KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) remained in grip of bears on Wednesday as investors remain cautious amid ongoing talks with the International Monetary Fund for release of next tranche of loan and geopolitical tensions.
During intraday trading, the KSE-100 index shed 704.37 points to drop to 163,921.92 points, marking a negative change 0.43 percent compared to previous close of 164,626.29 points.
A review mission of IMF has arrived in Pakistan for a 15-day visit to assess the country’s economic performance under the ongoing loan programme.
The mission will remain in the country until March 11, holding negotiations in two phases — first in Karachi and later in Islamabad.
During the visit, the IMF team will evaluate Pakistan’s economic performance for the first six months of the current fiscal year, from July to December.
The broad contours of the upcoming federal budget for the next fiscal year will also be part of the review schedule, indicating the significance of the discussions for future fiscal planning.
Sources in the Ministry of Finance stated that most IMF targets have been achieved, with the exception of tax revenue collection.
The Federal Board of Revenue (FBR) faced a shortfall of Rs329 billion in the first six months and Rs372 billion in seven months of the fiscal year.
The mission will be briefed in detail on the revenue gap and corrective measures.
The government is also considering requesting a downward revision of the annual tax target.