Pakistan shares range bound amid uncertainty over budget announcement

A stockbroker monitors share prices on a digital screen at the Pakistan Stock Exchange (PSX) in Karachi on May 7, 2025. (AFP/File)
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Updated 10 June 2025
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Pakistan shares range bound amid uncertainty over budget announcement

  • Index recorded intraday high of 970 points and low of 51 points, eventually closing at 122,024, gaining 383 points or 0.32 percent
  • Pakistan will unveil annual federal budget, seeking to kickstart growth while finding resources for hike in defense expenditure 

ISLAMABAD: The Pakistan Stock Market witnessed a range-bound session today, Tuesday, with the index fluctuating within a narrow band amid uncertainty surrounding the budget announcement. 

Pakistan will unveil its annual federal budget for the coming fiscal year on Tuesday evening, seeking to kickstart growth while finding resources for an expected hike in defense expenditure following a military conflict with India last month, the worst between the nuclear-armed neighbors in decades. 

Islamabad will also have to contend with remaining within the discipline of its International Monetary Fund program and the uncertainty from new trade tariffs being imposed by the United States, its biggest export market.

“The index recorded an intraday high of 970 points and a low of 51 points, eventually closing at 122,024 — gaining 383 points or 0.32 percent,” brokerage house Topline Securities said in its daily market review. 

“Market participation remained healthy, with total traded volume reaching 591 million shares and a traded value of PKR 21 billion.”

Media reports say the government is likely to present a 17.6 trillion rupee ($62.45 billion) budget for the fiscal year beginning July 1, down 6.7 percent from this fiscal year. It has projected a fiscal deficit of 4.8 percent of GDP, against a targeted 5.9 percent deficit in 2024-25, the reports say.

Analysts said they expect an increase of around 20 percent in the defense budget, likely offset by cuts in development spending.

Pakistan allocated 2.1 trillion Pakistani rupees($7.45 billion) for defense in the outgoing fiscal year, including $2 billion for equipment and other assets. An additional 563 billion rupees ($1.99 billion) was set aside for military pensions, which are not counted within the official defense budget.

The government of Pakistani Prime Minister Shehbaz Sharif has projected 4.2 percent economic growth in 2025-26, saying it has steadied the economy, which had looked at risk of defaulting on its debts as recently as 2023. Growth this fiscal year is likely to be 2.7 percent, against an initial target of 3.6 percent set in the budget last year.

Pakistan’s growth lags far behind the region. In 2024, South Asian countries grew by an average of 5.8 percent and 6.0 percent growth is expected in 2025, according to the Asian Development Bank.

With inputs from Reuters


Pakistani opposition alliance says government trying to ‘eliminate’ rivals, calls for joint strategy

Updated 7 sec ago
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Pakistani opposition alliance says government trying to ‘eliminate’ rivals, calls for joint strategy

  • A two-day multiparty conference condemns convictions of opposition leaders in cases of May 9 rioting
  • Minister Ata Tarar says May 9 trials were fair, accuses the opposition of lacking facts and arguments

ISLAMABAD: A coalition of prominent Pakistani opposition leaders on Friday called for a unified political strategy to address what they described as a systematic effort to eliminate dissent, condemning recent convictions related to the May 9, 2023, riots and rejecting the legitimacy of the 2024 general elections.

The two-day multiparty conference was convened by the Tehreek-e-Tahafuz-e-Ayeen-e-Pakistan (TTAP) — or Movement for the Protection of Pakistan’s Constitution — a newly formed alliance of politicians, lawyers and civil society leaders advocating for constitutional supremacy and civilian rule.

Established earlier this year, TTAP is chaired by veteran Pashtun leader Mahmood Khan Achakzai and held its gathering in Islamabad at the residence of former senator Mustafa Nawaz Khokhar, who said the capital administration had attempted to block the event by sealing off its original venue.

“There is a clear attempt to eliminate the opposition in this country,” Khokhar said toward the end of the gathering, adding: “All parties at the conference unanimously agreed that a comprehensive and joint strategy is urgently needed to steer the country out of this crisis.”

The conference condemned the convictions handed down to the leaders and supporters of the country’s jailed former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party over their alleged role in the May 9 unrest.

The protests, triggered by Khan’s brief detention by paramilitary rangers on corruption charges, turned violent, with attacks on military installations across the country. An anti-terrorism court in Pakistan convicted the leaders of the opposition in the National Assembly and Senate on charges of being involved in the unrest, though the PTI has frequently described such cases and convictions as politically motivated.

