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Senate Stock to be floated on Pakistan Stock Exchange

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

Zeeshan Iftakhar 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.

Zeeshan Iftakhar
Zeeshan Iftakhar

Zeeshan Iftakhar is a student of Law at LUMS and a keen admirer of qeemay walay naan.

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on January 28, 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 263.9 266.15
Euro EUR 275.75 278.5
UK Pound Sterling GBP 313 316
U.A.E Dirham AED 69.75 70.45
Saudi Riyal SAR 67.25 67.9
Australian Dollar AUD 178.5 180.9
Bahrain Dinar BHD 644.19 652.19
Canadian Dollar CAD 187.5 189.70
China Yuan CNY 35.71 36.11
Danish Krone DKK 35.38 35.78
Hong Kong Dollar HKD 30.94 31.29
Indian Rupee INR 2.97 3.08
Japanese Yen JPY 2.50 2.54
Kuwaiti Dinar KWD 793.10 802.15
Malaysian Ringgit MYR 57.02 57.62
New Zealand Dollar NZD 156.69 158.69
Norwegians Krone NOK 24.46 24.76
Omani Riyal OMR 629.39 637.39
Qatari Riyal ‎QAR 66.54 67.24
Singapore Dollar SGD 184.38 186.38
Swedish Korona SEK 25.31 23.81
Swiss Franc CHF 263.01 265.51
Thai Bhat THB 7.38 7.53

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs204,100 on Saturday. The price of 10 grams of 24k gold was recorded at Rs174,990.

Likewise, 10 grams of 22k gold were being traded for Rs157,300 while a single tola of 22-karat gold was being sold at Rs 178,500.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 204,100 PKR 2,220
Karachi PKR 204,100 PKR 2,220
Islamabad PKR 204,100 PKR 2,220
Peshawar PKR 204,100 PKR 2,220
Quetta PKR 204,100 PKR 2,220
Sialkot PKR 204,100 PKR 2,220
Attock PKR 204,100 PKR 2,220
Gujranwala PKR 204,100 PKR 2,220
Jehlum PKR 204,100 PKR 2,220
Multan PKR 204,100 PKR 2,220
Bahawalpur PKR 204,100 PKR 2,220
Gujrat PKR 204,100 PKR 2,220
Nawabshah PKR 204,100 PKR 2,220
Chakwal PKR 204,100 PKR 2,220
Hyderabad PKR 204,100 PKR 2,220
Nowshehra PKR 204,100 PKR 2,220
Sargodha PKR 204,100 PKR 2,220
Faisalabad PKR 204,100 PKR 2,220
Mirpur PKR 204,100 PKR 2,220

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