psx jumps 2700
|

PSX jumps 2,700 points on Trump-Iran talks news

The first trading session of August brought renewed optimism to the Pakistan Stock Exchange (PSX), where investors returned with aggressive buying, driving the benchmark KSE-100 Index sharply higher. The bullish momentum followed US President Donald Trump’s announcement regarding the commencement of talks with Iran, a development that boosted investor confidence and eased concerns over escalating geopolitical tensions.

During early trading, the KSE-100 Index surged by 2,708 points, climbing to 178,802 points as buying activity intensified across several major sectors. Market participants attributed the rally to improved global sentiment, with hopes that diplomatic engagement between Washington and Tehran could reduce regional tensions and support international financial markets.

Analysts said investors responded positively to the possibility of a more stable geopolitical environment, which could help stabilize global energy prices and encourage foreign investment in emerging markets, including Pakistan. Strong buying interest was witnessed in leading banking, energy, cement, and fertilizer stocks, contributing to the market’s upward trajectory.

Despite the robust performance of the PSX, Asian equity markets presented a mixed picture. Japan’s benchmark Nikkei Index declined by 1.5 percent amid continued investor caution, while South Korea’s Kospi recorded a steeper fall of 5.25 percent, reflecting selling pressure in major technology and export-oriented shares.

In contrast, Hong Kong’s Hang Seng Index remained in positive territory, posting a modest gain of 0.1 percent as investors welcomed signs of easing geopolitical uncertainty.

Similar Posts

  • | |

    Relative held after toddler dies in alleged assaul…

    Police have arrested a close relative after a one-and-a-half-year-old girl died during treatment following an alleged sexual assault in Karachi’s Qayyumabad area. According to police officials, the incident came to light after an emergency call was received, prompting officers to reach the scene and begin an investigation. Family members told investigators that the suspect, who is a close relative of the child, had taken the toddler outside for a walk. When she was brought home, she was reportedly in critical condition. The child was immediately shifted to a hospital, where she later succumbed to her injuries despite medical efforts to save her. A doctor involved in the case said the initial medical assessment indicated signs consistent with sexual assault. However, authorities said the final cause and nature of the injuries will be determined after the completion of the medico-legal examination and forensic reports. Following the preliminary investigation, police arrested the suspect from his residence in Karachi. The accused remains in custody, and investigators are questioning him as part of the ongoing probe. Law enforcement officials said evidence is being collected and statements from family members and other witnesses are being recorded. Further legal action will depend on the findings of the medical and forensic examinations. The child’s funeral prayers were offered before she was laid to rest at a local cemetery in Karachi. Police said the investigation is continuing and assured that the case will be pursued in accordance with the law. The incident has drawn widespread concern, with calls for a thorough investigation and strict action against anyone found responsible.

  • | | | |

    Mojtaba Khamenei appears in new video as health qu…

    TEHRAN: A new video showing Iran’s Supreme Leader Mojtaba Khamenei has emerged, offering a rare public glimpse of the Iranian leader amid heightened attention over his health and whereabouts. The footage was released by Iran’s semi-official Mehr News Agency and appears to show Khamenei sitting with several people and engaged in conversation. The agency did not disclose when or where the recording was made, nor did it identify the other individuals seen alongside him. Khamenei appears in normal condition in the short footage. The release comes after reports and speculation about his health had circulated in recent days, making the video particularly significant for observers following developments in Tehran. Iranian media presented the footage as evidence of the Supreme Leader’s continued presence and activity. The video does not provide independent confirmation of when it was recorded, however, leaving some questions unanswered about Khamenei’s current condition and location. The appearance comes as tensions surrounding Iran remain high. Iranian Foreign Minister Abbas Araghchi has reiterated Tehran’s determination to withstand pressure and continue what he described as resistance. “We are fully prepared for resistance despite all pressures,” Araghchi said, according to the statement cited by Iranian media. He also said Iran would not forget what he described as the unjust bloodshed of its martyrs, adding that those responsible would not be forgiven. Khamenei’s limited public appearances have attracted considerable attention since he became Iran’s Supreme Leader earlier this year. The latest footage is therefore likely to be closely examined both inside Iran and abroad as questions continue over the country’s leadership and its response to mounting regional pressures. For now, the exact timing and location of the recording remain undisclosed.

