ISLAMABAD: The Pakistan Stock Exchange (PSX) nosedived during the opening session of the week on Monday, with the benchmark KSE-100 index shedding more than 1,500 points.
The KSE-100 index opened at 44,840.81 points, according to the PSX website. It made a high of 44,841.41 points before steadily losing 1501.21 points in intraday trading by 2:45pm local time.
Analysts believe the pressure in global equity markets was hurting the sentiment at PSX. The situation could improve based on improvement in the country’s foreign exchange reserves in the coming days, they said.
Meanwhile, the US dollar was trading at Rs189 in the interbank market at around 2pm Pakistan time, according to forex.com.pk, a local website that monitors currency rates.
The developments come ahead of Pakistan’s talks with the International Monetary Fund (IMF) about the resumption of a $6 billion loan program that was secured in 2019.
Last month, Pakistan’s Finance Minister Miftah Ismail held meetings with IMF officials in Washington and requested the global lender to extend the size and duration of the loan program.
Ismail agreed to reverse energy subsidies for the resumption of the program that was stalled after former prime minister Imran Khan announced a $1.7 billion relief package in February.
If Islamabad clears the review, Pakistan will get an estimated $1 billion, which would in turn unlock additional external funding and help stabilize the market and the economy.
Pakistan Stock Exchange nosedives, loses over 1,500 points in opening session of week
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Pakistan Stock Exchange nosedives, loses over 1,500 points in opening session of week
- The benchmark KSE-100 index opened at 44,840.81 points on Monday
- The index made high of 44,841.41 points before steadily losing 1501.21 points
PM Sharif to meet officials in Azad Kashmir today following deadly protests in region
- The unprecedented protests against price hikes broke out last Friday and resulted in four fatalities
- The protests were called off after Shehbaz Sharif’s administration approved $82 million in subsidies
ISLAMABAD: Prime Minister Shehbaz Sharif will embark on a daylong visit to Azad Kashmir on Thursday where he will interact with officials and visit the site of a hydropower project, just a few days after a massive public protest in the region resulted in at least four fatalities.
The unprecedented protests against price hikes broke out last Friday and spread across the semi-autonomous Himalayan territory under Pakistan’s administration.
One police officer was killed in the clashes while three protesters lost their lives in clashes taking place in different parts of the region.
The Jammu Kashmir Joint Awami Action Committee (JAAC), which organized the demonstrations, announced to end its protest on Tuesday after the Sharif administration approved $82 million in subsidies to provide relief to people who objected to the increase in flour prices and electricity tariffs.
“Prime Minister Muhammad Shehbaz Sharif will arrive in Muzaffarabad, Azad Jammu and Kashmir today for a one-day visit,” his office announced in a statement circulated in the morning. “A meeting will take place between the Prime Minister of Pakistan and the Prime Minister of Azad Jammu and Kashmir Chaudhry Anwar ul Haq.”
Sharif will also address the cabinet of the Government of Azad Jammu and Kashmir that will be broadcast by the state-owned news channel.
He will also meet with the leaders of the Kashmiri freedom movement.
“The Prime Minister will visit the Neelum-Jhelum Hydropower Project where he will be briefed,” the statement added.
Kashmir has been divided between India and Pakistan since their independence from Britain in 1947, with both countries ruling part of the territory, but claiming it in full.
Pakistan has frequently criticized New Delhi for mismanaging the portion of Kashmir under its rule, accusing it of rights violations while using its forces to suppress people and their aspirations.
Pakistan PM condemns gun attack on Slovakian counterpart, offers prayers for recovery
- Prime Minister Robert Fico was shot multiple times while coming out of a government meeting on Wednesday
- The attack was described as unprecedented in a country where no such previous incident has been reported
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday condemned the attack on Robert Fico, his Slovakian counterpart who was shot multiple times while coming out of a government meeting, saying he was praying for the leader of the central European state.
Fico was rushed to a hospital after the gun attack on Wednesday where he fought for his life in what was described by his administration as a “political assault.”
Speaking to the media after Fico’s surgery, Deputy Prime Minister Tomas Taraba said the medical procedure had gone well and the 59-year-old Slovakian leader was expected to survive the assassination attempt.
“Strongly condemn shocking attack on Slovak Prime Minister Robert Fico,” the Pakistani PM said in a social media post. “Our thoughts and prayers with him and his family. Wish him quick recovery and good health.”
“We stand by government and people of Slovak Republic in these critical moments,” he added.
Fico’s party won the last general election in the European state held in September 2023.
The Slovak leader is a four-time prime minister and political veteran who has been criticized by his rivals for swaying his country’s foreign policy in Russia’s favor.
The gun attack was described as unprecedented, with analysts pointing out there had been no such previous incident reported against any minister or prime minister in Slovakia.
Ex-PM Khan expected to make first public appearance since arrest in top court hearing via video link
Ex-PM Khan expected to make first public appearance since arrest in top court hearing via video link
- Supreme Court instructed the government to make arrangements for Khan to argue his case against NAB amendments
- Khan has largely been kept out of the public eye by the authorities since his arrest last August on graft charges
ISLAMABAD: Former prime minister Imran Khan is expected to appear before Pakistan’s top court via video link today, Thursday, to present his arguments in a case related to accountability law amendments in what may become his first public appearance since last August after being arrested on corruption charges.
