The Pakistan stock market shed over 750 points and slipped below 35,000 points today as individual investors are mainly seen booking profits. Profit booking came after the market made a historical recovery of 7.65% last week. Investors are primarily booking profit in cement and steel stocks, which had invited significant buying last week after the announcement of Market Support Fund.
The QS World University Rankings for 2019 have ranked National University of Sciences and Technology (NUST) at 87th position in Asia (world ranking 417) and Lahore University of Management (LUMS) at 95th position in Asia (world ranking 701-750). Additionally, in the latest rankings, the number of Pakistani universities has also increased from last year’s 16 to 23.
Following the directives of the President, Sheikh Khalifa bin Zayed, the UAE Cabinet announced that the Eid Al Fitr holiday for the public sector will start on Sunday, June 2, for one week, with work resuming on Sunday, June 9. However, combined with May 31 (Friday) and June 1 (Saturday), the public sector will get altogether a 9-day long holiday.
Swiss pharmaceutical company, Novartis, announced that it has received US regulatory approval for a gene therapy that treats a rare childhood disorder and has a price tag of $2.1 million, making it the most expensive drug in history. The company said Zolgensma was a one-time treatment for spinal muscular atrophy and will cost $2.125 million payable over five years.
More than 40 per cent of lawmakers in India’s new parliament face criminal charges — some as serious as murder and rape — and the list is growing, an electoral reform group said on Saturday. One member of parliament for the opposition Congress party is battling 204 cases including manslaughter and robbery, the Association of Democratic Reforms (ADR) said.
Entrepreneur Elon Musk’s SpaceX has raised more than $1 billion in financing in the last 6 months as it aims to roll out an ambitious high-speed internet service via satellites. The company raised $486.2 million in December and $535.7m in April, and launched its first batch of 60 small satellites into low-Earth orbit for Musk’s new Starlink internet service.