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Pakistan stocks tumble as border tensions with Afghanistan spark sell off

Pakistan stocks tumble as border tensions with Afghanistan spark sell off
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 14 min 59 sec ago

Pakistan stocks tumble as border tensions with Afghanistan spark sell off

Pakistan stocks tumble as border tensions with Afghanistan spark sell off
  • KSE-100 index fell by 4,654 points, or 2.85 percent, to close at 158,443 points
  • Weekend skirmishes between Pakistan, Afghanistan have plunged ties to new low

KARACHI: The Pakistan Stock Exchange (PSX) fell sharply on Monday as cross-border tensions between Pakistan and Afghanistan prompted broad-based selling across key sectors, traders and analysts said.

The benchmark KSE-100 index fell by 4,654.77 points, or 2.85 percent, to close at 158,443.42 points, compared to the weekend close of 163,098.19 points.

Muhammad Waqas Ghani, head of research at JS Global Capital Ltd, said the decline comes amid escalating tensions with Afghanistan after three-week bull run.

“The heightened geopolitical uncertainty has triggered broad-based selling across key sectors, including banking, energy and cement, as investors remain cautious,” he told Arab News.

Pakistan and Afghanistan exchanged cross-border fire over the weekend, leaving 23 Pakistani soldiers and more than 200 Afghan Taliban fighters dead, while several Afghan border posts were destroyed, according to the Pakistani military.

The skirmishes have plunged the already strained relations between the two sides to a new low.

Meanwhile, Ahsan Mehanti, chief executive officer of Arif Habib Commodities, said apart from the security situation, stocks also fell due to uncertainty surrounding Pakistan’s talks with the International Monetary Fund (IMF) for its $8.4 billion loan reviews.

“Uncertainty over outcome of the finance minister’s crucial meeting with the IMF and World Bank to secure the next IMF tranche and contest major adjustments IMF proposed for the external account played a catalyst role in selling activity at PSX,” he said.

Finance Minister Muhammad Aurangzeb arrived in Washington on Sunday to attend the annual meetings of the IMF and the World Bank, where he will hold a series of high-level talks on investment, taxation and economic reforms, his ministry said.

The visit comes as Pakistan engages with the International Monetary Fund to unlock the next tranche of its $7 billion loan program approved in September 2024, aimed at supporting economic stabilization and structural reforms, and a $1.4 billion Resilience and Sustainability Facility secured in May.


Pakistan showcases top startups at Dubai’s GITEX Global 2025 to boost IT exports

Pakistan showcases top startups at Dubai’s GITEX Global 2025 to boost IT exports
Updated 15 sec ago

Pakistan showcases top startups at Dubai’s GITEX Global 2025 to boost IT exports

Pakistan showcases top startups at Dubai’s GITEX Global 2025 to boost IT exports
  • IT minister inaugurates Pakistan Pavilion at Dubai event featuring 10 homegrown startups
  • Presence aims to attract investment and highlight country’s growing digital economy

ISLAMABAD: Pakistan inaugurated its national pavilion at GITEX Global 2025 in Dubai on Monday, featuring ten leading startups and over twenty established tech firms as part of efforts to strengthen the country’s presence in the global digital economy.

The Pakistan Pavilion, launched by Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja, will serve as a hub for business networking, investor meetings, and technology showcases. The initiative, led by the IT ministry in partnership with national tech organizations, aims to attract international partnerships and investment into Pakistan’s growing IT sector.

“Pakistan’s presence at GITEX Global reflects our confidence, our capability, and our commitment to a digitally empowered future under the leadership of Prime Minister Shehbaz Sharif and Vision of Digital Nation Pakistan,” Khawaja was quoted as saying in a statement by the IT ministry. 

“With a young, skilled workforce and an expanding base of IT exports, Pakistan is ready to play a central role in shaping the global tech economy. The Pakistan Pavilion represents not just our innovation but our invitation to the world to partner in growth.”

