Pakistan Stock Exchange plunges 3500 points due to increasing risk of showdown with India
Islamabad, Apr 30 (PTI): The Pakistan Stock Exchange (PSX) plunged by more than 3,500 points on Wednesday as uncertainty took hold due to increasing risk of a showdown with India.
Information Minister Atta Tarar said that India was planning military action against Pakistan in 26 to 36 hours, spreading panic in the market.
The market maintained a downward trend throughout the day and finally the index closed at 111,326.57, down by 3,545.61 or 3.09 per cent, from the last close of 114,872.18, according to the data provided by the PSX.
Analysts attributed the plunge to the uncertain security situation after the Pahalgam terrorist attack of April 22 that killed at least 26 people.
The Dawn newspaper reported that Mohammed Sohail, chief executive of Topline Securities, attributed the decline to “news of a likely attack in the next few days”.
Awais Ashraf, director research at AKD Securities, said, “Investors are worried about potential Indian military action against Pakistan, concerns that have intensified following the information minister’s press briefing.”
Yousuf M Farooq, director of research at Chase Securities, echoed the same sentiments. He said that the market was under pressure following the information minister’s “statement last night suggesting that India may take military action within the next 24–36 hours”.
“The market in the short term will most likely follow news flows of Pakistan-India tensions,” he added.
Sana Tawfik, head of research at Arif Habib Limited, also credited the slump primarily on geopolitical tensions between India and Pakistan.
Earlier in the day, Information Minister Tarar said that “credible intelligence” reports indicated that India was planning to conduct military action in the next 24 to 36 hours.
His statement came after India gave its military “operational freedom” to respond to the Pahalgam attack.
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Ordinance issued to increase number of Supreme Court judges from 34 to 38
New Delhi (PTI): The government has promulgated an ordinance to increase the strength of the Supreme Court from the present 34 judges to 38, including the Chief Justice of India.
The law ministry notified the ordinance on Saturday, which amended the Supreme Court (Number of Judges) Act, 1956, to increase the sanctioned strength of the top court.
So far, the sanctioned strength of the top court was 34, including the Chief Justice of India (CJI). Now, the number of judges has been increased by four, taking the sanctioned strength to 38.
The top court will now have 37 judges, other than the CJI.
With the apex court having two vacancies at present, and the ordinance coming into force immediately, the Supreme Court Collegium will now have to recommend six names for appointment as judges in the top court.
A bill will be brought in the Monsoon Session of Parliament to convert the ordinance – an executive order – into a law passed by Parliament.
The Union Cabinet had cleared a draft bill on May 5 to increase the number of apex court judges.
The strength of the Supreme Court was last increased from 30 to 33 (excluding the CJI) in 2019.
The Supreme Court (Number of Judges) Act, as originally enacted in 1956, put the maximum number of judges (excluding the CJI) at 10.
This number was increased to 13 by the Supreme Court (Number of Judges), Amendment Act, 1960, and to 17 by another amendment to the law.
The Supreme Court (Number of Judges) Amendment Act, 1986, augmented the strength of judges from 17 to 25, excluding the CJI.
A fresh amendment in 2009 further increased the strength from 25 to 30.
Article 124(3) of the Constitution lists the qualifications required to become a Supreme Court judge.
An Indian citizen who has either served as a high court judge for at least five years, or as an advocate for 10 years, or is a distinguished jurist, can be appointed to the top court.
The strength of the Supreme Court is increased based on the recommendations of the CJI, who writes to the Union law minister. After consulting the finance ministry, the Department of Justice under the law ministry moves the Cabinet with a draft bill.
