Despite a significant uptick in the global markets, after President Trump hinted at delaying his attacks on Syria, Pakistan’s KSE – 100 Index has shed more than 114 points at the outset.
Index has lost more than 114 points during first hour of trading, currently trading at 46217 points.
Major news affecting the index trajectory were declining FX Reserves. Pakistan’s foreign exchange reserves fell to $ 17.6 billion during the week ended April 6 from $ 17.8bn a week ago, according to a SBP release.
Moody’s, IMF and FATF have all hinted at the futility of amnesty scheme recently announced by the Prime Minister. The organizations have said that the best scenario case for the government to raise the GDP is by a meagre 0.3 percent by the end of June, 2018. Post June, the government will not be able to benefit from this scheme.
In addition to that, investors’ sentiment was dampened by the news that the Chief Justice of Pakistan is reviewing the government’s tax amnesty schemes which could become a major hurdle in amnesty’s success.
Volume of 36.013 million has been traded with a total value of 791.502 million.