The government, however, said all those who were sentenced were given fair trials within the legal and constitutional framework.

“Fair trials were conducted in the May 9 cases in accordance with the law,” Information Minister Ata Tarar asserted in a televised statement following the opposition alliance’s news conference. “The proceedings lasted two full years, during which the prosecution presented its arguments and evidence.”

The multiparty conference participants also denounced the imprisonment of Khan and his wife, Bushra Imran, and demanded their immediate release.

The declaration agreed at the gathering also accused the government of “fascism and political victimization” and rejected the outcome of the 2024 elections as fraudulent.

It also called for repealing the 26th Amendment, which curtailed judicial autonomy by expanding parliamentary oversight of appointments, saying it had undermined judicial independence in Pakistan, and expressed solidarity with six

Islamabad High Court judges who had spoken out against institutional interference.

Tarar, however, dismissed the opposition’s assertions, saying the participants of the conference “had neither arguments nor facts.”

“Whenever a foreign visit to Pakistan is about to begin, especially by a foreign head of state, such actions are taken to sabotage it and damage the country’s economy,” he added, noting that the conference came just ahead of the Iranian president’s visit to Pakistan on Saturday.


US limits official visits to Karachi hotels after threat report

Updated 26 min 51 sec ago
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US limits official visits to Karachi hotels after threat report

  • Security alert urges caution at venues popular with Western citizens, tourists in Karachi
  • State Department’s current travel advisory urges citizens to reconsider visiting Pakistan

KARACHI: The United States has temporarily limited visits by government personnel to high-end hotels in Karachi, Pakistan, after receiving a report of a threat, the State Department said on Friday.

“The US Consulate General Karachi received a report of a threat directed at high-end hotels in Karachi,” the department said in a security alert.

“The US Consulate General in Karachi has temporarily limited visits by official US government personnel to these hotels.”

The State Department said it sometimes declares areas in foreign countries such as tourist attractions, hotels, markets, shopping malls and restaurants off-limits to official US government personnel in response to such threats.

The security alert urges people to avoid the areas and crowds, keep a low profile and to stay alert in places frequented by tourists and citizens of Western countries.

The State Department currently has a travel advisory in place for Pakistan that advises US citizens to reconsider traveling there due to the risk of terrorism and the potential for armed conflict.


Pakistan army chief says China partnership ‘pivotal’ for regional peace amid shifting global dynamics

Updated 01 August 2025
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Pakistan army chief says China partnership ‘pivotal’ for regional peace amid shifting global dynamics

  • Field Marshal Asim Munir spoke at the PLA’s 98th anniversary event at Pakistan Army headquarters
  • He said Pakistan’s ties with China remained ‘time-tested and resilient’ despite regional challenges

ISLAMABAD: Chief of Army Staff Field Marshal Asim Munir on Friday described the country’s strategic partnership with China as “pivotal” for regional peace and stability, as he highlighted the strength of bilateral ties that have endured despite shifting global geopolitics.

The army chief was speaking at an event held at Pakistan’s military headquarters in Rawalpindi to mark the 98th founding anniversary of China’s People’s Liberation Army (PLA). The ceremony was also attended by Chinese Ambassador Jiang Zaidong, PLA Defense Attaché Major General Wang Zhong and senior military officials from both countries.

Munir’s statement comes weeks after India’s Deputy Army Chief, Lt. Gen. Rahul Singh, claimed China had provided Pakistan with “live inputs” during a brief but intense four-day military conflict with India in May. Pakistan’s Defense Minister

Khawaja Asif, however, told Arab News prior to that that the outcome of the conflict was a “victory” that was entirely “Made in Pakistan.”

“The Field Marshal highlighted that the Pakistan-China strategic relationship exemplifies mutual trust, unwavering support and shared commitment,” the military’s media wing, Inter-Services Public Relations, said in a statement circulated after the event. “He stressed that despite shifting strategic dynamics, the friendship between the two nations has remained steadfast and unshakable.”

“He [also] emphasized that their enduring partnership will continue to play a pivotal role in promoting regional stability and safeguarding shared strategic interests,” the statement added.

The army chief also praised the PLA for its role in China’s defense, security and nation-building.

He described Pakistan and China as “true brothers-in-arms” whose bond remains “unique, time-tested and exceptionally resilient.”

The Chinese ambassador thanked the Pakistan Army for hosting the ceremony and reaffirmed Beijing’s commitment to the strategic partnership.

He also acknowledged Pakistan’s armed forces for their role in counterterrorism.

