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Business Recorder
25-04-2025
- Politics
- Business Recorder
India's dangerous diversion: a call for global accountability
It took the British a century to colonize the Subcontinent, but for Babur it was one decisive battle at Panipat that had changed the game. This comparison is not meant to highlight Babur's efficiency or the British's long-term planning and vision, but rather to emphasize that this land, with its rich soil, towering mountains, and gushing rivers, has always been coveted by foreign powers seeking control for vested interests. 1947 created a new geography, and momentary disruptions eventually faded into an emotionally uniform and economically diverse land that now comprises three political entities. However, the last decade of 'Modi sarkar' has eclectically selected the seeds of conflict from across a millennium and put them together in a rather shallow and biased narrative that only promises continuous upheaval of emotions and ruination of the land and its people at large; it also plays into vested interests in the 'divide.' Baseless accusations, false propagandas, insinuations, and fake stories, propagated by the Indian government and segments of its media, have been accorded prime time. False narratives have been weaved to justify horrendous violations of human rights, and just when Pakistan's narrative takes the bend towards a progressive regional economy, yet another staged drama has surfaced. Though consistent with India's long-standing pattern of deflecting blame onto Pakistan without presenting credible evidence, this time it has gone too far. Pakistan has unequivocally condemned the tragic killing of tourists in Indian-occupied Jammu and Kashmir. Pakistan observes Kashmir Day, marking February 5th of each year as a day where usurpation and violations in the pristine Kashmir are condemned. But India's (obviously deliberate) knee-jerk response is neither responsible nor constructive. Upheavals are a staple in newsrooms, but India has taken it to another level. How about making a few facts noticed: the weapon used in the recent Jaffar Express attack in Balochistan matches the one employed in the Kashmir incident. This disturbing similarity raises serious questions that demand an impartial international investigation. Only a week ago, Pakistani security forces apprehended an individual near the Balochistan border under circumstances strikingly similar to the Kulbhushan Jadhav case. This cannot be dismissed as a coincidence. It is no secret that India continues to provide refuge and support to Baloch separatists, some of whom are directly linked to recent acts of terrorism in Pakistan. The role of Indian consulates in Afghanistan in financing and facilitating terrorism in Pakistan is well-documented. Elements involved in waging war against the Pakistani state have repeatedly been traced back to Indian intelligence operations. Prime Minister Modi's government has systematically eroded the democratic fabric of the world's largest democracy or at least called so. Minorities are facing unprecedented persecution, and freedom of speech has been stifled. The grim reality today is that renowned Indian intellectuals, journalists, and dissenters live in fear, unable to express their views freely. Journalists that we idealized have stopped writing and speakers we looked up to have stopped talking. An insight into probable triggers for such rash behavior gives us a string of setbacks for the Modi sarkar: Political change in Bangladesh, with the fall of Sheikh Hasina's government. Escalating internal unrest in Nagaland and Manipur. Ongoing border disputes with Nepal and Bhutan. Rising international embarrassment over deportations of Indian citizens from the United States. In the face of mounting diplomatic and internal challenges, opening a front with Pakistan appears to be a diversionary tactic aimed at domestic consolidation and political optics. As Bertrand Russell stated in one of his 'Unpopular Essays' that the only way the world will ever fully unite is if there is an alien invasion. . It takes a common enemy to become friends. It is time to recognize the common enemy; it is most definitely not Pakistan! It is actually the narrative that India wishes to propagate because India thrives with a compromised Pakistan. Instead of fixing what is broken, the Modi government is hell bent on opening one more front – a unilateral move to revoke the Indus Waters Treaty – a vital and binding international agreement – a