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ISLAMABAD: Prime Minister Shehbaz Sharif on Friday reaffirmed Islamabad’s support for the Palestinians, vowing to raise their cause at every forum and continue sending aid to Gaza.

He made the remarks during a meeting with a four-member Palestinian delegation led by Mahmoud Al-Habbash, presidential adviser and supreme judge, who is currently in Islamabad to attend a religious conference marking the birth anniversary of the Prophet Muhammad (PBUH), according to the Prime Minister’s Office.

“[Sharif] reaffirmed the unwavering support of the people of Pakistan to the Palestinian cause and assured the Palestinian side that Pakistan would continue to lend its full support for the brotherly people of Palestine,” the statement said.

“The prime minister reassured the Palestinian delegation that Pakistan would continue to dispatch humanitarian assistance for the people of Gaza.”

On the occasion, Al-Habbash expressed his condolences over the recent floods in Pakistan, which have claimed 905 lives across the country since the beginning of the monsoon in late June.

He also presented Sharif with a letter from Palestinian President Mahmoud Abbas.

Pakistan, which does not recognize Israel, has long supported the creation of an independent Palestinian state based on pre-1967 borders with East Jerusalem as its capital, calling this stance a legal, moral and religious duty.

The Palestinian delegation’s visit comes amid ongoing Israeli strikes in Gaza and growing global criticism over the humanitarian crisis.

Gaza health officials report more than 64,000 deaths since the war began in October 2023, while the United Nations warns of acute food shortages and mass displacement amid the ongoing conflict.

The Integrated Food Security Phase Classification (IPC) declared Gaza City in famine last month, with hunger spreading since Israel began the blockade of humanitarian assistance in March.

About 514,000 people — nearly a quarter of Gaza’s population — are facing famine, a figure expected to rise to 641,000 by the end of September.

It is the first time the IPC has recorded famine outside of Africa.

KARACHI: The Pakistan Stock Exchange crossed the 154,000 mark on Friday, with analysts citing trade deals from Prime Minister Shehbaz Sharif’s China visit and expectations of higher cement sales from post-flood reconstruction as reasons behind the bullish trend.

The KSE-100 index rose by 1,611.47 points, or 1.06 percent, to close at 154,277.19, compared to the previous close of 152,665.72.

Jibran Sarfaraz, a stocks dealer at Munir Khanani Securities, said Pakistan’s opportunity to boost exports through lower tariffs compared to neighboring countries has contributed to the market’s upward trajectory.

“Then came the floods, which, being a natural disaster, caused significant losses especially as crops were destroyed,” he told Arab News.

“At the same time, the positive side is that reconstruction will create higher demand for steel and cement, boosting their sales,” he continued.

“The Pakistani PM’s visit to China has raised expectations of further trade between both the countries, and on the international stage, Pakistan’s profile has been elevated.”

Sarfaraz added that resolving tariff issues with the US and easing tensions with India have also helped the market gain momentum in recent weeks.

“After that, we saw the market continue to grow, with strong performances from the banking, steel, pharma and textile sectors,” he added.

Meanwhile, Ahsan Mehanti, CEO of Arif Habib Commodities, attributed the market’s performance to the government’s approval for resuming subsidies on fully funded remittances to support rupee stability.

These subsidies refer to reimbursements to banks and exchange companies on eligible inward remittances, making it possible for them to offer nominal or no fees to senders while covering their own costs.

He also mentioned another factor for the market surge, involving the energy regulator, NEPRA, possible cuts to industrial electricity tariffs that can bring down production costs.

“Nepra hints over negative industrial tariff adjustments, speculations over government resolve to settle power sector circular debt crises played catalyst role in bullish close at PSX,” he said.

Pakistan and China signed 21 memorandums of understanding and joint ventures worth $4.2 billion to boost business cooperation in various sectors during Sharif’s visit this week.

At the same time, floods have devastated Punjab, Pakistan’s most populous province, killing 49 people so far and destroying large areas of cropland.