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Pakistan stock market breaches 133,000-mark in new record as investors turn to equities

Update Pakistan stock market breaches 133,000-mark in new record as investors turn to equities
Stockbrokers interact during a trading session at Pakistan Stock Exchange (PSX) in Karachi on May 12, 2025. (AFP/File)
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Updated 2 min 24 sec ago

Pakistan stock market breaches 133,000-mark in new record as investors turn to equities

Pakistan stock market breaches 133,000-mark in new record as investors turn to equities
  • Benchmark KSE-100 index rose by 1,421.08 points, or 1.08 percent, in intraday trade
  • Stock analyst says they expect the index to touch 160,000 points by June next year

KARACHI: The Pakistan Stock Exchange (PSX) on Monday crossed the 133,000-point barrier to hit a record high, market data showed, with analysts attributing the rally to hopes of banking dividend payouts and a United States-Pakistan trade deal.

The benchmark KSE-100 index rose by 1,421.08 points, or 1.08 percent, to close at 133,370.14 points, compared to the previous day’s close of 131,949.06 points, according to the PSX website.

“The rally persisted throughout the day, with the index hitting an intraday high of 133,862, fueled by strong performance in banking stocks amid expectations of robust earnings and dividend payouts for the June quarter,” Naveed Nadeem, senior equity trader at Karachi-based Topline Securities brokerage firm, said in their market review.

“Textile stocks also advanced, likely supported by optimism over a potential tariff agreement with the US.”

US President Donald Trump imposed in April steep tariffs on a number of countries, a move widely viewed as a setback for the global economy still recovering from the coronavirus pandemic.

There have been reports that the US and Pakistan, which faced 29 percent tariff on its goods that was paused for three months, have reached an understanding on a deal ahead of a July 9 deadline that could shape the future of the South Asian country’s key export sectors.

While optimism prevailed over a possible trade tariff deal, positive developments over the macroeconomic front also played a key role in driving the bulls at the market.

“Stocks closing to new all-time high showed recovery on receding fears over US trade tariff after a trade agreement was [reportedly] reached, preventing 29 percent trade tariff on Pakistan,” Ahsan Mehanti of Arif Habib Corporation told Arab News.

“Investors weigh surging foreign exchange reserves. Rupee stability and government’s deliberation for privatization of SOEs (state-owned enterprises} played a catalyst role in record surge.”

Pakistan’s stocks have surged as Islamabad moves to consolidate its financial recovery after years of economic turbulence, with the country’s foreign exchange reserves rising to $14.5 billion in June.

In recent years, the South Asian country has implemented tough structural reforms under the International Monetary Fund (IMF) loan programs, aimed at reducing fiscal deficits and restoring investor confidence.

“The regional and geopolitical issues also subsided last month which has further given confidence to local investors,” Shankar Talreja, head of research at Topline Securities, told Arab News, referring to the Pakistan-India and Iran-Israel conflicts.

“We expect the index to touch 160,000 [points] by June 2026.”


Pakistan confiscates 18 lions kept as pets in crackdown after attack

Pakistan confiscates 18 lions kept as pets in crackdown after attack
Updated 25 sec ago

Pakistan confiscates 18 lions kept as pets in crackdown after attack

Pakistan confiscates 18 lions kept as pets in crackdown after attack
  • Official says there are 584 lions and tigers in homes and breeding farms in Pakistan’s most populous Punjab province
  • Keeping exotic animals as pets has been fueled by social media, with owners often showing them off as status symbols

LAHORE: Eighteen lions kept illegally as pets have been confiscated in Pakistan’s Punjab region, authorities said on Monday, as they launched a crackdown after one escaped from a house and attacked a woman and two children.

The woman suffered scratches and bruises, and the two children, aged five and seven, were hospitalized after the attack last week but their injuries were not life-threatening, provincial wildlife officials said.

The lion, which was kept without a license in a house in Lahore, was confiscated and sent to a local safari park, said Mubeen Elahi, director general of the provincial Wildlife and Parks Department. The owner was later arrested, police said.

