Silva announced his farewell on Monday in an emotional video message on Chelsea's website
football2 hours ago
Investors said the rupee, which sunk to a record low on Friday, further hit investor confidence already battered by persistent political wrangling in the country.
They said continued political tension will distract the government from pressing economic problems, and encourage more investors to flee Pakistan's financial markets.
"The rulers are not worrying about the economy where the situation is deteriorating day by day," said Sajid Bhanji, a trader at Arif Habib Limited. He said foreign investors were among the biggest sellers in the stock market on Friday.
Uncertainty over the future of Pakistan's government and economy pushed the Pakistani rupee to a record low of about 77.15 against the dollar. OGDC fell 2.9 per cent and Habib Bank dropped 5 per cent. MCB Bank, which posted a 7.7 per cent fall in second-quarter net profit on Friday, slipped 3.7 per cent.
Pakistan's stock market, which rose for six straight years to 2007 and was the top performer in Asia during that period, has tumbled almost 30 per cent this year. It was the third worst-performing market in Asia as of Thursday's close, behind China and Vietnam.
Investors had hoped President Pervez Musharraf's resignation on Monday would bring about a quick resolution to outstanding political issues.
But that is unlikely after the coalition on Friday pushed back a deadline for the restoration of judges deposed by Musharraf last year, further delaying the resolution of a problem that threatens to split the alliance.
Silva announced his farewell on Monday in an emotional video message on Chelsea's website
football2 hours ago
Protest organizers deny accusations of anti-Semitism, arguing that their actions are aimed at the Israeli government
world2 hours ago
Images published on the weekend showed Bollywood superstar actor Shah Rukh Khan sweating profusely while watching his team train
cricket2 hours ago
Al Ghadeer has offered the highest ROI of 7.65 per cent for affordable houses
realty2 hours ago
Customer deposits and Islamic customer deposits increased by 2.5% to reach Dh39.5 billion
business3 hours ago
Bayern Munich will face Real Madrid in the first leg of the Champions League semifinal on Tuesday
football3 hours ago
Company’s mobile customer base grew 5.7% year-over-year to 8.7 million subscribers
telecom3 hours ago
UK foreign secretary says the proposal includes 40-day pause in fighting and release of thousands of Palestinian prisoners and Israeli hostages
world3 hours ago