Business

Bloodbath at PSX as KSE-100 index plunges over 1,600 points on PM Shehbaz’s ‘tough’ decisions

Published

2 years ago

Farwa

The market closes at 41,051.73 points after losing 3.9%
Analyst says 10% super tax on large-scale industries unexpected.
Shares of 364 companies were traded during the session.

KARACHI: The Pakistan Stock Exchange (PSX) Friday witnessed a bloodbath immediately after Prime Minister Shehbaz Sharif announced “tough decisions” taken by the government in the federal budget for the upcoming fiscal year 2022-23.

The benchmark KSE-100 index opened in the green in line with its positive trend a day earlier; however, it soon plunged over 2,000 points or nearly 5%.

At close, benchmark KSE-100 index closed at 41,051.79 points after plunging 1,665.18 points or 3.9%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal

In his address to the nation, the premier announced that a 10% super tax would be imposed on large-scale industries including cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile sectors.

Speaking to Geo.tv, Arif Habib Limited Head of Research Tahir Abbas said the market is reacting to the news of the imposition of super tax on large-scale industries.

“A 10% super tax on large-scale industries is on the higher side and the market didn’t expect this, therefore the reaction is intense,” he said.

The analyst was of the view the market will now stay under pressure in the days to come until budget 2022-23 is passed in the National Assembly and the finance act is released, which will reveal the exact details of the “tough” decision taken by the government.

Shares of 364 companies were traded during the session. At the close of trading, 61 scrips closed in the green, 287 in the red, and 16 remained unchanged.

Overall trading volumes rose to 424.22 million shares compared with Thursday’s tally of 349.48 million. The value of shares traded during the day was Rs12.8 billion.

K-Electric was the volume leader with 36.66 million shares traded, gaining Rs0.01 to close at Rs2.86. It was followed by Cnergyico PK Limited with 25.85 million shares traded, losing Rs0.43 to close at Rs5.35 and Pakistan Refinery with 25.3 million shares traded, losing Rs1.44 to close at Rs18.10.

Business

PSX surpasses the historical 71,500-point threshold.

Published

1 day ago

Farwa

Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

Business

Outsourcing: Investors from Turkey stop by the airport in Karachi

Published

1 day ago

Farwa

Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

4 days ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.