Month: August 2026

Islamabad: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) staged a recovery on Friday, gaining 546.13 points, a positive change of 0.31 percent, to close at 176,094.12 points against 175,547.98 points recorded in the previous trading session.

The ready market witnessed a trading volume of 880.951 million shares, compared to 711.201 million shares traded in the previous session, while the traded value slipped to Rs24.957 billion from Rs25.396 billion. Market capitalisation increased to Rs19.756 trillion from Rs19.718 trillion recorded a day earlier.

Out of 493 companies that traded in the ready market, 273 posted gains, 185 suffered losses, while 35 remained unchanged, reflecting a predominantly bullish trend across the market.

Trust Brokerage led the volume chart with 178.797 million shares, followed by Dadabhoy Cement with 81.741 million shares and Cnergyico PK with 50.457 million shares.

Among the top gainers, The Thal Industries Corporation Limited surged by Rs104.68 to close at Rs1,151.46, while Nestle Pakistan Limited advanced by Rs91.49 to settle at Rs7,913.37.

On the losing side, PIA Holding Company LimitedB declined by Rs372.50 to close at Rs17,627.50, while Khyber Textile Mills Limited fell by Rs74.65 to Rs2,002.81.

In the futures (DFC) market, turnover stood at 582.375 million shares with a traded value of Rs24.919 billion, compared with 382.309 million shares worth Rs17.732 billion in the previous session.

Of the 307 companies traded in the futures market, 136 advanced, 157 declined and 14 remained unchanged.

Islamabad: The Supreme Court of Pakistan has ruled that a claim for pre-emption cannot be maintained where ownership of a property has been transferred through an exchange rather than a sale, holding that the right of pre-emption is a weak legal right and the relevant law must therefore be construed strictly.

A two-member bench comprising Justice Shahid Bilal Hassan and Justice Musarrat Hilali issued the reserved judgment in Civil Appeals Nos. 28-L, 29-L and 30-L of 2011.

The Court held that the record clearly established that the transaction between the parties was an exchange of properties and not a sale. It observed that the plaintiff had failed to prove that the transaction, though recorded as an exchange, was in fact a sale.

Consequently, the claim for pre-emption was held to be legally untenable.

The judgment stated that courts cannot treat a transaction recorded as an exchange as a sale merely on the basis of conjecture. It emphasized that where a mutation records an exchange, no right of pre-emption arises unless strong and reliable evidence is produced to establish otherwise.

The Court further held that the plaintiff had also failed to prove compliance with the mandatory legal requirements relating to Talab-i-Ishhad (affirmation of the claim before witnesses). It noted that the concerned postman had not been produced as a witness to establish the service of the registered notice, despite the defendants denying receipt of the notice.

Referring to earlier Supreme Court precedents, the bench observed that in such circumstances the testimony of the postman is indispensable, and failure to produce him constitutes a fatal defect in the plaintiff’s case.

The judgment also noted that the plaintiff had failed to explain how he became aware of the alleged sale price.

According to the Court, a claimant seeking to enforce the right of pre-emption must establish not only the transaction itself but also the lawful source of his knowledge regarding the sale consideration.

On these grounds, the Supreme Court allowed the appeals, set aside the judgments of the Lahore High Court and the appellate court, and restored the trial court’s decision dismissing the pre-emption suit.

Islamabad: Federal Minister for Railways Muhammad Hanif Abbasi on Friday expressed profound grief and sorrow over the loss of 34 precious lives in a coal mine accident in the Soranj area on the outskirts of Quetta.

The minister extended his heartfelt condolences to the bereaved families of the deceased miners and prayed for the eternal peace of the departed souls and for strength and patience for their families to bear the irreparable loss.

In his condolence message, Hanif Abbasi said that miners are a valuable asset to the country’s economy and stressed that strict implementation of safety regulations was essential to protect their lives.

He emphasized that safety mechanisms, monitoring systems and occupational standards in coal mines should be further strengthened to prevent tragic incidents like the Soranj mine accident in the future.

The minister said that protecting the lives and property of the working class was the foremost responsibility of the state and the relevant institutions, urging effective measures to avoid such tragedies.

Islamabad: Lahore Electric Supply Company (LESCO), Pakistan’s largest power distribution company, has saved the national exchequer more than Rs58 billion by reducing its financial gap from Rs79 billion to Rs21 billion over the past two years through aggressive loss reduction, improved recoveries and power sector reforms, setting a new national benchmark for performance, according to a statement issued by the Ministry of Energy (Power Division) on Thursday.

The company achieved a recovery rate of 101.05pc during the period, surpassing the 100pc benchmark set by the National Electric Power Regulatory Authority (NEPRA) for the first time.

