KARACHI – The Pakistan Stock Exchange (PSX) witnessed a sluggish sessionduring the intraday trading on Friday as a staff-level agreement with theInternational Monetary Fund (IMF) for the completion of the ninth review ofa $7 billion loan programme was delayed.
The benchmark KSE-100 index lost 568.21 points, or 1.34 per cent, to reach41,898.38 points when trading was suspended for Friday prayers.
Topline Securities CEO Mohammad Sohail said the market was under pressurebecause of the delay.
Intermarket Securities’ Head of Equity Raza Jafri said, “The KSE-100 haspared some of this month’s gains in early morning trading due to the delayin securing the staff-level agreement with the IMF.”
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Earlier on Friday, Finance Minister Ishaq Dar on Friday said that the talksthe International Monetary Fund (IMF) concluded “positively” and thegovernment will have to impose Rs170 billion in taxes through a mini-budgetin order to get the loan programme.
Addressing the media, the finance minister confirmed that the governmenthad received the draft of the Memorandum of Economic and Financial Policies(MEFP) from the global lender.
