PSX sinks over 1,200 points amid profits, IMF concerns

The Pakistan Stock Exchange (PSX) closed sharply on Monday, as heavy profits dragged the KSE-100 index by 1,237.67 points or 0.73%, to settle at 167.752.40.

The sale came amid investor warnings following reports that the International Monetary Fund (IMF) raised concerns about divergences in commercial data reported by the Pakistan Single Window (PSW) and Pakistan Automation Limited (Pral), putting the recent macroeconomic progress.

Analysts have described the phase as a temporary pause and soon await a renewed investor confidence.

Reading: PSX keeps a record record

Market experts attributed the fall to a combination of domestic and geopolitical actors. M. Waqas Ghani, head of the share capital survey in JS Global, said stocks were under pressure due to the expansion of the trade deficit and IMF deductions in selected policy data, although he expects the feeling will improve as soon as the IMF will be improved.

Mohammed Awais Ashraf, AKD Securities Research Manager, noted the investor to warn the data mentioned, but added that SBP data shows no cause of concern, reflecting the actual flow of dollars inside and outside the country.

Transaction details

The total volumes decreased to 1.27 billion shares from 1.57 billion at the previous meeting, with a total of 60.5 billion in stocks. Stocks of 487 companies were negotiated, 108 of which were closed higher, 348 decreased and 31 remained unchanged. The Bank of Punjab has led to 131.4 million shares, increasing RS0.96 to RS34.46.

The stock dealer Ahmed Sheraz underlined increased volatility, driven by geopolitical tensions with India and domestic uncertainty due to partial Pakistan’s non -compliance with IMF targets. He added that the IMF demanded clarifications on a difference of $ 11 billion in commercial data reported by two government entities in the last two financial years, raising concerns about the credibility of official financial statistics.