Pakistan PM arrives in Saudi Arabia on four-day visit to bolster bilateral trade, economic ties

ISLAMABAD: Pakistan's national football team will travel to Saudi Arabia tomorrow, Thursday, where they will resume training for the upcoming AFC Asian Cup qualifier fixture against Syria, the Pakistan Football Federation (PFF) said in a statement. 

Pakistan will kick off their AFC Asian Cup 2027 qualification campaign against Syria on Mar. 25 at the Prince Abdullah bin Jalawi Stadium in Al-Ahsa, Saudi Arabia. 

The green shirts concluded their training session in the eastern city of Lahore on Wednesday night, the PFF said. 

"The team is set to depart for Saudi Arabia tomorrow night, where they will continue their training under the guidance of Head Coach Stephen Constantine," the PFF said. 

Earlier this month, Pakistan reappointed Constantine, who previously served as the country's head coach from late 2023 until mid-2024, as head coach for the Syria fixture. 

Pakistan's inclusion in the qualifier was made possible after the Fédération Internationale de Football Association (FIFA) lifted its international suspension against the country earlier this month. 

FIFA hit Pakistan on Feb. 6 with a third international suspension in less than eight years after the federation rejected its electoral reforms. Following the suspension, the PFF unanimously approved FIFA's proposed constitutional amendments in an extraordinary meeting in Lahore this month. 

Pakistan are placed in Group E of the AFC Asian Cup qualifiers alongside Syria, Afghanistan and Myanmar.

PAKISTAN PROBABLES

Goal-Keepers: Yousuf Butt, Saqib Hanif, Abdul Basit and Adam Khan

Defenders: Abdullah Iqbal, Easah Suliman, Haseeb Khan, Junaid Shah, Mamoon Moosa, Mohammad Fazal, Abdul Rehman and Waqar Ihtisam

Midfielders: Alamgir Ghazi, Ali Uzair, Ali Zafar, Muhammad Umar Hayat, Rahis Nabi, Toqeer ul Hassan, Umair Ali and Moin Ahmed

Forwards: Fareedullah, Harun Hamid, Imran Kayani, Mckeal Abdullah, Abdul Samad, Shayak Dost and Muhammad Adeel Younas

ISLAMABAD: Pakistan’s benchmark stock index (PSX) hit an all-time high on Wednesday, nearing the barrier of 118,000 points due to strong buying activity from local institutions, Topline Securities said. 

The KSE-100 Index hit a record high of 117,974 points, rising by 973 points (0.83 percent). 

“The market continued its upward momentum, fueled by strong buying activity from local institutions, peaking at 118,244 points during the day,” Topline Securities said in its market review. 

The rally was primarily driven by Hub Power Company, Mari Energies, Engro Holdings, Systems Limited and Pakistan Petroleum, which together contributed 551 points to the index. On the other hand, Fauji Fertilizer Company, Engro Fertilizer, and Pakistan Oilfields exerted downward pressure, pulling the index down by 54 points.

“Overall, 543 million shares were traded, with a turnover of Rs 32 billion. Pakistan International Bulk Terminal topped the volume chart with 52 million shares traded,” Topline added. 

Mohammed Sohail, a chief executive at Topline Securities, attributed the bull run to “expectations that the government will agree with banks to resolve old circular debt issues that will help listed energy companies.”

In Pakistan, “circular debt” refers to a cascading cycle of unpaid liabilities within the energy sector, where power distribution companies (DISCOs) fail to pay the Central Power Purchasing Authority-Guarantee (CPPA-G), which in turn cannot pay power generation companies (GENCOs), and so on.

The government last week announced it had reached an agreement with banks to extend PHL, a state-owned entity, Rs1.25 trillion in financing at a favorable floating interest rate of Kibor minus 0.90pc per annum.

The move was described as part of a broad strategy to eliminate circular debt in the power sector, which has been fueled by unpaid bills, theft, and distribution losses that have continued to accumulate over the past decade. Circular debt is one of the most contentious issues in Pakistan’s negotiations with the International Monetary Fund (IMF) for the first review of its $7 billion bailout program.

Sana Tawfik, head of research at Arif Habib Limited, said the positive momentum in stocks was continuing since last week.

“Secondly, volume levels have improved since Ramazan’s first week — that is, buying activity is visible,” she said. “On the economic front, there has been significant progress made regarding the IMF deal.”