Elections were conducted in 65 tehsil councils for the positions of chairman and mayors.
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PSX started the day with bullish sentiment and the benchmark 100-index gained 208 points and mounted to 45,136 points till 11:50 am with trading of 47.6 million shares valuing 2.548 billion rupees.
For Pakistan, it’s their first win against Australia since Melbourne, back in January 2017.
OPEC crude oil price has further increased today, to $110/barrel, up 0.37 percent from previous price. OPEC’s crude oil is staying above Brent’s value due to Houthis attack on Saudi Arabia’s largest oil depot in Jeddah this week.
Dissidents of the Pakistan Tehreek-e-Insaf (PTI) party, who had received show-cause letters from the party, had blatantly disregarded the party’s rules notwithstanding the notifications.
About $3 billion decline in the foreign exchange reserves of State Bank has caused a further blow to the value of rupee against dollar which increased to around 184 rupees in the inter-bank and above 185 rupees in the open market.
The SBP said that its foreign exchange reserves fell to $12.047 billion in the week, ending on March 25 because of a large repayment of Chinese loans, with the balance being ordinary debt payments.
Moody’s said in a statement that the vote of no confidence came at a time when Pakistan was grappling with growing inflation and widening current account deficits because of rising global commodity costs.