‘Landmark deal’: Pakistan’s stock market gains on optimism over US trade negotiations

‘Landmark deal’: Pakistan’s stock market gains on optimism over US trade negotiations
Stock brokers monitor share prices on a digital screen during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on April 7, 2025. (AFP/File)
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Updated 10 min 53 sec ago

‘Landmark deal’: Pakistan’s stock market gains on optimism over US trade negotiations

‘Landmark deal’: Pakistan’s stock market gains on optimism over US trade negotiations
  • KSE-100 Index crosses 147,000 points in intraday trade, closes at 146,929.84
  • Investor confidence lifted by 19 percent tariff trade pact between Pakistan and the US

ISLAMABAD: Pakistan’s stock market maintained its bullish momentum on Monday, buoyed by reports of potential US investment in the energy sector and comments from the state finance minister that Islamabad and Washington would fine tune the details of a trade pact in the months ahead.

The KSE-100 Index climbed past the 147,000 points mark during intraday trading and closed at 146,929.84, up 1,547.05 points, or 1.06 percent, from Friday’s close of 145,382.79.

Positive investor sentiment has been underpinned by US President Donald Trump’s 19 percent tariffs on Pakistani imports announced last month, which officials say will pave the way for renewed investment by American firms and deepen economic ties between the two countries.

Topline Securities, a Karachi-based brokerage, said market giants like Mari Petroleum Company (MARI), Bank AL Habib Limited (BAHL), Oil and Gas Development Company (OGDC), Meezan Bank Limited (MEBL) and Muslim Commercial Bank (MCB) dominated Monday’s rally, collectively adding 959 points to the index.

“Sentiment surged after reports of US firms gearing up to invest in Pakistan’s energy sector, further reinforced by better-than-expected corporate results that added to the market’s upbeat tone,” the report said.

The total traded volume reached 607 million shares with a trading value of Rs43.95 billion. Lotte Chemical Pakistan Limited (LOTCHEM) led the volumes chart, with 73 million shares changing hands.

Market analysts say the positive momentum reflects growing investor confidence in Pakistan’s economic prospects, helped by strengthened US ties that are expected to support further gains in the near term.

Pakistan’s State Minister for Finance, Bilal Azhar Kayani, described the US trade pact as a “landmark” deal, saying the 19 percent tariff was the lowest in the South Asian region.

“And the agreement with more details will be negotiated and discussed in the months ahead,” he said during an interview with Bloomberg.

“Which would include various aspects, rules of origin or market access or tariffs per specific lines reciprocally.”

Kayani noted that the US was Pakistan’s largest export destination, accounting for $6 billion of the country’s $32 billion in exports last fiscal year.

Pakistan’s exports to the US are dominated by textiles and garments, but also include leather goods, surgical instruments, sports equipment, chemicals, carpets and seafood, according to the Ministry of Commerce.

The new trade agreement comes amid signs of a thaw in relations between Islamabad and Washington after years of friction over security and counterterrorism. The Biden administration maintained a cautious approach toward Pakistan, but Trump has spoken warmly of his interactions with Pakistani officials, including an unprecedented two-hour meeting in June with the Pakistan army chief. More recently, US officials have emphasized trade and investment cooperation, particularly in crypto, energy, textiles, and information technology sectors.


Pakistan asks world to take ‘decisive action’ after Israeli strike kills civilians in Gaza

Pakistan asks world to take ‘decisive action’ after Israeli strike kills civilians in Gaza
Updated 1 min 50 sec ago

Pakistan asks world to take ‘decisive action’ after Israeli strike kills civilians in Gaza

Pakistan asks world to take ‘decisive action’ after Israeli strike kills civilians in Gaza
  • An Israeli strike on Saturday killed 34 people, including over a dozen civilians waiting for aid, Gaza’s civil defense agency said
  • Islamabad reiterates its support of Palestinian people, calls for a just, sustainable and peaceful resolution of Palestine issue

ISLAMABAD: Pakistan on Monday condemned a recent Israeli airstrike that killed several civilians in Gaza, demanding the world take “decisive action” to hold the Jewish state accountable.

The statement came two days after Gaza’s civil defense agency said at least 34 people, including more than a dozen civilians who were waiting to collect aid, were killed by Israeli fire.

