rally on the expectation that Shehbaz Sharif’s election as the prime minister would bring political and economic stability to the country.
The benchmark KSE-100 Index surged by 3.8 percent or 1,700 points during the trading and closed at 46,144 points, a new record in the history of Pakistan Stock Exchange (PSX). The benchmark index broke the previous highest single-day record of June 5, 2017, when it had gained 1,566 points, according to the PSX data.
“The market has made a history today, mainly because investors hope the uncertainty would subside and political stability would prevail,” Abdul Azeem, the head of research at Spectrum Securities, told Arab News.
“The appreciation of Pakistani rupee and talks with the International Monetary Fund (IMF) for the completion of 7th review have played a positive role in the bullish close of the market.”
Azeem said the market appeared to remain bullish for the short term, depending on the next move of former premier Imran Khan.
Khan, who clung to power for almost a week, became the first Pakistani prime minister ever to be ousted by a no-confidence vote in the early hours of Sunday.
Pakistan’s parliament on Monday elected Shehbaz Sharif as the new prime minister of the country after Khan’s party announced resignation en masse from the National Assembly.
Khan, however, has vowed to “struggle” in the wake of his ouster, which he says was motivated by a “foreign conspiracy.”
Investors view the change of regime as positive for the market and expect the new government to bring economic stability.
“Falling global crude oil prices, easing economic uncertainty and speculation over positive outcome of election of new government played a key role in record close of the stocks,” Ahsan Mehanti, the CEO of Arif Habib Corporation, told Arab News.
Pakistan’s national currency recovered some lost ground on Monday and appreciated by 0.96 percent, with the US dollar closing at Rs182.93 in the interbank market, a level previously seen on March 28.
The currency appreciated in the open market, with the greenback sliding to Rs185 from Rs188.
Pakistani rupee had lost its value by more than 3 percent in the interbank market since March 28, when the opposition alliance tabled the no-confidence motion against Khan, accusing him of mismanaging the economy and bad governance.
“The rupee is appreciating because the political unrest in Pakistan has subsided to a large extent and now people are satisfied,” said Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (ECAP).
“The business community of Pakistan considers the PML-N (the Pakistan Muslim League-Nawaz) government business-friendly and if we look at their tenure, the rupee was not much devalued and we hope that the dollar should come in the range of Rs150-160.”
Paracha hoped fresh investment would come and the confidence of the people would be restored in the days to come.
Monday’s rally was also fueled on hopes the new regime would take up the stalled $6 billion IMF loan program and resume talks with the global lender.
Economists expect further stability after the formation of the new government and subsequent resumption of Pakistan-IMF talks.
“As per my understanding the new government is being advised to immediately approach the IMF for the extension of the existing program because the fund had said that it would talk to the elected government and their condition has been met,” Dr. Vaqar Ahmed, joint executive director at the Sustainable Development Policy Institute (SDPI) told Arab News.
“It is expected that the new finance adviser will seek extension of the IMF program for one year. There is little space for renegotiation with the IMF, but it is expected that the fund would show some flexibility by June 2022 for the budget to pass.”
However, Miftah Ismail, a former finance minister who is mostly likely to be the candidate for the post under the new set-up, said the IMF program would be renegotiated.
Pakistan stock market records highest single-day gains on easing political uncertainty
https://arab.news/n79by
Pakistan stock market records highest single-day gains on easing political uncertainty
- Investors hope new government will resume talks with International Monetary Fund, bring political and economic stability
- Rupee recovers some lost ground too due to investors’ consideration of the new government as business-friendly
England Women’s cricket coach using AI to pick team ahead of series with Pakistan
- Jon Lewis says technology worked in multi-format Women’s Ashes series against arch-rivals Australia
- Pakistan Women’s National Cricket Team will play Twenty20 and ODI series in England later this month
LONDON: England Women’s cricket coach Jon Lewis revealed Friday he is using artificial intelligence to aid team selection, saying the technology helped his side square last season’s Ashes.
Lewis first became familiar with the work of London-based PSi when he took charge of the UP Warriorz franchise in India’s Women’s Premier League.
Now the 48-year-old former England paceman uses the company to assist with his decisions about squad composition, team balance and in-game match-ups between players.
The system plots projected outcomes depending on the composition of each side.
“I can send multiple different line-ups to the PSi in London and they run, I think, about 250,000 simulations per team that I send, with all different permutations that could happen through the game,” he said.
We are able to run simulated teams versus the simulated opposition to give us an idea about how those teams may match up against each other.
“I came across it during my time at UP Warriorz and it’s something I looked at and thought it could add some value to the England Women’s cricket team.”
Lewis said he still favored a “people-first approach” but he added: “What data can do is give you a really objective view of what could happen and what has happened previously. I think it will help with borderline decisions in terms of selection and match-ups.”
Lewis, who has spoken to England’s rugby union coach Steve Borthwick about his own use of the PSi model, said the system had proved its worth as his side drew last season’s multi-format Women’s Ashes series against arch-rivals Australia.
