PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points

PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points
A man uses a mobile phone as he takes a photo of the electronic board displaying share prices during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan on November 28, 2023. (REUTERS/File)
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Updated 20 March 2025
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PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points

PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points
  • KSE-100 index soared by over 1,400 points after trading commenced, hitting an all-time high of 119,421.81
  • Shehbaz Sharif says his government is trying to ensure conducive business and investment environment

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday lauded the Pakistan Stock Exchange (PSX) for surpassing the significant 119,000-point threshold for the first time, saying the market’s bullish opening session mirrored growing investor confidence.​
The benchmark KSE-100 index soared by over 1,400 points shortly after trading commenced, reaching an all-time high of 119,421.81 points.
The market rally coincides with Sharif’s four-day visit to Saudi Arabia, where he met separately with Crown Prince Mohammed bin Salman and Investment Minister Khalid Al-Falih to discuss strengthening economic cooperation.​
“The positive trajectory in the Pakistan Stock Exchange signifies the increasing trust of traders and investors in the government’s economic policies,” the prime minister said in a statement issued by his office from Jeddah.
“The government is providing all necessary facilities on a priority basis to ensure a conducive environment for business and investment in the country,” he added.
Earlier this month, an International Monetary Fund (IMF) team concluded its review of Pakistan’s economic reforms under a $7 billion loan program.
The international lender described Pakistan’s progress as “strong,” though its mission departed without finalizing the staff-level agreement.
The IMF’s positive assessment, nevertheless, led to bullish sentiment in the market, despite recent upticks in militant violence.​
The ongoing PSX session saw the KSE-100 index dip below its earlier high, trading at 118,526.63 points at the time of filing this report.


Islamabad expresses solidarity with Myanmar, Thailand after earthquake kills over 150

Islamabad expresses solidarity with Myanmar, Thailand after earthquake kills over 150
Updated 28 March 2025
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Islamabad expresses solidarity with Myanmar, Thailand after earthquake kills over 150

Islamabad expresses solidarity with Myanmar, Thailand after earthquake kills over 150
  • The shallow 7.7-magnitude tremor hit Myanmar’s Sagaing on Friday afternoon and was followed minutes later by a 6.4-magnitude aftershock
  • The quake flattened buildings, downed bridges, and cracked roads across swathes of Myanmar, demolished a 30-story skyscraper in Bangkok

ISLAMABAD: Pakistan on Friday expressed solidarity with Myanmar and Thailand after a powerful earthquake killed more than 150 people and injured hundreds in the two Southeast Asian countries.
The shallow 7.7-magnitude tremor hit northwest of the city of Sagaing in central Myanmar in the early afternoon, and was followed minutes later by a 6.4-magnitude aftershock.
The quake flattened buildings, downed bridges, and cracked roads across swathes of Myanmar, and even demolished a 30-story skyscraper under construction hundreds of kilometers (miles) away in Bangkok.
The Foreign Office in Islamabad said the Pakistani people were saddened by the heartbreaking news of the devastating earthquake and their thoughts were with everyone impacted by this tragedy.
“We applaud the courageous individuals and emergency responders who are working diligently on the ground to deliver rescue and relief efforts. Their bravery and commitment during this urgent time are truly admirable,” it said.
“We express our solidarity with the governments and communities affected during this challenging period. May strength and resilience lead those impacted toward healing and recovery.”
While the full extent of the catastrophe is yet to emerge, the leader of isolated Myanmar, in the grip of a civil war, issued a rare plea for international aid.
Junta chief Min Aung Hlaing said 144 people had been killed, with 732 confirmed injured, but warned the toll was “likely to rise.” Eight deaths have been confirmed so far in Thailand, with more expected.
“In some places, some buildings collapsed,” he said in a televised speech. “I would like to invite any country, any organization, or anyone in Myanmar to come and help. Thank you.”
Across the border in Thailand, a 30-story skyscraper under construction collapsed to a tangled heap of rubble and dust in a matter of seconds.
Interior Minister Anutin Charnvirakul said eight dead bodies have been recovered and, with between 90 and 110 people unaccounted for, the toll is expected to rise.
“We see several dead bodies under the rubble. We will take time to bring the bodies out to avoid any further collapses,” he told reporters.
Earthquakes are relatively common in Myanmar, where six strong quakes of 7.0 magnitude or more struck between 1930 and 1956 near the Sagaing Fault, which runs north to south through the center of the country, according to the United States Geological Survey (USGS).
A powerful 6.8-magnitude earthquake in the ancient capital Bagan in central Myanmar killed three people in 2016, also toppling spires and crumbling temple walls at the tourist destination.


