National

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    PSX drops over 1,000 points

    ByJustpaste.in

    The Pakistan Stock Exchange (PSX) remained under pressure on Thursday as the benchmark KSE-100 Index fell by more than 1,000 points during intraday trading, reflecting cautious investor sentiment amid rising geopolitical tensions and uncertainty in global financial markets. By late morning, the KSE-100 Index had dropped to around 174,994 points, losing over 1,049 points, or approximately 0.6%, from the previous session. Selling pressure was witnessed across several major sectors, including automobile assemblers, cement, fertiliser, oil and gas exploration, oil marketing companies, power generation and refineries. Heavyweight stocks also traded in negative territory, contributing to the market’s decline. The latest downturn follows a sharp fall in the previous trading session, when the benchmark index lost nearly 1,581 points. Analysts attributed the continued weakness to escalating tensions in the Middle East, which have fuelled concerns over global economic stability and pushed international oil prices higher. Global market uncertainty also weighed on investor confidence. Asian stock markets showed mixed performance as investors assessed the US Federal Reserve’s decision to keep interest rates unchanged. The central bank’s policy stance left markets uncertain about the future direction of interest rates, while rising US Treasury yields added to concerns. Meanwhile, international oil prices remained volatile. Brent crude slipped below $90 per barrel after surging sharply a day earlier as conflict in the Middle East intensified. Despite the heightened tensions, reports indicated that commercial shipping through the region continued. Regional equity markets also experienced fluctuations, with technology shares remaining under pressure following recent losses linked to concerns over heavy investment in artificial intelligence and slowing returns.

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    Gold surges past Rs427,000 mark

    ByJustpaste.in

    Gold prices moved higher in Pakistan on Thursday, tracking gains in the international bullion market. According to the latest market rates, the price of 24-karat gold per tola increased by Rs1,000, reaching Rs427,436. Meanwhile, the price of 10 grams of gold rose by Rs857 to Rs366,457. The upward trend followed a rise in global gold prices, where the precious metal gained $10 to trade at $4,050 per ounce, including the prevailing premium. In contrast, silver prices declined in the local market. The price of silver per tola fell by Rs76, settling at Rs6,215. Bullion traders said fluctuations in international prices continue to influence domestic gold rates, with local prices largely reflecting movements in the global market.

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    Azma Bukhari slams PPP over performance

    ByJustpaste.in

    Punjab Information Minister Azma Bukhari has criticised the Pakistan Peoples Party (PPP), accusing it of avoiding questions about its performance and shifting the blame onto the federal government through what she described as a misleading political narrative. In a statement, Bukhari said the PPP had failed to address major public issues in Sindh, particularly in Karachi, where, according to her, residents continued to struggle with water shortages and depended on the tanker mafia for access to basic necessities. She questioned the PPP’s criticism of the federal government and said the party should focus on its own performance instead of creating what she called a false narrative against the centre. Commenting on the response to previous floods, Bukhari said PPP Chairman Bilawal Bhutto Zardari had advised the government to seek donations during the crisis. She claimed that Punjab Chief Minister Maryam Nawaz took practical steps to respond to the disaster using the province’s own resources, while the federal government did not provide the support Punjab expected. The provincial information minister also criticised what she described as the PPP’s repeated complaints against its political opponents. She said the party’s tendency to “cry foul” had become a routine part of its politics. Bukhari added that political tensions could ease if the opposition reduced its rhetoric. “If the political temperature comes down from the other side, we will also respond in the same manner,” she said. Taking aim at the Sindh government’s healthcare system, Bukhari questioned why senior leaders and ministers from the province travelled abroad for medical treatment if the healthcare facilities in Sindh were as effective as the PPP claimed. She also highlighted the Punjab government’s focus on southern Punjab, saying Chief Minister Maryam Nawaz had given the region special attention and was working to improve development and public services there. Bukhari further accused the PPP of adopting different standards when discussing political and administrative issues. She said the party frequently used the southern Punjab issue as a political card while opposing similar demands for the creation of new administrative units in Sindh. The Punjab information minister argued that the PPP should maintain consistency in its political position and apply the same principles to administrative reforms across the country.

