Market watch: Stocks bounce back, recoup losses
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KSE-100 index breaches 48,000 level as budget uncertainty riles market sentiments
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Market watch: KSE-100 falls below 48,000-point mark
Benchmark index sheds 370.36 points to settle at 47,777.62
KARACHI:
Uncertainty gripped the stock market on Wednesday as the benchmark KSE-100 index dived over 400 points in intra-day trading ahead of the release of Economic Survey 2020-21 and announcement of federal budget.
The government will release the survey report on June 10 and unveil the budget for fiscal year 2021-22 on June 11.
It will be the third budget of the Pakistan Tehreek-e-Insaf (PTI) government, in which it is expected to levy new taxes and increase the existing ones.
Discussions with the International Monetary Fund (IMF) on budget proposals prevented investors from taking fresh positions, therefore, the KSE-100 index failed to sustain the 48,000-point mark. Investors remained wary of pouring fresh investment during the day.