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military vows support for interim setup’s multi-faceted initiatives Friday, 24 November, 2023 I 9 Jamada Al-Awal, 1445
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COAS EXPRESSES SATISFACTION OVER OPERATIONAL PREPAREDNESS, HIGH STANDARDS OF TRAINING AND MORALE MAINTAINED BY FORMATIONS
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Rs 15.00 | Vol XIV No 145 I 8 Pages I Karachi Edition
FORUM REITERATES UNEQUIVOCAL DIPLOMATIC, MORAL, AND POLITICAL SUPPORT TO PEOPLE OF PALESTINE
STAFF REPORT
HE top military brass on Thursday resolved to completely support the caretaker government’s initiatives for “sustainable economic recovery and curbing illegal activities”, the military’s media wing said on Thursday. According to a statement by the Inter-Services Public Relations (ISPR), Chief of Army Staff (COAS) General Syed Asim Munir presided over the 82nd Formation Commanders Conference (FCC) at the GHQ today. The conference was attended by corps commanders, principal staff officers, and all formation commanders of the army, it said. “The forum resolved to fully support the government’s initiatives in various domains for sustainable recovery of the economy and curbing illegal activities, including smuggling, hoarding, electricity theft, implementation of One Document Regime, dignified repatriation of illegal foreigners and safeguarding of national database, etc,” the press release reads. The forum highlighted that “an increasing sense of stability, certainty and optimism” was witnessed across the country despite challenges. “The forum […] resolved that vested efforts towards the engineering of despondency will be defeated through perseverance and continued positive actions, with the support of the people of Pakistan, InshaAllah.” The statement also quoted the army chief as “expressing satisfaction over operational preparedness and high standards of training and morale maintained by formations to deal with the emerging threat paradigm”.
Bilawal ‘not fully trained’ in politics, says Zardari about son’s ‘immature politics’ ISLAMABAD
MONITORING REPORT
ISLAMABAD
STAFF REPORT
The ISPR said the participants were briefed on professional matters, national security challenges, and measures being undertaken to counter traditional and non-traditional security threats. “The forum took a holistic view of the ongoing counter-terrorism operations and resolved that all terrorists, their facilitators, and abettors, working on the behest of hostile forces to destabilise Pakistan will be dealt with the full might of the state.” The statement added that “the forum expressed unequivocal diplomatic, moral, and political support to the people of Palestine and reiterated Pakistan’s principled stance supporting the two-state solution, based on pre-1967 borders with Al Quds Al Sharif as the capital of Palestine.”
The participants also expressed concerns over the continued repression of Kashmiris in Indian Illegally Occupied Jammu and Kashmir, condemning the unabated human rights violations by Indian forces. “The forum reaffirmed that Pakistan shall continue to support Kashmiris politically, diplomatically, and morally,” the ISPR said. “Participants stressed that the only solution to the issue lies in providing the right of self-determination to the people of Kashmir according to relevant UNSC resolution.” The ISPR concluded that the participants of the FCC affirmed that the army would continue defending and serving the nation in every possible way including the journey towards enduring stability and security.
Delaying polls beyond 90 days ‘gravest’ constitutional violation: Justice Minallah ISLAMABAD
MONITORING REPORT
Former President Asif Ali Zardari said on Thursday that his son and PPP Chairman Bilawal Bhutto-Zardari was “not fully trained” in politics and would “take time” getting up to speed. The PPP leader made the remarks in an interview on Geo News programme ‘Capital Talk’ with journalist Hamid Mir. During the interview, Zardari was asked about Bilawal, who in recent days has repeatedly called on the nation to let older politicians “stay at home” and to give someone new a chance in the general elections. Speaking in the National Assembly in August, Bilawal — the youngest foreign minister in the country’s history — had also implored his father and PML-N supremo Nawaz Sharif to take decisions that would make politics easier for the younger generation, which he said was losing hope in the country’s future. During the interview, Zardari talked about his motivations for being involved in politics. “Politics is my compulsion, not a necessity. Because Bibi sahiba was martyred, Bhutto sahib was martyred and thousands of our workers were martyred. So there is a debt on us and I am in politics for that. “And then Bilawal is also not fully trained. [We] are training him,” he said. “Bilawal is not trained?” asked an astonished Mir, to which Zardari shook his head. “He’ll take time,” the PPP leader said. At the same time, Zardari said Bilawal was more talented, educated and better spoken than him but “experience is experience”. Later in the interview, Zardari was asked about Bilawal’s views on older politicians. “The younger generation these days has their own thinking […] everyone has a right to express their thoughts,” he said. He further said that stopping someone would only create more problems. “What if he says ‘you do politics, I will not’. Then what will I do?” Zardari said Bilawal’s remarks were directed at everyone. “He is saying it to everyone and not just Zardari sahib.” He said that politics took time and even he sometimes made mistakes. “It’s not like I don’t make [mistakes]. The journey of life is to learn from cradle to grave.” Zardari said within the PPP there were “two parties”. “One is PPP and one is PPPP. I have PPPP and I am its president. Bilawal is the chairman of PPP,” he said, adding that he handed out tickets to party candidates.
