ISLAMABAD: Pakistan President Asif Ali Zardari has granted a 90-day remission to prisoners under specific categories in order to provide relief to inmates on the occasion of the 78th Independence Day of Pakistan, state media reported on Monday.
Pakistan celebrates its Independence Day every year on August 14. The remission will apply to male prisoners of 65 years and above and female inmates above 60 years, who have served one-third of their term.
It will also be applicable to female prisoners serving their sentences with their children as well as inmates under the age of 18 years, the state-run Radio Pakistan broadcaster reported.
“The President granted the remission of the sentence under Article 45 of the Constitution of Pakistan,” the report read.
Article 45 empowers the president to “grant pardon, reprieve and respite, and to remit, suspend or commute any sentence passed by any court, tribunal or other authority.”
The remission will not be applicable to prisoners involved in “anti-state activities, espionage, murder, rape, theft, robbery, kidnapping and terrorism,” according to the report.
“Those involved in financial crimes, causing loss to the national exchequer, and convicted under the Foreigners Act 1946, and Narcotics Control (Amendment) Act 2022 will also be ineligible to get this remission,” it read.
Pakistani leaders have often announced reduction in sentences of prisoners on religious occasions and days of national significance.
In March, President Zardari approved a special remission for prisoners on the occasion of Pakistan Day and Eid Al-Fitr. In 2022, Prime Minister Shehbaz Sharif had approved a two-month reduction in prisoner terms on account of Eid Al-Fitr.
Pakistan president grants remission in sentences to prisoners for 78th Independence Day
https://arab.news/43qv5
Pakistan president grants remission in sentences to prisoners for 78th Independence Day
- The remission was granted under Article 45 of the constitution
- Prisoners convicted of serious crimes won’t be benefitted by it
Pakistan stocks hit record high on hopes of rate cut, improved US ties
- Benchmark index gains 2,662 points, or 1.44 percent, to close at an all-time high of 187,761 points
- Engro, UBL, Hub Power, Fauji Fertilizer, Meezan Bank and Service Industries added 1,554 points to index
ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a record high as it surpassed the 187,500-point mark on Monday, with analysts citing improving ties with the United States and expectations of an imminent interest rate cut.
The benchmark KSE-100 index gained 2,662.86 points, or 1.44 percent, to close at an all-time high of 187,761.69 points, up from the previous close of 185,098.83 points, according to PSX data.
The stock gains came a day after President Donald Trump invited Prime Minister Shehbaz Sharif to join the so-called “Board of Peace” for Gaza, amid increasing Pakistan-US diplomatic and economic engagement since Trump’s rise to presidency.
“Falling government bond yields and improving Pakistan-US relations played a catalyst role in record close at PSX,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.
Meanwhile, Karachi-based market research firm Topline Securities said bulls extended their rally as hopes of a rate cut by the State Bank of Pakistan (SBP) fueled investor sentiment.
“Investor sentiment remained upbeat, largely fueled by rising expectations of an imminent interest rate cut,” it said in a post on X. “Market participants increasingly priced in a 50bps reduction in the upcoming monetary policy, which kept buying interest alive and underpinned broad-based gains.”
In December, the SBP cut its key policy rate by 50 basis points to 10.5 percent, resuming monetary easing after four meetings in a move that surprised many despite International Monetary Fund guidance to keep policy “appropriately tight” to anchor inflation expectations.
Engro Holdings Limited (ENGROH), United Bank Limited (UBL), Hub Power Company Limited (HUBC), Fauji Fertilizer Company Limited (FFC), Meezan Bank Limited (MEBL) and Service Industries Limited (SRVI) collectively added 1,554 points to the benchmark index on Monday, according to Topline Securities.
“Total market volumes stood at 1,195 million shares, while the value of shares traded amounted to Rs63.7 billion,” the research firm said. “[Bank Makramah Limited] BML led the volume chart, emerging as the most actively traded stock with 246 million shares.”