  • | |

    Türkiye condemns Black Sea drone strikes on cargo…

    ISTANBUL: Türkiye has strongly condemned drone attacks on two commercial cargo vessels in the Black Sea, warning that continued assaults on civilian shipping could jeopardize international maritime trade and global food security. According to international media reports, the vessels were attacked shortly after departing Russia’s Black Sea port of Novorossiysk. Türkiye’s Foreign Ministry confirmed that several crew members were injured in the incidents and said their condition is being closely monitored. In a statement, the ministry expressed deep concern over the escalating tensions between Russia and Ukraine in the Black Sea, noting that repeated warnings about the risks to civilian navigation have gone unheeded. It stressed that disruptions to commercial shipping could have serious consequences for global trade routes and food supply chains. Ankara urged all parties involved in the conflict to take immediate and effective measures to safeguard freedom of navigation and ensure the safety of commercial vessels operating in the region. Reports identified the targeted ships as Yasir and Nadezhda, sailing under the flags of Panama and Cameroon, respectively. Although registered abroad, both vessels are reportedly owned by Turkish companies. The attacks come amid a steady rise in hostilities across the Black Sea, where commercial shipping has increasingly been caught in the crossfire of the Russia-Ukraine conflict. In late June, an attack near Crimea on a Turkish fishing boat left one person dead and four others injured, while another Turkish cargo ship was reportedly struck by a drone at the end of May. Meanwhile, separate security incidents have further heightened regional tensions. In the Russian-controlled Crimean city of Sevastopol, four people, including a soldier, were killed after a serviceman allegedly opened fire on both military personnel and civilians before being taken into custody. Authorities have launched an investigation into the motive behind the shooting. Elsewhere, Russian officials reported that a Ukrainian drone strike on the industrial area of Novoselki near Moscow killed five people and injured ten others. The attack also triggered multiple fires across the industrial zone. Analysts say the intensifying military activity in the Black Sea is increasing the risks to international commerce, energy transportation, and global food supplies, while further complicating efforts to ease the conflict between Russia and Ukraine.

  • | |

    Azad Kashmir enters final counting phase

    Polling has ended in the third phase of the Azad Jammu and Kashmir Legislative Assembly elections. The vote-counting process has now begun. Polling was held in four constituencies of Bagh and Haveli. These included LA-14 Bagh-1, LA-15 Bagh-2, LA-16 Bagh-3 and LA-17 Bagh-4 Haveli. The polling process started at 8am and continued until 5pm. Voters were allowed to cast their ballots throughout the scheduled polling hours. With polling now concluded, election officials have started counting the votes. The results will determine the outcome of the remaining constituencies in the third phase. The first two phases had already produced a lead for the Pakistan Muslim League-Nawaz. In the first phase, polling was held for 13 seats in the Mirpur Division. The PML-N won nine of these seats, while the Pakistan Peoples Party secured four. The second phase covered nine seats in the Muzaffarabad Division and 12 seats reserved for refugees. The PML-N won 15 seats in the second phase, while the PPP secured six seats. The third phase is being closely watched as the counting process will complete the voting process across the remaining constituencies. Election authorities are expected to announce results after the completion of counting and the required verification process. The outcome of the third phase will also determine the final balance of seats and pave the way for the formation of the next government in Azad Kashmir.

  • |

    Ertugrul star Celal Al confirms upcoming Pakistan visit for fans

    Turkish actor Celal Al, best known for portraying Abdur Rahman Alp in the globally popular historical drama Diriliş: Ertuğrul, has announced that he will soon visit Pakistan once again. The actor shared the exciting news through a heartfelt message on his Instagram Story, expressing his affection for his Pakistani fans and hinting at several surprises during his upcoming trip. In his message, Celal Al addressed his followers in Pakistan with warmth and gratitude, saying that he misses them dearly and looks forward to meeting them again. He revealed that he would soon be returning to Pakistan and promised to bring many surprises for his supporters. Asking fans if they were ready for the special reunion, the actor’s announcement quickly generated excitement among those who have followed his career for years. He concluded his message with the phrases “Dil Dil Pakistan” and “Jan Jan Türkiye,” reflecting the close cultural bond and friendship between the two countries. His words were warmly received by fans, many of whom expressed their eagerness to welcome him back. According to Celal Al, the visit is linked to his collaboration with a well-known Turkish brand. However, he did not disclose the name of the company or provide details about the partnership. He also refrained from announcing the exact dates of his Pakistan tour, leaving fans curious about the upcoming visit. Celal Al became a household name in Pakistan after Diriliş: Ertuğrul gained extraordinary popularity during the COVID-19 pandemic. The historical series attracted millions of Pakistani viewers, and his portrayal of the brave and loyal warrior Abdur Rahman Alp earned him widespread admiration. His previous visits to Pakistan also received an overwhelming response, with fans gathering in large numbers to meet the actor. Beyond Diriliş: Ertuğrul, Celal Al has built an impressive career in Turkish cinema and television. He appeared in the 2012 historical film Fetih 1453, which depicted the conquest of Constantinople. He has also served as a co-producer of the award-winning short film Zemberek, showcasing his contributions behind the camera as well. Apart from acting, Celal Al is actively involved in humanitarian work. He has participated in various charitable and relief initiatives, working with organizations such as the Turkish Red Crescent and other international aid groups. His commitment to social welfare, combined with his successful acting career, has helped him earn admiration not only in Türkiye but also among audiences around the world, particularly in Pakistan, where he continues to enjoy a loyal and passionate fan following.

