December 07, 2018
Government Announces to Form a New National Tax Agency
Minister of State for Revenue Hammad Azhar announcCONTINUE READING
The recent decline of the economy of Pakistan has caused an economic stir among the investing giants of the State. This was witnessed as PSX failed to sustain any gains and closed at the loss of 158 points.
This turn of events was foretold by the chairman of the AKD group, Mr Aqeel Karim Dhedhi after the recent statement of Finance Minister Mr Asad Umer regarding the last IMF programme of Pakistan to escape this financial predicament that it was facing. “We are going to take 19th IMF programme. This would be the last IMF programme of Pakistan,” the Finance Minister stated during his meeting with the press. This decision received some prominent criticism by the investors in the market as this was a potentially major setback which would result in the withdrawal of investors from the field.
The index scored up to a high of 41,322 points but was not able to hold that position and closed at a loss of 158.23 points which ended at 40,994. The banking sector also incurred a slight loss by 0.40% from its market cap as it is considered to be the largest sector by market capitalization.
This sudden decline of the economy can also be observed with the rise of the dollar to PKR 134.00. It is reported to be an all-time high as per the stats of last year’s dollar position.
The current financial standing of the State suggests some influential economic blows to the market for the next couple of years as we approach a breakeven point for a sustainable lucrative future.