KARACHI: Bearish effects prevailed after volatility in the Pakistan Stock Exchange on Monday due to factors such as IMF’s tight budget conditions, directives to implement the complex condition of imposing sales tax on all sectors.
Due to recession, 57% share prices fell while 62 billion 14 crore 63 lakh 26 thousand 164 rupees of investors were lost. Although business started briskly and at one point the index recovered to 76,000 points with a surge of 670 points, but due to the uncertain political and economic conditions, the market went into a downward spiral due to increased offloading of shares of the cement fertilizer sector by commercial banks. went
The KSE 100 index closed down by 465.55 points at 75,517.49 points at the close of business, while the devaluation process began with the start of the new financial year to meet the IMF’s new loan program. Both the foreign exchange markets were marginally higher after the dollar’s volatility on Monday on speculation and increased import-type demand.
At the end of the business, the interbank rate of the dollar closed at the level of 278 30 paise with an increase of 10 paise, while the value of the dollar closed at the level of 279 48 paise with an increase of 12 paise in the open currency market.
Apart from this, the price of 24 karat gold per tola increased by Rs. 800 to Rs. 240,800 and the price of gold per ten grams decreased by Rs. 686 to Rs. 206,447.