Distribution losses declined from 15.8pc to 11.86pc, marking a four percentage point reduction , the largest two year loss reduction recorded by any electricity distribution company in the country’s history.

The achievement carries significant financial weight as LESCO, with an annual revenue base exceeding Rs1 trillion, generates an estimated Rs10bn improvement for every one percentage point reduction in losses.

The four point decline has therefore translated into one of the biggest efficiency gains ever recorded in Pakistan’s power distribution sector.

Federal Minister for Power Sardar Awais Ahmed Khan Leghari said LESCO’s performance demonstrated that sustained oversight, accountability and data driven management could deliver tangible results in the power sector.

The ministry said the minister had closely monitored loss and recovery trends across distribution companies, ensuring management teams remained focused on meeting targets and improving field level enforcement.

According to the statement, the turnaround was driven by the vision of Prime Minister Shehbaz Sharif and supported by reforms introduced by the Power Division, including digitisation of billing and recovery systems, stricter anti theft measures, network modernisation, continuous performance monitoring and customer focused initiatives.

The ministry said independent boards of directors and a policy of non interference in operational matters had enabled professional management to implement reforms without political pressure.

It added that LESCO’s performance offered a model for other distribution companies and strengthened efforts to curb circular debt while improving the financial sustainability of the power sector.

Islamabad: Kazakhstan’s Ambassador to Pakistan, Yerzhan Kistafin met Minister of State for Law and Justice Barrister Aqeel Malik on Friday to discuss ways to deepen bilateral relations and expand cooperation in the fields of law and justice, trade, regional connectivity and other areas of mutual interest.

Barrister Aqeel Malik reaffirmed Pakistan’s commitment to further strengthening its longstanding friendship and partnership with Kazakhstan.

He said Pakistan highly values its close ties with Kazakhstan and remains committed to enhancing cooperation for the mutual benefit of both countries.

Ambassador Kistafin appreciated Pakistan’s continued engagement and reaffirmed Kazakhstan’s commitment to strengthening bilateral cooperation across diverse sectors.

Both sides agreed to maintain close coordination and explore new avenues of collaboration to further reinforce the longstanding friendship between Pakistan and Kazakhstan.

Islamabad: Federal Minister for Kashmir Affairs, Gilgit-Baltistan and SAFRON Engineer Amir Muqam on Friday urged the Pakistan Peoples Party (PPP) to respect the outcome of the Azad Jammu and Kashmir (AJK) elections instead of questioning the results, saying the party should examine why voters rejected it despite its influence in the region’s government and administrative structure.

Addressing a large public rally in Khawra, Muzaffarabad, in support of Pakistan Muslim League-Nawaz (PML-N) candidate for LA-31 Saqib Majeed Raja, the minister said the high voter turnout reflected the victory of democracy and the political maturity of the Kashmiri people.

“Rather than raising objections to the election results, the PPP should review the reasons behind its defeat,” he said, adding that the party’s allegations were unfounded as the AJK government and administrative machinery were already under its influence.

Mr Muqam said parties should avoid creating unnecessary political disputes and instead respect the public mandate.

He noted that PML-N also had reservations regarding results in certain constituencies but chose to uphold the democratic process.

Highlighting PML-N’s electoral performance, he said the party’s organisational efforts over the past two years had begun yielding results and expressed confidence that voters in Muzaffarabad Division would place even greater trust in the party after Mirpur.

Mr Muqam praised the police, district administration and the people of AJK for ensuring peaceful elections, describing them as deserving of appreciation for maintaining a democratic atmosphere.

On development projects, he announced that construction of the Khawra-Charkpora link road would be completed on a priority basis.

He also said the federal government was constructing five Daanish Schools in AJK and expressed the desire to establish one in Khawra as well.

The minister said the federal government would continue providing subsidies and relief measures for the people of AJK while pursuing development and public welfare projects across the region.

He further revealed that progress was under way on the Mansehra-Muzaffarabad-Mirpur Expressway project and that tenders for the scheme would be issued soon.

Paying tribute to Pakistan’s armed forces and the federal government, Mr Muqam said enemy designs had been thwarted through the leadership of Field Marshal Syed Asim Munir, Prime Minister Shehbaz Sharif and the armed forces.

PML-N candidate Saqib Majeed Raja pledged to fulfil his development commitments and serve the constituency if elected with public support.

The federal minister received a warm welcome on arrival at the rally venue, where party workers showered flower petals and raised slogans in support of PML-N leader Nawaz Sharif, Prime Minister Shehbaz Sharif and Amir Muqam.

A large number of party workers and supporters attended the gathering.