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Express Tribune
12-05-2025
- Business
- Express Tribune
PSX soars nearly 10,000 points on Pakistan-India ceasefire, IMF disbursement
Listen to article The Pakistan Stock Exchange (PSX) witnessed a sharp rally on Monday as geopolitical tensions between Pakistan and India showed signs of easing. The benchmark KSE-100 index surged by 9,928 points during intra-day trading, reaching 117,104.11 points — marking the largest single-day increase in index points on record. The index was up more than 9% from the previous close of 107,174.63 points, prompting a temporary suspension of trading in accordance with market regulations triggered by extreme fluctuations. Market analysts attributed the rally to improved investor sentiment following the announcement of a ceasefire between the two neighboring countries, easing concerns over further escalation. According to PSX data, the market had recorded over 60 million shares in volume with a turnover exceeding Rs4.37 billion by the time of the suspension. The market resumed trading at 10:42 am. The stock market endured a turbulent week, with the KSE-100 index plunging 6,939 points, or -6.1% week-on-week (WoW), to close near 107,000 amid rising geopolitical tensions between Pakistan and India. Despite a partial rebound on Friday, the broader trend remained bearish. Read more: On a day-on-day basis, the PSX witnessed a turbulent start to the week, with the benchmark KSE-100 index closing nearly flat amid rising tensions with India and State Bank's policy uncertainty. The index dipped steeply in early trading, falling 1,036 points. At close, the KSE-100 recorded a decline of just 11.70 points and settled at 114,102. On Tuesday, the bourse closed lower as investor optimism over the State Bank's 100bps rate cut quickly gave way to concerns over escalating Pakistan-India tensions and Moody's warning about economic stability. The index recorded a decline of 534 points. The market continued its downtrend and experienced a turbulent start to Wednesday's session, with the index nosediving over 6,500 points shortly after the open over heightened border tensions. The market staged a robust recovery on Friday, where the benchmark index surged around 3,650 points, trimming some of Thursday's steep losses. The market closed the week at 107,175, plunging 6,939 points, or -6.08% WoW. Sector-wise, negative contributions came from banks (1,637 points), exploration and production (905 points), cement (738 points), technology (508 points) and pharmaceuticals (436 points). Meanwhile, the sector that contributed positively was sugar (7 points). In its review, Arif Habib Limited (AHL) wrote that the KSE-100 index remained mostly in the red during the outgoing week amid mounting geopolitical tensions and concerns over further escalation.
Express Tribune
26-03-2025
- Health
- Express Tribune
K-P hospital renovation project stalls
Despite an advance payment of a significant sum to the Infrastructure Development Authority Punjab (IDAP), the renovation and improvement of infrastructure at district headquarters hospitals in Khyber-Pakhtunkhwa have remained stalled for the past three and a half years. As a result, over Rs1 billion from the Health Department remains tied up due to the delay. The K-P Auditor General has recommended an inquiry and action against the officials responsible for the project's failure. Official sources informed The Express Tribune an agreement was signed between K-P's Health Department and IDAP on June 30, 2021, under which the project was to be executed in two phases. Phase I involved the renovation and repair of 13 DHQ hospitals, while Phase II covered non-teaching hospitals. For this purpose, Rs4.37 billion was allocated for Phase I and Rs11.9 billion for Phase II. Under the agreement, IDAP was required to begin work immediately after receiving 25% of the advance funds. However, despite the Health Department paying Rs1.80 billion, no progress has been made in 3.5 years. The Health Department's financial report for 2023-24 confirmed that the advance payment had been made. In response to the prolonged delay, the Project Steering Committee recommended terminating the project in its meeting on May 3, 2024. Sources cited government disinterest, financial crises in recent years, and poor planning by health department officials as key reasons for the project's failure. Meanwhile, IDAP has refused to return the allocated funds. The Auditor General has urged strict action against those responsible. In a related development, the K-P government has decided to audit the funds of all Medical Teaching Institute (MTI) hospitals and has requested detailed expense reports from them. Officials revealed that preparations are underway to review the accounts, expenses, and financial matters of MTI hospitals since 2018. Once completed, the audit findings will be presented before the cabinet. Additionally, a review of amendments to the MTI Reforms Act 2015 is expected. This will include an assessment of recruitments, funds, vacancies, and projects under the act. Last year, The Express Tribune reported that the health department was facing a severe shortage of doctors and had decided to recall all civil servant medics from the MTIs. Official sources informed The Express Tribune that the health department had solicited information from ten MTI hospitals, including Lady Reading Hospital Peshawar (LRH) regarding this matter.
