Business

Pakistani stocks buoyed by US comments

Published

2 years ago

Farwa

Positive US statement on Pakistan’s nukes improves sentiment
Rupee depreciation remains a worry for investors
All-eyes on FATF decision on Pakistan

KARACHI: Stocks on Tuesday managed to anchor themselves on the edges of green, but could not venture much further owing as caution reigns supreme ahead of the FATF decision on Pakistan amid restive political undercurrents, traders said.

The KSE-100 Shares Index, the main gauge of the country’s apex bourse, the Pakistan Stock Exchange (PSX), gained 84 points or 0.20 percent, to end the day at 41,839 points. The market settled at that number after swinging between a day-high of 42,007.23 and an -low of 41,755.45.

Topline Securities in a post-market note said the US State Department’s positive statement regarding Pakistan’s nuclear programme and the country’s likely whitelisting in the upcoming FATF annual review gave stocks a reason to stay buoyed.

“The official announcement is likely to arrive over the weekend,” the brokerage said.

During the day, technology, E&P, and fertiliser sector stocks supported the index. Scrip-wise, TRG, POL, SNGP, DAWH, and FFC added 89 points, cumulatively, to the index. On the flip side, PSO, NESTLE, and EPCL together lost 25 points.

Out of 90 active companies traded in the session, 49 advanced, 40 retreated and one remained unchanged.

Over 189 million shares were traded, while the total value clocked in at Rs5.8bn. Worldcall Telecom led the volumes chart with 29.8 million traded shares.

The rupee on Tuesday depreciated against the US dollar for the fifth straight session on a spike in demand from importers. The rupee’s downward spiral has been a cause of serious concern over the state of the economy in the near future.

The foreign exchange reserves are dwindling in the absence of new foreign inflows and a tight dollar supply was also weighing on local currency.

The local unit depreciated by 0.37% (Rs0.82) to reach 219.71 in the interbank market, according to the State Bank of Pakistan (SBP), down in value from the previous close of 218.89.

The dollar also strengthened in the open market as the rupee lost 0.50 to close at 226.20.

Business

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

Published

19 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

19 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

19 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.”