reckless violation of international law. Are we going to behave like classroom bullies? The world has moved on to see brilliant regional co-operations and a united concern for a planet that seems to be angry and upset. Earthquakes, floods, droughts, pandemics, pollution – literacy and health gaps, and an unpredictable future confront us all. It is time for all nations to come together to ensure that we leave a live able green planet for our future generations. But then we have the Modi approach that insists on a dare for duel. Winters are not too far, and Delhi and Amritsar stand ready to be clogged with smog – a stagnant, thick, irritating, and smoky monster that spreads its tentacles across Punjab and takes our Lahore in its fold too. The smog chokes you, damages your lungs, but insists on hugging you from all around. So genuinely like the Modi tactics that insist on endangering regional peace, stability, and progressive future at the cost of all that is precious and for the gain of absolutely nothing. Pakistan has come through a great deal and is only interested in dignified regional peace, collaboration, and cooperation. Nevertheless, the nuclear armed country of 250 million stands together behind its uniformed soldiers and will not shy away from taking a stance. But my concern is 'why deploy armies and weapons when words can work much better?' I emphatically call upon the United Nations Security Council and the global community to take urgent notice of these developments with a swift, firm, impartial, and immediate intervention. The stakes are too high for silence or inaction. Copyright Business Recorder, 2025
Express Tribune
08-02-2025
- Business
- Express Tribune
Trade war, profit-taking pull PSX down by 3.4%
Listen to article KARACHI: Pakistan Stock Exchange (PSX) remained under pressure throughout the outgoing week as the Trump trade war, profit-taking and concerns over the upcoming International Monetary Fund (IMF) review weighed on investor sentiment. The KSE-100 index shed 3,933 points, or 3.44% week-on-week (WoW), closing at 110,323. Sector-wise, oil and gas exploration, commercial banks, fertiliser and technology dragged the index down while insurance firms and real estate investment trusts (REITs) provided slight support. On the economic front, the headline inflation for January 2025 dropped to a 101-month low of 2.4% year-on-year (YoY) while trade deficit widened 18% YoY to $2.3 billion. The State Bank of Pakistan (SBP) raised Rs452 billion in a T-bill auction and foreign exchange reserves inched up $46 million to $11.4 billion. Foreign selling intensified, totalling $9.88 million, while market volumes and traded value declined 12.8% and 22.9% WoW, respectively. On a day-on-day basis, the PSX on Monday lost significant ground as it shed 1,511 points, thanks to the global market decline following US President Donald Trump's tariff announcements for Mexico, Canada and China, potentially initiating a trade war. Domestic concerns including political uncertainty and the upcoming IMF review added to the bearish sentiment. On the second trading day, the bearish run continued as the KSE-100 index erased 810 points, primarily due to concerns over a global trade war following the announcement of Trump's tariffs coupled with a sharp decline in international crude oil prices. Analysts pointed out that profit-taking, local political uncertainty and foreign fund outflows further contributed to the negative sentiment. On Wednesday, the market was closed on account of Kashmir Day. Next day, the bourse resumed trading with heavy selling where investor confidence took a beating in the face of concerns about foreign debt repayments and potential changes to the EU GSP Plus status. At close, the index posted a loss of 1,634 points. On the last trading day, the PSX ended flat amid the ongoing corporate earnings season and investor caution ahead of the IMF review. Concerns over tax collection shortfall and external debt payments kept the market in check. The index recorded a marginal rise of 22 points. Arif Habib Limited (AHL), in its weekly review, wrote that the market remained negative throughout the week, driven by profit-taking, selling pressure and some concern related to the upcoming IMF review. On the economic front, the headline inflation for January 2025 dropped to a 101-month low of 2.4% YoY. In addition to this, the trade deficit widened 18% YoY in January, arriving at $2.3 billion, it said. Moreover, the SBP raised Rs452 billion in the T-bill auction in line with