“There was one selection particularly last year, one period of the Ashes that we targeted as a team,” said Lewis, speaking at the announcement of England’s squad for T20 and ODI series at home to Pakistan later this month.
“There were a couple of selections where AI really helped because both players I was thinking about picking were both in really good form and were both really selectable and it did help with those selections.
“We saw a real strength in Australia and we matched up our strength to that. That worked really, really well and it helped us win the T20 series in particular, which got us back in the Ashes.”
AI is becoming an increasing feature of top-level sport, with International Olympic Committee president Thomas Bach saying last month it could help identify talented athletes “in every corner of the world.”
He said AI could also provide more athletes with access to personalized training methods.
Pakistan launches special cybercrime unit under controversial PECA law, shifts role from FIA
- The agency will be led by director general with 15-year experience in digital forensics or public administration
- Pakistan’s information minister recently spoke against online harassment, emphasized upholding of digital rights
ISLAMABAD: Pakistan has established a new investigation unit under the Prevention of Electronic Crimes Act (PECA) 2016, tasked solely with focusing on cybercrimes in the country, a role previously performed by a dedicated wing of the Federal Investigation Agency (FIA).
The PECA law was originally enacted to combat various forms of cybercrime, including cyber terrorism, unauthorized access, electronic fraud and online harassment, aiming to enhance the security of cyberspace for users and businesses.
However, the law stirred controversy, particularly because its provisions were seen by critics as tools that could potentially curb freedom of speech and suppress dissent.
These concerns were also validated by instances of journalists being booked under the law, with courts raising objections regarding its application.
“There shall hereby stand established the National Cyber Crime Investigation Agency (NCCIA) to exercise jurisdiction under the Act and the Federal Investigation Agency (FIA) shall cease to perform functions as designated investigation agency under the Act,” said a notification taken out by the Ministry of Information Technology and Telecommunication on April 24 that referred to the PECA law.
“All personnel, cases, inquiries, investigations, assets, liabilities, rights, obligations, privileges and matters related thereto or connected therewith subsisting immediately before commencement of these rules in respect of the defunct cybercrime wing of the FIA shall stand transferred to the NCCIA,” it added.
The new investigation agency will be led by a director general who will be appointed by the government for two years.
The individual performing the role will have at least 15 years of experience “in the field of computer sciences, digital forensics, cyber technology, law, public administration, information technology, telecommunication or related fields enabling him to deal with offenses under the Act.”
The notification said the FIA’s “defunct” cybercrime wing would continue to operate until suitable appointments are made to run the new agency.
Pakistan’s information minister Attaullah Tarar announced only a day ago that the government was setting up a new authority to end online harassment and uphold the digital rights of the people.
Pakistan calls for immediate ceasefire in Gaza ahead of OIC summit in Gambia
- Ishaq Dar demands joint action by Muslim states at an OIC preparatory meeting to confront rising Islamophobia
- The Pakistani deputy PM will meet leaders from other Muslim countries at the two-day summit starting Saturday
ISLAMABAD: Pakistan on Friday demanded an immediate and unconditional ceasefire in Gaza along with a humanitarian corridor for international aid agencies to provide relief to the people of Palestine ahead of the Organization of Islamic Cooperation’s summit in Gambia this weekend.
The ceasefire call was issued by the country’s newly appointed deputy prime minister, Ishaq Dar, while addressing the summit’s preparatory meeting in the Gambian capital of Banjul, where he arrived on Wednesday.
Dar is scheduled to participate in the OIC summit, convened to discuss and address major issues affecting the Muslim world, ranging from political and economic challenges to social and cultural matters.
These summits aim to promote Muslim solidarity in social and political affairs, coordinate efforts to safeguard the interests and well-being of Muslims and work toward resolving conflicts and issues in the Muslim world.
“Dar expressed Pakistan’s deep concern about the ongoing genocide and starvation of Gaza people and called for the reactivation of OIC’s Ministerial Committee on Israeli aggression against the Palestinians, offering Pakistan’s assistance to the body,” said the state-owned Associated Press of Pakistan (APP) news agency.
The report said he called for an end the Israeli siege leading to a humanitarian crisis for the people of Palestine and to hold Prime Minister Benjamin Netanyahu’s administration accountable for its “war crimes.”
“Ishaq Dar stressed the imperative of joint action by the OIC to confront rising Islamophobia, which was manifested by an increasing number of incidents of discrimination, violence, and incitement against Muslims around the world,” the APP report continued.
“He stated that while global social media platforms had set for themselves a clear understanding and the responsibility of content relating to ‘Antisemitism’ and ‘Holocaust denial’, same was not the case for blasphemous and anti-Islamic content that was responsible for widespread distress among Muslims and the global wave of Islamophobia,” it added.
The Pakistani deputy prime minister is scheduled to interact with leaders of other Muslim states at the two-day OIC summit beginning on Saturday.
