The Pakistan Stock Exchange (PSX). Image: File
KARACHI: The Pakistan bourse opened on a bearish note as the KSE-100 index declined 220.65 points, or 0.50 per cent, in the first hour of trading on Thursday.
The Pakistan equity market plunged on Wednesday, following the announcement of removal of general sales tax (GST) exemption and rollover settlement, while selling pressure persisted during the day. The International Monetary Fund (IMF) rejected Pakistan’s request to keep a door open for borrowing from the central bank and also did not agree on any meaningful accountability of the State Bank of Pakistan (SBP).
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Analysts said that the market is reacting negatively to the IMF and Pakistan’s ambiguous talks as IMF rejected Pakistan’s request regarding borrowing from the SBP, and news of the removal of general sales tax is also another factor driving the local stock market toward bearish note.
The market remained under pressure as reports of a likely mini budget sent jitters down the market with investors expecting even bigger blows as the government executes the IMF’s tough conditions.
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