The ministry said it is facilitating the participation of ten promising startups at GITEX — one of the world’s largest technology exhibitions — to help showcase local innovation and connect entrepreneurs with global investors. The effort is part of Pakistan’s broader strategy to expand its startup ecosystem and boost IT exports, which crossed $3.76 billion in the last fiscal year.

Pakistan’s delegation includes representatives from the Ministry of IT and Telecom, the Pakistan Software Export Board (PSEB), Ignite – National Technology Fund, and the National Information Technology Board (NITB). These government-backed organizations oversee technology policy, startup incubation and digital transformation projects across the country.

Officials said Pakistan’s growing presence at GITEX follows its recognition as “Tech Destination of the Year” in 2024, adding that the 2025 pavilion signals the country’s continued focus on innovation, youth entrepreneurship, and digital partnerships with the Gulf region and beyond.


South Africa 112-2 after Noman’s double strike in Pakistan Test

South Africa 112-2 after Noman’s double strike in Pakistan Test
Updated 9 min 45 sec ago

South Africa 112-2 after Noman’s double strike in Pakistan Test

South Africa 112-2 after Noman’s double strike in Pakistan Test
  • Ryan Rickelton and Tony de Zorzi were unbeaten on 45 and 23 at lunch break
  • South Africa bowled out Pakistan for 378 on the first day of the Test match

LAHORE: South Africa recovered from spinner Noman Ali’s double strike to reach 112-2 at tea on the second day of the first Test in Lahore on Monday in reply to Pakistan’s 378 all out.

Noman removed skipper Aiden Markram for 20 and Wiaan Mulder for 17 — both caught behind by wicketkeeper Mohammad Rizwan — in extracting spin from the Qaddafi Stadium pitch after Senuran Muthusamy took a career-best 6-117 in the morning.

At the break Ryan Rickelton and Tony de Zorzi were unbeaten on 45 and 23 respectively, with the tourists still trailing by 266 runs in the first innings.
Noman has figures of 2-47.

It was Noman’s like-for-like left-armer Muthusamy who destroyed Pakistan after they resumed on 313-5, losing their last five wickets for just 16 runs.

Salman Agha hit five fours and three sixes in his 93 and was last man out, caught in the deep off spinner Prenelan Subrayen, who took 2-78.

Agha added 49 with Rizwan to take their sixth-wicket stand to 163 before Muthusamy ripped out the middle order with three wickets in the 12th over of the day.

Rizwan was the first to go, for 75, when he edged a sharply turning ball to wicketkeeper Kyle Verreynne after a knock containing two fours and two sixes.

Two balls later Noman went without scoring, bowled when he played down the wrong line and then Sajid Khan followed first ball, caught in the slips.

It became 378-9 when Muthusamy bowled Shaheen Shah Afridi, on seven, for his sixth wicket.

His previous Test best was 4-45 against Bangladesh in Chattogram last year.


Afghanistan-Pakistan is the latest conflict Trump wants to solve

Afghanistan-Pakistan is the latest conflict Trump wants to solve
Updated 2 min 6 sec ago

Afghanistan-Pakistan is the latest conflict Trump wants to solve

Afghanistan-Pakistan is the latest conflict Trump wants to solve
  • Border clashes over the weekend between Afghanistan and Pakistan led to deaths of dozens of soldiers
  • This is most serious clash between the two countries since the Taliban seized power in Kabul in 2021

ISLAMABAD: Border clashes over the weekend between Afghanistan and Pakistan led to the deaths of dozens of soldiers, the most serious clash between the two countries since the Taliban seized power in Kabul in 2021, and gained the attention of US President Donald Trump. By Monday, the exchange of fire had ceased.

