100 Index took a turn for positive yesterday after the statement from Director General Inter – Services Public Relations (DG ISPR) ensured that the armed forces will play their role in ensuring free and fair elections on 25th July, 2018 and nobody would be allowed to disturb the peace and security of the country. Index turned positive yesterday closing the session with +164 after DG ISPR’s comments on the upcoming elections.
In addition to that, the index was also bullish on the removal of Mr. Hussain Lawai from the Chairmanship of Pakistan Stock Exchange (PSX). Lawai has been booked by Federal Investigation Authority (FIA) with allegations of laundering money for politicians and businessmen. The former PSX chairman was also barred from flight abroad last month, when he was stopped by FIA officials on the Jinnah International Terminal while boarding his flight.
Securities and Exchange Commission of Pakistan had yesterday advised the PSX to remove Mr. Lawai from his position as Chairman. The SECP's orders have been issued in light of the FIR filed by FIA on July 6 under the Anti-Money Laundering Act, 2010, and the Prevention of Corruption Act, 1947.
The FIA case against Lawai has become extremely political as the accounts opened to launder more than Rs. 33 billion was done for Mr. Asif Ali Zardari, who is a close friend and accomplice of Mr. Lawai. Other banks were also allegedly involved in same practices as presidents of United Bank Limited, Sindh Bank Limited were also barred from flying abroad.
Acting Chairman Senate, Mr. Saleem Mandviwalla yesterday announced that the Iran-Pakistan gas pipeline project is to be pursued at all costs. Talking to the ambassador for Iran, he said that Pakistan is committed to taking the project forward at earliest. He called for an increase in trade and partnership between Pakistan and Iran which is beneficial to both the countries and also suggested revival of Pakistan-Iran Investment Company.
Pakistan Business Council (PBC) yesterday released its 100-day economic agenda for the coming government. The council believes that keeping in view the current macro situation, an International Monetary Fund sponsored bail-out seems inevitable for Pakistan. The PBC agenda has called for the need to fix the issue with a long term approach rather than a short term management of the problem.