KARACHI: The stock market started the trading week on a bearish note. The KSE-100 index oscillated between the intraday high and low by 53 and 311 points evidencing investors’ lack of interest in equity trading. The index fell 257 points, or 0.54 per cent, to close at 47,429.
Awais Ashraf, Head of Research at Foundation Securities, said that the commercial banks came under heavy pressure after the Finance Bill 2021 disclosed ‘incremental profit on government securities to be taxed at 37.5pc,” which was initially not included in the budget this year.
Other than that investors were spooked with the simmering tensions with the US, which they thought could impact both the ongoing negotiations with the IMF and Pakistan’s later exit from the FATF. Other analysts also complained of lack of positive triggers; the resurfacing of political anxiety due to the reawakening of opposition PDM and the abrupt withdrawal of US forces from Afghanistan raised security concerns for the borderi
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