KSE-100 index drops 568 points as a result of the postponed IMF assessment

A staff-level agreement with IMF for the conclusion of the ninth review of a $7 billion loan programme was delayed, which caused a slow session of intraday trading on Friday at PSX

Trading was halted for Friday prayers, and the KSE-100 index, the industry standard, dropped by 568.21 points, or 1.34 percent, to hit 41,898.38 points.

The market was under pressure as a result of the delay, according to Mohammad Sohail, CEO of Topline Securities.

The delay in obtaining the staff-level agreement with the IMF caused the KSE-100 to give up some of this month’s gains in early morning trade, according to Raza Jafri, Head of Equity at Intermarket Securities.

Ishaq Dar, the finance minister, had earlier stated that the International Monetary Fund (IMF) talks had ended “positively” and that the government would need to collect levies totaling Rs170 billion through a mini-budget in order to get the loan programme.

The draught of the government’s Memorandum of Economic and Financial Policies (MEFP) from the international lender was received, according to the finance minister.

The finance minister said that this was an old arrangement that had previously been postponed and suspended.

Written by Aly Bukshi

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