Prime Minister Shehbaz Sharif’s previous administration amended the National Accountability Bureau (NAB) Ordinance in May 2022, reducing several powers of the country’s anti-graft body after describing it as a tool of political engineering in the country.
One of the amendments limited the NAB jurisdiction only to cases involving over Rs500 million, leading Khan and his party to argue that these changes were meant to close cases against leaders of the ruling Pakistan Muslim League-Nawaz (PML-N) party.
In June 2022, Khan challenged the amendments in the Supreme Court, claiming they would effectively “eliminate any white-collar crime committed by public office holders.” After reviewing the case, the top court reinstated the original provisions of the law in September 2023, but the government decided to challenge the decision the very next month.
“The Pakistan Tehreek-e-Insaf founder [Imran Khan] can present his arguments in the upcoming hearing via video link if he wishes to do so,” Chief Justice Qazi Faez Isa said during the last hearing of the government’s intra-court review appeal on Tuesday.
The court said it had allowed the former prime minister to be represented by a counsel, though he decided to personally argue the case. It also instructed the relevant authorities to make necessary arrangements to enable Khan to present his argument before the bench.
The former prime minister, who was ousted from power in a no-confidence vote in April 2022, became tangled in a slew of legal cases, a frequent hazard for opposition figures in Pakistan.
Since his arrest in August 2023 after his conviction in a graft case, Khan has been through prison trial in many cases and has largely been kept out of the public eye, where he enjoys a massive following among his supporters.
A two-member Islamabad High Court bench granted him bail in a £190 million embezzlement case on Wednesday, asking him to submit a Rs1 million surety bond.
However, Khan continues to serve prison sentence in other cases, including one in which he has been convicted of divulging state secrets.
In major relief for consumers, Pakistan slashes petrol price by Rs15.39 per liter
- After Rs15.39 per liter reduction, new price of petrol has been set at Rs273.10 per liter
- Finance Division says decision taken due to declining prices of petroleum products in global market
KARACHI: Pakistan’s government on Wednesday slashed the price of petrol by Rs15.39 per liter for the next 15 days, with the move expected to bring major relief for consumers in a country reeling from inflation over the past two years.
Pakistan typically adjusts petroleum prices on a fortnightly basis, taking into account fluctuations in the international energy market and the rupee-dollar exchange rate. The latest decrease brings the price of petrol down from Rs288.49 to Rs273.10 per liter.
According to an official notification by the Finance Division released on Wednesday night, the price of high-speed diesel has also seen a downward revision of Rs7.88 per liter, setting it at Rs274.08 from Rs281.96.
“The prices of petroleum products have seen a decreasing trend in the international market during the last fortnight,” the Finance Division said in a press release.
“The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market. The prices of Motor Spirit & HSD for the next fortnight, starting from 16th May, 2024, are accordingly being lowered.”
Pakistan slashed prices of petrol by Rs5.45 per liter on May 1 due to declining prices of petroleum products in the global energy market.
The South Asian country significantly increased fuel prices after securing a short-term, $3 billion loan from the International Monetary Fund (IMF) last year.
The rising rates also led to spiraling inflation in the country, though the government started offering relief to the people by gradually bringing down the petroleum prices.
Pakistan is already in talks with the International Monetary Fund (IMF) to secure another loan which is expected to be bigger in terms of size and duration.
Pakistan’s religious affairs minister arrives in Saudi Arabia to review Hajj arrangements
- Around 15,819 Pakistani pilgrims have arrived in Saudi Arabia weeks before Hajj begins
- Minister to review pilgrims’ accommodations and other Hajj arrangements during trip
ISLAMABAD: Religious Affairs Minister Chaudhry Salik Hussain arrived in Saudi Arabia on Wednesday to inspect Hajj arrangements in the Kingdom, as thousands of pilgrims from Pakistan begin to arrive in the holy cities for the annual Islamic pilgrimage.
Hajj is one of the five pillars of Islam and requires every adult Muslim to undertake the journey to the holy Islamic sites in Makkah at least once in their lifetime if they are financially and physically able.
Pakistan has a Hajj quota of 179,210 pilgrims this year, of which 63,805 people will perform the pilgrimage under the government scheme, while the rest will use private tour operators. This year’s pilgrimage is expected to run from June 14-19.
“Federal Minister for Religious Affairs and Overseas Pakistanis Chaudhry Salik Hussain has reached Saudi Arabia to inspect Hajj arrangements,” the Ministry of Religious Affairs (MoRA) said.
The minister was accompanied by Dr. Syed Ata ur Rehman, the additional secretary of the religious affairs ministry, on his visit to Saudi Arabia. Officials of the Pakistan Hajj Mission in Saudi Arabia welcomed the minister upon his arrival at Jeddah airport.
“The federal minister will meet senior officials of the Saudi Ministry of Hajj and Umra and the Pakistani Hajj Mission,” MoRA said.
Hussain will be briefed about Pakistan’s Hajj operations at the control office in the Pakistan Hajj Mission, the ministry said, adding that he would also meet Hajj pilgrims in Makkah and Madinah during his trip.
“He will also review accommodations of the Hajj pilgrims, catering companies and various other arrangements,” the ministry said.
Pakistan’s religion ministry has confirmed that around 15,819 pilgrims from the country have arrived in Saudi Arabia weeks before the Hajj begins.
The government has set up two control rooms, one each in Makkah and Madinah, to facilitate Hajj pilgrims and ensure their pilgrimage remains hassle-free.