Keeping exotic animals as pets has been fueled by social media, with owners often showing off their animals online as status symbols.

“According to the new regulations for keeping big cats, no individual is allowed to keep a lion without a license, without adhering to the required cage size, and without following other standard operating procedures,” Elahi said.

The punishment is up to seven years in jail.

As well as confiscating the 18 animals, the department raided 38 lion and tiger breeding farms and arrested eight people for violating the rules, he said, adding that all farms will be inspected by the end of this week.

There are 584 lions and tigers in homes and breeding farms in Punjab, Pakistan’s most populous province, he said.

“I know plenty of people who keep big cats as pets,” said Qaim Ali, 30, who himself had a lion but sold it after it attacked his nephew.

“Most of them are not interested in breeding but keep them as a symbol of power and influence in society.”


Etisalat CEO reaffirms investment commitment to Pakistan in meeting with deputy PM 

Etisalat CEO reaffirms investment commitment to Pakistan in meeting with deputy PM 
Updated 22 min 56 sec ago

Etisalat CEO reaffirms investment commitment to Pakistan in meeting with deputy PM 

Etisalat CEO reaffirms investment commitment to Pakistan in meeting with deputy PM 
  • UAE telecom giant expresses interest in ICT expansion as Pakistan pushes for digital growth
  • Meeting comes amid stalled PTCL privatization process over unresolved asset transfer issue

ISLAMABAD: The chief executive of UAE-based telecom firm Etisalat met Pakistan’s deputy prime minister in Islamabad on Monday and reaffirmed the group’s long-term investment commitment to the country, Pakistan’s ministry of foreign affairs said in a statement.

Deputy Prime Minister and Foreign Minister Ishaq Dar hosted Etisalat Group CEO Hatem Dowidar and a high-level delegation that included top Pakistani officials from the IT, commerce, and privatization ministries, as well as the Special Investment Facilitation Council (SIFC).

Dar highlighted Pakistan’s “growing digital economy and the government’s commitment to fostering a business-friendly environment. He invited Etisalat Group to expand its investments in the country’s ICT and telecom sectors,” a statement from the foreign ministry said. 

Dowidar “appreciated the Government of Pakistan’s consistent support” and expressed interest in contributing to the country’s digital connectivity and growth goals, the statement added.

Etisalat currently owns a 26 percent stake in Pakistan Telecommunication Company Limited (PTCL), a former state-owned enterprise that was partially privatized in 2006. However, the transaction has been mired in disputes, with Etisalat withholding $800 million of the sale price over issues related to the transfer of properties promised as part of the deal.

Pakistan’s repeated efforts to fully privatize PTCL have faced delays due to the unresolved asset transfer issue and lack of consensus on valuation. The government has said resolving the matter with Etisalat is crucial for moving forward with broader privatization goals, especially under commitments tied to IMF-supported economic reforms.
 


Pakistan army chief rejects Indian claims of Chinese help in May conflict

Pakistan army chief rejects Indian claims of Chinese help in May conflict
Updated 07 July 2025

Pakistan army chief rejects Indian claims of Chinese help in May conflict

Pakistan army chief rejects Indian claims of Chinese help in May conflict
  • In early May, the two sides engaged in a four-day war involving drones, missiles and artillery fire
  • Top Indian general has said China gave Pakistan “live inputs” about key Indian military positions

ISLAMABAD: Pakistan’s army chief on Monday rejected recent Indian military claims Islamabad received real-time support from China during the May 2025 conflict between the two nuclear-armed neighbors, calling the insinuations “factually incorrect” and a “shoddy attempt” to deflect from its battlefield failures.

The remarks came during an address by Field Marshal Syed Asim Munir, Pakistan’s army chief, to graduating officers at the National Defense University in Islamabad.

Last week, Indian Army Deputy Chief Lt. Gen. Rahul Singh alleged at a defense forum in New Delhi that during the May fighting, China had provided Pakistan with “live inputs” about key Indian military positions. Singh did not detail the evidence behind the claim.

