Business

KSE-100 falls over 200 points as political uncertainty rattles market

Published

2 years ago

Farwa

At close, benchmark KSE-100 index lost 200 points, or 0.46%, to end session at 43,653.33 points.
Stocks of 332 companies were traded, of which 110 gained in value, 205 declined, and 17 remained unchanged.
Arif Habib Ltd says market had opened in green zone and stayed volatile throughout day.

KARACHI: The Pakistan Stock Exchange (PSX) ended the week on a negative note with benchmark KSE-100 closing in the red due to the political unrest in the country in the backdrop of the no-confidence motion against Prime Minister Imran Khan.

The recovery of the rupee against the US dollar, remittances data, and decline in the international oil prices failed to attract market participants, who remained wary of the overall political situation.

At close, the benchmark KSE-100 index lost 200 points, or 0.46%, to end the session at 43,653.33 points.

Arif Habib Limited, in its post-market commentary, noted that the market had opened in the green zone and stayed volatile throughout the day. It added that the range-bound session was observed due to the “political unrest and overheated commodities cycle”.

Sectors contributing to the performance included commercial banks (-43.0pts), exploration and production (-42.0pts), cement (-40.1pts), power (-30.0pts) and oil marketing companies (-19.5pts).

Stocks of 332 companies were traded, of which 110 gained in value, 205 declined and 17 remained unchanged.

Overall trading volumes dropped to 149.29 million shares compared with Thursday’s tally of 271.90 million. The value of shares traded during the day was Rs5.26 billion.

TPL Properties was the volume leader with 12.27 million shares traded, losing Rs1.26 to close at Rs22.46. It was followed by Pak Elektron with 11.9 million shares traded, losing Rs0.67 to close at Rs1.82, and TPL Corporation with 9.39 million shares traded, gaining Rs0.03 to close at Rs10.06.

Business

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

Published

15 hours 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.

Business

Fly Jinnah opens a new route internationally.

Published

15 hours ago

Farwa

Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

Business

Tajir Dost app: traders don’t seem interested in registering

Published

15 hours ago

Farwa

To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”