Pakistan expands Makkah Route Initiative to Karachi, plans flights for Hajj pilgrims from May 9
- Saudi staff will have access to eight counters and required equipment at Karachi airport’s international departure area
- Pakistan first joined the Makkah Route Initiative in 2019 as part of a pilot program that was introduced in Islamabad
ISLAMABAD: In a major development for Hajj pilgrims in Pakistan, the government plans to launch flight operation to Saudi Arabia under the expanded Makkah Route Initiative to the southern port city of Karachi from May 9, according to an official statement released on Friday.
The initiative, launched by Saudi authorities in collaboration with several Muslim-majority states, facilitates the annual Islamic pilgrimage for numerous people traveling to Makkah.
Under the initiative, tasks like immigration processing are completed in the pilgrim’s home country, allowing them to bypass these procedures upon arrival in Saudi Arabia. This not only reduces waiting times and congestion at Saudi airports but also enhances the overall experience for pilgrims by making their journey more comfortable and focused on spirituality.
Pakistan joined the initiative in 2019 as part of a pilot program that began in Islamabad. Its success led to plans for the program’s expansion to other cities, with pilgrims from Karachi preparing to benefit from it for the first time this year.
“The Hajj flights under the Road to Makkah Project will commence on 09 May and conclude on 08 June,” the statement circulated by Pakistan Civil Aviation Authority said, adding that all the relevant agencies at Karachi’s Jinnah International Airport have assured of unwavering commitment for the successful implementation of the program.
The official statement was released after a meeting at the Karachi airport that focused on the initiative.
All stakeholders, including airline representatives, ground handling agencies, border health services, airport security, Federal Investigation Agency, customs and Anti-Narcotics Force were present during the deliberations.
The meeting focused on the procedures involved at different stages of Hajj pilgrims’ stay at the airport, beginning with their arrival at the facility until their departure, following Saudi immigration formalities.
It was agreed that Saudi staff would have access to eight counters and all the required equipment in the international departure satellite area.
The airport manager stressed the importance of providing a seamless experience to pilgrims and urged all agencies to treat and welcome them as honored guests.
Senior journalist among three killed in bomb attack in Balochistan on World Press Freedom Day
- Khuzdar Press Club president was killed after a motorcyclist attached an explosive device to his vehicle
- Journalists say media workers were also killed in the past but their murderers were never brought to justice
QUETTA: A senior journalist was killed in a powerful blast that claimed at least two other lives in Pakistan’s volatile southwestern Balochistan province, confirmed a senior administration official on Friday, after a motorcyclist attached an explosive device to his vehicle at a bustling market area.
The incident that took place in Khuzdar, a remote city in the region, on World Press Freedom Day sent shockwaves through the media community in the province that has witnessed much violence in the last couple of decades.
Maulvi Muhammad Siddique Mengal, the targeted journalist, was currently the president of the Khuzdar Press Club and had also received threats from unknown individuals in the past.
“President of the Khuzdar Press Club Maulvi Muhammad Siddique Mengal and two bike riders near his vehicle were killed in the attack,” Deputy Commissioner Khuzdar Arif Khan Zarkoon told Arab News after the emergence of the CCTV footage of the attack. “Five people were injured who were shifted to the District Hospital Khuzdar for treatment.”
“Mengal was traveling in his private vehicle to a mosque to offer Friday prayers when an unknown man attached a magnetic explosive device to his vehicle which exploded at Chamrook Chowk and killed him on the spot,” he added.
So far, no group has claimed responsibility for the attack.
“Maulvi Siddique Mengal had been receiving threats from unknown people for the last year,” said one of the local journalists who requested anonymity. “He survived a firing attack nine months ago. Journalism has become a life-threatening profession in Khuzdar. We even closed Khuzdar Press Club for more than six months after threats by unknown people in 2012.”
Pakistan is considered one of the most dangerous places in the world for journalists, particularly for those working in the country’s western Balochistan and Khyber Pakhtunkhwa provinces. According to the Committee to Protect Journalists (CPJ), an international organization working for journalists’ safety, at least 62 media workers have been killed in targeted attacks in Pakistan since 1992.
The Balochistan Union of Journalists (BUJ) has strongly condemned Mengal’s murder, demanding the arrest of the perpetrators of the Khuzdar blast.
Khalil ur Rehman, the BUJ president, said targeting a journalist on World Press Freedom Day was an attempt to suppress the voice of media workers in Balochistan.
“Forty-two journalists have lost their lives in Balochistan over the last two decades, while 10 journalists were killed in Khuzdar district during the last decade, but not a single murderer of journalists has been arrested yet,” he told Arab News. “Journalists in Balochistan are already facing security challenges, but this attack indicates that targeted attacks against journalists have started again.”
Mir Sarfaraz Bugti, chief minister of Balochistan, has strongly condemned Mengal’s killing, ordering an investigation into it.
“The Balochistan government will utilize all resources to arrest the perpetrators involved in the killing of the senior journalist in Khuzdar,” he said in a statement. “Terrorists involved in sabotaging peace in Balochistan won’t succeed.”
