Pakistan

KSE-100 loses 831 points, holds 170k level despite selling pressure

Monthly gap improves by Rs470b, but July-May deficit widens 18%

Minister pitches maritime business district, oil terminal and 100-acre research park

Company executives arrive to assess security protocols, procurement strategies

Massive Sand interval produces 2,000 barrels of oil per day

The Pakistan Meteorological Department (PMD) on Wednesday forecast below-normal rainfall and above-normal temperatures across most parts of the country during the months of June to August. The PMD said in its outlook that the Indian Ocean Dipole (IOD) is currently in a neutral phase and is expected to shift to a positive phase by July 2026, while the El Nino–Southern Oscillation (ENSO) has moved into a positive phase (El Nino) and is expected to strengthen further during the season. In view of these conditions, the PMD said that “normal to below-normal” rainfall was expected over most parts of the country during the June–July–August (JJA) season, with the largest negative departures likely over the northeastern parts of Punjab. The findings were reinforced by the Met Office’s probability outlook, which indicated a high probability of below-normal rainfall across most of Pakistan, particularly Punjab, Sindh, southern Khyber Pakhtunkhwa and most of Balochistan. “In contrast, near-normal to slightly above-normal...

ISLAMABAD: The state-owned Oil and Gas Development Company Limited (OGDCL) on Wednesday said it made a significant oil and gas discovery from its exploratory well Bobi Deep-1, located in Sindh’s Sanghar district. The company is the country’s largest oil and gas producer and, in April this year, began commercial production from Pakistan’s largest-ever oil and gas discovery from a single well. In a statement issued today, OGDCL said the well successfully tested the Massive Sand interval of the Lower Goru Formation and produced 2,000 barrels of oil per day (bpd) and 1.1 million standard cubic feet of gas per day (mmscfd) through a cased-hole Drill Stem Test (DST), confirming the hydrocarbon potential of the reservoir. A Drill Stem Test (DST) is a temporary well-completion procedure used in oil and gas exploration to assess the pressure, permeability and production potential of a geological formation. It helps determine whether a well has encountered a commercially viable reservoir without the need for costly per...

PPP Chairman Bilawal Bhutto-Zardari on Wednesday vowed to address resettlement concerns of those affected by the construction of the Diamer-Bhasha Dam on an “immediate basis” if his party emerges victorious in the June 7 polls. Bilawal made the declaration while addressing a rally in Diamer, as the PPP and other political parties have, over the past few days, ramped up efforts to garner support ahead of the polls. Addressing the rally, the Bhutto scion asserted that the project saw “great progress” during the PPP’s tenure. He added that had President Asif Ali Zardari’s government not been removed in 2013, the Diamer-Bhasha Dam would have been built by now. The PPP chairman lamented that it was “unfortunate” that affected citizens of the region had not had their resettlement issues addressed. “I would like to promise you that after June 7 — when PPP forms government in GB — we will ensure that the work is [completed] and as far as resettlement is concerned, we will address it on an immediate basis,” Bilawal sa...

Iran has once again acknowledged and appreciated Pakistan’s positive role during the recent conflict in the region.

Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari has pledged to complete the Diamer-Bhasha Dam if his party forms the government following the June 7 elections.

The Pakistan Meteorological Department (PMD) has warned that most parts of the country are likely to experience below-normal rainfall and above-normal temperatures during June and the following two months, raising concerns over heatwaves, water shortages and pressure on the agricultural sector.

The bus lurched to a halt on the long, dry highway that takes you from Gwadar to Turbat. A clutch of men jumped out and sprinted towards the makeshift bathroom by the road. Some of them scattered into the bushes. Back in the bus, anchored to their seats, women stared out of the windows stiffly. They must have done the math before boarding: drink enough water to bear the heat, but not so much that you need to empty your bladder. Gwadar to Turbat is a short two hours. But it is eight long ones if you are heading to Karachi. A washroom on the Makran Coastal Highway between Turbat and Gwadar Balochistan’s new and smooth highways are praised as corridors of connectivity and trade and promise progress for a place that has long been politically and geographically distant from the rest of Pakistan. Motorway 8 goes from Ratodero to Gwadar, the N-10 runs along the Makran coast, the N-25 RCD Highway connects Quetta to Karachi and the N-40 that meanders towards the Iran border from Quetta to Taftan. But the praise for th...

Israel’s hardline finance minister announced on Wednesday a major expansion by more than 2,000 homes of three Jewish settlements in the occupied West Bank that Palestinians hope will be part of a future independent state. Most nations consider Israeli settlements there to be illegal under international law and a major obstacle to a two-state solution for long-term peace. Bezalel Smotrich, who holds authority over parts of Israel’s civilian administration in the West Bank, said a planning committee approved the construction of 2,162 new Jewish homes. They include 1,006 units in a new settlement near Jerusalem, 922 near the Palestinian city of Nablus and 234 near Hebron. “We are continuing to build the Land of Israel in practice,” said Smotrich, an ultra-nationalist sanctioned by Britain, France and others who accuse him of inciting violence against Palestinians. Smotrich has denounced the sanctions against him, saying the measures would not change Israeli policy. The new homes would “strengthen our hold on the...

