This week, the Pakistan Stock Exchange (PSX) experiences volatility, with the KSE-100 Index dropping over 2,000 points on Friday, hovering below the 72,000 mark. The market opened on a bearish trend, hitting its lowest point at 71,781.96 before 10 am. There’s a slight recovery, with trading around 72,775.
The money market is cautious due to instability, linked by experts to concerns about the budget proposals for the fiscal year 2024-2025. Throughout the week, the Stock Exchange faces consistent pressure, losing ground in every trading session.
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Initially planned for June 10, the budget presentation is now expected 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 Senate approval by June 26. The government is expected to eliminate tax exemptions in the upcoming budget at the IMF’s request. This includes ending exemptions on sales and income tax gradually.
The government is also considering imposing a sales tax on tractors and pesticides, potentially leading to price increases for these essential agricultural products.
