Pakistan stocks rise 3 percent on weekly basis outshining other asset classes

Stockbrokers monitor the latest share prices at the Pakistan Stock Exchange (PSE) in Karachi on July 3, 2023. (AFP/File)
Short Url
Updated 10 August 2025
Follow

Pakistan stocks rise 3 percent on weekly basis outshining other asset classes

  • The market this week crossed the 140,000-point mark
  • The average daily traded volume was 653 million shares

KARACHI: The Pakistan Stock Exchange (PSX) has seen an increase of 3.08 percent on a week-on-week basis, a Karachi-based market research firm said on Friday.

The market this week crossed the 140,000-point barrier and closed the weekend session at 145,382.79 points on Friday, according to the PSX website.

The average daily traded volume and value during the week stood at 653 million shares and Rs47 billion ($165 million), respectively.

“This gain can be largely be attributed to buying by mutual funds on inflow of funds as equities performance continue to outshine other asset classes,” Karachi-based Topline Securities said in its weekly review.

Pakistan trade deficit for July clocked in at $2.8 billion, up by 44 percent year on year, according to the report. The country recorded remittance inflows of $3.2 billion last month, down 6 percent month on month and up 7 percent year on year.

Foreign exchange reserves held by the central bank decreased by $72 million on a weekly basis to reach $14.2 billion as of August 1, the central bank reported on Thursday.


Pakistan calls for calm after 16 people killed in Khamenei protests

Updated 5 sec ago
Follow

Pakistan calls for calm after 16 people killed in Khamenei protests

  • The violence came hours after Iranian authorities confirmed Supreme Leader Ali Khamenei was killed in coordinated US-Israeli strikes
  • Nine people were killed in clashes in Karachi where protesters stormed US consulate, while UN offices were set ablaze in Gilgit, Skardu

ISLAMABAD/KARACHI/GILGIT/PESHAWAR: Pakistan’s Interior Minister Mohsin Naqvi on Sunday urged calm after at least 16 people were killed in protests linked to the killing of Iran’s Supreme Leader Ayatollah Ali Khamenei in joint US-Israeli strikes.

Hundreds of protesters gathered outside the US consulate in Karachi on Sunday morning. Videos showed protesters armed with sticks smashing doors and windows. Separate footage appeared to show property inside the consulate premises set on fire, prompting police to fire tear gas at them.

In Islamabad, protesters entered the Red Zone which houses key government and diplomatic offices in the capital, prompting authorities to fire tear gas to disperse the demonstrators. Similarly, people gathered outside the press club in the northwestern city of Peshawar, from where they were marching toward the US consulate.

At least nine people were killed and 60 others sustained injuries in clashes with law enforcement outside the US consulate in Karachi, according to authorities. Seven more were killed in the northern Gilgit-Baltistan region, where clashes left 45 people injured.

“After the martyrdom of Ayatollah Khamenei, every citizen of Pakistan is saddened in the same way as the citizens of Iran are grieving,” Naqvi was quoted as saying by his ministry.

“We are all with you. We request the citizens not to take the law into their hands, and to record their protest peacefully.”

Naqvi visited different areas of Islamabad and reviewed the law-and-order situation, according to the interior ministry. He ordered foolproof security arrangements at the Diplomatic Enclave, which is home to foreign missions, in Islamabad’s Red Zone.

PROTESTERS STORM US CONSULATE IN KARACHI

Additional Inspector General Karachi Azad Khan told reporters that protesters had managed to enter the US consulate from the outer gate before police dispersed them.

“Nine people are dead while 39 injured are being treated at the Shaheed Mohtarma Benazir Bhutto Institute of Trauma,” Karachi Police surgeon Dr. Summaiya Syed said in a statement.

She said seven others were injured at the Jinnah Postgraduate Medical Center, among them five police personnel, while 14 others were receiving treatment for wounds at private hospitals in the city.

Separately, the Sindh provincial government expressed grief at the loss of lives in the clashes outside the US consulate in Karachi, saying it had constituted a high-level joint investigation committee (JIT) to carry out an impartial investigation into the incident.

“The JIT will determine the circumstances in which the incident occurred and what its causes were,” a statement by the provincial government said, adding that it respects the constitutional right of citizens to protest.

VIOLENCE IN GILGIT-BALTISTAN

In GB, protesters set fire to and vandalized several buildings, including United Nations (UN) regional offices, according to Shabbir Mir, who speaks for the GB chief minister. Religious leaders were trying to quell the protests.

“Seven people were killed and 45 were injured in today’s clashes in Gilgit,” Dr. Wajahat Hussain, a senior health official in Gilgit, told Arab News on Sunday.

Tufail Mir, a deputy inspector-general of police, told Arab News several people were injured in the Skardu district as well.

MIDDLE EAST TENSIONS

The violence came hours after Iranian authorities confirmed Khamenei was killed in coordinated strikes carried out by the US and Israel, dramatically escalating tensions in the Middle East and triggering protests in several countries.

According to US officials, the operation targeted Revolutionary Guard command facilities, air defense systems, missile and drone launch sites, and military airfields. The US military said it suffered no casualties and reported minimal damage to its bases despite what it described as “hundreds of Iranian missile and drone attacks.”

Iran retaliated by launching missiles and drones toward Israel and targeting US military installations in Bahrain, Kuwait, Qatar and the UAE. The Emirati government said its air defense systems intercepted dozens of Iranian missiles and drones, but debris from the interceptions caused material damage in Abu Dhabi and Dubai, and at least one civilian, a Pakistani national, was killed. It issued rare emergency alerts urging residents to seek shelter, underscoring how the conflict has rippled far beyond Iran’s borders. 

The Israeli military said dozens of Iranian missiles were fired toward Israeli territory, many of which were intercepted. Israel’s Magen David Adom rescue service said a woman in the Tel Aviv area died after being wounded in a missile strike.