- The market decreases 543 points, or -0.48%, ending at 111,487.36.
- Intraday raised at 112,569.89, but the sale pressure prevails.
- The KSE-100 index affects a minimum of 111,157.18 points.
Actions slipped on Wednesday as the benefits of disappointing companies and persistent economic uncertainties prompted investors with a strong tendency to unload the positions, the index swallowing wildly in volatile trade.
The KSE-100 KSE-100 KSE-100 index of Pakistan Stock Exchange (PSX) has reached an intraday summit of 112,569.89 but failed to maintain the rally, closing at 111,487.36, in decrease of 543.00 points, or 0.48%.
At its lowest point, the index affected 111,157.18, reflecting a drop of 873.18 points, or 0.78%, compared to the closing of the previous session of 112,030.36.
ARIF HABIB LIMITED’s research manager SANA TAWFIK, noted that dull income weighed the feeling.
“The financial results of the company are not expectations, associated with the impact of rolling week, have led to the index,” said Tawfik, explaining that the adjustments of the term contracts weighed on the activity of the activity walk.
The Minister of Finance, Muhammad Aurangzeb, reaffirmed the government’s commitment to meet the conditions of the International Monetary Fund program (IMF) of $ 7 billion. Speaking during the dialogue event on the economy in Islamabad, he said: “We are in a three -year fund program and know where we are, what we are committed and we will remain firmly on these commitments. “
Meanwhile, the Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, stressed that the cooling inflation provided a “loose place” for additional monetary easing. In an interview with Bloomberg TV, Ahmad noted that the inflation of securities and basic at the same time falling, allowing the flexibility of the central bank to further reduce interest rates after having reduced the rate of policy to 12% Monday.
The inflation of Pakistan, which culminated at 38% in May 2023, has now recorded an increase in figure in recent months. Analysts provide for additional relaxation, strengthening the expectations of additional rate drops in the coming months.
The Federal Board of Return (FBR) revealed alarming data on the narrow tax base in Pakistan. Out of 5.9 million income declarations produced, an astonishing 43.3% said zero taxable income. In addition, only 3,651 people said they won more than 100 million rupees per year.
The president of the FBR, Rashid Mehmood, Langrial, recently testified before a committee of the National Assembly that only 12 people declared a wealth greater than 10 billion rupees. The figures suggest either a generalized tax evasion or a lack of ultra-elevated individuals in the country.
A Topline Securities report has provided for exchange reserves for central banks in Pakistan could reach $ 13.5 to 4.5 billion by the end of the financial year, exceeding the target of $ 13 billion set in The framework of the IMF program. This projection is based on the low external financing requirements of Pakistan and improving current account performance.
A IMF team is expected to visit Pakistan in March for the next program exam, assessing the country’s economic progress and political adjustments.