Latest news with #HasnainMalik
Indian Express
08-05-2025
- Business
- Indian Express
Pakistan Stock Exchange halts trading as KSE30 plunges over 5% for second straight day after ‘Operation Sindoor'
The Pakistan Stock Exchange on Wednesday halted trade briefly after the KSE30 index plunged 5 per cent, according to data accessed from the portal of Pakistan-based brokerage Sarmaaya Financials. 'The Pakistan Stock Exchange (PSX) halted trading after the KSE-30 index dropped 5 per cent, driven by escalating geopolitical tensions,' Sarmaaya Financials said in a post on social media platform X. According to the market snapshot shared by Sarmaaya Financials, the KSE30 was down 7.13 per cent, or 2,396.51 points, to 31,212.90 at 12;34 pm Pakistan Standard Time (PST). The benchmark index hit a high of 34,174.51 and a low of 31,211.18 intra-day before trading was halted. The KSE30 closed at 33,609.41 points on Wednesday. Overall, the KSE30 has lost nearly 10 per cent value in 2 days, since India struck terror camps at nine locations across Pakistan early on Wednesday in response to the Pahalgam terror attack. The KSE100 continued to spiral downwards on Thursday as the benchmark tanked 6.32 per cent or 6,948.73 points to 103,060.30, slightly higher than its intra-day low of 103,055.18, at 12:34 PM PST, according to Sarmaaya Financials' data. The KSE100 hit a high of 111,881.03 during intra-day trade on Thursday. The index was down over 9 per cent in 2 days, at the time of writing. Pakistan's international bonds surged nearly 1 per cent on Wednesday after 'Operation Sindoor', Pakistan-based financial daily the Business Recorder reported, citing Tradeweb data. Pakistan's 2031 sovereign bond saw bids being placed at over 81 cents in the dollar, according to the report. Pakistan's economy is highly sensitive to conflict owing to its reliance on external sources of funding, the Business Recorder reported, citing Hasnain Malik, managing director, emerging and frontier markets equity strategy, Tellimer, Dubai. India's efforts urging the IMF to review funding for Pakistan is also likely to hurt the latter's economy, said Sakib Sherani, economist and head, Macro Economic Insights, according to the report. India is eyeing discussions with all multilateral development banks to curb financial flows into Pakistan, a senior government official told the Indian Express on Friday. This comes against the backdrop of the terror attack on civilians in Pahalgam, Kashmir last week.
Business Recorder
08-05-2025
- Business
- Business Recorder
Pakistan bonds gyrate
LONDON/KARACHI: Pakistan's international bonds rose on Wednesday after India launched strikes on the country. The country's international bonds gained nearly 1 cent, reversing losses of the same amount during early trading, according to Tradeweb data. The 2031 bond, which notched the biggest gains, was bid at just over 81 cents in the dollar. 'The reliance of Pakistan on external capital inflow – in recovery from an external account crisis, in the midst of an IMF programme, and with under three months of import cover compared to over nine months in India – makes its asset prices much more sensitive to any conflict than those in India,' said Hasnain Malik at Tellimer in Dubai. Finance ministry said it had held an emergency meeting to review market resilience and national financial security, adding that robust measures to safeguard economic infrastructure and provide clarity and confidence to markets are being implemented, though did not give details. IMF LIFELINE The IMF executive board is scheduled to sign off on May 9 on a staff-level agreement that would trigger a $1 billion payout as well as Pakistan's new $1.3 billion arrangement under a climate resilience loan programme. 'Investors seem optimistic on the upcoming IMF board meeting which will decide on the loan tranche for Pakistan,' said Sohail Mohammed, CEO of Topline Securities in Pakistan. The IMF did not immediately comment when contacted by Reuters. The escalation follows the suspension of the Indus Waters Treaty by India, which has sharply downgraded diplomatic links to its neighbour after the April terror attack in IIOJK. 'The conflict between India and Pakistan has escalated dangerously,' said Sakib Sherani, economist and head of Macro Economic Insights, adding that India's request to the IMF earlier this week to review loans disbursed to Pakistan was adding to Islamabad's woes. 'All these actions will hurt Pakistan's fragile economic recovery.' Rating agency Moody's warned on Monday that rising tensions between the two countries could weigh on Pakistan's growth. Others were more sanguine, saying India had also much to lose economically from an escalation in the conflict and Pakistan was in much better shape economically to weather the fallout from the tensions following recent reforms. 'Reports of the IMF program being affected purely because of representations by one country on the board of the IMF are overblown,' said Reza Baqir, head of sovereign advisory at Alvarez & Marsal and a former Pakistan central bank chief and IMF official.