pti says to fight ‘decision’ as ecp nullifies its intra-party elections
Supreme Court’s Justice Athar Minallah said that even a single day’s delay in the conduct of general elections beyond constitutional timeframe of 90 days was “the gravest violation of the Constitution”. In a 41-page additional note in the election date case, Justice Athar Minallah wrote: “Delay of a single day in holding the general elections beyond the expressly provided time frame i.e 90 days is the most grave violation of the Constitution and denial of constitutional rights of the people. “It amounts to a suspension of the Constitution because it breaches its foundation principle, the exercise of powers and authority of the State through the chosen representatives,” he said. He said that excluding Pakistani voters from the electoral process was against fundamental rights enshrined in the Constitution. Earlier this month, a threemember SC bench comprising Chief Justice of Pakistan Qazi Faez Isa, Justice Aminuddin Khan and Justice Minallah had heard a set of petitions, calling for holding elections within 90 days after the dissolution of the National Assembly and the provincial legislatures. The court had then directed the Election Commission of Pakistan to confer with President Dr Arif Alvi on the poll date. Subsequently, after months of dilly-dallying on the issue, the ECP agreed to hold general elections in the country on Feb 8. Since the National Assembly was dissolved three days before
the end of its constitutional term, Article 224 of the Constitution mandates that elections be held within 90 days of the dissolution, which was November 7. But at the same time, Section 17(2) of the Elections Act states that “the commission shall delimit constituencies after every census is officially published”. The ECP had ruled out polls this year citing the need for fresh delimitation of constituencies after the approval of the 2023 digital census. Justice Minallah stated: “The duty to ensure that the people of Pakistan are not deprived of their right to vote and they do not remain unrepresented for more than a 90-day period was that of the president, the governors, and the commission (ECP).” He noted that timely elections were a constitutional requirement and the people’s rights had been violated by not doing so. “The Constitution was made unworkable by their reckless disregard for the duties imposed upon them
under the Constitution and the (Election) Act of 2017.” The top court judge highlighted that holding general elections by November 7 was a constitutional requirement after the dissolution of the National Assembly. “The date of Feb 8 was appointed by the president and announced by the commission without prejudice to and notwithstanding the consequences that may have exposed themselves on accounts of violation of the Constitution and denial of rights to the people of Pakistan. “The violation of Article 224(2) and the resultant denial of the rights to the people of Pakistan is so grave and profound that it cannot be cured, condoned nor the acts are immune from being held to account,” he said. Article 224(2) states: “When the National Assembly or a Provincial Assembly is dissolved, a general election to the Assembly shall be held within a period of ninety days after the dissolution, and the results of the election shall be declared not later than fourteen days after the conclusion of the polls.” Justice Minallah said the ECP and the president committed a constitutional violation by announcing February 8 as the election date. He added that the violation of constitutional and public rights by not holding elections within 90 days was so serious that no remedy was possible. The judge stated that the ECP should have played its role to save the Constitution if President Alvi or the governor was not fulfilling the constitutional responsibility of announcing the election date.
The Election Commission of Pakistan (ECP) on Thursday declared Pakistan Tehreek-e-Insaf’s (PTI) intra-party elections null and void, ordering the party to re-conduct intra-party elections within 20 days to retain bat as its poll symbol. The electoral watchdog announced its reserved verdict on the PTI intra-party elections case on Thursday whereby it said that PTI failed to conduct fair intra-party elections. The party should conduct the re-election within 20 days of the decision and should submit a report to the ECP within seven days after the elections”, it added. Despite declaring the intra-party elections null and void, the ECP ruled that PTI is still eligible to obtain an election symbol for the upcoming general elections scheduled to be held on February 8 next year. PTI leaders have expressed concerns about the ECP’s decision. Justice Ali Zafar, a PTI leader, said that the party is “disappointed” with the decision and will appeal it to the Supreme Court. Another PTI leader, said that the ECP’s decision is “unfair” and that the party will “fight this decision to the end.” The written verdict stated: “We are confirmed in our views that the respondent party failed to hold, transparent just and fair intra-party election in accordance with its prevailing constitution 2019 allegedly held on 10-06-2022, which is highly disputed/objectionable, which could not be accepted at all.” The order said that instead of invoking section 215(5) (eligibility of party to obtain election symbol) of the Elections Act 2017, the ECP was taking a “lenient view” by directing it to hold the intra-party polls “strictly in accordance with the prevailing party constitution, within 20 days positively”. “Its result along with all the required documents, including Form 65, shall be submitted thereafter the election within seven days before the commission,” it added. The verdict then warned that in case of failure to hold the polls, the PTI would “suffer the penal consequences of Section 215(5) of the Elections Act 2017 accordingly and would be ineligible to obtain an election symbol for election to Majlis-e-Shoora (Parliament), etc”. The ECP highlighted