Pakistan stocks surge after ceasefire with India
United States President Donald Trump announced the truce after four days of missile, drone and artillery attacks by India and Pakistan which killed at least 60 people and reached deep into the territory of both countries.
The benchmark KSE-100 Index opened at 117,104.11 points, up 9,929.48 points, or by 9.26 percent.
'Today's sharp surge in the stock market stems from a powerful convergence of bullish triggers that have swiftly turned investor sentiment from fear to opportunity,' Sana Tawfiq, head of research at Arif Habib Limited, Pakistan's largest securities brokerage, told AFP.
The jump also came after the International Monetary Fund (IMF) on Friday approved a loan program review for Pakistan, unlocking around $1 billion in much-needed funds and greenlighting a new $1.4 billion bailout despite India's objections.
'This positive shift is reinforced by the IMF's dual approvals, providing both critical funding and international validation of Pakistan's reform path,' Tawfiq added.
Trump, in a series of posts on social media announcing the ceasefire mediated by the US, pledged to increase trade 'substantially' with both nations.
'While optimistic, sustaining momentum requires ceasefire compliance, accelerated reforms, and managing global headwinds like oil prices,' senior economist Sanie Khan told AFP.
A policy rate cut by the country's central bank was also seen as a positive factor boosting equity flows.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
20 minutes ago
- Asharq Al-Awsat
Calm Reported in Syria's Sweida as Tribal Fighters Said to Withdraw
Residents reported calm in the Syrian city of Sweida on Sunday after the government declared that Bedouin fighters had withdrawn from the predominantly Druze city and the United States stepped up calls for an end to fighting. There was no sound of gunfire on Sunday morning, according to a resident speaking from the city outskirts, while a Druze source in the region said there was calm in most areas. The fighting began a week ago with clashes between Bedouin and Druze fighters. The Syrian presidency had announced a new ceasefire early on Saturday but it quickly collapsed into renewed fighting.
Arab News
42 minutes ago
- Arab News
OIC's COMSTECH invites Gaza universities' presidents to Islamabad to explore academic continuity
ISLAMABAAD: The Organization of Islamic Cooperation's (OIC) COMSTECH Coordinator General Dr. Iqbal Choudhary on Sunday invited the presidents of major Gaza universities to Islamabad, hoping their visit would lead to solutions for academic continuity in the war-torn area. The OIC's Standing Committee on Scientific and Technological Cooperation (COMSTECH) has facilitated Palestinian students in securing higher education amid Israel's military offensive in Gaza. Israeli strikes in Gaza have killed at least 57,000 people and destroyed hundreds of schools since October 2023, dealing a major blow to the education sector in the area. Choudhary held a high-level virtual meeting with the presidents of all major universities in Gaza to coordinate a 'collective humanitarian and academic response' to the war's impact on higher education sector in the region, the OIC body said in its press release. 'During the meeting, the Coordinator General extended a formal invitation to Gaza's university presidents currently outside the region to visit Islamabad,' the statement said. 'The visit aims to foster direct dialogue with key stakeholders and explore collaborative solutions to sustain academic continuity under these extraordinary circumstances.' Choudhary conveyed his deep concern for the people of Palestine, particularly academics, students, and researchers as Israel's war rages on. 'The suffering of the people of Gaza is unbearable, yet their resilience is inspiring,' Choudhary was quoted as saying by COMSTECH. During the meeting, the university representatives gave a presentation highlighting key proposals to facilitate medical training for displaced students, capacity-building for health professionals, access to scientific publishing, and supporting research on the psychological impact of war, COMSTECH said. 'Participants also emphasized the immediate need for virtual learning platforms and remote laboratory facilities as many university campuses have been destroyed,' the statement added. COMSTECH, in collaboration with the Association of Private Sector Universities of Pakistan (APSUP) and member universities of the COMSTECH Consortium of Excellence, initiated a program in 2021 offering 500 fully funded scholarships and fellowships to Palestinian students. This number was increased to 5,000 scholarships in 2023. Many Palestinian students have already arrived in Pakistan under this program and are pursuing full-degree programs, while efforts are underway to bring more students to the country.
Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Kremlin Says Putin is Ready to Discuss Peace in Ukraine but Wants to Achieve Goals
Russian President Vladimir Putin is ready to move toward a peace settlement for Ukraine but Moscow's main objective is to achieve its goals, Kremlin spokesman Dmitry Peskov told state television in a clip published on Sunday. Peskov said that the world was now accustomed to US President Donald Trump's sometimes "harsh" rhetoric but pointed out that Trump had also underscored in comments on Russia that he would continue to search for a peace deal, Reuters said. "President Putin has repeatedly spoken of his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible. This is a long process, it requires effort, and it is not easy," Peskov said told state television reporter Pavel Zarubin. "The main thing for us is to achieve our goals. Our goals are clear," Peskov said. On Monday, Trump announced a tougher stance on Russia, pledging a new wave of military aid to Ukraine, including Patriot missile defense systems. He also gave Russia a 50-day deadline to agree to a ceasefire or face additional sanctions.