WHAT HAPPENED?
Late on Saturday, Taliban forces attacked Pakistani military posts along the length of the 2,600 km (1,600 miles) border, with Pakistani forces later retaliating. Guns, artillery and drones exchanged fire into the early hours of Sunday. Some sporadic fighting continued on Sunday. Pakistan said 23 of its soldiers died and the Taliban said nine of its men were killed, though both sides claimed to have inflicted far higher damage on the other.

WHAT CAUSED THE FIGHTING?
Pakistan carried out an air strike on the Afghan capital of Kabul last week, which targeted the head of the Pakistani Taliban militant group, according to Pakistani security officials. It is not clear if he survived. The Taliban said its Saturday attack was in response to the violation of Afghan airspace.

WHO ARE THE PAKISTANI TALIBAN?
In 2007, a number of militant outfits active in northwest Pakistan from the Pashtun ethnic group formed Tehreek-e-Taliban Pakistan (TTP), which is commonly known as the Pakistani Taliban. The group was modelled on the Afghan Taliban, an ethnic Pashtun outfit that in the 1990s conquered Afghanistan — before being ousted by a US-led invasion in 2001. But the TTP was more radical, taking its ideology from Al-Qaeda. Over the next few years, the TTP attacked markets, mosques, airports, military bases, police stations and also gained territory — mostly along the border with Afghanistan, but also deep inside Pakistan, including the Swat Valley, where they later shot schoolgirl Malala Yousafzai.
They also fought alongside the Afghan Taliban in Afghanistan and hosted Afghan fighters in Pakistan, forming a close bond. Pakistan launched a series of military operations against the TTP on its own soil, with limited success. In 2014, the TTP attacked a school in the northwest city of Peshawar, killing more than 130 children. That triggered a further military offensive, which largely pushed the group into Afghanistan.

WHAT HAPPENED AFTER THE TALIBAN TOOK AFGHANISTAN? 
Pakistan welcomed the return to power of the Taliban in 2021, with then Prime Minister Imran Khan, saying that Afghans had “broken the shackles of slavery.” But Islamabad soon found that the Taliban’s loyalties lay elsewhere. There has since been a sharp increase in attacks by the TTP in Pakistan.
Islamabad says that the TTP’s leadership and many of its fighters are based in Afghanistan. Pakistan has repeatedly called on the Taliban administration to rein in the TTP, but Kabul says that the group does not have a presence in the country.
Islamabad has been accused of supporting the two-decade Taliban insurgency in Afghanistan against the US-backed government — which it denies — but any influence over the group has collapsed. Now, Islamabad says its patience has run out.

WHY IS PAKISTAN ALSO ACCUSING INDIA? 
Islamabad says India, its longstanding adversary, is working with Afghanistan to support the TTP and other militants against Pakistan. New Delhi denies the claim. Afghan Foreign Minister Amir Khan Muttaqi is currently on a multi-day trip to India, during which New Delhi upgraded relations between the two nations, raising further concerns in Pakistan.

WHAT HAS TRUMP SAID? “I hear there’s a war now going on between Pakistan and Afghanistan,” Trump said Sunday, as he flew to the Middle East. “I’ll have to wait till I get back. You know, I’m doing another one, because I’m good at solving wars.” 
 


Pakistan National Shipping buys two oil tankers to expand fleet, shares surge

Pakistan National Shipping buys two oil tankers to expand fleet, shares surge
Updated 13 October 2025

Pakistan National Shipping buys two oil tankers to expand fleet, shares surge

Pakistan National Shipping buys two oil tankers to expand fleet, shares surge
  • State-run carrier purchases two Aframax vessels as part of plan to reach 30 ships by 2026
  • Maritime ministry says tenders issued for 12 more vessels under planned fleet expansion drive

KARACHI: The Pakistan National Shipping Corporation (PNSC) said on Monday it had purchased two Aframax oil tankers to expand its fleet, sending the company’s shares up seven percent on the Pakistan Stock Exchange.

