KARACHI – The Pakistan Stock Exchange (PSX) on Friday witnessed a negativetrend amid the uncertainty over the resumption of the InternationalMonetary Fund (IMF) bailout package.
The benchmark KSE-100 Index was hovering at 39,993.37 level, a decrease of382.73 points and a percentage decline of 0.95%.
Automobile, cement, chemical, banking, oil and fertiliser sectors weretrading in red.
Earlier, Prime Minister Shehbaz Sharif announced the Rs100 fuel subsidy onfuel, a programme that some economists fear could hinder a crucial IMF payout needed to prevent economic collapse.
IMF representative Esther Perez Ruiz said this the government did notconsult the fund about the fuel pricing scheme.
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She said the fund would ask the government for more details about theproposal, including how it will be implemented and what protection would beput in place to prevent abuse.
Last month, the MPC of the State Bank of Pakistan (SBP) raised the keyinterest rate by 300 basis points, taking it to 20%.