Pakistan’s Foreign Office said the country strongly condemns the Israeli airstrike and extends its condolences to families of the victims, reaffirming its unwavering solidarity with the Palestinian people.

“This egregious attack constitutes yet another serious violation of international humanitarian and human rights law, underscoring the scale and severity of the crimes perpetrated by the occupying power,” it said in a statement.

“The Government of Pakistan calls upon the international community to take immediate and decisive action to end Israeli impunity, ensure the protection of civilians, and hold Israel accountable for its actions.”

Hours before the statement, a prominent Al Jazeera journalist, who had previously been threatened by Israel, was killed along with four colleagues in an Israeli airstrike on Sunday in an attack condemned by journalists and rights groups.

“Anas Al Sharif and his colleagues were among the last remaining voices in Gaza conveying the tragic reality to the world,” Al Jazeera said.

More than 61,000 Palestinians have been killed in Gaza since Israel began pounding the territory on Oct. 7, 2023, following a Hamas attack on Israel, according to the Palestinian health ministry.

The Foreign Office once again reiterated Pakistan’s support for the Palestinian cause and called for a just, sustainable and peaceful resolution of the Palestine issue, in line with the relevant Security Council resolutions that uphold the rights and dignity of the Palestinian people.

“This includes the establishment of an independent, sovereign, viable, and contiguous Palestinian State, based on the pre-June 1967 borders, with Al-Quds Al-Sharif as its capital,’ it added.
 


Pakistan court jails senior Imran Khan aides for up to 10 years over 2023 riots

Pakistan court jails senior Imran Khan aides for up to 10 years over 2023 riots
Updated 52 min 49 sec ago

Pakistan court jails senior Imran Khan aides for up to 10 years over 2023 riots

Pakistan court jails senior Imran Khan aides for up to 10 years over 2023 riots
  • The riots erupted after Khan’s brief arrest in Islamabad on corruption charges
  • Khan’s PTI party says it will petition the higher courts against the sentencing

ISLAMABAD: An anti-terrorism court (ATC) on Monday sentenced over a dozen members of jailed former prime minister Imran Khan’s party to as much as 10 years in prison for their involvement in anti-government riots in May 2023.

The riots erupted after Khan was briefly arrested by in Islamabad on corruption charges on May 9, 2023, with his supporters attacking government buildings and military installations.

Thousands of Khan’s Pakistan Tehreek-e-Insaf (PTI) party members and supporters were later detained and hundreds were charged under anti-terrorism laws in a sweeping crackdown, with some cases referred to military courts.

On Monday, the ATC, which was hearing two 2023 riots cases at Lahore’s Kot Lakhpat prison, sentenced PTI’s Yasmin Rashid, Ejaz Chaudhry, Mahmood-ur-Rashid and Umar Sarfaraz Cheema among 11 individuals to 10 years in prison. Two other PTI members, Aliya Hamza Malik and Sanam Javed, were sentenced to five years in prison.

“This verdict stands as a flagrant travesty of justice, reducing the very notion of fairness to a hollow farce,” Zulfikar Bukhari, a PTI spokesman, said in a statement after Monday’s ruling.

“It is unfortunate that transparency [was] set aside in these cases and the accused were not even given the opportunity to defend themselves.”

This is the third such verdict against members of Khan’s party since July 22, when an ATC in Sargodha sentenced Ahmed Chattha, Bilal Ejaz and Punjab Assembly Opposition Leader Ahmed Khan Bachar to 10 years.

It was followed by the sentencing of 108 PTI members, including Omar Ayub Khan, Shibli Faraz, Hamid Raza and Zartaj Gul Wazir, to 10-years in prison by an anti-terrorism court in Faisalabad on July 31.

At the time, Information Minister Attaullah Tarar welcomed the court’s ruling, accusing PTI supporters of setting fire to government buildings, damaging military property and injuring law enforcement personnel during the May 9, 2023 unrest.

“This is a story of sacrifice to save the world from terrorism,” he had said. “Pakistan is a wall between terrorists and the world... if this wall becomes weak, the fire will not stop at our borders.”

