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