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ISLAMABAD: Representatives from nearly 10 countries including ����ֱ��, Iran, Maldives, Turkiye, Belarus and others will attend a Regional Connectivity Conference in Islamabad later this week, the Ministry of Economic Affairs said on Monday. 

The conference is scheduled to be held in Pakistan’s capital from Oct. 23-24. Federal Minister for Economic Affairs Ahad Cheema chaired a high-level meeting in Islamabad on Monday to review preparations for the meeting. 

Participants of the meeting also focused on strategies to enhance regional trade through improved connectivity, with a particular emphasis on boosting the capacity of regional trade corridors, the economic affairs ministry said in a statement. 

“Representatives from nearly 10 countries, including Turkiye, ����ֱ��, Iran, Maldives, Sri Lanka, Belarus and others will participate in this conference,” the statement said. 

Cheema said Pakistan was proud that this conference will be held in Islamabad for the first time, with “high officials from important countries” in attendance. 

During the meeting, officials from several ministries provided detailed briefings to participants on regional connectivity initiatives, outlining measures to strengthen trade corridors and improve infrastructure for regional trade. 

Cheema emphasized that Pakistan is committed to enhancing regional connectivity through both rail and road networks.

“He expressed optimism that important Memorandums of Understanding would be signed at the upcoming Regional Connectivity Conference, which would serve as milestones for regional connectivity and economic integration,” the statement added. 

Pakistan’s foreign policy has already undergone a major shift from geopolitics to geo-economics in recent years, with the country striving for greater regional connectivity to promote trade and people-to-people contacts.

It has signed MoUs with Central Asian Republics and other regional allies to promote air, road and sea trade. Pakistan’s Prime Minister Shehbaz Sharif has repeatedly said Islamabad now seeks “mutually beneficial partnerships” with allies rather than loans.

ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed a bullish trend on Monday with the KSE-100 benchmark gaining by over 2,436.69 points, which financial analysts attributed to optimism from investors after Pakistan’s recent ceasefire agreement with Afghanistan and its staff-level agreement with the International Monetary Fund (IMF). 

As per details shared by the PSX, the KSE-100 index gained over 2,400 points or by 1.49 percent to close at 166,242.90 on Monday. The stock market closed at 163,806.2 points when trading last ended on Friday.

Positive investor sentiment dominated the market a day after Pakistan and Afghanistan signed a ceasefire agreement in Doha. The two countries had indulged in fierce clashes earlier this month that left dozens dead and triggered border closures between the two states. 

“Bullish activity witnessed amid reports of ceasefire in cross-border conflict with Afghanistan and the IMF staff-level deal for the release of IMF tranche,” Ahsan Mehanti, the chief executive officer at Arif Habib Commodities, told Arab News. 

The IMF and Islamabad last week reached a staff-level agreement for the second review of the lender’s 37-month Extended Fund Facility program and for the first review of its 28-month Resilience and Sustainability Facility package for Pakistan.

Mehanti also credited surging global equities and speculations in the earnings season for playing the role of a catalyst in bullish activity at the PSX.

Maaz Mulla, vice president of equity sales at brokerage firm Topline Securities Limited, agreed the stock market euphoria was fueled by a “major diplomatic breakthrough” between Pakistan and Afghanistan a day earlier. 

“The accord, emphasizing mutual respect for sovereignty and territorial integrity, was welcomed by investors as a sign of improving regional stability and potential economic cooperation,” he noted.

Mulla highlighted that banking heavyweights such as Habib Bank Limited (HBL), United Bank Limited (UBL), Bank of Punjab (BOP), National Bank of Pakistan (NBP) and Askari Bank Limited (AKBL) contributed 989 points collectively to the index rally, while 229 million shares of K-Electric (KEL) were also traded.

“Trading activity reflected this optimism, with volumes soaring to 1,476 million shares and market turnover reaching Rs51.8 billion [$184 million],” he continued.

“Ceasefire-driven optimism set a constructive tone for the week, reinforcing confidence in the market’s upward momentum.”