PSX loses charm on ‘No Good News’

February 10, 2023 (MLN): After enjoying notable gains, the Pakistan Stock Exchange on Friday lost its charm, on the back of no positive outcome from Pak-IMF talks held yesterday.

The KSE-100 Index lost over 400 points (1.01%) as of 10:30 PST and is currently trading at a 42,038.15 level.

Sector-wise, oil & gas exploration, fertilizer, and technology have witnessed the loss so far.

Scrip-wise, OGDC, PPL, ENGRO, LUCK, TRG, and SYS are the point losers.

Earlier today, Finance Minister said "The federal government will impose taxes worth Rs170 billion through ordinance or finance bill to complete the IMF program against the false reporting of Rs500bn to Rs600bn."

Speaking about the development of IMF talks, he said, "The government is following standard procedures outlined by the fund in its efforts to stabilize the economy. Before traveling, the IMF released its Memorandum for Economic and Financial Policies (MEFP) document, which outlines the measures proposed to address the country's economic challenges."

The officials will review the MEFP document thoroughly until Monday and hold talks with the IMF on the same day. The focus of these discussions will be to address the measures proposed to stop the bleeding of the economy, which has been in a state of decline for the last three years, he added. 

After this review, the country will get $1.2bn which is much needed for the economy. 

He further clarified, "We cannot bring gas circular debt to zero. However, the government will try its best to prevent the circular debt from the further increase."

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