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Pakistan stock market soars past record 136,000 points in equities-driven rally

Pakistan stock market soars past record 136,000 points in equities-driven rally
A man uses a mobile phone as he takes a photo of the electronic board displaying share prices during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan, on November 28, 2023. (Reuters/File)
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Updated 5 min 17 sec ago

Pakistan stock market soars past record 136,000 points in equities-driven rally

Pakistan stock market soars past record 136,000 points in equities-driven rally
  • Banking sector heavyweights led the momentum, collectively contributing 1,443 points to the benchmark index
  • Financial analysts say Pakistani investors are turning to equities on account of ‘low’ fixed-income yields

KARACHI: The Pakistan Stock Exchange (PSX) breached the 136,000-point mark to reach an all-time high on Monday, with financial analysts attributing the surge to investors’ continued preference of equities over fixed income assets.

The benchmark KSE-100 index closed at 136,502.53 points, gaining 2,202.77 points or 1.64 percent, as compared to the weekend close of 134,299.76 points.

Analysts said the surge was driven by investors shifting from fixed income assets to equity funds amid consistent inflows from mutual funds.

“Stocks closed at new all-time high amid speculations in the earnings season ahead of major earnings announcement due this week,” Ahsan Mehanti, CEO of Arif Habib Commodities, told Arab News.

He said thin inflation that clocked in at 3.2 percent year-on-year in June, surging exports, and the government deliberations over privatization of state-owned enterprises (SOEs) also contributed to bullish close.

Naveed Nadeem, senior equity trader at Topline Securities Limited, said banking sector heavyweights led the momentum, collectively contributing 1,443 points to the benchmark index.

“Overall market activity remained vibrant, with trading volumes surpassing 838 million shares, while the total traded value climbed to PKR 37 billion,” he said. “CSIL (Crescent Star Insurance Limited) emerged as the volume leader, with 47 million shares.”

Shahid Ali Habib, CEO at Arif Habib Limited, said investors were turning to equities as fixed income yields were low.

“More liquidity is coming and the investors are trying to identify new alpha stocks,” he said.

Prime Minister Shehbaz Sharif expressed happiness over the surge in stocks as state media credited the government’s economic policies for the bullish trend.

“Providing a business-friendly environment in the country is our top priority,” Sharif said, adding that Pakistan had now embarked on the path to economic growth.


Islamabad plans digital remittance solutions for Pakistanis in Gulf via PayPak scheme

Islamabad plans digital remittance solutions for Pakistanis in Gulf via PayPak scheme
Updated 22 sec ago

Islamabad plans digital remittance solutions for Pakistanis in Gulf via PayPak scheme

Islamabad plans digital remittance solutions for Pakistanis in Gulf via PayPak scheme
  • The initiative aims to facilitate secure and structured remittance flows from non-resident Pakistani workers who are based abroad
  • Pakistan received over $38.3 billion remittances in last fiscal year, with Pakistanis residing in Gulf contributing a major share

KARACHI: The Pakistani government is planning to facilitate overseas Pakistanis, particularly those in Gulf countries, by providing a technological solution that would enable them to send remittances through a domestic payment scheme, PayPak, the 1Link payment gateway system said on Monday, citing the Prime Minister Youth Programme (PMYP) chief said on Monday.

PMYP Chairman Rana Mashhood Ahmad Khan said this in a recent meeting with stakeholders, including 1Link CEO Najeeb Agrawalla and Pakistan Freelancers Association (PAFLA) Chairman Ibrahim Amin, in the country’s commercial capital of Karachi.

Pakistan received over $38.3 billion in remittances from different countries in the financial year ending in June, with Pakistanis residing in Gulf countries contributing a major share to this amount.

Khan said the government was working extensively to serve Pakistanis in the country and overseas by addressing their core issues through innovative, technological and affordable means.

“The government is keen to explore strategic collaboration on empowering overseas Pakistani youth through digital remittance services and expanding PayPak’s reach under the Prime Minister’s Youth Programme,” he was quoted as saying by 1Link.

Khan said Pakistanis living abroad were playing commendable role in contributing to the economy and the PM Digital Youth Hub was exploring various options to honor their services with dedicated facilities and offerings.

