ISLAMABAD: The Provincial Disaster Management Authority (PDMA) in the eastern Punjab province issued flood warnings for different parts of the province on Thursday, with the death toll from nearly six weeks of monsoon rains and floods across Pakistan rising to 154, officials said.
Pakistan is among the most vulnerable countries in the world to the effects of climate change. Last month, a United Nations official warned that about 200,000 people could be affected by the ongoing monsoon season in Pakistan. In 2022, torrential rains and floods killed over 1,700 people and caused estimated losses of over $30 billion to the Pakistani economy.
Many of the 154 deaths this monsoon season have occurred in Punjab and the northwestern Khyber Pakhtunkhwa province, according to the disaster agency and provincial authorities.
“Due to the rains, the water levels in rivers, dams and streams are rising,” the PDMA said in its latest statement, predicting that the current monsoon spell would last until Aug. 14. “There is a risk that the lower to medium flood situation in the Indus River will persist for the next few days.”
“An alert has been issued regarding the flood situation in the Indus River,” it added. “There is also a risk of flooding in the streams connected to the Chenab and Ravi Rivers.”
The PDMA said there was significant flooding in Nala Aik in Sialkot, calling on the local administration of the area to remain alert.
“Preparations are complete in view of the possible flood risk,” Irfan Ali Kathia, the PDMA chief, was quoted as saying in the statement. “Citizens are advised to take precautionary measures during the rainy season.”
The PDMA said that the new spell of monsoon rains in Punjab will begin from Aug. 9 till Aug. 12.
“During August 10 and 11, most of the districts of South Punjab are likely to experience wind and thundershowers,” the authority said.
It said during this time, monsoon rains are expected in Lahore, Gujranwala, Rawalpindi, Sargodha, Multan, Dera Ghazi Khan, Bahawalpur, Faisalabad, Sahiwal and Gujarat divisions.
“In view of the instructions of Chief Minister Punjab, the concerned departments should be alert,” the PDMA said.
BALOCHISTAN
The top PDMA official in the southwestern Balochistan province said his team was closely monitoring the rain situation and conducting assessment of crop damage to compensate affected farmers.
“The PDMA is identifying and establishing safe places to accommodate people affected by the heavy downpour,” Naveed Ahmad Sheikh was quoted by the Associated Press of Pakistan (APP) news agency.
“In light of the hazardous weather conditions, the PDMA has notified Section 144 to restrict tourist activities, prioritizing the safety of visitors,” he added.
Section 144 of the Code of Criminal Procedure is often invoked to prohibit the assembly of four or more people in an area to maintain public order and prevent emergencies.
Balochistan suffered disproportionately during the 2002 floods in Pakistan and was hit particularly hard by heavy rains, which led to severe flooding across many districts.
The floods caused widespread destruction of infrastructure, homes and agricultural lands, displacing thousands of people and resulting in significant loss of life.
More flood warnings in Pakistan as 154 killed in six weeks of monsoon rains
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More flood warnings in Pakistan as 154 killed in six weeks of monsoon rains
- Many of 154 deaths occurred in eastern Punjab, northwestern Khyber Pakhtunkhwa provinces, disaster authorities say
- Section 144 banning public gatherings imposed in Balochistan to restrict tourist activities, prioritize safety of visitors
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
