PSX makes recovery after falling by 2,000 points amid rumours
Business
The KSE-100 index was at 73,544.25 at 3 pm, a fall of 318.68 points or -0.43 percent
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) recovered after falling in the morning on Friday as investors panicked on rumours of economic uncertainty in the country.
The KSE-100 index was at 73,544.25 at 3 pm, a fall of 318.68 points or -0.43 percent.
Earlier in the morning, the benchmark KSE-100 Index suffered its biggest fall in months, losing over 2,000 points amid rumours of high taxes being imposed on the capital markets in the upcoming budget.
A plethora of economic issues, including upcoming budget 2024-25 and the State Bank of Pakistan’s (SBP) monetary policy announcement, caused anxiety among investors who started offloading shares.
Experts said concerns regarding proposals of increase in the Capital Gains Tax (CGT) and dividend tax in the budget for next fiscal panicked investors. There are also rumours of imposition of GST or increase in PDL (Petroleum Development Levy) added to their worries.
They, however, was of the opinion that the expected decline in the key policy rate in the upcoming Monetary Policy Committee (MPC) would turn fortunes around.
Meanwhile, the downward trend in the PSX has been witnessed during the outgoing week. On Thursday, the PSX opened positively but the business ended in the negative zone due to which the KSE-100 index closed at 73,862 points – a decrease of 356 points. The index had lost 447 points a day earlier.
