Selling observed at bourse, KSE-100 down 800 points

Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 800 points on Monday. At 9:50am, the benchmark index was hovering at 173,152.71, down by 810.10 points or 0.47%. “The KSE-100 is under intense pressure this morning,” said Behtari Capital. “Investors are treading cautiously ahead of the federal budget, i.e. June 5, and lingering uncertainty in the Gulf,” it added. Investor sentiment is dampened by reports that the government is struggling to balance IMF demands with populist political measures, said the report. “While there is talk of relief for the salaried class (earning Rs. 150k-200k), the IMF is pushing for a record Rs17+ trillion revenue target, sparking fears of “super taxes” on the banking and industrial sectors in the upcoming June 5 budget,” it added.