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    Sindh assigns Rs8.5bn karachi projects to FWO

    ByJustpaste.in

    The Sindh government has handed over four major infrastructure projects worth around Rs8.5 billion in Karachi to the Frontier Works Organisation (FWO), with work on three of the projects scheduled to begin on the ground in August. One of the key projects involves the construction of a flyover or interchange near the Northern Bypass on the M-9 Motorway. The Sindh Local Government Department has started the process of obtaining a no-objection certificate (NOC) from the National Highway Authority (NHA) because the project will be built over the motorway. The new interchange aims to improve traffic flow between Jinnah Avenue and Malir Cantonment Road and the routes connecting Hyderabad and Sohrab Goth Vegetable Market with Jinnah Avenue. Once completed, the facility will allow motorists to cross between both sides of the motorway without taking lengthy U-turns. Authorities have estimated the cost of this project at Rs2.3 billion. The budget also covers the rehabilitation and beautification of Jinnah Avenue, which is expected to improve the overall appearance and connectivity of the area. Another major project will see the construction of a flyover at an intersection on the M-9 near Al-Asif Square, providing a direct link to Abul Hasan Isphahani Road. The project carries an estimated cost of Rs2.1 billion, and construction is expected to formally begin in August. The flyover will facilitate traffic arriving from different directions and is expected to ease congestion at one of the city’s busy intersections. The government has also included the rehabilitation and improvement of roads along the Hawksbay corridor. The project covers an 8.5-kilometre stretch from the Y Junction to Machli Chowk, as well as the road extending from Machli Chowk towards Kaka Pir. Authorities have estimated the combined cost of these works at Rs4.162 billion, with construction also scheduled to begin in August. In addition, the Sindh government plans to launch work on another major project at the Malir Halt Underpass soon. The initiative forms part of the provincial government’s broader efforts to upgrade Karachi’s road infrastructure, improve traffic movement and address congestion at key entry and exit points across the city. The four projects, collectively worth approximately Rs8.5 billion, are expected to enhance connectivity and provide motorists with safer and more efficient routes across several important parts of Karachi.

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    Six non-local workers killed in Kech

    ByJustpaste.in

    Six non-local workers have been killed by militants linked to Fitna al-Hindustan in the Nasirabad area of Kech district, Balochistan, according to security sources. The sources said militants initially abducted six workers and killed another worker, identified as Javed, on July 27. The attackers later killed all six abducted workers, bringing the total number of victims in the incident to seven. The deceased workers have been identified as Muhammad Arshad, Muhammad Taimur, Muhammad Parvez, Muhammad Wazir, Muhammad Amjad and Muhammad Yahya. According to security officials, four of the victims came from Punjab, while two belonged to Khyber Pakhtunkhwa. The workers had reportedly been employed on development projects in Balochistan. Their deaths have raised fresh concerns about the security of workers from outside the province who travel to Balochistan for employment and infrastructure projects. Security sources also recalled a separate incident in Mashkel, Balochistan, where militants recently killed five non-local workers. The victims in that attack were also reportedly working on development-related projects. The latest killings come amid continued security challenges in parts of Balochistan, where militants have repeatedly targeted civilians, security personnel and workers involved in development activities. Security forces have been conducting operations against militant groups in various parts of the province.

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    PTI’s Akmal Khan Bari moves LHC over police hara…

    ByJustpaste.in

    LAHORE: Pakistan Tehreek-e-Insaf (PTI) leader Akmal Khan Bari has approached the Lahore High Court (LHC), accusing the Punjab Police of political victimisation and unlawful harassment, while seeking constitutional protection for himself and his family against what he alleges are repeated illegal actions by law enforcement authorities. The constitutional petition was filed through senior lawyer Sardar Latif Khosa, with the Inspector General of Police (IGP) Punjab and other relevant officials named as respondents. The petition urges the court to intervene, alleging that police actions have exceeded legal limits and infringed upon the petitioner’s constitutional rights. According to the plea, police officials allegedly raided Akmal Khan Bari’s residence at around 10:00 p.m. on July 27. The petitioner claims that officers entered the premises without lawful justification and subjected his family members to intimidation and harassment during the late-night operation. The petition further states that Bari had previously been arrested in what he describes as a fabricated criminal case. It argues that the latest police action is part of a broader pattern of political victimisation aimed at pressuring him because of his affiliation with Pakistan Tehreek-e-Insaf. The petitioner maintains that no criminal allegation currently justifies repeated police raids or coercive measures against him or his family. He contends that such actions violate the fundamental rights guaranteed under Pakistan’s Constitution, including the rights to personal liberty, dignity, privacy, and equal protection before the law. According to the petition, law enforcement agencies are legally bound to operate within the framework of the Constitution and cannot exercise their authority arbitrarily or for political purposes. It alleges that the conduct of the respondents is mala fide, unlawful, and inconsistent with constitutional safeguards designed to protect citizens from abuse of power. Bari has requested the Lahore High Court to issue directions restraining the Punjab Police and other respondents from taking any unlawful coercive action against him. He has also sought specific orders preventing police officials from harassing, intimidating, or interfering with members of his family. Additionally, the petition asks the court to direct all respondents to perform their duties strictly in accordance with the Constitution and applicable laws, ensuring that no individual is subjected to harassment without legal grounds. The Lahore High Court is expected to take up the constitutional petition for preliminary proceedings, where it will determine whether notices should be issued to the respondents and what further legal steps, if any, are warranted. The Punjab Police had not issued an official response to the allegations at the time this report was filed.

