High selling pressure is observed in Pakistan Stock Exchange or PSX as no decision is yet taken about IMF bailout.
KSE 100 Index dropped down by 545.21 points (1.32%) and reached at 40,874.03. In addition, KSE 30 Index also reached at 19,829.24 after facing a decline of 361.29 points (1.82%). However, according to financial analysts, the deadlock in the negotiation between Pakistan and IMF is severely hurting the market.
According to sources, tough conditions of IMF bailout package are making Pakistan reluctant to accept the program. However, conditions included the rise in energy prices, complete disclosure of the China financial aid, and to implement more taxes.
Finance Minister Asad Umar said that the IMF policy level talk is heading towards in a positive direction. He further added that there are still gaps in IMF position and the position Pakistan has.