PSX sheds 683 points as uncertainty over IMF deal looms

KARACHI: Amid uncertainty over a deal with IMF and the announcement of monetary policy, the Pakistan Stock Exchange (PSX) on Monday shed 683 points, depicting a lack of confidence from investors in the market, ARY NEWS reported.

The KSE-100 index fell below the 43,000 mark today after it shed 683 points and traded at 42,417 points.

Finance Minister Miftah Ismail has left for Doha to hold talks with the International Monetary Fund (IMF) for the release of US$1 billion tranche and today during a media talk said that the tough conditions of withdrawing subsidies and imposing tax on petroleum products is the result of agreements of the previous government with the global lender.

Miftah Ismail said as per agreements of the previous government,  the diesel price is to be increased by 150 rupees per litre and petrol by 100 rupees per litre but the present government does not want to carry it forward as it will result in a heavy financial burden on the masses.

Miftah Ismail expressed the hope that in the next two days he will succeed in having agreement with IMF in the best interest of the country and the people.

Meanwhile, the uncertainty over the IMF led to the rupee’s downward trend against the US dollar in the interbank market as the greenback gained Rs0.61 in intraday trading.

According to the Forex Association of Pakistan (FAP), the US dollar gained Rs0.61 in the interbank market and climbed to Rs200.75 around 12:00pm.

The forex dealers said that US dollar in the open market is also trading at over Rs202. The US dollar closed at 200.14 the other day.