the target of Rs450 billion. Petroleum sales remained stable at 1.38 million tons in January on a YoY basis and grew 8% month-on-month. Cement dispatches for January increased 14% YoY to 3.895 million tons. In the month, urea and DAP sales decreased 27% and 6% YoY, respectively. Sector-wise, negative contribution at the PSX came from oil and gas exploration companies (821 points), commercial banks (593 points), fertiliser (479 points), technology and communication (264 points) and oil and gas marketing companies (232 points). Stock-wise, negative contributors were Mari Petroleum (291 points), Fauji Fertiliser Company (241 points), Pakistan Petroleum (235 points), HBL (226 points) and Engro Fertilisers (202 points). Foreigners' selling continued during the week under review, which came in at $9.88 million compared to net selling of $4.7 million last week. Average volumes arrived at 434 million shares, down 12.8% WoW, and average traded value settled at $76 million, down 22.9%. JS Global analyst Abdul Basit said in his report that KSE-100 experienced a negative trend throughout the week. The week commenced with the release of Consumer Price Index (CPI), which came in at 2.4% YoY for January, marking its lowest level in over nine years. Pakistan signed a $1.2 billion agreement with the Saudi Fund for Development to ensure sufficient oil imports on deferred payments for one year, which bodes well for managing external financing needs, he said. In other developments, following Punjab and Khyber-Pakhtunkhwa, the Sindh Assembly passed the Agricultural Income Tax Bill ahead of the IMF review, the analyst added.
Express Tribune
06-02-2025
- Politics
- Express Tribune
City observes Kashmir Day with rallies
KARACHI: Rallies, events, and gatherings were organised in connection with Kashmir Day to express solidarity with the Kashmiri people on Wednesday. The events reaffirmed Pakistan's commitment to supporting Kashmiris' right to self-determination and opposing Indian occupation. In Karachi, a rally followed by a central ceremony was led by Sindh Minister for Education Sardar Ali Shah. Speaking on the occasion, he said, "Geographically, Kashmir is part of Pakistan. Despite years of oppression and tactics employed by India, the Kashmiri people have consistently refused to accept Indian dominance." The Kashmir region is part of the Indus Valley, he reminded. The rally was attended by Chief Secretary Sindh Asif Haider Shah, Special Assistant to the Chief Minister of Sindh Najmi Alam, Hurriyat leader from Azad Kashmir Syed Muhammad Naseem Yousuf Bukhari, Commissioner Karachi, political leaders, civil society representatives, social figures, students, and a large number of citizens. The rally began at the People's Secretariat and concluded at the Mazar-e-Quaid, starting with two minutes of silence. Participants carried Kashmiri flags and banners of solidarity, chanting slogans such as "Kashmir will become Pakistan" and "We stand with the Kashmiris." Addressing the gathering, Hurriyat leader Yousuf Bukhari stated: "The bond between the state of Jammu and Kashmir and Pakistan is based on faith and the vision of Quaid-e-Azam. The people preferred to sacrifice their lives rather than accept India. Over 600,000 Kashmiris have lost their lives, yet India has never been able to conquer Kashmir through force or greed, nor will it ever succeed." Many other political and religious parties staged rallies across the city. Activists of Jamaat-e-Islami, Sunni Tehreek, TLP, Pakistan Markazi Muslim League, MQM-P, PPP and Kashmiri groups were out on the streets to highlight the Kashmir issue. "MQM-P is historically connected to the Kashmir cause. Kashmir is the unfinished agenda of Pakistan and the heirs of the founders of the nation assert that indepence is incomplete without Kashmir," said Muttahida Qaumi Movement-Pakistan Chairman Khalid Maqbool Siddiqui addressing a Kashmir Day gathering at the park next to the party's temporary headquarters in Bahdurabad. Separately, thousands of Karachiites marched in the rally of Jamaat-e-Islami to express solidarity with the oppressed people of Illegally Indian-occupied Kashmir (IIOJK) and to observe the annual Kashmir Day, here on Wednesday. The march was taken out from Jail Chowrangi to the Mausoleum of Quaid-e-Azam Muhammad Ali Jinnah. JI Pakistan Deputy Ameer Liaquat Baloch delivered the presidential address. In his address, Liaquat Baloch said that the global community needs to realise that Palestine belongs to Palestinians and Kashmir belongs to Kashmiris.
