Profit-taking, IMF concerns drag PSX into red

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On Monday, the sale pressure was seen on the course, in which investors were involved in widespread profitability during the absence of fresh positive catals.

Investors’ emotions were suppressed, as the ongoing income season failed to create any hope. In addition, the reduction in cement prices and the uncertainty about the upcoming International Monetary Fund (IMF) examine more market confidence, which gives participants reluctant to take a new position.

Pakistan Stock Exchange (PSX) Benchmark’s SE -100 Index registered a minor advantage of 50.21 points (0.04 %) to reach an intra -height of 112,851.14, before external and domestic economic concerns In the meantime investors took caution.

The market also recorded a lower 111,857.33, which reflects a reduction of 943.6 points (-0.84 %) near 112,800.93 of the previous session.

Research, Director of Inter -Market Securities Limited, Mohammad Saad Ali, highlighted the factors affecting the market, saying: “Due to lack of large -scale, new positive stimuli, taking profits among institutional investors and now in current results. Until has failed to eliminate investors’ emotions. “

“Also, cement prices fall around problems. Finally, the market is waiting for the IMF review before the construction of fresh positions.

Finance Minister Mohammad Aurangzeb on Monday confirmed the government’s commitment to eliminate tax evasion and tackle corruption, as Pakistan is engaged with the IMF for important economic talks.

Talking to the media, the Finance Minister confirmed that the IMF’s technical mission has arrived in Pakistan for a three -day visit to discuss climate and economic reforms. He added that another delegation of the IMF is to arrive next month to discuss issues related to the country’s $ 7 billion expansion fund facility (EFF).

Sources revealed that a four -member IMF delegation is currently in Pakistan and has started introductory meetings with government officials. The technical level talks will also focus on green budget, climate tracking and reporting as well as climate budget projects.

Climate change debates are against the backdrop of Islamabad’s request, which funds $ 1 to $ 1.5 billion, which increases the current loan of $ 7 billion to $ 8 or 8.5 billion under FEF Can be

The IMF review is an important step to seek constant financial support and maintain economic stability.

During the week ended February 14, Pakistan’s foreign exchange reserves increased by 35 million, which resulted in the total reserves of the State Bank of Pakistan (SBP) to $ 11.20 billion. However, the country’s external financing needs are pressing the reserves, analysts closely monitored the progress in remittances and export performance.

Total liquid foreign reserves were $ 15.95 billion, commercial banks had $ 4.75 billion. Despite the latest hikes, external debt payments remain an important challenge, as has been evidence of a decrease of $ 252 million in the reserves listed last week, up to $ 11.17 billion to the total SBP reserves by February 7 Has been delivered

Signs of improvement in Pakistan’s external account have been shown, which are largely driven by the increase in remittances and export performance. However, the ongoing loan responsibilities are weighing on foreign exchange reserves, which gives more importance to economic talks with global lenders.

Friday’s SE -100 Index closed at 112,801 points, which won 716 points (0.64 %) on a weekly basis, which extended its positive performance in the second consecutive week. Corporate income reports and external economic developments, as the formation of trade activity, have taken office in selected sectors.

Despite weekly benefits, market analysts believe that investors are cautious before the IMF review, with institutional investors chosen to make a profit during the shortage of fresh catals.