KARACHI: The Pakistan Stock Exchange (PSX) experienced a significant decline on Friday, dropping over 600 points during intraday trading. The benchmark KSE-100 index fell by 656.19 points, or 0.89%, to 73,206.74 points from the previous close of 73,862.93 points.
At around 10 AM, the index had plummeted by over 1,900 points, reaching a low of 71,961 points.
The previous day, the benchmark index dropped by 356.51 points, or 0.48%, due to worries about higher taxes in the upcoming FY25 budget and ongoing economic uncertainties. Analyst Ahsan Mehanti from Arif Habib Corp noted, “Stocks closed lower due to concerns about economic uncertainty. Investor expectations for a cautious State Bank of Pakistan (SBP) policy and subdued growth impacted sentiments.”
Reports of stringent conditions in the new International Monetary Fund (IMF) program, including increased power tariffs and tax measures in the Federal Budget FY25, also contributed to the bearish market trend.