The state-run carrier said in a filing that its subsidiaries, Karachi Shipping and Lahore Shipping, had signed agreements to acquire the MT Lorax and MT Nafsika, with deadweight tonnage of 109,990 and 112,051 respectively. Both vessels will be renamed MT Karachi and MT Lahore, and are expected to be delivered by December 2025.

“Wholly owned subsidiary companies of PNSC have signed Memorandum of Agreement for purchase of two Aframax tankers,” the company said in the filing.

The purchases are part of Pakistan’s broader plan to expand its national fleet to 30 ships by next year, following directives from the Maritime Affairs Ministry to accelerate vessel procurement and reduce reliance on foreign carriers for energy and cargo transport.

At about 2:09 p.m. Pakistan time, PNSC shares were trading 7 percent higher at Rs501.84 ($1.81) on the Karachi bourse after reports of the new acquisitions.

In a separate statement last week, Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry said PNSC’s board had approved the purchase of three secondhand Aframax and MR-2 class oil tankers after due diligence in line with public procurement rules.

He said the board approved the purchase of MT Lorax at $74.5 million, MT Nafsika at $74.5 million, and a third vessel, MT Stavanger Poseidon, for $44.15 million. Agreements for the first two vessels have been signed, while the third awaits final documentation.

“PNSC has initiated the procurement process for 12 additional vessels, issuing tenders for four LR-2, four MR-2, and four MR-1 class ships,” the ministry said, adding that bids were being reviewed as part of a broader fleet enhancement program.

“The accelerated procurement process will help the country expand its shipping footprint and reduce reliance on foreign carriers for energy and cargo transport,” the ministry statement quoted Chaudhry as saying.


Pakistan says implementing national carbon market under German-funded climate initiative

Pakistan says implementing national carbon market under German-funded climate initiative
Updated 13 October 2025

Pakistan says implementing national carbon market under German-funded climate initiative

Pakistan says implementing national carbon market under German-funded climate initiative
  • Move marks shift from readiness to implementation phase under SPAR6C program
  • Initiative aims to strengthen carbon pricing, governance to attract global climate finance

ISLAMABAD: Pakistan has moved to the implementation phase of its national carbon market under a German-funded initiative, the climate ministry said on Monday, as the country seeks to strengthen its climate governance and attract international investment for low-carbon development.

The partnership, under the Supporting Preparedness for Article 6 Cooperation (SPAR6C) program funded by the German Federal Government, aims to help Pakistan transition from policy readiness to practical implementation of market-based climate mechanisms in line with global standards.

Carbon markets allow countries and companies to buy and sell credits that represent reductions in greenhouse gas emissions, creating a financial incentive to cut carbon output. Under Article 6 of the Paris Agreement, nations can trade these credits internationally to help meet their climate targets while funding low-carbon projects in developing countries.

Pakistan faces intensifying climate challenges, from record-breaking heatwaves and glacial melt to catastrophic flooding that has killed over a 1,000 people this monsoon season and displaced millions. Ranked among the world’s most climate-vulnerable nations, Pakistan has been under growing pressure to build resilient, transparent frameworks that can unlock global climate finance and support its transition to a sustainable economy.

“Carbon markets are not just about trading credits, they’re about valuing climate action fairly and ensuring that every ton reduced translates into real benefits for our people and our economy,” Federal Minister for Climate Change and Environmental Coordination Senator Dr. Musadik Malik said followed a meeting with Helene Paust, Deputy Head of Cooperation at the German Embassy in Islamabad, along with representatives from the Global Green Growth Institute (GGGI) and the UN Environment Programme Copenhagen Climate Center (UNEP-CCC).

Officials said the SPAR6C initiative will support Pakistan in developing transparent, high-integrity carbon pricing and trading systems, helping the country achieve its Nationally Determined Contributions (NDCs) under the Paris Agreement. 

The effort also seeks to mobilize new streams of climate finance, foster green innovation, and integrate Pakistan’s emissions reductions into international carbon markets.