that the documents provided by the chief election commissioner had “made the alleged intra-party election highly objectionable [and] dubious”. It added there was a “glaring, un-explained contradiction, in regard to holding of intra-party election, as to whether the same was held” on June 8, 2022 or June 9 or June 10 that year. In August last, the ECP had given the PTI a final chance for the intra-party polls, warning that upon failure, it could be declared ineligible to obtain an election symbol. It had stated that the elections were due on June 13, 2021 under the party’s constitution but a year’s extension had been granted. Barrister Gohar Ali Khan, representing the PTI, had said the party elections were held before an amendment to its constitution. However, the CEC claimed that the PTI amended its constitution on June 8, 2022 and conducted intra-party polls on June 10, 2022. Khan had also said the amendment in the party constitution was later withdrawn. The polls organising authority had said it issued a final notice to the PTI in May 2022 to ensure the conduct of intra-party elections “on or before June 13, 2022 (extended date), with the observation that no further extension shall be allowed”. Subsequently, the PTI submitted a copy of the amended party’s constitution that was deemed “insufficient” by the electoral body. In October, the ECP had reserved its verdict on the maintainability of a petition by the Istehkam-iPakistan Party seeking to take away PTI’s ‘bat’ electoral symbol. Days later, the PTI formally appealed to the electoral body to immediately issue a detailed written order regarding the intra-party elections and poll symbol allocation.
Inside market: Bull-run that took PSX index past 58,000 points
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THERE SEEMS NO END IN SIGHT TO RECENT RALLY IN PAKISTAN STOCK EXCHANGE. BUT WHAT DO RESULTS TELL US? ANALYSIS PROFIT ZAIN NAEEM
On 3rd July 2023, the Pakistan Stock Exchange (PSX) saw a rally of more than 2,481 points or a 5.99% increase in the index. This was the highest gain the market had seen in a single day in terms of points and the market had to be halted as it increased by more than 5% in less than half an hour. The optimism in the market was down to the fact that the much-awaited deal with the International Monetary Fund (IMF) was going to be struck. Even as the macroeconomic conditions were improving, the individual stocks were not seeing a similar rebound in their performance as many of the scrips were trading
well below their historic highs. Investors were timid in terms of the returns that the stock market was providing and with interest rates at record high levels of 22 percent, the sentiment on the trading floor was mostly negative. This meant that many of the investors were undervaluing the market and that, even though corporate results were stellar, the market was not accounting for these results in the prices prevailing in the market. As investors were not willing to step into the market, the corporate sector saw an opportunity and started to carry out buybacks which signaled to the market that even they themselves saw their stocks trading at below their actual intrinsic value. Fast forward to the 22nd of November and the market, which closed at 43,899 on 3rd July, is trading at around 58,154. This is the first time it has breached the 58,000 points level as the market saw an increase
of more than 800 points intraday. The index has risen by a staggering 32.5% percent in the last three and a half months which points towards the fact that the future outlook of the country has changed. What could be the reason behind this? For an analyst looking at the market, there are many different pieces of information that can impact the index in a single day let alone a month. When a period of 3 months has to be considered, it is vital to note that there are different developments on the macro level which seem to have triggered the recent PSX rally. One of the biggest factors ailing the market and the corporate sector is the fact that interest rates are too high. Since the end of June 2023, interest rates were raised to 22 percent and there were no signs that the rates would be cut in the near future. The recent T-bill auction has been carried out at 300 basis points lower than the previous
rates and there are expectations that the next monetary policy will see a decrease in the interest rates. This is a glimmer of hope that a change is on the cards. Any such cut is attractive for the corporate sector and the capital markets. The corporate sector can benefit with a reduction in their finance costs which had been doubled from FY 2022 to FY 2023 and the profitability of the corporate sector will see an increase which is being priced in by the stock market. In addition to that, the investor will find the stock market more attractive as well as the valuations are still very low and bank deposits will be seeing a lower rate of return trickling some of these deposits into the stock market as well. Another factor that can be seen as a positive for the stock market is the fact that Morgan Stanley Capital International (MSCI) added a record 56 Pakistani com-
panies to its Frontier Market Index and Frontier Market Small Cap Indexes. This is a positive development for the index and gives support to the rising index. The most recent development on this is the green light given by the IMF on the successful negotiations concluding between the interim government and the IMF for the first review which gives access to $700 million of funding. As economic indicators show an improvement, these triggers are being taken in conjunction with each other as investors flock towards the market. Experts still feel that the market price to earning ratio is still hovering around 3 to 4 times which was 8 to 9 times in better times. With the expected cut in interest rates in the medium to long term, it can be expected that market prices will move towards the rates that justify the price to earning ratios seen in the past.