Launched in 2016 by 1Link, PayPak is Pakistan’s first and the only domestic payment scheme (DPS), making Pakistan the 28th country in the world to have its own domestic payment system. It aims to spur financial inclusion and digitization across the country.

“We aim to take initiatives to facilitate secure and structured remittance flows from non-resident Pakistani workers, especially those based in ֱ, UAE and other Gulf countries, while also promoting the use of PayPak for Hajj, Umrah, and other cross-border transactions including 1Bill service for non-resident Pakistanis,” 1Link CEO Agrawalla said.

As a major payment service provider, he said, 1Link proposed extending its technological expertise and platform capabilities to support the development and implementation of both initiatives.

PAFLA Chairman Amin said there were over 4 million Pakistanis residing in Gulf countries who had been contributing to the economy through their hard-earned income, adding that many of them lacked access to reliable, user-friendly technological payment solutions.

“PAFLA, in collaboration with Pakistani diplomatic missions, Pakistan’s banks, and different agencies, will do its best efforts to approach freelancers, blue- and white-collar Pakistani workers through outreach and engagement efforts across Gulf countries,” he said.


Pakistan sent 336,999 nationals abroad for jobs from Jan. 1 to Jun. 30

Pakistan sent 336,999 nationals abroad for jobs from Jan. 1 to Jun. 30
Updated 14 July 2025

Pakistan sent 336,999 nationals abroad for jobs from Jan. 1 to Jun. 30

Pakistan sent 336,999 nationals abroad for jobs from Jan. 1 to Jun. 30
  • Over 10 million individuals have been sent abroad for jobs by Pakistan’s government since 1971, says state media
  • Remittances sent by Pakistani individuals employed abroad are crucial for cash-strapped South Asian country 

ISLAMABAD: The Bureau of Emigration and Overseas Employment (BUEO) sent around 336,999 Pakistanis abroad from January 1 to June 30 this year, state-run media reported on Monday, crediting the government’s policies for increasing employment opportunities for Pakistan’s skilled and unskilled laborers. 

Thousands of Pakistanis every year travel abroad for jobs in Gulf countries, Europe, the United States and other nations. Citing data from an official of the BUEO, the state-run Associated Press of Pakistan (APP) said over 10 million emigrants have been provided overseas employment through the bureau since its inception in 1971. 

“Through the Bureau of Emigration and Overseas Employment (BUEO) an attached department of the Ministry of Overseas Pakistanis and Human Resource Development from January 1 to June 30, around 336,999 Pakistanis have proceeded abroad for employment,” APP reported. 

The official shared that in 2015, 946,571 Pakistanis went abroad for jobs, the highest number ever. The official further said 116,300 foreign jobs are available with BEOE.

“Overseas employment is playing a vital role in reducing the pressure of unemployment at home, besides being a major means of earning foreign exchange in the shape of overseas workers’ remittances,” it added. 

The state-run media said the bureau controls, regulates, facilitates and monitors the emigration process followed by the Overseas Employment Promoters (OEPs) in the private sector. It also monitors the “direct employment” mode adopted by individuals, who seek foreign employment either through their own efforts or relatives and friends living abroad.

“The Bureau has been engaged in maintaining comprehensive statistical record of all the migrant workers since 1971, which provides basis for planning and policy formulation by the Economic Division and other interested government departments.

The remittances sent by Pakistani citizens employed abroad is crucial for the South Asian country to shore up its foreign reserves, especially as it grapples with a prolonged economic crisis. 


Pakistani PM’s aide warns Imran Khan’s party against stirring ‘instability’ with protest drive

Pakistani PM’s aide warns Imran Khan’s party against stirring ‘instability’ with protest drive
Updated 14 July 2025

Pakistani PM’s aide warns Imran Khan’s party against stirring ‘instability’ with protest drive

Pakistani PM’s aide warns Imran Khan’s party against stirring ‘instability’ with protest drive
  • Khan’s PTI party has launched 90-day anti-government movement to demand ex-PM’s release
  • Rana Sanaullah says law will take its course if PTI incites unrest during agitation campaign

ISLAMABAD: A top political adviser to Pakistan’s prime minister on Monday warned jailed former premier Imran Khan’s political party against inciting unrest during a newly announced protest movement to demand his release, as political tensions in the country continue to intensify.