Khan’s party denies encouraging violence and has rejected the terrorism charges against its members. Khan says he was in jail when the protests took place and did not direct the violence.

“The party shall resolutely petition the higher courts to redress this grave political injustice and vindicate the rule of law,” Bukhari said, in response to Monday’s verdict.


At US reception, Pakistan army chief vows ‘crushing response’ to Indian aggression — Bloomberg

At US reception, Pakistan army chief vows ‘crushing response’ to Indian aggression — Bloomberg
Updated 11 August 2025

At US reception, Pakistan army chief vows ‘crushing response’ to Indian aggression — Bloomberg

At US reception, Pakistan army chief vows ‘crushing response’ to Indian aggression — Bloomberg
  • General Asim Munir accuses New Delhi of fueling instability as tensions remain high after May conflict
  • Remarks in US come less than three months after Pakistan, India fought deadliest confrontation in decades

ISLAMABAD: Pakistan’s army chief has accused India of continuing to “create instability in the region” and warned that any aggression from New Delhi would be met with a “crushing response,” Bloomberg reported on Monday, citing statements shared by Pakistani military officials.

The remarks come less than three months after Pakistan and India fought their deadliest confrontation in decades — a four-day armed conflict in May that saw air, drone, and missile strikes, as well as artillery and small arms fire along their shared border. The clash was triggered by an April 22 attack in Indian-administered Kashmir in which gunmen killed 26 civilians. New Delhi blamed Islamabad for orchestrating the assault, an allegation Pakistan has denied.

“India is still attempting to create instability in the region,” General Asim Munir said on Friday at a dinner with members of the Pakistani diaspora in Florida, during his second visit to the US in less than two months, according to the Bloomberg report, which quoted unnamed military officials. 

“Pakistan has made it clear that any Indian aggression will be met with a crushing response.”

Pakistan’s military released details of Munir’s US speech after Indian news website ThePrint reported contentious excerpts, claiming the general had said Pakistan would target any dam India builds on the Indus River with multiple missiles and warned of the risk of nuclear conflict. ThePrint cited unidentified participants at the event and said guests were barred from carrying phones or recording devices.

In response, India’s Ministry of External Affairs on Monday accused Pakistan of a history of “nuclear sabre-rattling” and questioned the credibility of its nuclear command and control. The ministry also said the comments had been made from a “friendly third country” and insisted India would not succumb to “nuclear blackmail.”

Relations between the two neighbors — who have fought three wars and numerous skirmishes since partition in 1947 — remain tense. Pakistan has in recent months moved closer to President Donald Trump, while India’s relations with Washington have cooled, Bloomberg said.

Munir praised Trump for helping end the May hostilities, saying: “Pakistan is deeply thankful to President Trump, whose strategic leadership not only averted a war between India and Pakistan but also helped stop many ongoing global conflicts.” 

Indian officials have denied the US leader played any such role.

Over the weekend, India’s air force chief said its military had shot down at least five Pakistani fighter jets during the May confrontation, offering new details on the scale of the damage. Pakistan denied any of its aircraft had been hit and says it had downed at least five Indian planes.


Pakistan gets offers in 100,000-ton white sugar tender, traders say

Pakistan gets offers in 100,000-ton white sugar tender, traders say
Updated 11 August 2025

Pakistan gets offers in 100,000-ton white sugar tender, traders say

Pakistan gets offers in 100,000-ton white sugar tender, traders say
  • Pakistan’s government last month approved plans to import 500,000 tons of sugar to help maintain price stability
  • The lowest offer was said to have been submitted by trading house ED&F Man for 50,000 tons of fine-grade sugar

HAMBURG: The lowest price offered in the international tender from Pakistan to buy 100,000 metric tons of white sugar on Monday was believed to be $539.00 a metric ton, cost and freight (c&f) included, European traders said in initial assessments.

Offers in the tender from state trading agency Trading Corporation of Pakistan were still being considered and no purchase had been reported yet, they said.

Pakistan’s government last month approved plans to import 500,000 tons of sugar to help to maintain price stability after retail sugar prices rose sharply.

The lowest offer was said to have been submitted by trading house ED&F Man for 50,000 tons of fine-grade sugar sourced from any origin.

There were reportedly three other participants in the tender.