Zawya
07-05-2025
- Business
- Zawya
Pakistan assets dip as India strikes; Polish zloty down ahead of rate decision
Pakistan's assets dipped on Wednesday after Indian military strikes targeted regions in Pakistan and Pakistani Kashmir, while a series of central bank decisions across Central Europe were due later in the day. Islamabad's benchmark stock index plunged as much as 5.8%, while the Pakistani rupee weakened to a near two-week low against the U.S. dollar as India's attack in response to the killings of tourists in April escalated the most intense hostilities between the nuclear-armed neighbors in over two decades. The nation's long-dated 2036 international dollar bond dipped by 0.9 cents, settling at a bid of 72.477 cents, according to Tradeweb data. Indian equity benchmarks shook off initial losses to trade flat. The Indian rupee slipped 0.5%, while government bond yields dropped early in the session as traders indicated possible bargain buying by investors. "The reliance of Pakistan on external capital inflow — in recovery from an external account crisis, in the midst of an IMF programme, and with under 3 months of import cover compared to over 9 months in India — makes its asset prices much more sensitive to any conflict than those in India," said Hasnain Malik, head of equity research at Tellimer, a research firm. Meanwhile, MSCI's emerging market currencies index was marginally lower, while its stock counterpart held flat. Turning to Central and Eastern Europe, the Czech koruna held firm against the euro, as markets awaited the Czech National Bank meeting amid expectation of what analysts describe as a "hawkish" quarter-point rate cut. Prague's benchmark stock index gained 1%. "The rate cut is basically a deal done by 25bps. We expect forward guidance to be hawkish, while the new forecast should be more mixed," said Frantisek Taborsky, EMEA FX & FI strategist at ING. The Polish zloty slipped 0.2% ahead of the National Bank of Poland's interest rate decision, where expectations are set for a reduction in borrowing costs for the first time since 2023. A Reuters poll suggests the central bank might implement a 50 basis point cut. Warsaw's benchmark stock index rose 1%. In Asia, cautious sentiment prevailed ahead of an impending meeting between top U.S. and Chinese trade officials. Hong Kong's Hang Seng relinquished early gains but managed to close up 0.1%, while China's blue-chip index ticked up 0.6%. The rally in Asian currencies, buoyed by a softer dollar, fizzled out. The Taiwanese dollar declined 1.2% after posting an unprecedented 6% two-day surge against the greenback. The South Korean won fell 1.3% as minutes from the central bank suggested that another rate cut was on the cards. Meanwhile, a rate cut in China exerted pressure on the Chinese yuan. The spotlight is also on the U.S. Federal Reserve's rate decision, due later in the day. Investors expect no changes. For TOP NEWS across emerging markets For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see (Reporting by Pranav Kashyap and Medha Singh in Bangalore; Editing by Mrigank Dhaniwala) Reuters
New Straits Times
07-05-2025
- Business
- New Straits Times
Pakistan bonds, stocks gyrate after fighting breaks out with India
LONDON/KARACHI: Pakistan's international bonds rose on Wednesday and stocks cut hefty losses after India launched strikes on the country in response to April's tourist killings, sparking the worst fighting in over two decades between the nuclear-armed enemies. The country's international bonds gained as much as 0.6 cent, clawing back losses of more than 1 cent in early trading, according to Tradeweb data. The 2027 bond, which saw the biggest gains, was bid at just under 90 cents in the dollar. The country's benchmark share index was down 1.4 per cent, clawing back much of its losses after opening 5.78 per cent lower. India said it struck nine Pakistani "terrorist infrastructure" sites, some of them linked to an attack by Islamist militants on Hindu tourists that killed 26 people in Indian Kashmir last month, while Islamabad said it had shot down five Indian fighter jets. The latest escalation comes at a fragile moment for Pakistan, which has emerged from an economic crisis and is trying to shore up finances and make progress on its US$7 billion International Monetary Fund loan programme agreed in 2024. "The reliance of Pakistan on external capital inflow — in recovery from an external account crisis, in the midst of an IMF programme, and with under 3 months of import cover compared to over 9 months in India — makes its asset prices much more sensitive to any conflict than those in India," said Hasnain Malik at Tellimer in Dubai. The IMF executive board is scheduled to sign off on May 9 on a staff level agreement that would trigger a US$1 billion payout as well as Pakistan's new US$1.3 billion arrangement under a climate resilience loan program. "Investors seem optimistic on the upcoming IMF board meeting which will decide on the loan tranche for Pakistan," said Sohail Mohammed, CEO of Topline Securities in Pakistan.
