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PSX nosedives by over 800 points amid political uncertainty

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The Pakistan Stock Exchange (PSX) on Tuesday plunged by over 800 points during intra-day trade amid uncertainty on the political front.

At 11:59am, the benchmark KSE-100 Index dropped by 742 points, or 1.81%, to settle at 40,228 points.

KSE-100 Index at 11:59am. — Screengrab/PSX

However, a few minutes later the drop crossed the 800 mark. The market was hovering at 40,164 points down by 1.97%.

KSE-100 Index at 12:34pm. — Screengrab/PSX
KSE-100 Index at 12:34pm. — Screengrab/PSX

Speaking to Geo.tv, AA Commodities Director Adnan Agar said the stock market is reacting to all “bad political news”.

“Players are looking for political stability before assuming fresh positions in the market,” he said, adding that any positive news on political front or positive development regarding IMF programme will reinstate investors confidence.

Pakistan and the global lender have been holding discussion with Islamabad on the ninth review “productive”. However, differences between both the sides still persist making consensus harder to strike on a staff-level agreement for completion of the 9th review under $7 billion Extended Fund Facility (EFF).

Agar further highlighted that market players are also concerned about the future of the Shehbaz Sharif-led coalition government while taking into account the current political developments.

The federal government has been thrown off guard after Imran Khan announced that he will be dissolving the Punjab and Khyber Pakhtunkhwa assemblies this week.

“Moreover, constant depreciation of rupee against the US dollar is adding fuel to the downtrend,” he said, mentioning that the investors are unhappy with how Finance Minister Ishaq Dar is handling the rupee-dollar parity.

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Pakistan pledged to finish building the TAPI gas pipeline.

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The minister discussed the importance of the TAPI gas pipeline project for Pakistan’s energy needs during a meeting with Turkmenistan’s ambassador to Pakistan, Atadjan Movlamov.

The Minister was congratulated by Ambassador Movlamov on taking office and his commitment to the project was noted.

Dr. Musadik Malik thanked the ambassador for his kind words, acknowledged the support, and promised to maintain the two nations’ friendship. The intergovernmental commission and working group meetings for the project this year were briefed by Atadjan Movlamov.

He invited the Minister to attend the Turkmenistan Energy Forum, which would take place in Paris the following month.

TAPI undertaking
The project is for the construction of a 1,680-kilometer pipeline with a 56-inch diameter that can carry 3.2 billion cubic feet of gas per day (bcfd) from Turkmenistan through Afghanistan and Pakistan to the border between Pakistan and India.

According to the terms of the TAPI agreement, Afghanistan would receive its portion of 0.5 billion cubic feet of gas per day, while Pakistan and India will each receive 1.325 billion cubic feet of gas per day.

In order to carry out the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, Pakistan and Turkmenistan inked a cooperative implementation plan in Islamabad on June 4.

Prime Minister Shehbaz Sharif and a delegation from Turkmenistan, led by Minister of Energy and Water Resources Daler Juma’a, were present at the ceremony.

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The price of gold is still rising in Pakistan.

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According to the All Sindh Sarafa Jewellers Association, the cost of 10 grams of 24 karat gold grew by Rs. 86 to Rs. 196,760 from Rs. 196,674, while the cost of 10 grams of 22 carat gold jumped to Rs. 180,363 from Rs. 180,284.

The price of silver per tola and ten grams stayed at Rs. 2,211.93 and Rs. 2,580, respectively.

According to the Association, the price of gold on the global market rose by $7 to $2,200 from $.2,193.

It is important to note that Pakistani and IMF personnel have agreed at the staff level on the second and final review conducted as part of Pakistan’s Stand-By arrangement.

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the second and final review of Pakistan’s stabilization program, which is supported by the IMF’s US$3 billion (SDR2,250 million) SBA Agreement. This is according to the official statement released by a team led by Nathan Porter.

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Seven nations’ worth of investors are interested in outsourcing airport operations.

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According to specifics, a meeting about the privatization of Pakistan International Airlines (PIA) and the outsourcing of airports was presided over by Minister for Defence and Aviation Khawaja Muhammad Asif.

Prior to this, the federal government made the decision to contract out the three main airports in the nation—Karachi, Lahore, and Islamabad. A status report on the topic was presented to the conference by the International Finance Corporation (IFC).

Khawaja Muhammad Asif gave the order to call a virtual meeting of Pakistani ambassadors in these nations and request that they actively participate with interested parties.

In order to raise awareness of local investors and enable them to take part in the bidding process, he also recommended establishing connections between them and foreign investors.

Usman Akhtar Bajwa, the secretary of the Privatization Commission, briefed the minister on the marketing strategy and the first interactions with foreign investors.
The federal minister was instructed to travel to these nations in order to cultivate relationships with possible investors and introduce organizations that are interested in privatization to Pakistan.

Additionally, the minister promised to support both federal transactions.

Senior officers, the additional secretary of the ministry of foreign affairs, and the secretary of aviation were also present for the event.

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