The actions of the Pakistan Bag (PSX) reversed the important profits on Monday when the KSE-100 index showed more than 2,000 points in the concerns of the International Monetary Fund (IMF) on electricity rates.
The KSE-100 reference index threw 2,002.55 points, or 1.69 percent, to support 116,439.62 since the last closure of 118,442.17 points.
Topline Securities, a brokerage firm in Karachi, said the market faced a downward pressure due to the IMF “concerns about the lack of adjustments to electric tariffs and without reduction in property taxes, as reported in the news.”
Previously, it was widely reported in the media through official leaks that the prime minister would announce a reduction of RS8 per unit in the electricity rates in his speech before the nation on March 23. However, the prime minister did not announce any relief package in his speech of Pakistan.
The substantial reduction of electricity rates, promised by the Government, could not exceed the fund, which is currently braking an agreement at the personnel level (SLA) on the first biannual review of the extended fund installation (EFF) of $ 7 billion.
“In addition, the proposed increase in the gift for Cement manufacturers in KPK contributed to the negative feeling,” added Topine Securities.
The decrease, according to the firm, was mainly driven by OGDC, Engro, FFC, PPL and Mari, which exerted pressure down, reducing the index by 811 points.
“In general, 311 million shares were negotiated, with a turnover of RS20BN,” he added, highlighting that Pael exceeded the volume table with 28 million shares.
Last week, the index continued its trip to the north during the sixth week, with the feeling of the market backed by the expectations of a SLA between Pakistan and IMF after the conclusion of the first review, which will be a path to the disbursement of the second section of $ 1.1 billion.
The IMF had shared a draft of the memorandum of economic and financial policies (MEFP) with the government, indicating progress. In addition, the potential resolution of the circular energy debt fed the positive feeling.
The Fund has made a wink to the government to emphasize its tax collection objective for fiscal year 2015 to RS12.35 billion RS12.97TR.
Meanwhile, large -scale manufacturing hired 1.2PC year after year in January.
In recent weeks, the country faced a new wave of terrorist attacks, mainly in Khyber Pakhtunkhwa and Baluchistan, which is shaking the confidence of foreign investors and well reflected in the fall of 45 percent year -on -year in foreign direct investment (IED) to $ 95 million in February.
The main economic indicators showed an improvement, but the country is not yet out of the wood, since the LSM sector remained negative in the first seven months of fiscal year 2015 despite a strong reduction in the policy rate of the State Bank of Pakistan to 12 percent from 22 % unprecedented in June 2024.