In an interview with Arab News last month, Defense Minister Khawaja Asif denied any direct Chinese military involvement during the May 7-10 conflict.

“Insinuations regarding external support in Pakistan’s successful Operation Bunyan Al Marsoos are irresponsible and factually incorrect,” Munir said, according to a statement from the military’s media wing, referring to the name of the Pakistani military response to Indian attacks on May 10.

He described the allegations as reflecting “a chronic reluctance to acknowledge indigenous capability and institutional resilience developed over decades of strategic prudence.”

“Naming other states as participants in the purely bilateral military conflagration is also a shoddy attempt at playing camp politics and desperately trying that India remains the beneficiary of larger geopolitical contestation as the so-called net security provider in a region which is getting increasingly weary of its hegemonic and extremist Hindutva ideology.”

Munir said India’s failure to achieve its stated goals during the conflict highlighted shortcomings in planning and capability.

“India’s inability to achieve its stated military objectives during Operation Sindoor, and the subsequent attempt to rationalize this shortfall through convoluted logic, speaks volumes about its lack of operational readiness and strategic foresight,” he said.

The Indian government and military have not yet responded to Munir’s remarks. 

Tensions between the two countries escalated after a deadly April 2025 attack on tourists in Indian-administered Kashmir. New Delhi blamed Pakistan for the assault, which Islamabad denied.

In early May, the two sides engaged in a four-day war involving drones, missiles, and artillery fire — their worst clash in decades — before a ceasefire was brokered by the United States.

Pakistan said its armed forces launched Operation Bunyan Al Marsoos in response to Indian strikes on civilian and military infrastructure. India, for its part, claimed it had targeted militant camps and infrastructure inside Pakistan.

In his speech, Munir warned that any future misadventure would be met with a swift and forceful response.

“Any attempt to target our population centers, military bases, economic hubs and ports will instantly invoke a ‘deeply hurting and more than reciprocal response,’” he said. “The onus of escalation will squarely lie on the strategically blind, arrogant aggressor.”


Pakistani films Nayab and Deemak win top honors at SCO Film Festival in China

Pakistani films Nayab and Deemak win top honors at SCO Film Festival in China
Updated 07 July 2025

Pakistani films Nayab and Deemak win top honors at SCO Film Festival in China

Pakistani films Nayab and Deemak win top honors at SCO Film Festival in China
  • Nayab wins Jury Special Award, Deemak Best Editing Award at 2025 event
  • Pakistan’s film industry has seen a creative resurgence in recent years

ISLAMABAD: Two Pakistani films, Nayab and Deemak, have won major accolades at the Shanghai Cooperation Organization (SCO) Film Festival in China, state-run news agency APP reported on Monday. 

The festival showcased 27 films from SCO member states, including China, Russia, Pakistan, India, and Central Asian countries. Organized to foster regional cinematic exchange, the event featured screenings, industry forums, a film technology expo, and a gala concert, with awards presented in ten categories.

The SCO Film Festival first launched in 2018 and is a cultural initiative of the multilateral bloc to promote cooperation in cinema and the creative industries among member countries. 

“Pakistani film Nayab and Deemak received prestigious ‘Jury Special Award’ and ‘Best Editing Award’ respectively at the colorful concluding ceremony of SCO film festival held at Chongqing, China,” Associated Press of Pakistan reported.

Director of Pakistani movie, Nayab, Umair Nasir Ali (center) giving acceptance speech at the SCO Film Festival for the Jury Special award in China, in a picture shared by the director himself on social media on July 7, 2025. (Umair Nasir Ali/Instagram) 

Nayab, released in 2024, is a sports-drama centered on a young woman from Karachi, played by Yumna Zaidi, who aspires to become a professional cricketer despite intense family and societal opposition. The cast includes Fawad Khan, Javed Sheikh, and Adnan Siddiqui.