Gilgit-Baltistan’s Chief Election Commissioner (CEC) Raja Shahbaz Khan announced on Wednesday that the region’s long-delayed local government (LG) elections have been scheduled to be held on August 2. General elections for the region’s legislative assembly were scheduled for Jan 24, 2026, while LG polls — announced after a gap of more than 20 years — were set for Feb 14, 2026. However, days after the announcements, both were postponed indefinitely due to harsh weather conditions in the region. Earlier this month, Khan said the GB Election Commission was preparing to hold the elections but had not yet set a date. In a press conference today, the CEC said that the schedule for GB’s local body polls had been issued, and returning officers (ROs), district returning officers (DROs) and assistant returning officers (AROs) had been appointed. He said a public notice would be issued by the returning officers (ROs) on June 6, while nomination papers would be accepted from June 9 to 15. The elections would be held for ...

US President Donald Trump has confirmed that he had lashed out at Israeli Prime Minister Benjamin Netanyahu over the latter’s escalation in Lebanon in a recent expletive-laden phone call. On Monday, American news outlet Axios reported citing sources that Trump called Netanyahu “crazy” and accused him of ingratitude during the phone call. The report quoted a US official as saying that Trump told Netanyahu “you’re f****** crazy. You’d be in prison if it weren’t for me. I’m saving your a**. Everybody hates you now. Everybody hates Israel because of this”. Trump confirmed to New York Post’s Miranda Devine during ‘Pod One Force’ podcast that he called Netanyahu “f****** crazy”, but also insisted that they have “worked very well together”. Asked if the Axios report was true and whether he spoke to Netanyahu in those terms, Trump replied, “I did. I wouldn’t say angry, I was a little bit perturbed at his constantly fighting with Lebanon. “At some point, I said Bibi, we’re gonna stop this. We got to stop it,” he added...

Women aged over 35 who remain unmarried will be included in the Benazir Income Support Programme (BISP), officials informed a parliamentary committee during a meeting on Tuesday.

At least 21 people, including 18 foreign nationals, were killed in a fire at a hotel in New Delhi on Wednesday, police and broadcaster CNN-News18 said, in one of the worst such incidents in the national capital since 2022. The dead included people from Bangladesh, Nigeria, Mozambique and Liberia, the broadcaster said. Building fires are common in India due to a lack of firefighting equipment and routine disregard for safety regulations. The fire broke out in the morning at Flourish Stay, a bed-and-breakfast in a congested neighbourhood in the south of the city, Delhi Police said in a statement. “It is with profound sorrow that 21 persons have been declared dead in this tragic incident,” the force said. Reuters could not immediately confirm the nationalities of the victims. Several people had jumped out of the burning building in South Delhi’s Malviya Nagar to escape the flames, witnesses said, with residents dragging mattresses from a nearby store to try to break their fall. “People spread mattresses, and a w...

Prime Minister Shehbaz Sharif, during a meeting with the Chinese ambassador on Wednesday, stressed the need to follow up on memoranda of understanding (MoUs) signed during a recent visit to China, the Prime Minister’s Office (PMO) said in a statement. On May 24 in Hangzhou, the premier chaired the opening ceremony of the third Pakistan-China Business-to-Business (B2B) Investment Conference, which was focused on “charging infrastructure, battery energy storage and solar technologies, and pharmaceuticals”. Agreements and MoUs worth more than $7 billion were signed between the two sides at the conference to promote cooperation and investment in various sectors. The PMO, in the statement, said Chinese Ambassador Jiang Zaidong called on the premier at PM House and congratulated him on Eidul Azha, with PM Shehbaz expressing gratitude for his “efforts to make the visit successful, in every aspect”. “While conveying his firm resolve to ensure the further strengthening of Pakistan-China All Weather Strategic Cooperati...

Prime Minister Shehbaz Sharif on Wednesday said that the government was taking measures to bring the informal economy into the tax net in the upcoming budget, the Prime Minister’s Office (PMO) said. The premier made the declaration during a meeting with a delegation of renowned businessmen and industrialists, where he exchanged views with them on the pace of the country’s economic growth and consulted with them over the upcoming budget. “You are the ambassadors of Pakistan,” the premier told the delegation, expressing gratitude for the business community’s support to the government in “difficult economic conditions”. PM Shehbaz noted that a “strong partnership” with the private sector was a “guarantee of economic growth”, and underscored the “utmost importance” of consulting with them over policymaking for the economy. “We are on the path of export-led growth,” the premier remarked, adding that export-led growth was “core” of Pakistan’s economic policy. He told the businessmen that the government was taking a...

Prime Minister Muhammad Shehbaz Sharif on Wednesday held separate meetings with Members of the National Assembly Malik Abrar Ahmed, Malik Suhail Khan, and Hafiz Mian Nauman.