A 6.3-magnitude earthquake has struck near the northern Afghan city of Mazar-i-Sharif, killing at least 20 and injuring about 320, provincial authorities said.
The US Geological Survey said the quake hit on Monday morning at a depth of 28km near Mazar-i-Sharif, which has a population of about 523,000.
In the Balkh and Samangan provinces, "around 320 countrymen have been injured and more than 20 have been killed," ministry spokesman Sharafat Zaman said, stressing this was a preliminary toll.
The USGS issued an orange alert in its automated system, which produces information on the impact of earthquakes, and indicated that “significant casualties are likely and the disaster is potentially widespread”. Past events with this alert level have required a regional or national level response, the system's alert added.
The earthquake destroyed part of the holy shrine of Mazar-i-Sharif, Balkh province spokesperson Haji Zaid said, referring to the Blue Mosque, a 15th-century landmark known for its vibrant tiles.
Pieces of the building, particularly from one of its minarets, broke off and lay scattered across the mosque's grounds.
Videos of rescue efforts being carried out to save people trapped under rubble and images of fallen debris in buildings were shared on the social media platform X. One video showed rescuers pulling what appeared to be bodies from rubble.
Residents in the capital Kabul, about 420km to the south, also said they felt shaking.
Poor communication networks and infrastructure in mountainous parts of Afghanistan have hampered disaster responses in the past, preventing authorities for hours or even days from reaching remote villages to assess the extent of the damage.
Afghanistan is especially vulnerable to earthquakes as the country is located on two major active faults that have the potential to rupture and cause extensive damage.
Thousands died and thousands more were injured after an earthquake and a series of aftershocks hit Afghanistan in August.
In 2015, an earthquake struck north-eastern Afghanistan, killing several hundred people in Afghanistan and nearby northern Pakistan. Another in 2023 killed at least 1,000 people.
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
