Pakistan Stock Exchange tumbles over 2000 points amid budget uncertainty

KARACHI – Pakistan Stock Exchange (PSX) remains volatile this week, with the benchmark KSE-100 Index falling by more than 2,000 points on Friday, hovering below 72,000 level.

PSX, which opened with a bearish trend, hit its lowest level of 71,781.96 before 10am. It shows slight recovery and trades around 72,775.

Money market moves with cautious approach as experts linked the instability with concerns surrounding the budget proposals for the fiscal year 2024-2025.

This whole week, Stock Exchange remains under pressure, facing consistent pressure, losing ground in each trading session.

The budget, initially scheduled for presentation on June 10, is now expected to be presented on June 12. The Pakistan Economic Survey 2023-24 will be presented on June 11 following a council meeting on June 10.

The federal budget for the fiscal year 2024-25 is likely to receive approval from the Senate by June 26. The government is also expected to eliminate tax exemptions in the upcoming budget at the request of the IMF. This includes ending exemptions on sales and income tax in a phased manner.

The government is contemplating imposing a sales tax on tractors and pesticides, which could result in price hikes for these essential agricultural products.

https://en.dailypakistan.com.pk/04-Jun-2024/pakistan-budget-2024-25-date-changed-again