Sri Lanka, meanwhile, notched up a comfortable six-wicket win over two-time champions South Africa.
In the first semifinal, Assupol Tuks Cricket of University of Pretoria, South Africa posted a challenging 179 for 5, riding on a blistering half century by Evan Jones.
In reply, the Business Management School from Sri Lanka reached the target, scoring 181 for 4 with a over to spare to storm into the finals. DM Sarathchandra (47 off 33) and Janith Liyanage (43 off 33) were the top scorer for the home team.
In the second semifinal, University Of Central Punjab from Lahore were restricted to 152-6 by University of Liberal Arts of Bangladesh, thanks to bowlers Mahbubur Rahman (4/14) and Arifur Rahman, who scalped two wickets for 30.
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Bangladesh then managed to eke out a narrow win with opener MD Hasanuzzaman (35) being their highest scorer.
Earlier in the day, Murray Coetzee (18) and Gerry Pike (29) shared a 30-run stand for the opening wicket before the former was caught and bowled by Jayasuriya. First down batsman Jones, along with Pike, then added another 31 runs but the other opener got run out and South Africa slipped to 61 for 2.
Jones blasted three boundaries and four sixes in his 23-ball innings. Ludick (13), Rubin Hermann (20 not out), Kaber (20) made some useful contributions as South Africa posted a competitive score on board.
In reply, N Dickwella (31) and G Wimaladharma (32) gave Sri Lanka a flying start, scoring 47 for the opening wicket before the former was dismissed by Moore.
Dickwella blasted five fours and a six in his 13-ball
cameo and Wimaladharma hit three boundaries and a six in 26 balls. The hosts lost another wicket in Jayasuriya when he was trapped infront of wicket by Ludick but DM Sarathchandra (47) and Janith Liyanage (43) produced a match-winning 72-run partnership to take them closer to victory.
In the second semifinal, Pakistan suffered a mini-collapse as they lost four wickets -- Tahir (60), Mohammad Mohsin (2), Usman Khalid (2) and Hasan Rizwan (4) within a span of 12 runs to slip from 98 for 2 to 110 for 6 after they were put in to bat by Bangladesh.
Taimor Sultan, who hit a match-winning knock against India in their last group match, flopped today as he was dismissed cheaply by Anjum Ahmed.
However, opener Tayab Tahir (60) and Junaid Ali (30) took them closer to the 100-mark before the first down batsman was dismissed by Rahman. Soon a flurry of wickets fell and Pakistan were in trouble. Asif Gondal (4) was the next to go and Asfand Mehran (24) was the last batsman dismissed.
However, in the energizer over, in which the runs scored gets doubled and every wicket loss adds five runs to the opponents, Bangladesh managed to steal 28 runs without losing any wicket.
Needing 21 off 18 balls, Maraj Niloy (28) and Arifur Rahman (8) brought it down to three off the last over. Pakistan dismissed Maraj with the first ball of the over but in the next ball what could have been a single, ended up being a overthrow boundary that handed Bangladesh a victory.