September 22, 2021 (MLN): The benchmark KSE-100 index has lost 956 points [12:55 pm] in intraday trade and is currently trading at 45052.255 as the market was weighed by the news that the government has decided to control imports by increasing duties on major non-essential items to curb demand.
In an interview with a media house, Shaukat Tarin, Finance Minister said that the government has made a mistake by giving concessions to the Auto sector. He said the healthy remittances are saviour for the external balance as the exports are about 9% of GDP while Imports are over 20% of GDP, showing an imbalance that has to be narrowed down by curtailing the rising import growth.
The market witnessed huge selling pressure as investors are adjusting their investment portfolio amid a hike in interest rate, Arsalan Siddiqui, Head of Business Development at Foundation Securities said while speaking to Mettis Global.
In addition, the forward-looking guidelines issued by the State Bank of Pakistan which clearly mentioned that MPC will gradually increase the interest rate, has also sidelined the investors’ interest, he added.
Technology & Communication and Commercial Banks have witnessed higher selling activity as they have lost around 165 and 124 points respectively.
Company-wise, the scrips of TRG, SYS, HBL, and LUCK have endured the maximum losses.
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