Bloodbath continues at PSX as KSE-100 index plunges 343 points

KARACHI: Pakistan Stock Exchange (PSX) on Thursday continued its declining trend after the KSE-100 index shed 343 points, a continuous decline in the market for the third day owing to indecision over a deal with International Monetary Fund (IMF), ARY NEWS reported.

The KSE-100 index traded at 42, 520 after the decline.

The Pakistan Stock Exchange (PSX) on Wednesday witnessed massive selling pressure as the benchmark KSE-100 index shed more than 1000 points owing to growing uncertainty over talks with International Monetary Fund (IMF) for the release of US$1 billion tranche.

The market began its slide soon after opening at 42,463 points, with the benchmark KSE-100 index down 1041 points by 2:30pm.

Economic woes

PML-N bigwigs including Prime Minister Shehbaz are in London to attend an urgent meeting of PML-N summoned by party supremo Nawaz Sharif over the country’s financial situation and other political matters.

It is worth mentioning here that the coalition government, led by PM Shehbaz Sharif, is facing several economic challenges since coming into power back in April 2022 after Imran Khan was dethroned as Pakistan PM through a no-confidence motion.

The new coalition setup, since then, has approached International Monetary Fund (IMF) and Saudi government for bailout packages. The federal government recently also held talks with UAE economic team in Lahore for “financial support”.

Read More: IMF TALKS: PSX OPENS IN RED, SHEDS 1607 POINTS

It is learnt that Finance Minister Miftah Ismail agreed with International Monetary Funds’ (IMF) recommendations to reduce fuel subsidies phase-wise.

Miftah Ismail held a meeting with the executive directors of the Fund in Washington last month for the revival of the Extended Fund Facility (EFF) programme.

According to sources, talks between Pakistan and the International Monetary Fund (IMF) could begin on 18 May in Qatar.