Express Tribune
04-02-2025
- Business
- Express Tribune
PSX remains bearish on trade war fears
Listen to article KARACHI: The bearish run continued at the Pakistan Stock Exchange (PSX) on Tuesday as the KSE-100 index erased over 800 points, primarily due to concerns over a global trade war following the announcement of President Trump's tariffs on Canada, Mexico and China coupled with a sharp decline in international crude oil prices. Analysts pointed out that profit-taking, local political uncertainty and foreign fund outflows further contributed to the negative sentiment. The benchmark KSE-100 index hit the high of 113,649 points, before falling to the intra-day low of 111,828. It eventually settled at 111,935. Although the market saw a decline, some analysts highlighted that it traded sideways and the passage of Sindh Agricultural Income Tax Bill in the provincial assembly along with a potential successful International Monetary Fund (IMF) programme review may be the key triggers for a positive outlook. Ahsan Mehanti of Arif Habib Corp commented that stocks closed bearish on global trade war worries after the announcement of US tariffs and a slump in international crude oil prices. Political noise, rupee instability, suspension of US aid and foreign outflows played the role of catalysts in the bearish activity, he added. At the close of trading, the benchmark KSE-100 index recorded a decrease of 809.63 points, or 0.72%, and settled at 111,935.38. In its review, Topline Securities said that the stock market showed a negative performance, with the index hitting the high of 113,649 and slipping to the intra-day low of 111,828 before settling at 111,935. The decline was mainly due to local institutional selling, it said. Topline noted that the drop was largely driven by Engro Holdings, Millat Tractors, Fauji Fertiliser Company, Bank AL Habib and Pakistan Petroleum, which together contributed 430 points to the loss. Despite the downturn, the overall market activity remained strong, with 435 million shares traded and a total value of Rs23 billion. Arif Habib Limited (AHL) reported that the KSE-100 index returned back to the bottom end of the recent range as sideways trading continued. Some 30 shares rose while 66 fell with Sazgar Engineering Works (+7.34%), National Bank of Pakistan (+3.7%) and TRG Pakistan (+3.89%) contributing the most to index gains. On the other hand, Millat Tractors (-4.51%), Fauji Fertiliser Company (-0.87%) and Bank Alfalah (-1.93%) were the biggest drags, it said. AHL mentioned that provincial assemblies approved laws to impose taxes on the income of farmers, which would help expand the total tax collection. Agricultural tax is part of the IMF's conditions for its $7 billion loan programme. Additionally, according to AHL, until the market breaks the range with authority, it is reasonable to expect the sideways choppy trading to continue. "The market should decide which way it wants to break following the Kashmir Day holiday." JS Global analyst Muhammad Hasan Ather said the KSE-100 index dropped 0.7%, erasing the intra-day gains. The decline was attributed to profit-taking after a brief rebound and global market volatility, driven by President Trump's import duties, he said. Ather added that the provincial assembly's passage of the Sindh Agricultural Income Tax Bill to meet the IMF requirement, along with the upcoming catalysts like a successful IMF programme review and a potential increase in MSCI weightage, could act as key triggers. Overall trading volumes increased to 436.3 million shares compared with Monday's tally of 401.5 million. Shares of 440 companies were traded. Of these, 129 stocks closed higher, 255 fell and 56 remained unchanged. WorldCall Telecom was the volume leader with trading in 54.6 million shares, falling Rs0.05 to close at Rs1.58. It was followed by Cnergyico PK with 21.1 million shares, falling Rs0.04 to close at Rs7.49 and K-Electric with 20.6 million shares, falling Rs0.01 to close at Rs4.43. During the day, foreign investors bought shares worth Rs355.5 million, the National Clearing Company of Pakistan Limited (NCCPL) reported.