  • |

    SNGPL faces billions in losses after LPG air-mix project abandoned

    Pakistan’s state-owned gas utility, Sui Northern Gas Pipelines Limited (SNGPL), has incurred losses worth billions of rupees after a major liquefied petroleum gas (LPG) air-mix project was shelved despite substantial investments in land, equipment, and infrastructure. The issue surfaced during a recent meeting of the Economic Coordination Committee (ECC), where the Ministry of Energy (Petroleum Division) presented a detailed briefing on the fate of the long-delayed project and proposed options for utilising the idle assets. The LPG air-mix initiative was originally approved between 2016 and 2018 under the Pakistan Muslim League-Nawaz (PML-N) government to provide gas to remote and mountainous regions where extending conventional natural gas pipelines was either technically challenging or financially unviable. The project envisioned the installation of 16 LPG air-mix plants, backed by an estimated government subsidy of around Rs16 billion. However, after the Pakistan Tehreek-e-Insaf (PTI) government assumed office, concerns over the project’s financial sustainability prompted a review. In March 2020, the Petroleum Division informed the ECC that the scheme required substantial government support and would place an additional financial burden on already struggling gas companies. The committee was presented with two options: continue the project with government subsidies or abandon it altogether. On March 25, 2020, the ECC decided to halt the installation of all LPG air-mix plants where construction had not yet commenced. Despite this decision, SNGPL had already acquired land, imported specialised equipment, and completed procurement for several planned facilities, resulting in significant sunk costs. The Petroleum Division later sought clarification regarding three proposed plants in Drosh, Ayun, and Chitral, where procurement activities had already been completed. In December 2020, the ECC directed SNGPL to discontinue these projects as well and dispose of the purchased land and equipment through an open and transparent process while minimising financial losses. According to officials, SNGPL subsequently issued tenders on three separate occasions to sell the unused assets. However, the company failed to receive any serious offers. As a result, the equipment remains stored in Lahore, while the sale of land is still awaiting approval from the Board of Revenue, Khyber Pakhtunkhwa. The Petroleum Division informed the ECC that SNGPL now estimates approximately Rs60 million will be required merely to conduct an operational health assessment of the idle machinery before any future use can be considered. The original project was estimated to cost Rs2.775 billion over a 15-year period. Of this amount, Rs943 million was allocated for plant installation, land acquisition, and civil works, while another Rs1.832 billion was earmarked for developing a gas distribution network capable of serving around 12,000 consumers in Chitral. Financial projections prepared at the time painted a challenging picture. SNGPL estimated an annual revenue shortfall of Rs419 million in the first year, increasing to approximately Rs815 million by the sixth year. In addition, the cost of producing synthetic natural gas through the LPG air-mix system was projected at nearly Rs25,000 per million British thermal units (mmBtu) during the initial year of operations. Despite these concerns, the Petroleum Division has now proposed a revised and more cost-effective plan. Officials told the ECC that by redesigning the project, optimising engineering specifications, and utilising existing company resources, the overall capital requirement could be reduced significantly to Rs1.779 billion. The revised proposal includes cutting civil construction costs and using surplus pipeline materials already available in SNGPL’s inventory. The company also believes operational expenses can be lowered by reducing unaccounted-for-gas (UFG) losses based on operational experience from similar facilities in Gilgit, while also improving fuel and power efficiency. Under the updated estimates, the annual revenue deficit could decline to Rs119 million in the first year, rising to Rs432 million by the sixth year. Likewise, the cost of producing synthetic natural gas could be brought down to around Rs7,229 per mmBtu, assuming an initial consumer base of approximately 2,000 households. To avoid further financial losses and make productive use of equipment already purchased, the Petroleum Division has recommended that one LPG air-mix plant be established in Chitral, subject to a technical health assessment of the stored equipment and approval from the original equipment vendor.

Leave a Reply

Your email address will not be published. Required fields are marked *