For the consecutive second day, the Pakistan Stock Exchange (PSX) remained in the red zone as the benchmark KSE-100 index reached 38,955.84 points at 1:19 PM after losing 868.61 points (2.19 per cent).
Amir Shehzad, Director of First National Equities Limited, attributed the loss to the pressure market was facing due to the political uncertainty as today, Chief Minister Khyber Pakhtunkhwa Mahmood Khan will send the summary to dissolve the provincial assembly. Last week, the political uncertainty in Punjab caused the index to lose 684 points.
The delay in International Monetary Fund’s (IMF) ninth review has added more pressure on the market. IMF demanded to end the circular debt, increase gas prices, and follow the free-floating exchange rate. The requirements laid by IMF are delaying the negotiations and hence pressurising the market. Ahsan Mehanti of Arif Habib Corporation also called the harsh conditions by IMF the main reason for the poor performance of the index.