The Pakistan Stock Exchange (PSX) remained under pressure during Tuesday’s trading session as investors adopted a cautious approach. The benchmark KSE-100 Index opened on a weak note and stayed in negative territory during the first half of the session. By 1pm, the index had dropped 279.65 points, or 0.16%, to 177,982.68 points. It had closed at 178,262.33 points in the previous session. The market witnessed further pressure shortly after opening. At around 9:39am, the KSE-100 fell to 177,914.38 points, losing 347.95 points, or 0.20%. The index later recovered some of its early losses but remained below the previous close. Trading remained volatile during the session. The index reached an intraday high of 179,123 points and a low of 177,903.87 points. Despite the decline in the benchmark index, market activity remained relatively strong. Around 339.48 million shares were traded during the session. The total value of shares traded stood at approximately Rs19.71 billion. Investor sentiment remained subdued as market participants appeared cautious about taking fresh positions. Profit-taking also contributed to the pressure on the benchmark index. The partial recovery from the morning low indicated some buying interest at lower levels. However, it was not enough to push the index back into positive territory by midday. Investors continued to monitor market developments and broader economic indicators for direction. The afternoon session was expected to determine whether the index could recover its losses or close the day in negative territory.

Islamabad: State owned petroleum companies Pakistan Refinery Limited (PRL) and Sui Southern Gas Company (SSGC) faced serious criticism in the Senate after lawmakers expressed dissatisfaction over missing information, failure to follow committee directions and concerns about company management. The Senate Standing Committee on Petroleum questioned the performance and accountability of government owned petroleum companies and considered taking strict action against officials who failed to cooperate with parliamentary oversight. During the meeting chaired by Senator Umer Farooq, the committee reviewed the appointment criteria for chairpersons and managing directors of petroleum companies, the structure of their boards and progress on previous committee recommendations. The committee took serious notice of the absence of the Managing Director of Pakistan Refinery Limited during the meeting. Members expressed concern that PRL, despite being a state-owned company, did not provide the required information to the committee. The committee considered initiating a privilege motion against the Managing Director of PRL for failing to appear and provide necessary details. The Petroleum Division was directed to submit complete information about the boards of directors and senior management of all government owned petroleum companies. The committee said transparency in leadership appointments and company management is necessary because these organisations deal with matters directly linked to the national economy and public interest. The committee also expressed dissatisfaction over the performance of Sui Southern Gas Company and its failure to implement previous recommendations. Members said SSGC had not provided details of its board of directors despite earlier instructions. The committee also raised concerns over remarks made by SSGC that were considered discouraging toward the Senate Standing Committee’s role in discussing important matters. The committee considered moving a privilege motion against SSGC over non compliance with its directions. The Petroleum Division was further directed to review the tenure of board members who have remained in positions beyond the approved period and submit a detailed report. The committee also raised concerns over the absence of performance audits of oil rigs. Authorities were directed to provide the required audit report within seven days so that the committee could review the performance and efficiency of petroleum sector operations. Members said proper audits are necessary to identify problems, improve production and ensure better use of national resources. The committee also reviewed issues related to LPG quotas and licensing. The Oil and Gas Regulatory Authority was directed to hold consultations with all relevant stakeholders and submit a detailed report to the committee. Senators stressed that petroleum companies must improve governance, follow parliamentary instructions and ensure public institutions operate with transparency. The committee said accountability in state owned petroleum companies is essential to protect national interests and improve confidence in the energy sector.

The Economic Coordination Committee (ECC) has approved a Rs4.188 billion compensation package for employees of the Pakistan Agricultural Storage and Services Corporation (PASSCO). The decision is part of the government’s plan to wind up PASSCO. The process is also linked to the disposal of the corporation’s wheat stocks. The government has set December 2026 as the deadline for completing the process. The ECC directed that the winding-up process must be independently reviewed. A third party will validate the process to ensure transparency and compliance with the approved plan. The committee also stressed the need to dispose of PASSCO’s wheat stocks as soon as possible. Officials said the early disposal of the stocks would help implement the employee compensation package on time. The Ministry of National Food Security and Research assured the ECC that the process would be completed by December. The government began work on the closure of PASSCO in 2025. The Prime Minister’s Office had directed the finance minister to oversee the process in consultation with the relevant ministry. A meeting chaired by the finance minister later decided that a severance package should be prepared for PASSCO employees. The package was designed along the lines of the voluntary separation scheme approved for employees of the Utility Stores Corporation. PASSCO’s Board of Directors subsequently approved the revised compensation package. The scheme covers regular employees as well as contractual and daily-wage workers. It includes severance compensation and several terminal benefits. These include leave encashment and a farewell grant. The package also provides maintenance support for widows and retired employees through PASSCO’s Benevolent Fund. The ECC had previously approved the winding up of PASSCO. It also approved the creation of a Special Purpose Vehicle called the Wheat Stock Management Company (WSMC) Public Limited. The federal cabinet later ratified the decision. The total cost of the employee package is estimated at Rs4.188 billion. Around Rs3.967 billion has been allocated for severance compensation and terminal benefits for PASSCO employees. Another Rs221 million has been set aside for maintenance grants. The amount will benefit 38 widows and 236 retired employees.