Monday, July 4, 2022

Bloodbath at PSX as KSE-100 index sheds 1061 points

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KARACHI: Amid indecisiveness of the incumbent government led by Shehbaz Sharif on deal with International Monetary Fund (IMF), the Pakistan Stock Exchange (PSX) on Monday witnessed bloodbath in the early minutes of the trading after it shed 1061 points, ARY NEWS reported.

According to details, the KSE-100 index fell below the 43,000 mark after it lost 1061 points at the start of the day. The PSX is trading at 42,224 after the investors pulled out their money amid growing uncertainty over government’s decision to reach out to the IMF for a US$1 billion tranche.

The Pakistan Muslim League-Nawaz-led federal government has decided against hiking fuel prices, one of the main demands of reversing unfunded subsidies by the  International Monetary Fund (IMF) for releasing a US$1 billion tranche.

Miftah Ismail said the government is not going to increase fuel prices and added that he is going to hold talks with the International Monetary Fund (IMF) for the revival of the loan package for Pakistan.

Read More: PSX WEEKLY REVIEW SHOWS DECREASE OF 1,354 POINTS

“We are not going to increase fuel prices,” Miftah said and advised the masses not to wait in long lines at the petrol pumps in this hot weather.

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