KARACHI: Pakistan Stock Exchange feels the heat of the FATF upcomingdecision on Pakistan greylist.
Pakistan Stocks Exchange (PSX) remained bearish on Thursday as KSE-100index lost 92 points at the end of the days trading.
The 100-index closed at 40,481 points. Yesterday, the market closed at40,574.52 after gathering 399 points.
Yesterday’s rally came following confirmed reports from sources thatPakistan will not be put in the blacklist, but will remain in the grey listtill October 2020 i.e. the country is given more time to implement theglobal illicit financing watchdog’s 27 recommendations about anti-moneylaundering and combating terrorism financing (AML/CFT) mechanism.
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In previous weeks, the market kept struggling for sustainability whenconfusion and uncertainty surrounded investors when the IMF, in itsconcluding remarks affirmed that Pakistan had been successful in completingthe “structural benchmarks” as well as in meeting “all end-Decemberperformance criteria” which had been set for the implementation of $6billion Extended Fund Facility programme.
Previously, other persisting factors in the decline of the stock marketwere the FATF concerns and large suspension of imports from China, whichhad been hammering the stock market, following the outbreak of coronavirus.
