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PSX sinks below 41,000 amid political uncertainty

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  • KSE-100 sheds over 300 points as bears resort to stock selling.
  • Depreciation of rupee further dented investor interest.
  • Decent volumes were observed on the mainboard.

Pakistan Stock Exchange (PSX) on Monday lost ground in the face of political uncertainty that grew with the Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s announcement to dissolve Punjab and Khyber Pakhtunkhwa assemblies on December 23.

The benchmark KSE-100 index shed over 300 points as bears resorted to stock selling due to emerging political developments.

The market came under selling pressure, which persisted throughout the trading session, dragging the index below the 41,000- point mark. Depreciation of the rupee against the US dollar further dented investor interest.

Earlier, the session kicked off on a positive note, however, the market dipped within an hour of trade. It remained under selling pressure, touching an intra-day low of 40,814.95 points.

At close, the benchmark KSE-100 index recorded a decrease of 330.66 points, or 0.80%, to settle at 40,970.82.

Arif Habib Limited, in its post-market commentary, noted that the week started on a negative note at the PSX due to the ongoing political uncertainty, which kept investors squaring up their position in the market, with the index shedding 486.53 points during the intraday.

Decent volumes were observed on the mainboard although third-tier stocks remained in the spotlight.

Sectors contributing to the performance included power generation and distribution (-53.5 points), fertiliser (-51.5 points), technology and communication (-51.5 points), exploration and production (-47.1 points), automobile assembler (-33.7 points).

Shares of 317 companies were traded during the session. At the close of trading, 82 scrips closed in the green, 220 in the red, and 15 remained unchanged.

Overall trading volumes rose to 142.57 million shares compared with Friday’s tally of 139.65 million. The value of shares traded during the day was Rs3.81 billion.

Bank AlFalah was the volume leader with 29.01 million shares traded, losing Rs0.07 to close at Rs30.68. It was followed by WorldCall Telecom Limited with 12.44 million shares traded, losing Rs0.04 to close at Rs1.23 and Hascol Petrol with 9.45 million shares losing Rs0.71 to close at Rs6.09.

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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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