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PSX nosedives by over 800 points amid political uncertainty

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The Pakistan Stock Exchange (PSX) on Tuesday plunged by over 800 points during intra-day trade amid uncertainty on the political front.

At 11:59am, the benchmark KSE-100 Index dropped by 742 points, or 1.81%, to settle at 40,228 points.

KSE-100 Index at 11:59am. — Screengrab/PSX

However, a few minutes later the drop crossed the 800 mark. The market was hovering at 40,164 points down by 1.97%.

KSE-100 Index at 12:34pm. — Screengrab/PSX
KSE-100 Index at 12:34pm. — Screengrab/PSX

Speaking to Geo.tv, AA Commodities Director Adnan Agar said the stock market is reacting to all “bad political news”.

“Players are looking for political stability before assuming fresh positions in the market,” he said, adding that any positive news on political front or positive development regarding IMF programme will reinstate investors confidence.

Pakistan and the global lender have been holding discussion with Islamabad on the ninth review “productive”. However, differences between both the sides still persist making consensus harder to strike on a staff-level agreement for completion of the 9th review under $7 billion Extended Fund Facility (EFF).

Agar further highlighted that market players are also concerned about the future of the Shehbaz Sharif-led coalition government while taking into account the current political developments.

The federal government has been thrown off guard after Imran Khan announced that he will be dissolving the Punjab and Khyber Pakhtunkhwa assemblies this week.

“Moreover, constant depreciation of rupee against the US dollar is adding fuel to the downtrend,” he said, mentioning that the investors are unhappy with how Finance Minister Ishaq Dar is handling the rupee-dollar parity.

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

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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.

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Fly Jinnah opens a new route internationally.

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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.

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

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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.”

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