Oil prices extended gains while the dollar and equities tumbled on Tuesday as investors kept tabs on the Middle East where the United States and Israel continued to bombard Iran, while Tehran launched further strikes on its neighbours. The attacks on the Islamic state have upended regional energy flows, with the crucial Strait of Hormuz— through which about a fifth of global oil transits — effectively closed off. The war has also fuelled fears of a fresh energy crisis that could ramp up inflation. Market moves have been comparatively mild amid hopes…
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KSE-100 rebounds 5,159 points after selloff
KARACHI: A day after witnessing a massive selloff, buying momentum returned to the Pakistan Stock Exchange (PSX) on Tuesday, bringing relative calm to the market. The benchmark KSE-100 Index surged more than 5,100 points during intra-day trading. The index touched an intraday high of 158,217.01 and a low of 151,258.85 before settling at 157,132.09, up 5,159.10 points, or 3.39%. The strong recovery followed Monday’s bloodbath, as investors re-entered the market amid improved sentiment and value buying at attractive levels. Buying activity was observed across key sectors, including cement, commercial banks,…
Read MoreIMF cuts Pakistan visit short
ISLAMABAD: The International Monetary Fund (IMF) decided on Monday to prematurely end its visit to Pakistan due to heightened security conditions and will now hold virtual discussions from Türkiye to reach a staff-level agreement for the $1.2 billion worth next loan tranches. The mission left Pakistan soon after holding its first face-to-face meeting with Finance Minister Muhammad Aurangzeb on Monday morning. The development came a day after the United States issued a security update placing Pakistan at Level 3, advising its citizens to reconsider travel. The US has advised its…
Read MorePakistan in contact with several countries to defuse Middle East tensions: Dar
Deputy Prime Minister and Foreign Minister Ishaq Dar said on Tuesday that Pakistan is actively working through diplomatic channels to help bring the parties involved in the Middle East conflict to the negotiating table. Briefing the Senate of Pakistan, Dar said Pakistan issued its first reaction to the situation on February 28, after which reports emerged about the martyrdom of Iran’s Supreme Leader, Ayatollah Ali Khamenei. He added that Prime Minister Shehbaz Sharif had issued a statement expressing sorrow over the development. The foreign minister recalled that when Iran was attacked…
Read MorePM orders repatriation of Pakistanis from Iran
Prime Minister Shehbaz Sharif has directed the Ministry of Foreign Affairs to take all necessary steps to ensure the safe repatriation of Pakistanis stranded in Iran. The premier chaired a high-level review meeting on Saturday regarding the overall security situation in the country following the US-Israeli attack on Iran and Iran’s retaliatory attacks. Referring to the Pakistanis currently visiting Iran, the PM directed that all citizens should be brought back safely to Pakistan via Azerbaijan. In this regard, he directed the Ministry of Foreign Affairs to immediately contact the government…
Read MorePresident Zardari issues warning against use of neighbouring territory to ‘destabilise our peace’
President Asif Ali Zardari issued a warning on Monday that Pakistan would not allow anyone to use neighbouring territory to destabilise the country’s peace amid a volatile regional situation. In his annual address to a joint sitting of Parliament, the president said: “Let me be clear: the soil of Pakistan is sacred. We will not allow any entity — domestic or foreign — to use neighbouring territory to destabilise our peace.” Co-chaired by Senate Chairman Syed Yousuf Raza Gilani and National Assembly Speaker Sardar Ayaz Sadiq, the session was attended…
Read MoreIslamabad court grants Imran Khan pre-arrest bail in six cases, Bushra in one
ISLAMABAD: A District and Sessions Court in Islamabad has granted pre-arrest bail to Pakistan Tehreek-e-Insaf (PTI) founder and former premier Imran Khan in six cases and to his wife, Bushra Bibi, in one case, according to written orders issued on Tuesday. In the Toshakhana fake receipts case, the court approved pre-arrest bail for both the PTI founder and Bushra Bibi. The judge said the prosecution had failed to present any evidence against them. The case alleges that Imran Khan and his wife produced fake receipts related to the sale of…
Read MoreCourt takes up Imran treatment plea today
ISLAMABAD: The PTI has approached the capital’s high court, seeking the immediate transfer of jailed former prime minister Imran Khan to Islamabad’s Shifa International Hospital for specialised eye treatment under the supervision of his personal doctors. A division bench of the Islamabad High Court (IHC) comprising Justice Arbab Muhammad Tahir and Justice Khadim Hussain Soomro will take up the application today (Tuesday) along with the objections raised to it by the court’s registrar. The criminal miscellaneous application, filed on Monday under Section 561-A CrPC by senior counsel Latif Khosa, states…
Read MoreBar polls spiral into regulatory turf war
ISLAMABAD: Much like Pakistan’s general elections, elections within the superior bars have increasingly become a source of dispute over the past several years. Once an internal professional exercise, it has now evolved into a series of regulatory and political confrontations across multiple provinces. At present, several serious disputes remain unresolved regarding elections of different bar associations. Questions are also being raised about the conduct of regulatory bodies of lawyers, with allegations of partiality in resolving election disputes. Bar politics remains sharply divided between two dominant factions. The Independent Group –…
Read MoreIHC dissolves bench hearing Imaan appeal
ISLAMABAD: The Islamabad High Court (IHC) has dissolved the bench hearing the appeals filed by human rights lawyer Imaan Mazari and her spouse Hadi Ali Chattha against their conviction in a case related to their controversial social media posts. The IHC has ordered placing the case file before Chief Justice Sardar Muhammad Sarfaraz Dogar for the constitution of a new bench. Justice Muhammad Asif issued the order on Monday on an application filed by the appellants seeking an early hearing of their appeals and the suspension of their sentences. During…
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