The film has previously won multiple awards, including Best Foreign Film and Best First-Time Filmmaker (Feature) at the World Film Festival in Cannes, and a Special Jury Diploma at the 30th Minsk International Film Festival.

“The cinema was packed, and what truly moved me was how deeply they engaged with the film,” Nayab’s director Umair Nasir Ali told APP after the film’s screen at the SCO festival. “They picked up on the layers, the emotional arcs and asked thoughtful, relevant questions that showed how closely they had followed the story.”

Deemak is a psychological horror film directed by Rafay Akbar Rashdi and starring Soniya Hussyn, Faysal Quraishi, Samina Peerzada, and Bushra Ansari. 

Screengrab of a reel showing director of Pakistani movie, Deemak, Rafay Akbar Rashdi (second left) receiving the best editing award for his movie Deemak at the SCO Film Festival held in China in a video shared on social media on July 7, 2025. (RafayRashidi/Instagram)

Set in an aging home haunted by unexplained phenomena, the film explores family tensions and mental trauma. It became Pakistan’s highest-grossing horror film when it released earlier this year, earning over Rs60 million [$211,173] in its opening week.

Pakistan’s film industry has seen a steady resurgence in recent years, with a new generation of filmmakers experimenting with genres from sports dramas to horror and social realism. 

Joyland (2022) became the first Pakistani feature to premiere at the Cannes Film Festival, where it won the Jury Prize in the Un Certain Regard section, and was later selected as Pakistan’s official entry to the Oscars. The country has also received two Academy Award wins in the documentary short category by filmmaker Sharmeen Obaid-Chinoy. 

Meanwhile, The Legend of Maula Jatt (2022) set new box office records, becoming Pakistan’s highest-grossing film to date and finding global audiences with its big-budget, Punjabi-language action storytelling.


Pakistani interior minister to discuss ‘visa rejections’ with UAE counterpart this week

Pakistani interior minister to discuss ‘visa rejections’ with UAE counterpart this week
Updated 07 July 2025

Pakistani interior minister to discuss ‘visa rejections’ with UAE counterpart this week

Pakistani interior minister to discuss ‘visa rejections’ with UAE counterpart this week
  • There has been a reported sharp decline in UAE visa approvals for Pakistanis in recent months
  • Interior minister Naqvi says business community among those most affected by restrictions

ISLAMABAD: Pakistani Interior Minister Mohsin Naqvi said on Monday he would meet his counterpart from the United Arab Emirates (UAE) later this week to discuss the issue of visa rejections for Pakistani nationals, expressing hope for a resolution of the recurring problem.

The statement comes amid ongoing reports of a sharp decline in UAE visa approvals for Pakistanis. Local media outlets have attributed the rejections to an alleged lack of respect for local laws and customs by Pakistani expats. The issue has also been linked to concerns over documentation and criminal record checks.

“You are right, this [UAE visa rejection] has become an issue,” Naqvi said during a news conference in Karachi when asked about the recurring problem of visa rejections. 

“I am meeting the interior minister of the UAE regarding this two days from now [July 9] and I have a lot of hope that we will find a solution to this.”

He acknowledged the matter was affecting a wide segment of Pakistanis, particularly those with business ties to the UAE.

In February, Pakistan’s ambassador to the UAE, Faisal Niaz Tirmizi, described the refusal of visas to Pakistani nationals as a “serious and significant” issue that authorities in both countries were working to resolve. He pointed to several contributing factors, including discrepancies in visa documents and criminal records of some applicants.

Naqvi also referenced Kuwait’s decision in May to lift a 19-year-old visa ban on Pakistani citizens, framing it as part of broader efforts by the current government to enhance Pakistan’s global mobility and the standing of its passport.

“In the next two years, you will see this green passport that you have at a better position in the ranking,” he said.

The UAE is Pakistan’s third-largest trading partner after China and the United States, and is considered a critical market due to its geographic proximity and logistical advantages. The Gulf state is also Pakistan’s second-largest source of foreign remittances, after ֱ, with over 1.8 million Pakistani expatriates living and working there.