Author: dailybalochistantimes.com

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: Gold prices witnessed a sharp increase in the local market on Friday, with the price of 24-karat gold per tola rising by Rs3,000 to settle at Rs430,436, according to rates issued by the All Pakistan Sarafa Gems and Jewellers Association.

Similarly, the price of 10 grams of 24-karat gold increased by Rs2,572 to Rs369,029, while 10 grams of 22-karat gold gained Rs2,357 to reach Rs338,288.

In the international market, the price of gold climbed by $30 to $4,080 per ounce, the association reported.

Meanwhile, silver prices also recorded an upward trend in the local market. The price of silver per tola increased by Rs79 to Rs6,294, while the price of 10 grams of silver rose by Rs68 to Rs5,396.

The price of silver in the international market also increased by $0.79 to $58.15 per ounce, the association added.

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: The Competition Commission of Pakistan (CCP) has approved the proposed acquisition of BP plc’s global Castrol lubricants business by Motion JVCo Limited, a special purpose vehicle established by U.S.-based investment firm Stonepeak Partners, after its Phase-I review.

Castrol lubricants are marketed and sold in Pakistan through Castrol Group Holdings Limited. Notwithstanding the fact that the transaction is global, under Pakistan’s merger control law, acquisitions involving businesses with operations in Pakistan are reviewed to ensure they do not substantially lessen competition or create or strengthen a dominant position in the relevant market, said a release issued here on Friday.

Under the transaction, BP plc will sell Castrol Group Holdings Limited-which owns the global Castrol lubricants business-to Motion JVCo. Canada Pension Plan Investment Board (CPP Investments), through its wholly owned subsidiary, will acquire an indirect minority stake, while Stonepeak will retain indirect sole control following completion.

CCP identified the relevant market as the sale of lubricants in Pakistan. The Commission found that neither Stonepeak nor CPP Investments has existing operations in Pakistan’s lubricants market. As a result, the transaction does not combine competing businesses in Pakistan and creates no horizontal or vertical overlap with the target’s operations. In Pakistan, Castrol lubricants are marketed through a third-party distributor.

The Commission concluded that the acquisition would not alter the market structure, create entry barriers, or result in the creation or strengthening of a dominant position in Pakistan’s lubricants market. Accordingly, it authorised the transaction under Section 31(1)(d)(i) of the Competition Act, 2010.

The Commission’s approval is confined to its competition assessment under the Competition Act, 2010. The transaction remains subject to all other applicable legal and regulatory requirements.

Pakistan’s merger review framework facilitates investment, corporate restructuring, and mergers and acquisitions while preserving competition. Through timely, transparent and predictable merger assessments, the Commission enhances investor confidence, supports foreign direct investment, and promotes a competitive business environment that encourages innovation, sustainable economic growth and ease of doing business.

Islamabad: Federal Minister for Board of Investment, Qaiser Ahmed Sheikh on Friday emphasized the need for collective efforts to ensure rapid progress and prosperity for the people of Pakistan.

Speaking to a news channel program, the minister said that all political parties, including the opposition, have a shared responsibility to work together for the country’s development and to improve the living standards of the common people. He urged the opposition, particularly the Pakistan Tehreek-e-Insaf (PTI), to move beyond political differences and engage in constructive dialogue on the key challenges faced by the nation.

Commenting on the proposal for creating new provinces or administrative units, he said such reforms could strengthen governance, improve administrative efficiency, and enhance the delivery of public services across the country. He reiterated that national development required cooperation among all stakeholders and stressed the importance of prioritizing the public interest over political divisions.

In reply to a question, he said the government under the leadership and dynamic vision of the prime minister Shehbaz Sharif was working to increase foreign investment in the country.

Islamabad: Federal Minister for Poverty Alleviation and Social Safety, Syed Imran Ahmad Shah on Friday said the government, under the vision of Prime Minister, Muhammad Shehbaz Sharif, was implementing comprehensive social protection programmes to ensure quality healthcare, education and sustainable livelihood opportunities for deserving citizens across the country.

The minister made these remarks during his visit to the headquarters of the Zakat Foundation of America in Chicago, where he was accompanied by Consul General of Pakistan in Chicago Zaman Mehdi, said a news release issued here.

Highlighting the performance of his ministry, Syed Imran Ahmad Shah said institutions working under the Ministry of Poverty Alleviation and Social Safety were implementing targeted initiatives for poverty reduction, financial inclusion, skills development, healthcare, education and social welfare to improve the lives of vulnerable families.

Upon arrival, the minister was warmly received by Zakat Foundation of America Chief Executive Officer, Khalil Demir, Advisor Planning and Development, Farukh Raza and members of the Foundation’s team.

During the visit, Khalil Demir gave a detailed presentation on the Foundation’s global humanitarian work, informing the minister that the organization was operating in more than 40 countries. He said its programmes included orphan care, disaster relief, education for out-of-school children, provision of clean drinking water, skills development, rehabilitation services, mental health support and a broad range of humanitarian initiatives.

The federal minister thanked the Zakat Foundation of America for inviting him to participate in the Turkish Cultural Festival and lauded the organization’s humanitarian services around the world. He particularly appreciated the Foundation’s welfare initiatives in Pakistan and acknowledged its contribution to supporting vulnerable communities.

Both sides reaffirmed their commitment to strengthening collaboration in poverty alleviation, human development and social welfare in Pakistan. At the conclusion of the visit, Syed Imran Ahmad Shah invited the leadership of the Zakat Foundation of America to visit Pakistan. Prominent members of the Pakistani diaspora in Chicago also attended the event.