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    PTI seeks LHC order for August 5 Minar-e-Pakistan …

    ByJustpaste.in

    LAHORE: Pakistan Tehreek-e-Insaf (PTI) has moved the Lahore High Court (LHC), seeking judicial intervention after the Lahore district administration allegedly failed to decide its application for permission to hold a public rally at Minar-e-Pakistan on August 5. The constitutional petition, filed by PTI Lahore President Mian Usman Akram through legal counsel, names the Deputy Commissioner Lahore and other relevant government authorities as respondents. The party argues that the delay has created uncertainty over one of its planned political gatherings at a time of increasing political activity across the country. According to the petition, PTI submitted its application to the Deputy Commissioner’s office on July 22, requesting official permission to organize a peaceful public rally at the historic Minar-e-Pakistan. However, despite the passage of several days, the district administration has neither approved nor rejected the request. The petitioner contends that the prolonged silence from the authorities amounts to an arbitrary exercise of power and effectively prevents the party from exercising its constitutional rights. It argues that every citizen and political party is entitled to hold peaceful public meetings and political gatherings, subject to reasonable restrictions imposed by law. PTI maintains that administrative authorities cannot deny constitutional freedoms simply by delaying decisions on lawful applications. The petition states that the failure to issue a timely decision has deprived the party of sufficient time to make arrangements for the proposed gathering and has created unnecessary legal uncertainty. The petition further argues that public assemblies are an essential component of a democratic society, allowing political parties to communicate with supporters and present their views peacefully. It says government officials are legally required to act fairly, transparently, and within a reasonable timeframe while deciding such applications. Seeking judicial relief, PTI has asked the Lahore High Court to direct the Deputy Commissioner Lahore to decide the pending application for the August 5 rally without further delay. The party has also requested the court to declare the prolonged inaction unconstitutional, unlawful, and without legal authority. In addition, the petition urges the court to ensure that the respondents perform their statutory duties in accordance with the Constitution and applicable laws, enabling the party to exercise its democratic and political rights through a peaceful public gathering. The case is expected to come before the Lahore High Court in the coming days. The court’s decision could determine whether the district administration must promptly rule on PTI’s request ahead of the proposed August 5 rally. At the time of filing, no official response had been issued by the Lahore district administration regarding the allegations made in the petition.

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    Pakistan clarifies Afghan deportation policy

    ByJustpaste.in

    Pakistan has clarified that Afghan citizens with valid visas and travel documents have not been expelled from the country. Foreign Office spokesperson Tahir Hussain Andrabi said the government was following a legal process regarding Afghan nationals staying in Pakistan. Addressing the weekly press briefing, Andrabi said cases of around 89,000 Afghan citizens were currently being reviewed under the Illegal Foreigners Repatriation Plan (IFRP). He explained that the process was being carried out according to established procedures and legal requirements. The spokesperson added that Pakistan was also providing humanitarian relief by extending the stay of nearly 16,000 Afghan nationals. The extension applies mainly to vulnerable groups, including women, children and elderly citizens, he said. Commenting on reports of an incident near the Chitral border areas, Andrabi said the Foreign Office had no confirmed information about the matter. He stated that reports coming from Afghanistan needed proper verification at the ground level before any official response could be given. The spokesperson stressed that Pakistan would avoid commenting on unverified reports and would share information only after confirmation from reliable sources.

