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Pakistani stocks nosedive after rupee slides against USD

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Islamabad, July 16 (IANS) The Pakistan Stock Exchange (PSX) fell sharply on Monday as investors resorted to panic selling after Pakistani rupee slumped to a record low against the US dollar in the money market, fanning concerns over the health of the country’s economy.

The Pakistan Stock Exchange’s benchmark KSE 100-Index plunged by 1.50 percent or 605.23 points to close at 39,665.77 points on Monday when compared with a closing of 40,271.00 points reported on Friday, reported Xinhua news agency.

The key index is currently trading 24.98 percent or 13,210.69 points below its all-time historic peak of 52,876.46 points achieved on May 24, 2017.

The main index has declined by 1.99 percent or 805.71 points since the start of the ongoing year whereas it has lost 14.82 percent or 6,899.52 points since July 1, 2017. The top Pakistani equity market has plummeted by 5.36 percent or 2,245.13 points since July 1, 2018.

During Monday’s trading session, the main index moved in a healthy range of 1,068.49 points as it touched an intra-day high of 40,464.86 points as against an intraday low of 39,396.37 points.

The KSE All-Share Index shrank by 1.51 percent or 444.04 points to close at 28,920.02 points, the KSE 30-Index dipped by 1.68 percent or 333.50 points to end at 19,531.94 points, the KMI 30-Index nosedived by 1.73 percent or 1,159.58 points to conclude at 65,975.10 points, whereas the Islamic All-Share Index trimmed down by 1.23 percent or 241.95 points to finish the trading session at 19,476.43 points.

Market analysts told Xinhua that the market was already under the influence of the latest rate hike by the State Bank of Pakistan but the rapidly falling local currency brought an additional wave of panic to the trading hall.

Market volumes expanded by 18.22 percent or 22.730 million shares to 147.480 million shares on Monday when compared with a trading of 124.749 million shares reported on Friday.

Among 348 active scrips on Monday, the prices of 236 issues declined, 83 advanced, whereas values of 29 other companies stayed unchanged at the previous week’s levels.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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