Budget, Lock-Down Fear, Raids on OMCs Triggers Selling in PSX

Karachi (Business Reporter): Pakistan Stock Exchange witnessed heavy selling on Friday, a pre-budget session, as bench mark 100-Index dropped by more than 1 percent in the early trading hours.

KSE-100 Index opened 300points down. Index further slipped by 500 points by 10.40a.m. KSE-100 Index was at 34624.67 points at the time of filing this story.

“Multiple factors trigger selling sentiments in the market,” said a stock trader. “There is no expectation from budget,” said a stock trader. Though, Finance Minister assured that no new tax will be imposed in the new budget, but market fear that government may had to review his no tax policy in coming months.

Fear of another lock-down coming in the country had also been causing negative sentiments in the market.

Government’s action against oil marketing companies sent a negative signal, said another stock market trader.

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