PSX rebounds strongly, gains 4,266 points after massive setbacks
Business
The Pakistan Stock Exchange (PSX) recovered on Thursday, with the KSE-100 index rising 4,266.79 points to 168,893.08, a 2.59% increase, after an early drop to 162,953 points.
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) made a strong recovery on Thursday, reversing early losses and posting notable gains, indicating a surprising shift in investor sentiment.
The KSE-100 index surged by 4,266.79 points, climbing to 168,893.08 points, reflecting an increase of 2.59%.
This rebound came after the index had dropped to 162,953 points earlier in the session.
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.
