Cotton prices surge as international production decreases
Cotton prices stared increasing internationally after the news of lesser production than the total estimates. Per 40 kg price exceeded 8000 rupees in the New York cotton exchange.Local cotton prices also witnessed an increase after the international increase.Per 40 kg price of cotton went up by 100 rupees in the local markets to reach 7200 rupees in Punjab and 7300 in Sindh. A week ago, the international cotton prices were less than that of the local prices. However bullish trend was seen after the reports of reduced cotton production by American Agriculture Department.
Gold price witnesses bullish trend
Gold price witnessed bullish trend in local and local and international gold markets on Wednesday. According to Sindh Sarafa Association, gold prices increased to Rs 40,275 per tola, up by Rs 110 whereas the price of 10 grams increased to Rs 34,521, up by Rs 94. In the international market, gold price increased to $1269 per ounce, up by $4. Gold prices have been increased more than Rs. 500 within two days in local gold markets.
KSE closes above 10,000 points
The Karachi Stock Exchange witnessed a bullish trend on Tuesday. The KSE-100 index gained 211 points. The index closed at 10,091 points.
The market rose on the news of positive developments on margin trading. Trading volume of 100 million shares were recorded. 228 companies recorded an increase.
Out-flow at Kotri Barrage above 938 thousand cusecs
Kotri Barrage is in peak flood. Water out-flow crosses 938 thousand cusecs according to the figures provided by Flood Control Room. KB Feder Canal has been torn due to Increase in water level in order to save Khanpur Village and residents have been directed to move onto safer places.
DCO Hyderabad has ordered to keep Private and Govt. educational institutes closed for three days.
A news system of Monsoon has entered Pakistan. Torrential rains have started in different cities of Punjab. Water Level in Ravi and Sutlej has risen once again as India spills water into both of the rivers. A mid range flood is expected in Ravi-Sutlej in the coming 4 days and warning has been issued by the Govt.
Crack in Keenjhar puts Garhi Khuda Bukhsh, Ratu Dero in red zone
Breach in Keenjhar Lake rose the inundation threat of Bhuttos native towns Ratu Dero and Garhi Khuda Bakhsh while ground links to Dera Allah Yar could not be restored even after the lapse of 11 days the.
Erosion in Surjani Bund would lead to submersion of many villages around Thatta as the 13 and 14 of lunar dates brought high tide to sea which is pushing back the floodwater to the abovesaid areas.
Hyderabad city has completely been made immune to flood threat; however seepage in a safety dyke flooded low-lying areas of Latifabad and Qasimabad. Mounting pressure on Thatta put Sajawal, Mirpur Bhattoro, Mirpur Sakro, Kati Bundar and Shah Bundar under danger of flooding. Protective embankments of Kotri developed breaches at six places whereas Jung Shahi and National Highway may face inundation due to surge in Kheenjar Lake. Meanwhile, a crack has bee emerged in Kirthar Canal near Larkana, owing to which water headed towards Shahdadkot, Ratu Dero and Garhi Khuda Bakhsh forcing the locals to move to safer places.
Ratu Dero district administration was building a safety bund while erosion in Saifullah Magsi Canal has submerged around 50 villages including Qubo Saeed Khan, Goth Abdul Jalil Barohi and Muhammad Bukhsh Khoso. Crack in FP protective bund enlarged the flood threat to areas adjacent to Wara and Qambar bunds. Flood tide of 800,000 cusecs is passing through the outskirts of Khairpur.
On the other hand, a new flood wave has entered which rose the water level in Suhbatpur, Rojhan Jamali and Gandakha.
Polling underway for PP-13 Rawalpindi
Polling for by-polls for PP-13 constituency is underway amid tight security in Rawalpindi on Wednesday.
A neck-and-neck contest is expected between Pakistan Muslim League- Nawaz (PML-N) candidate Haji Ghulam Raza and PML-Q candidate Chaudhry Adnan. A total of 11 candidates including Abid Pervez Mughal of Awami Muslim League (AML) are contesting for the seat.
An independent candidate, Raja Shahid, claimed that he has the support of the Pakistan Peoples Party (PPP). The PP-13 seat fell vacant when the Supreme Court disqualified PML-N MPA Yasir Raza for holding fake degree and ordered re-election in the constituency. The Election Commission of Pakistan (ECP) has set up 108 polling stations including 52 for women and 56 for men. Polling is expected to conclude at 5 pm.
LBs system, police order failed, observes CJ
Chief Justice Iftikhar Muhammad Chaudhry observed that the local bodies system and new police order failed, saying that nobody wanted LBs polls today.
The CJ was hearing some identical petitions against 18th amendment on Wednesday. The court cannot strike down any clause of the constitution under which we (member of bench) took oath, however, the amendments after our oath could be brought under judicial review, the CJ observed. Justice Iftikhar maintained that the PCO judges reviewed the cases against PCO, adding that under the Supreme Judicial Council, we set code of ethics for the courts vis–vis constitutional amendment. Justice Khalilur Rehman Ramday said in US Senate appoints judges but we need to take decisions in view of our ground realities. Chief Justice Chaudhry said the new systems always have flaws in them, adding that under the new police order around 97 accused escaped. He deplored lack of administration and infrastructure in the country regarding the post-flood affects. Justice Asif Saeed Khosa said the democratic countries across the globe appoint and sack judges, but sans denting judiciarys freedom.Punjab Advocate General Khawaja Harris argued that veto power of the parliamentary body has done away with the importance of the chief justice and judicial commission.
Asian markets down
Asian stocks witnessed a bullish trend on Wednesday.
Morgan Stanley Asia Pacific Index lost 4 points while Japans Nikkei Index touched the lowest level in the last 16 months as it shed 1.7 percent. Shanghais composite Index lost 2 percent. Rise in Yen against other currencies cast a negative impact on Japanese export.
Afridi not ideal man to lead in Tests: Akram
Former Pakistan captain Wasim Akram feels Shahid Afridi may not be the ideal man to lead in Tests, but he is certainly the best option available to lead in all formats of the game.
The pace legend seemed neither surprised nor excited at the news of Afridi being given the role to lead the team in the Asia Cup and the tour of England. He feels the choice was obvious.
I feel Afridi is the right choice for Pakistan. Although he is fit to lead in one dayers and T20s, I had my doubts in Tests But right now, PCB has no choice. They are short on options, said Akram, who was a little guarded in his opinion.
He did some critical analysis too. He said: In my honest opinion, Afridi cannot make a Test side on his batting skills alone, and in bowling too, I am not sure he will do wonders in English conditions where there will hardly be any turn. But, I think he will excel as a leader. He will inspire the team with his aggression and passion.
The former skipper had some words of advice for Afridi. Pakistan are due to tour England and Akram thinks Afridi will need to dig deep to beat England, in England.
Gold price crosses Rs 38,000 per tola
Gold price witnessed bullish trend in local and international gold markets on Saturday. Gold prices crossed Rs 38,000 per tola.
Gold prices increased to Rs 38,250 per tola, up by Rs 750 whereas the price of 10 grams increased to Rs 32,785, up by Rs 643.
In the international market, gold price reached to $1213 per ounce, up by $28.