Khan, who was ousted from office in a parliamentary vote in April 2022, has been jailed for nearly two years on multiple charges, which he and his Pakistan Tehreek-e-Insaf (PTI) party insist are politically motivated. PTI currently holds power in the northwestern province of Khyber Pakhtunkhwa and has previously led a number of protest marches toward the capital, Islamabad.

On July 13, PTI launched its latest agitation campaign, describing it as a 90-day “do-or-die” protest. The announcement followed the suspension of 26 PTI lawmakers in Punjab and the Supreme Court’s rejection of the party’s bid to reclaim reserved parliamentary seats for minorities and women.

“They have now planned a program lasting over 90 days. In this, if they remain peaceful, it’s fine, it’s their democratic right,” Rana Sanaullah, adviser to the prime minister on political and public affairs, said in an interview with a local news channel. 

“And if they take the law in their hands and try to create instability in the country then definitely the law will take its course.”

Sanaullah also accused Khan’s party of bypassing the government and seeking intervention from the military, commonly referred to in Pakistan as “the establishment.”

“They did not talk about speaking with the government [to resolve their issues],” he added. “They want to speak to the establishment, they are trying to straighten out their affairs through them.”

The latest protest drive was finalized at a meeting in Lahore on July 12, attended by PTI leader and Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur who alleged that the PTI was being denied its right to peaceful protest. He vowed that the party would mobilize supporters nationwide before marching toward the capital.

Earlier this month, Khan’s sister announced that his sons, Sulaiman and Kasim, would join the protest campaign in Pakistan after returning from the United States, where they will seek to raise awareness about alleged human rights violations against Khan and his party.

PTI has organized a series of nationwide demonstrations since last year, calling for Khan’s release and an independent investigation into the February 2024 general elections. During one such protest in November 2024, the government said four security personnel were killed in clashes with Khan supporters, an allegation PTI denies.

The government maintains that the 2024 elections were free and fair and accuses the PTI of undermining democratic processes and causing economic stability through confrontational tactics. Pakistan’s military, long a powerful force in national politics, denies accusations of political interference or any role in Khan’s ouster or imprisonment. 


Saudi consortium launches $50 million fund to ease pilgrimage costs for Pakistanis — CEO

Saudi consortium launches $50 million fund to ease pilgrimage costs for Pakistanis — CEO
Updated 14 July 2025

Saudi consortium launches $50 million fund to ease pilgrimage costs for Pakistanis — CEO

Saudi consortium launches $50 million fund to ease pilgrimage costs for Pakistanis — CEO
  • Pilgrimage fund aims to reduce Hajj costs by 20 percent and Umrah by 25 percent by September
  • Consortium says Pakistanis spend over $5 billion annually on travel to ֱ

KARACHI: A Saudi-based consortium of travel and hospitality companies has launched a $50 million fund to reduce the cost of Hajj and Umrah pilgrimages for Pakistani travelers by as early as September, the group’s chief executive said on Monday.

The consortium includes online Umrah booking platform Funadiq.com, Emaar Al Diyafa Group of hotels, Skyline Travel Company and other firms operating in Makkah. Its stated goal is to modernize the infrastructure and operations of Pakistani travel agencies to help them meet Saudi regulatory standards and better serve pilgrims.

The consortium’s CEO Mohammad Salman Arain told Arab News the main objective behind setting up the fund is to upgrade travel agencies’ infrastructure and operations in every major Pakistani city. 

He said the fund is expected to lower Hajj costs by 20 percent and Umrah costs by 25 percent for Pakistani pilgrims.

“On average, [Umrah for one person] is Rs300,000 ($1,054) and we expect that by September, a small travel agent would be able to offer it to his customers at Rs240,000 ($844) to Rs250,000 ($879),” Arain said in a telephone interview on Monday.

Arain attributed the current high costs to inefficiencies in the way many Pakistani travel agents operate:

“Once we help them operate better then Umrah will become cheaper for our pilgrims.”