Pakistan and China are long-standing allies and partners in the multibillion-dollar China-Pakistan Economic Corridor (CPEC), a flagship project under China’s Belt and Road Initiative (BRI).

The corridor provides China with direct access to the Arabian Sea via Pakistan’s Gwadar Port, while enabling Pakistan to modernize infrastructure and expand regional trade links.


Pakistan confirms 18th polio case of 2025 amid low vaccine uptake in high-risk areas

Updated 01 August 2025
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Pakistan confirms 18th polio case of 2025 amid low vaccine uptake in high-risk areas

  • A 10-month-old boy from Tank in Khyber Pakhtunkhwa is the latest to test positive for the virus
  • Pakistan plans at least three more vaccination campaigns by December to immunize children

PESHAWAR: Pakistan reported its 18th polio case this year after a 10-month-old boy tested positive for the virus in the northwestern Khyber Pakhtunkhwa province, according to an official statement on Friday, raising renewed concerns over persistent transmission in areas with low vaccine uptake.

The latest infection, confirmed by the Regional Reference Laboratory for Polio Eradication at the National Institute of Health, marks the 11th case in the province, long identified as a high-risk zone for poliovirus transmission due to insecurity, vaccine hesitancy and operational challenges.

“A 10-month-old boy from Union Council Mullazai in District Tank, South Khyber Pakhtunkhwa, has been confirmed as the eleventh polio case ... this year, bringing the total number of polio cases in Pakistan in 2025 to eighteen,” the National Emergency Operations Center (NEOC) said in a statement.

“The continued detection of polio cases underscores the persistent threat to children, particularly in areas with low vaccine acceptance,” it added. “It is crucial for communities to understand that poliovirus can re-emerge wherever immunity gaps persist.”

Polio is a highly contagious and incurable disease that can cause lifelong paralysis. Health experts stress that the only effective protection is through repeated oral polio vaccine (OPV) doses for every child under five during each campaign, along with the timely completion of routine immunizations.

While Pakistan’s polio program has carried out six vaccination campaigns since September 2024, thousands of children in South Khyber Pakhtunkhwa remain unreached due to limited access and logistical barriers in conducting house-to-house immunizations.

The NEOC said two more nationwide and one sub-national campaign are planned between August and December, alongside targeted drives in high-risk districts to stop virus transmission.

Health authorities have also urged parents and caregivers to ensure their children receive every dose, and called on communities to support frontline workers, combat misinformation, and encourage vaccination as a collective responsibility.


Pakistan stock market hits record 141,000 points after US trade deal boosts investor sentiment

Updated 01 August 2025
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Pakistan stock market hits record 141,000 points after US trade deal boosts investor sentiment

  • US trade deal sets 19 percent tariff and includes support for developing Pakistan’s oil reserves
  • PM Shehbaz Sharif says stock surge shows Pakistan’s economy is on the right track for growth

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit an all-time high on Friday, surpassing the 141,000-point mark, with analysts attributing the surge to the US trade tariff deal that helped boost investor confidence.

The KSE-100 index rose by 1,644.56 points or 1.18 percent to close at an all-time high of 141,034.98, up from the previous close of 139,390.42.

Pakistan and the US finalized a trade deal this week, under which the US will charge a 19 percent tariff on imports and also support the development of Pakistan’s oil reserves.

“US trade tariff deal at 19 percent is giving an edge over regional peers, and cut in fuel prices to ease inflation played a catalyst role in bullish activity at PSX,” Ahsan Mehanti, CEO of Arif Habib Commodities, said.

He noted that stocks also closed at an all-time high as investors reacted to the Consumer Price Index, which stood at 4.1 percent year-on-year for July.

Sana Tawfiq, Head of Research at Arif Habib Limited, also agreed the bullish momentum witnessed in the market was mainly driven by the trade deal finalized between Pakistan and the US.

“But I think more than the tariff, the key aspect of the deal was the talk of investment,” she said. “If we look at it in a broader context, there is potential for significant investments.”

In its market review on Friday, Topline Securities, a leading brokerage facility, said the KSE-100 Index increased by 1.3 percent week-on-week.

“During the start of the week, the market remained largely range-bound as investors closely watched June quarter result announcements,” it said. “However, during the latter part of the week, the market returned to its positive course, where news of the trade deal with the US garnered investor interest back into the market.”

Reacting to the market sentiment, Prime Minister Shehbaz Sharif described the bullish trend as a reflection of “investor confidence in government policies” in a statement.

“Facilitating business and investment remains among this administration’s top priorities,” he said, adding that the country’s economy was on the right trajectory and moving toward growth.