  We calculate the CP-averaged branching ratios and CP-violating asymmetries of
a number of two-body charmless hadronic decays $\bar{B_s^0} \to PP, PV, VV$ in
the perturbative QCD (pQCD) approach to leading order in $\alpha_s$ (here $P$
and $V$ denote light pseudoscalar and vector mesons, respectively). The
mixing-induced CP violation parameters are also calculated for these decays. We
also predict the polarization fractions of $B_s \to VV$ decays and find that
the transverse polarizations are enhanced in some penguin dominated decays such
as $\bar{B_s^0} \to K ^{*}\bar{K^{*}}$, $K ^{*}\rho$. Some of the predictions
worked out here can already be confronted with the recently available data from
the CDF collaboration on the branching ratios for the decays $ \bar{B_s^0} \to
K^+\pi^-$, $ \bar{B_s^0} \to K^+K^-$ and the CP-asymmetry in the decay $
\bar{B_s^0} \to K^+\pi^-$, and are found to be in agreement within the current
errors. A large number of predictions for the branching ratios, CP-asymmetries
and vector-meson polarizations in $\bar{B_s^0}$ decays, presented in this paper
and compared with the already existing results in other theoretical frameworks,
will be put to stringent experimental tests in forthcoming experiments at
Fermilab, LHC and Super B-factories.
