Business
March 5, 2021
Stocks caved in on Thursday after the government suffered a political fiasco in Senate elections, while a spike in rates on Pakistan Investment Bonds also wounded the sentiment, dealers said.
Pakistan stock exchange (PSX) KSE-100 shares index shed 1.91 percent or 882.24 points to close at 45,278.54 points.
Prime Minister Imran Khanâs senate candidate Finance Minister Hafeez Shaikh lost a closely-fought battle against the opposition-backed former Prime Minister Yousuf Raza Gilani.
âSubsequent to the loss, PM has announced a vote of confidence on Saturday in order to restore confidence in the government. This would take down the political turmoil,â analysts said.
Stocks topple on PTI s senate poll debacle
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Stocks topple on PTI s senate poll debacle
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Imran Khan government in Pakistan at risk after shock setback
Pakistan s Prime Minister Imran Khan
(AFP)Premium
. Updated: 04 Mar 2021, 01:58 PM IST Bloomberg
Khan faced a surprise loss in the country’s Senate after Finance Minister Abdul Hafeez Shaikh lost a tightly fought battle for a seat in the indirectly elected house against the opposition-backed former Prime Minister Yousuf Raza Gilani
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Pakistan Prime Minister Imran Khan will seek a confidence vote in the National Assembly, or parliament’s lower house, after his finance minister lost an election for a seat in the upper house, the biggest test yet for his three-year-old government. The key stock index fell on the news.
Imran Khan to Seek Pakistan Parliament Vote After Shock Loss Bloomberg 3/4/2021 © Bloomberg Abdul Hafeez Shaikh
(Bloomberg) Pakistan Prime Minister Imran Khan said he will seek a confidence vote in the National Assembly, or parliament’s lower house, on Saturday after his finance minister lost an election for a seat in the upper house, the biggest test yet for his three-year-old government.
“If I lose the confidence vote, I will happily sit on the opposition benches,” Khan said in a televised speech to the nation. His speech came after his Finance Minister Abdul Hafeez Shaikh lost a tightly fought battle for a seat in the indirectly elected house of Senate, or upper house, against the opposition-backed former Prime Minister Yousuf Raza Gilani. Without naming, he alleged 15 or 16 of his lawmakers were bribed to vote against the party-backed candidate.