Monday, August 8, 2022

PSX witnesses bearish trend, plunges by 308 points

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KARACHI: Pakistan Stock Exchange (PSX) on Wednesday witnessed a bearish trend, plunging 308 points during the early hours of the trade, ARY NEWS reported.

The KSE-100 index traded at 41,447 after losing 308 points.

On June 24, the Pakistan Stock Exchange (PSX) crashed minutes after Prime Minister Shehbaz Sharif announced a 10 percent ‘super-tax’ on large-scale manufacturers and industries.

The bourse was under severe selling pressure right from the opening bell. At 12pm, the benchmark KSE-100 index was down 2,055 points or 4.8pc. The trading was halted for 45 minutes.

The market was trading at 41,198 points as of 3pm. As per the PSX Rulebook, if the KSE 100 index falls 4.5pc or more, trading is halted for 45 minutes.

The market has, however, recovered since then to some extent after reports of an IMF deal and rollover of Chinese loans.

It is pertinent to mention here that Pakistan on Tuesday received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) for the seventh and eighth reviews.

This was confirmed by Finance Minister Miftah Ismail on his official Twitter handle.

“Early this morning, the Government of Pakistan received a MEFP from the IMF for combined 7th and 8th reviews,” he wrote.

The MEFP is a document that contains details regarding striking a staff-level agreement and according to media reports, the government has to achieve prior tasks before the two sides reach a staff-level agreement.

Prime Minister Shehbaz Sharif on Tuesday said that Finance Minister Miftah Ismail has informed him that Pakistan could receive $2 billion instead of $1 billion from the International Monetary Fund (IMF).

“Miftah Ismail in a message said that we will hopefully be receiving $2 billion instead of $1 billion from the IMF,” the premier said and added that he told the minister that the “real goal” was achieving self-reliance.

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