Yahoo
28-01-2025
- Business
- Yahoo
Dubai feeling the strain of explosive growth as real-estate prices soar and roads are choked with vehicles
DUBAI, United Arab Emirates — Skyscraper-studded Dubai has been on a hot streak for the last five years — and some residents are starting to feel burned. The city-state has seen record-breaking real estate transactions and as more and more people come to live there, and its state-owned airline Emirates is booking record earnings. But all that growth comes with strains for the city's population. Traffic feels worse than ever on Dubai's roads. The price of housing continues to spike even with new real estate projects being announced almost daily. Caught in the middle are both its Emirati citizens and the vast population of foreigners who power its economy — sparking rare public expressions of concern. 'Dubai is on steroids but affordability risks are increasing,' warned Hasnain Malik in a starkly titled report he wrote for the global data firm Tellimer, where he's a managing director. Under Dubai's current plans, the city aims to have 5.8 million residents by 2040, adding more than half its current estimated population in just 15 years. Since 1980, its population has already soared from around 255,000 to around 3.8 million. Real estate lit the fire in Dubai's growth in 2002, when the desert sheikdom began allowing foreigners to own property. After sharp falls during both the 2008-2009 financial crisis and Dubai's brief coronavirus lockdown, prices have been soaring. Today, average prices per square foot are at all-time highs, according to Property Monitor. Rental prices increased as much as 20% in key neighborhoods last year, with further rises likely this year, with some residents moving to communities further out in the desert, the real estate firm Engel & Völkers said. Even before the boom, some people who worked in Dubai chose to live in the neighboring emirate of Sharjah, some 20 kilometers (12 miles) north of the city's downtown, or further away. Some 1 million commuters from other emirates jam the 12-lane Sheikh Zayed Road that runs through the center of the city and other highways every day, as studies suggest that as many as four out of five employees drive to work alone. That traffic has only intensified with Dubai's new arrivals. While the rest of the world saw as much as a 4% increase in the number of registered vehicles in the last two years, the city's Road and Transportation Authority says there's been a 10% increase in the number of vehicles. So many vehicles have been registered that the city has had to make license plates longer. And while the city keeps building new flyovers and other road improvements, more cars are coming from more directions than ever before. 'Dubai is very attractive, more and more people are coming,' said Thomas Edelmann, the founder and managing director of RoadSafetyUAE, which advocates about traffic issues. 'I think it's easier to get people quickly to come to Dubai and to convince them about Dubai, then to build a new intersection or a new highway.' Congestion has got so bad that it's driving even prominent Emiratis to break their customary silence on public affairs. Habib Al Mulla, a prominent Emirati lawyer, wrote on the social platform X in December that while authorities were working on congestion, the problem demanded 'a set of immediate and long-term mechanisms.' He followed up by publishing an opinion piece twice mentioning 'congestion' as being among 'pressing issues' for global cities like Dubai. While phrased in mild language, Al Mulla's comments represented rare public criticism in the United Arab Emirates, where speech is tightly controlled by criminal law and social norms favor raising issues at a 'majlis' — a semiprivate setting convened by a traditional ruler. 'The concentration of wealth and opportunities created in global cities may cause income inequality that pushes out lower-income residents,' Al Mulla warned in the English-language Khaleej Times newspaper on Jan. 15. 'The problem becomes acute when the wealth and opportunities remain inaccessible to segments of the national population who witness the city's allure being seized by outsiders. This may carry significant social risks, if not mitigated.' Then there's demographic concerns as the Emirati share of the population dwindles. While the number of citizens isn't public, a back-of-the-envelope, informal calculation shared for years by experts suggests Emirati citizens represent around 10% of the country's overall population of more than 9 million people, a number that's likely falling as foreigners rush in. In December, sermon scripts issued for the Dec. 13 Friday's prayers directly touched on the duty of having more children. 'Increasing offspring is both a religious obligation and a national responsibility, as it contributes to the protection and sustainability of nations,' the sermon read, according to a transcript issued by the federal government's General Authority of Islamic Affairs and Endowments. For Dubai's autocratic government, overseen by ruler Sheikh Mohammed bin Rashid Al Maktoum, possible solutions to the grinding traffic have ranged from the practical to the fanciful. The government in recent months has repeatedly encouraged companies to allow more remote work options, including in a report released in November that also suggested staggered and flexible working hours. Adding as many as five remote workdays a month, along with the other steps, 'can reduce morning peak travel time across Dubai by 30%,' the study stated. Dubai's road toll system, known as Salik, has added gates to charge drivers more and will institute surge pricing at the end of the month. Dubai's Metro, which boasts the world's longest self-driving rail line, will also grow beyond its broadly north-south routes in a nearly $5 billion expansion. Then there's the flying taxi project. Since 2017, Dubai has been announcing plans for airborne cabs in the city. A first 'vertiport' is being built by Dubai International Airport with the aim of offering the service from next year. Dubai also plans 3,300 kilometers (2,050 miles) of new pedestrian paths, although during Dubai's summer months pedestrians have to contend with high humidity and heat of around 45 degrees Celsius (113 degrees Fahrenheit). 'In the coming years, residents of Dubai will be able to move around by walking, cycling, its extensive network of roads and bridges, the Metro and its new lines, water taxis, or flying taxis on specific air routes,' Sheikh Mohammed said on X in December. But for now, Dubai keeps attracting more people and more cars — and the traffic jams only get longer.
