Senate Stock to be floated on Pakistan Stock Exchange

The stock of parliament’s upper house is set to revive a flailing PSX

10:19 AM | 15 Mar, 2018
Senate Stock to be floated on Pakistan Stock Exchange
In an unprecedented move, the Pakistan Senate is set to announce an Initial Public Offering (IPO) to sell its shares to the public. The stock of parliament’s upper house is set to revive a flailing PSX in the face of massive ‘corrections’ that have (suspiciously) coincided with the removal of Ishaq Dar as finance minister.

This step to offer citizens a stake in the upper house of parliament comes as a part of a plan to privatize key state functionaries to raise ‘efficiency’. It comes as a shock to few, after the recently held Senate Elections resulted in the little-known Muhammad Sajid Sanjrani getting voted as Senate Chairman. PPP Co-Chairman and political godfather Asif Ali Zardari hailed the move democratic and one that would bring peace and prosperity to Pakistan. Mr. Zardari said:

“Who said money and politics don’t go well together? One need only look at America and their lobbying practices to see the amazing politicians it produces.”

In response to allegations of rampant ‘horse trading’ in this election, Mr. Zardari said that animals are currently not allowed within senate premises; but clearly rules can be changed to accommodate powerful backers. “Perhaps we can have Houbara Bustards for our Arab sponsors”

To everyone’s surprise, even previous Chairman of the Senate, Raza Rabbani also supported this new development saying, that he has no control of what is left of the party and that the PPP is now akin to Mr. Zardaris personal (political) hedge fund ‘everyone has a right to their opinion.’

In a statement to the press, Director General of the Securities and Exchange Commission of Pakistan welcomed this move. He said it provided bureaucratic bodies such as the SECP an opportunity to put pressure on politicians (instead of the other way around). He claimed that privatization was a good move, no matter what kind of institution fell to it, and welcomed future such changes. Maybe ones that allowed citizens to take ownership of the national assembly and even, the Prime Minister.

While it is the first time that a Baloch has been appointed Senate Chairman (or anything important in the federal set-up), it is not the first time that politicians have taken advantage of Balochistan’s strategic position. The fact that the Chairman of the Senate is an independent senator from Balochistan will certainly pave way for development in the province and will finally settle the matter of the Western route of CPEC. In fact, the people of Balochistan are probably rejoicing at decades of Punjabi dominance breaking down but are now gearing up for 5 years of subservience to the Sindhi's.


Rupee recovers marginally against US dollar, Euro, Pound, Dirham and Riyal; check forex rates

Pakistani rupee saw marginal improvement against US dollar as it appreciated in the open bank market.

Dollar Rate in Pakistan Today

On Thursday, the US dollar moved up and was being quoted at 285.3 for buying and 288.15 for selling.

Euro moves down to 311 for buying and 314 for selling. British Pound rate stands at 358.5 for buying, and 361.5 for selling.

UAE Dirham AED stands at 78 whereas the Saudi Riyal rate stands at 76.20.

Today's currency exchange rates in Pakistan - 30 November 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.3 288.15
Euro EUR 311 314
UK Pound Sterling GBP 358.5 361.5
U.A.E Dirham AED 78 78.7
Saudi Riyal SAR 76.2 77
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 759.67 767.67
Canadian Dollar CAD 209 211
China Yuan CNY 39.58 39.98
Danish Krone DKK 41.38 41.78
Hong Kong Dollar HKD 36.63 36.98
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.7 935.7
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 741.26 749.26
Qatari Riyal ‎QAR 77.63 78.33
Singapore Dollar SGD 211 213
Swedish Korona SEK 26.93 27.23
Swiss Franc CHF 325.9 328.4
Thai Bhat THB 8.23 8.38

Gold rates in Pakistan increase; Check today’s gold rates 30 November 2023

KARACHI – The gold price continues to climb up in the local market in line of upward trend in international market.

Gold Rates in Pakistan Today - 30 November 2023

On Thursday, the single tola of 24 Karat gold was available at Rs218,600, and the price for 10-gram gold reached Rs187,420.

Meanwhile, the 22 Karat Gold price stands at Rs200,380, 21 karat rate for each tola is Rs191,275 and 18k gold rate hoveres around Rs163,950.

In international market, the price of precious metal hovers around $2,045 per ounce.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 218,600 PKR 2,675
Karachi PKR 218,600 PKR 2,675
Islamabad PKR 218,600 PKR 2,675
Peshawar PKR 218,600 PKR 2,675
Quetta PKR 218,600 PKR 2,675
Sialkot PKR 218,600 PKR 2,675
Attock PKR 218,600 PKR 2,675
Gujranwala PKR 218,600 PKR 2,675
Jehlum PKR 218,600 PKR 2,675
Multan PKR 218,600 PKR 2,675
Bahawalpur PKR 218,600 PKR 2,675
Gujrat PKR 218,600 PKR 2,675
Nawabshah PKR 218,600 PKR 2,675
Chakwal PKR 218,600 PKR 2,675
Hyderabad PKR 218,600 PKR 2,675
Nowshehra PKR 218,600 PKR 2,675
Sargodha PKR 218,600 PKR 2,675
Faisalabad PKR 218,600 PKR 2,675
Mirpur PKR 218,600 PKR 2,675


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter