ISLAMABAD: Prime Minister Imran Khan on Friday instructed the law minister to address the problem of stay orders obtained by sugar mill owners against the government since they were contributing to the spiraling commodity price in the market, reported the state-owned APP news agency.
Local media reported a significant spike in the retail price of sugar recently, saying it was sold for Rs160 per kilogram in certain parts of the country.
Earlier this week, the prime minister acknowledged in his address to the nation the prices of essential items had significantly increased in Pakistan before announcing a six-month relief package for the economically vulnerable segments of society.
He also maintained the inflationary pressure in the country’s economy was largely due to the rise of global commodity prices.
“Imran Khan said the sugar mills had attained stay orders against the fine imposed by the Competition Commission of Pakistan,” the APP reported. “Also, the other stay order was against Federal Board of Revenue (FBR) in line with its action on tax evasion and the ‘off-the-books’ activity of sugar mills. He asked the law minister to pursue the cases on an urgent basis for the benefit of the general public and for addressing the price hike of sugar.”
Addressing a gathering in Attock, he said three sugar mills in Sindh were shut down which had reduced the supply of the commodity across the country.
The prime minister also told a meeting of his party leaders that his administration was bearing the burden of Rs450 billion to address spiraling inflation and provide relief to the ordinary citizens.
The government has been criticized by its allies and opposition parties for not doing enough to stabilize the national economy, especially after the recent hike in the rates of petroleum products in the country.
PM Khan announces strategy to deal with sugar mills amid rising commodity price
https://arab.news/pn2e8
PM Khan announces strategy to deal with sugar mills amid rising commodity price
- The prime minister wants to address the problem of stay orders taken by mill owners against the government to stabilize the retail price of sugar
- The government has already acknowledged the prices of essential items have significantly increased in the country
Pakistan stocks hit another all-time high as optimism prevails over worker remittances
- Pakistan recorded an inflow of $3.6 billion in Dec., with officials expecting remittances to exceed $40 billion this fiscal year
- ENGROH, PPL, SAZEW, OGDC and PSO collectively added 661 points as the benchmark KSE-100 index rose by 860 points
ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a another all-time high as it crossed 188,000 points on Tuesday, amid hopes of strong remittance inflows and budget relief linked to the International Monetary Fund (IMF) talks.
Pakistan recorded an inflow of $3.6 billion in December, with Saudi Arabia emerging as the largest contributor. Pakistani officials expect remittances to exceed $40 billion this fiscal year.
On Tuesday, the benchmark KSE-100 index gained 860.09 points, or 0.46 percent, to close at 188,621.78 points, up from the previous close of 187,761.69 points, according to PSX data.
Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News the market witnessed bullish activity amid speculation of the earnings season.
“FM (finance minister) expectations for $41 billion remittances in FY26, and expectations over renegotiation of IMF deal for relief in federal budget played a catalyst role in the record close at PSX,” he said.
Pakistan is currently navigating a long path to economic recovery under a $7 billion Extended Fund Facility (EFF) approved in Sept. 2024, which has seen Islamabad take several reforms, including privatization of loss-making state entities.
Meanwhile, Pakistani market research firm Topline Securities said in its daily review that the upward momentum at PSX was driven by buying from local mutual funds.
“Additionally, SAZEW [Sazgar Engineering Works Limited] notified that it will commence bookings for its CKD [Completely Knocked Down models] — ‘TANK-500 Hi4-T 4x4 2.0L Turbo AT PHEV and HEV’ — starting Monday, January 26, 2026,” Topline Securities Senior Equity Trader Naveed Nadeem said.
CKD means the cars are assembled locally from imported parts.
Engro Holdings Limited (ENGROH), Pakistan Petroleum Limited (PPL), SAZEW, Oil & Gas Development Company Limited (OGDC), and Pakistan State Oil (PSO) collectively added 661 points to the index, according to the research firm.
It said a total of 1,222 million shares were traded at a value of $227.86 million (Rs63.8 billion) on Tuesday, with Hascol Petroleum Limited topping the volume chart by trading 113 million shares.
