KARACHI: Despite aggressive selling pressure from all segments, barring individuals, the stock market on Wednesday remained in the bullish mind of frame amid growing optimism of an interest rate cut and the finance minister’s assertion that the economy was on the right direction and set to achieve stability with the IMF loan. Value hunting by individuals helped the index stage a robust rally. Ahsan Mehanti of Arif Habib Corporation said stocks closed bullish amid speculations about a potential rate cut in the SBP monetary policy announcement on Sept 12 after CPI inflation stood at 9.6pc for August. Topline Securities Ltd said the…
Author: Hasnain Abid Khanzada
ISLAMABAD: The European Investment Bank (EIB) on Wednesday expressed keen interest in financing the upgrade of the National Highway (N-5 from Karachi to Torkham and a major water project in Karachi) and committed £50 million ($55.5m) for the rehabilitation of a hydropower project in Khyber Pakhtunkhwa. As a visiting delegation of the EIB, led by Edvardas Bumsteinas, head of Division for Asia & the Pacific, showed interest in being part of significant infrastructure projects financed by major multilateral lenders like the World Bank, Asian Infrastructure Investment Bank and Asian Development Bank. Pakistan shared a portfolio of about 12 such projects…
PESHAWAR: Tensions escalated in Peshawar on Wednesday as police used baton charges, tear gas, and water cannons to disperse hundreds of local government representatives protesting the provincial government’s failure to release development funds and devolve administrative powers. The local government officials, who gathered at Jinnah Park, have not received any funds for development projects since the establishment of the new two-tier local government system in December 2021. This system includes tehsil and village/neighborhood councils. The protestors, numbering around 500 and including prominent figures like Peshawar Mayor Zubair Ali, marched from the park to the Khyber Pakhtunkhwa Assembly, intending to stage…
KHYBER: The Khyber district administration has been unable to persuade a jirga of Kukikhel elders to end the ongoing blockade of the main Peshawar-Torkham highway, which entered its 15th day on Wednesday. Despite assurances from the deputy commissioner regarding efforts to facilitate the return of displaced families, the blockade persists. Deputy Commissioner Captain (retd) Sanaullah Khan had hoped to negotiate a resolution with the Kukikhel elders, assuring them that he would communicate their concerns to military and civil authorities to ensure the dignified return of the remaining displaced families. He mentioned that the matter involves military considerations and that adequate…
QUETTA: Nisar Ahmed Lehri, a local journalist working for a news agency, was shot and killed in Mastung on Wednesday. Lehri was attacked by armed men while returning home and died at the scene. Police arrived promptly and transported his body to Nawab Raisani Memorial Hospital. Authorities believe the murder is related to a tribal conflict over a land dispute and have launched an investigation into the incident. The Pakistan Federal Union of Journalists (PFUJ) and the Balochistan Union of Journalists (BUJ) have condemned the killing and called on the government to apprehend those responsible. In statements issued on Tuesday,…
ISLAMABAD: The local government elections in Islamabad have been postponed for the third time, as the Election Commission of Pakistan (ECP) issued a notification on Wednesday to suspend the election program initially scheduled for August 20. The ECP’s decision came in response to recent amendments made by parliament to the Islamabad Capital Territory Local Government Act 2015, which were announced on August 30, 2024. The ECP’s notification stated that the election program issued on August 20, which had rescheduled the polling date from September 29 to October 9, would be held in abeyance until further notice. This postponement follows amendments…
ISLAMABAD: The Islamabad police have terminated the services of two officials for stealing case property, including motorcycles, that had been confiscated in separate cases. The dismissed officials include the Malkhana (evidence room) muharar and a computer operator, who were found guilty of misconduct following an internal inquiry. The investigation was prompted by complaints regarding the misuse of case property at the Tarnol police station. Some motorcycles, which had been impounded by the police, were seen on the roads with their owners discovering that their vehicles had been sold. An audit of the police station’s evidence room revealed that dozens of…
LAHORE: On Wednesday, Punjab Information Minister Azma Bokhari suggested that PTI leader Imran Khan could face a military trial if found involved in the May 9 violence. “If Imran Khan is implicated in the May 9 events, he will be held accountable. During his tenure, civilians were tried in military courts. Adiala’s prisoner will not be spared,” Bokhari stated during a press conference. However, Punjab Law Minister Malik Sohaib Ahmad Barth clarified that there are currently no proposals to refer Imran Khan’s case to a military court. “No summary regarding sending Imran Khan’s case to military courts has been presented…
HYDERABAD: Draft legislation to amend the Indus River System Authority (Irsa) Act of 1992 is nearing finalization at the federal level, reportedly receiving backing from President Asif Ali Zardari. The proposed changes seek to restructure Irsa, which was established by the Water Apportionment Accord of 1991 during Nawaz Sharif’s first term. Irsa Chairman Abdul Hameed Mengal from Balochistan confirmed that the draft amendments had been prepared and submitted to the federal water resources ministry last month. These amendments follow the Indus River System Authority (Amendment) Ordinance of 2024, which was introduced under the caretaker government but did not receive presidential…
ISLAMABAD: On Wednesday, Jamiat Ulema-i-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman urged for the empowerment of politicians and a political approach to address the grievances of Balochistan and Khyber Pakhtunkhwa. Speaking in the National Assembly, he warned against dismissing the role of parliament, political parties, and leadership as irrelevant. Maulana Rehman criticized the military’s overreach into civilian matters, remarking that adopting extreme measures or seeking quick fixes would not resolve the underlying issues. He questioned whether the government had the authority and capability to make decisions independently. The JUI-F chief advised the government to engage with the opposition and hold discussions…