Dreyfus was said to have offered $580.75 a ton c&f, for 25,000 tons of fine-grade sugar from any origin, while Al Khaleej Sugar offered $586.00 a ton c&f for 30,000 tons of medium-grade sugar sourced from the United Arab Emirates. Trading house Bare offered $555.00 c&f for medium grade and $550.00 c&f for fine-grade sugar, both from Brazil.

Reports reflect the assessments so far from traders and further estimates of prices and volumes are still possible later.

No purchase was reported in a previous tender for 100,000 tons on July 31, with the lowest price offer also $539.00 a ton c&f.

The new tender seeks small/fine- and medium-grade sugar from worldwide origins, excluding India and Israel.

The sugar shipments should be organized to achieve the arrival of all the sugar in Pakistan by October 20, traders said.

Shipment of breakbulk supplies is sought from September 1 to September 15 for 50,000 tons, while the rest can be shipped from September 10 to September 25. Sugar in ocean shipping containers can also be shipped between September 1 to 20.


Seven killed, six injured as landslide strikes volunteers restoring water channel in northern Pakistan 

Seven killed, six injured as landslide strikes volunteers restoring water channel in northern Pakistan 
Updated 11 August 2025

Seven killed, six injured as landslide strikes volunteers restoring water channel in northern Pakistan 

Seven killed, six injured as landslide strikes volunteers restoring water channel in northern Pakistan 
  • Thirteen volunteers were working to restore water channel from Danyor nullah to Danyor town in Gilgit district, says rescue official
  • Prime Minister Shehbaz Sharif expresses sorrow over loss of lives, directs best medical treatment for those injured in the incident 

KHAPLU, Gilgit-Baltistan: At least seven people were killed while six others were injured in Pakistan’s northern Gilgit-Baltistan (GB) region when a massive landslide struck local volunteers restoring a water channel for their town, rescue and police officials confirmed on Monday.

The incident took place late Sunday night when 13 local volunteers were attempting to restore the water supply in the main water channel from Danyor nullah to Danyor town in Gilgit district. The water channel had been damaged due to the floods in the area triggered by heavy rains in July, according to Gilgit Station House Officer Imtiaz Hussain.

“During late night, the mudslide hit them,” Engineer Tahir Shah, Gilgit district’s rescue officer for Rescue 1122 emergency service, told Arab News. “Thirteen people were buried under the debris initially. Resultantly, seven people were killed and six others were injured,” he added. 

Hussain said the bodies were recovered and shifted to a nearby hospital, adding that the injured were in stable condition. 

Locals said the water channel was damaged last month, when torrential rains struck the region and triggered flash floods in several parts of northern territory. 

“The water supply for both drinking and irrigation was disconnected on July 22 as a flood damaged the water channel,” Tanveer Abbas, a resident of Danyor town, told Arab News over the phone.

He said the flood damaged four water channels out of which two were restored temporarily.

“The third one was [being] restored when the [landslide] incident occurred, “Abbas told Arab News. “The whole village is in deep sorrow after the incident. Funeral prayers were offered and all seven have been buried.”
GB Chief Minister Hajji Gulbar Khan expressed grief over the loss of lives in the incident. 

“The families of those who died in the incident will receive compensation as per the government policy,” Khan said in a statement. He also directed health officials to provide full medical facilities to the injured.

Prime Minister Shehbaz Sharif expressed sorrow in a statement, urging authorities to ensure the best medical treatment for the injured.

“We pay tribute to the volunteers who sacrificed their lives for the sake of humanity,” Sharif was quoted as saying by the Prime Minister’s Office (PMO). 

Torrential monsoon rains have killed at least 305 people in Pakistan and injured 734 people since June 26. Deadly floods swept the popular tourist route Babusar on July 21, triggering landslides and damaging infrastructure. 

GB has reported 12 deaths in total since June 26 and six injured, according to data provided by the National Disaster Management Authority (NDMA). A dozen tourists have been reported missing in the region due to flash floods last month. 

Pakistan, which produces less than 1 percent of the world’s greenhouse gases, has suffered disproportionately from extreme weather patterns over the past couple of years.

In 2022, torrential monsoon rains killed more than 1,700 people and caused damages over $30 billion to the nation.