His company, Umrah Companions, also launched what it calls the world’s first AI-powered Umrah agent this month, designed to help digitally savvy pilgrims customize their travel packages based on cost and convenience.

The consortium will also help Pakistani Hajj organizers adapt to ֱ’s evolving regulations.

“This should make Hajj better organized and cheaper as well,” Arain said.

In a separate statement, Funadiq.com said over 2 million Pakistanis travel to ֱ each year for pilgrimage and spend more than $5 billion annually, making Pakistan one of the world’s largest pilgrimage markets.

“Yet despite these numbers, the sector continues to suffer from poor management,” the company said. “More than 67,000 pilgrims missed Hajj this year alone.”

That figure refers to a large portion of Pakistan’s private Hajj quota that went unutilized this year due to reported delays by travel companies in completing payment and registration requirements, according to Funadiq.com. 

Private operators have blamed the shortfall on technical glitches, payment delays, and poor coordination between service providers. Pakistan’s government fulfilled its full allocation of over 88,000 pilgrims.

The Saudi consortium’s investment will be used for technology upgrades, staff training, and process improvements in small- and medium-sized travel agencies. These improvements could make the booking process 50 percent faster, Funadiq.com said.

“We are stepping in to help change that, working closely with the government, airlines, and private sector partners,” the company added.


Pakistan warns of more rains, floods as monsoon death toll hits 105 since June

Pakistan warns of more rains, floods as monsoon death toll hits 105 since June
Updated 14 July 2025

Pakistan warns of more rains, floods as monsoon death toll hits 105 since June

Pakistan warns of more rains, floods as monsoon death toll hits 105 since June
  • Third spell of seasonal rains expected to begin July 14, meteorological department says
  • Punjab reports highest number of fatalities, followed by Khyber Pakhtunkhwa and Sindh

ISLAMABAD: The Pakistan Meteorological Department (PMD) warned on Monday heavy monsoon downpours are likely to trigger flash floods and landslides across several regions of the country this week, as the death toll from rain-related incidents since June 26 rose to 105.

The toll includes 40 deaths in Punjab, Pakistan’s most populous province, followed by 31 in Khyber Pakhtunkhwa (KP), 17 in Sindh, 16 in Balochistan, and one reported fatality in Azad Kashmir, according to official figures.

A total of 211 people have been injured in rain-related incidents, with Punjab again reporting the highest number (111), followed by KP (54), Sindh (7), Azad Kashmir (5), and Balochistan (4).

The National Disaster Management Authority (NDMA) has warned that a third spell of monsoon rains is expected to begin across the country from today, Monday, July 14.

“A low-pressure area (LPA) presently located over northwest Madhya Pradesh (India) is likely to affect Pakistan during next 24 to 72 hours,” the PMD said in its forecast.

“Under the influence of this weather system, strong monsoon currents are expected to penetrate central and upper parts [of the country]. A westerly wave is also present over upper parts of the country.”

The PMD said heavy rains with wind and thunderstorms are likely in most parts of KP, Punjab, Kashmir, Gilgit-Baltistan, Islamabad and northeast and southern Balochistan on Monday.

“Scattered heavy falls (at times very heavy) are likely in Islamabad, Khyber Pakhtunkhwa, Kashmir, Punjab, and northeastern Balochistan,” it added.

Authorities have warned of possible landslides and mudslides in hilly areas such as Murree, Galliyat, KP, Kashmir, and Gilgit-Baltistan, which could result in road closures and blockades.

“Heavy downpour may cause urban flood in low-lying areas of Islamabad/Rawalpindi, Gujranwala, Lahore, Sialkot, Sargodha, Faisalabad, Nowshera, and Peshawar,” the PMD said. “Caution is advised for the public.”

The NDMA has called on provincial and district administrations to prepare emergency response teams, ensure the availability of rescue machinery, and clear drainage systems in urban areas. Tourists have been advised to avoid high-altitude areas during the period of heavy rainfall.

Pakistan, a country of more than 240 million people, is among the nations most vulnerable to climate change. In 2022, record monsoon rains combined with glacial melt caused catastrophic flooding that affected 33 million people and killed more than 1,700.