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    LHC grants interim bail in Crypto fraud case over …

    ByJustpaste.in

    MULTAN: In a significant development in a cryptocurrency fraud case, the Lahore High Court’s Multan Bench has granted interim bail to Hammad Ali and other co-petitioners, observing that the prosecution has, at this stage, failed to produce sufficient material linking them to the alleged electronic fraud or the freezing of the complainant’s cryptocurrency accounts. Justice Tariq Saleem Sheikh issued the detailed 15-page judgment while hearing the interim bail petitions, emphasizing that the investigation remains underway and that the available record does not disclose prima facie evidence of cheating, fraud, or forgery against the petitioners. According to the judgment, the allegations contained in the First Information Report (FIR) do not appear, at first glance, to establish the offences alleged against the accused. The court noted that no evidence had been placed on record demonstrating the petitioners’ involvement in electronic fraud or showing that they played any role in freezing the complainant’s cryptocurrency accounts. The court further observed that it is the responsibility of the investigating officer to independently examine the role of each individual account holder before reaching any conclusion regarding criminal liability. The judgment stressed that investigations must be conducted impartially and based on verifiable evidence rather than assumptions. Justice Sheikh also noted that the petitioners had already provided the investigating officer with the records requested during the course of the investigation. The investigating officer, the court said, remains free to obtain additional documents from relevant financial institutions or other authorities if further verification is required. The judgment also outlines the complainant’s version of events. According to court records, the complainant initially invested Rs5 million in cryptocurrency. He claimed that a subsequent crash in the cryptocurrency market caused him heavy financial losses. The complainant further alleged that, in an effort to recover those losses, he sold household belongings, his vehicle, and gold jewellery to make additional investments in cryptocurrency. He later claimed that his cryptocurrency accounts were frozen, preventing him from accessing his digital assets. According to the FIR, the complainant then began withdrawing funds through the cryptocurrency accounts of friends. He alleged that the accused obtained cryptocurrency through bank accounts but failed to return the corresponding amount owed to him. After reviewing the available material, the Lahore High Court concluded that there was currently insufficient prima facie evidence directly implicating the petitioners in the alleged offences. On that basis, the court allowed their interim bail petitions while making it clear that the investigation would continue in accordance with the law. The ruling highlights the judiciary’s emphasis on evidence-based investigations in complex financial and cryptocurrency-related disputes, while leaving the final determination of criminal responsibility to the outcome of the ongoing investigation.

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    FBR detects Rs10bn tax shortfall, issues notices t…

    ByJustpaste.in

    ISLAMABAD: The Federal Board of Revenue (FBR) has issued notices to seven major oil marketing companies, including Pakistan State Oil (PSO), after detecting an alleged tax and levy shortfall of nearly Rs10 billion linked to imported petroleum products. According to official documents, the tax authority claims that the companies deposited less than the required amount in customs duty, petroleum levy and climate support levy based on the volume of petroleum products imported and unloaded at their storage facilities. The notices were issued after the FBR examined petroleum import and sales data, comparing the quantities of fuel handled by the companies with the taxes and levies paid into the national exchequer. The authority concluded that the payments made did not match the applicable liabilities. Reports indicate that the total amount identified by the FBR stands at Rs9.99 billion, prompting the revenue authority to seek explanations from the companies and direct them to clear the outstanding amounts. Among the companies named in the notices, Pakistan State Oil (PSO) faces the largest claim. According to the FBR, the state-owned oil giant is required to deposit approximately Rs8.19 billion in unpaid customs duty, petroleum levy and climate levy. The remaining amount is distributed among six other companies. Puma Energy and Pak-Arab Pipeline Company have jointly been asked to deposit around Rs135.3 million, while Hi-Tech Lubricants has been directed to pay Rs116.7 million. Similarly, B Energy Limited has been issued a notice for approximately Rs250 million, Taj Gasoline has been asked to deposit around Rs260.4 million, and Gas & Oil Pakistan Limited (GO) has been directed to pay approximately Rs222.2 million, according to the official figures. The FBR has warned all the companies that failure to respond to the notices within the prescribed time or to deposit the outstanding amounts could result in legal proceedings under the relevant tax laws. The development comes as Pakistan continues efforts to strengthen tax collection and improve revenue generation amid ongoing fiscal reforms. Authorities have intensified scrutiny of various sectors, including the petroleum industry, to ensure compliance with customs regulations and levy payments. The companies concerned have not publicly responded to the notices or the allegations at the time of filing this report. The FBR is expected to review their replies before deciding on any further legal or administrative action. The case is likely to attract significant attention given its financial scale and the role of the petroleum sector in Pakistan’s economy.