*KARACHI: Amid uncertainty over a deal with IMF and the announcement ofmonetary policy, the Pakistan Stock Exchange (PSX) on Monday shed 683points, depicting a lack of confidence from investors in the market. *
The KSE-100 index fell below the 43,000 mark today after it shed 683 pointsand traded at 42,417 points.
Finance Minister Miftah Ismail has left for Doha to hold talks with theInternational Monetary Fund (IMF) for the release of US$1 billion trancheand today during a media talk said that the tough conditions of withdrawingsubsidies and imposing tax on petroleum products is the result ofagreements of the previous government with the global lender.
Miftah Ismail said as per agreements of the previous government, thediesel price is to be increased by 150 rupees per litre and petrol by 100rupees per litre but the present government does not want to carry itforward as it will result in a heavy financial burden on the masses.
Miftah Ismail expressed the hope that in the next two days he will succeedin having agreement with IMF in the best interest of the country and thepeople.
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Meanwhile, the uncertainty link over theIMF led to the rupee’s downward trend against the US dollar in the interbankmarketlinkasthe greenback gained Rs0.61 in intraday trading.
According to the Forex Association of Pakistan (FAP), the US dollar gainedRs0.61 in the interbank market and climbed to Rs200.75 around 12:00pm.
