KSE 100 Index up 30 points at open

Pakistan’s KSE – 100 index has succumbed to selling pressure in the last two weeks as it remained mostly in red. The index has managed to shed more than 1000 points during the last eleven sessions.

Index is currently up 30.46 points at 45418 points, up by 0.07 percent.

In latest news, Forex reserves fell to $ 17.5 billion during the outgoing. The SBP numbers released show 0.53 percent decline in total Forex Liquid Reserves due to external debt servicing and other official payments.

Pakistan is increasingly becoming solely dependent on China to save its fast-depleting foreign currency reserves, as it seeks to meet its revised annual budget estimates of $12.8 billion with the help of foreign economic assistance. The government has also made plans to take a minimum of $400 million loan from China, which could go up to $750 million during the coming year.

Government is mulling a tax cut of 30 percent to encourage listings of Shariah-compliant companies on the stock exchange in the new budget for the fiscal year 2019.