Pakistan PM calls for national unity to tackle militancy, economic issues

Pakistan PM calls for national unity to tackle militancy, economic issues
Updated 28 March 2025
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Pakistan PM calls for national unity to tackle militancy, economic issues

Pakistan PM calls for national unity to tackle militancy, economic issues
  • The statement comes amid Pakistan’s efforts for economic recovery under a $7 billion IMF bailout program
  • The country is also battling twin insurgencies in its western provinces of Khyber Pakhtunkhwa and Balochistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for unity and harmony in the society to eradicate militancy and address the country’s economic issues.
The prime minister said this while addressing a National Youth and Ulema Convention in connection with Jumatul Wida in the federal capital of Islamabad.
The statement came amid the South Asian country’s efforts to recover from an economic meltdown under a $7 billion International Monetary Fund (IMF) bailout program secured last year.
Pakistan is also battling twin insurgencies: one led my religiously motivated groups, mainly the Tehreek-e-Taliban Pakistan (TTP), in Khyber Pakhtunkhwa and the other by ethno-nationalist Baloch separatist groups in Balochistan.
“Unfortunately, the society is being poisoned by disinformation and propaganda,” Sharif said. “We have a chance today as well to place our personal wishes and ego beneath Pakistan.”
According to the 2025 Global Terrorism Index (GTI), Pakistan is now the world’s second-most affected country by militant violence, with deaths rising 45 percent to 1,081 in 2024.
The 12th annual GTI report, published by Australian-based think tank Institute for Economics and Peace, ranked 163 countries in 2024, covering 99.7 percent of the world’s population and analyzing the impact of militant activities worldwide. Pakistan is second only to West African country Burkina Faso on the list.
Sharif emphasized that people from all walks of life, especially religious scholars, have the responsibility to play their role in ending internal divisions based on religious and ethnic divides.
“We have treasures worth billions present in our mountains,” he said. “Pakistan did not come into being so that we keep taking loans and live a life in debt.”
Sharif underscored the importance of setting aside personal desires and egos in the best interest of Pakistan, saying that Pakistan’s armed forces were making unparalleled sacrifices in the fight against militancy.
He urged the attendees to forge national unity, calling it the “only path to achieving a respectable position in the comity of nations.”


Mobile banking, e-wallets drive 12% growth in Pakistan digital payments

Mobile banking, e-wallets drive 12% growth in Pakistan digital payments
Updated 28 March 2025
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Mobile banking, e-wallets drive 12% growth in Pakistan digital payments

Mobile banking, e-wallets drive 12% growth in Pakistan digital payments
  • Pakistan, home to one of the world’s largest unbanked populations, has undertaken several reforms to document and digitize economy
  • Retail transactions witnessed an 11% increase in volume from Oct. till Dec. 2024, with digital channels processing 88% of transactions

KARACHI: Pakistan witnessed a growth of 12% in the volume of retail digital payment transactions from Oct. till Dec. 2024 on a year-on-year basis, the Pakistani central bank said, attributing it to the largescale use of mobile banking and e-wallet services.
Retail transactions witnessed an 11% increase in volume, reaching 2,143 million, while the value of transactions increased by 12% to Rs154 trillion, according to the State Bank of Pakistan (SBP).
The growth in value was primarily driven by mobile banking app payments, and Internet banking payments, and over-the-counter (OTC) transactions at bank branches.
“Digital payment channels processed 88% of all retail transactions by volume, with mobile app-based banking playing a crucial role,” the SBP said in its quarterly report issued on Friday.
“These platforms which includes mobile banking apps, branchless banking (BB) wallets, and e-Money wallets, collectively processed 1,450 million transactions worth PKR 24 trillion, marking a 12% increase in volume and 28% increase in value.”
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations, with around 64% of its adult population having a bank account, according to central bank figures. The South Asian country has lately undertaken several reforms to document and digitize economy and broaden its tax base.
The number of users leveraging digital banking services also saw a steady rise in the second quarter of this fiscal year, according to the SBP.
“Mobile banking app users grew to 21 million (↑7%), e-Money and BB wallet users increased to 4.7 million (↑13%) and 64.3 million (↑7%) respectively, while Internet banking users reached 13.3 million (↑7%),” it said.
Digital e-commerce transactions increased by 30% in volume to 152 million, amounting Rs193 billion, up by 32%, according to central bank figures.
The SBP-operated Raast Instant Payment System processed 296 million transactions, while the Real-time Gross Settlement System (RTGS) registered a 19% increase in large-value transactions.
The central bank said Pakistan’s transition toward a digital economy was being driven by the SBP’s strategic initiatives and collaborative efforts of banks, fintechs, and payment service providers, and it was committed to further fostering financial inclusion and enhancing payment efficiency for individuals and businesses.


Top journalist body condemns ‘illegal visit’ of Pakistani journalists to Israel

Top journalist body condemns ‘illegal visit’ of Pakistani journalists to Israel
Updated 28 March 2025
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Top journalist body condemns ‘illegal visit’ of Pakistani journalists to Israel

Top journalist body condemns ‘illegal visit’ of Pakistani journalists to Israel
  • Israeli media reported a 10-member Pakistani delegation this month visited Israel for a week
  • Karachi Press Club calls the visit an ‘effort to whitewash Israeli crimes,’ demands investigation

KARACHI: A top Pakistani journalist body on Friday condemned a recent visit by a group of local journalists and researchers to Israel, calling it an “effort to whitewash Israeli war crimes against Palestinians.”
A 10-member Pakistani delegation of journalists, intellectuals and influencers this month visited Israel for a week to learn about the Holocaust and the October 7, 2023 attacks by Hamas, according to Israeli media.
Pakistan does not have diplomatic relations with Israel and has consistently called for an independent Palestinian state based on “internationally agreed parameters” and pre-1967 borders.
In a statement on Friday, the Karachi Press Club's (KPC) joint action committee, which represents multiple journalist unions, said the Pakistani journalists who undertook the visit do not represent the “broader media community of Pakistan.”
“We stand firm in our unwavering support for the Palestinian cause and denounce any attempt to normalize relations with a regime engaged in systematic ethnic cleansing,” the committee said in a joint statement, citing KPC President Fazil Jamili.
“The journalists in Pakistan have always been at the forefront of highlighting the suffering of oppressed people, and we will not tolerate any actions that undermine this solidarity.”
Israel Hayom, a Hebrew-language Israeli newspaper, reported the Pakistani journalists and researchers, including two women, arrived in Israel this month and carried passports declaring their invalidity for travel to Israel.
“Despite this, they bravely accepted an invitation from Sharaka, an organization working to strengthen relations between Israel and South Asian countries,” the report said. “To protect the delegation members, their passports were not stamped, and publication of their visit was delayed until they returned safely home.”
In response to media reports about the visit, the Foreign Office in Islamabad said Pakistan’s position on Israel “remains unchanged.”
“Pakistani passports explicitly state they are ‘not valid for travel to Israel’,” it said.
“Pakistan does not recognize Israel and steadfastly supports the legitimate rights of the Palestinian people, including the establishment of an independent and sovereign Palestinian state based on pre-1967 borders.”
The KPC committee lamented that the visit, which occurred at a time when over 150 journalists have been killed by Israeli forces for exposing the truth, amounted to “complicity in Israel’s war crimes and genocide against the Palestinian people.”
It called for an immediate investigation into how these individuals were able to visit Israel.


Pakistan among top countries for crypto adoption with 20 million users — adviser 

Pakistan among top countries for crypto adoption with 20 million users — adviser 
Updated 28 March 2025
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Pakistan among top countries for crypto adoption with 20 million users — adviser 

Pakistan among top countries for crypto adoption with 20 million users — adviser 
  • Pakistan Crypto Council set up this year to set regulatory guidelines for adoption, lure foreign investment 
  • Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are not illegal or banned

ISLAMABAD: Pakistan is among the top countries in the world for crypto adoption, with around 20 million users, Pakistan Crypto Council (PCC) Chief Executive Officer Bilal Bin Saqib said on Friday.

The PCC, established by the government earlier this month, aims to create a legal framework for cryptocurrency trading in a bid to lure international investment. Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.

“Around 20 million crypto users are in Pakistan,” Saqib said during a talk show on Geo News. “We are coming on number three and four globally and there are many blockchain technology opportunities in Pakistan.”

Explaining the role of the PCC, Saqib said it would create a regulatory framework for crypto-related activities in Pakistan, including exchanges and licensing, and ensure a secure environment to protect Pakistanis from potential losses.

“Globally 0.24 percent cryptocurrency transactions are used for wrong things,” he said. “We want to use this technology for other things like real estate, agriculture and to unlock their liquidity.”

Saqib refrained from providing a timeline for when crypto would be legalized in Pakistan.

Speaking to Bloomberg earlier this month, Bilal, recognized by Forbes as a Web3 investor and blockchain strategist, highlighted that Pakistan offered one of the lowest operating costs for crypto businesses, making it a more cost-effective alternative to hubs like Dubai and Singapore. 

He said regulatory sandboxes were being developed to create fast-track systems for crypto startups, enabling them to operate within a controlled and compliant environment.

Pakistan is also engaging with the UAE to learn from its regulatory model and is working closely with Nigeria and Turkiye on policy development, he told Bloomberg. 

Regarding taxation, Bilal has said the government intended to implement a “balanced pro-growth tax structure” to encourage foreign investment in the sector.

He emphasized that cryptocurrency could significantly boost Pakistan’s fintech sector, positioning the country as a regional leader in digital finance.