KARACHI, June 25(ABC): The Pakistan Stock Exchange (PSX) endured a tumultuous trading week as a combination of encouraging and discouraging news led to market fluctuation between red and green zones. Consequently, the market closed at 41,052 points, down by 1,089 points (or 2.58%) during the week ended June 24.
The market commenced the rollover on a negative note due to uncertainty regarding the International Monetary Fund (IMF) programme.
However, the sentiment turned positive when a Chinese consortium of banks signed a $2.3 billion loan facility agreement, and the Economic Coordination Committee (ECC) approved the second instalment of Rs96 billion to the independent power producers (IPP) of the 2002 power policy.
Furthermore, Finance Minister Miftah Ismail announced that an IMF deal is imminent which also helped boost investor sentiment. However, during the last trading session, the government announced a 10% super tax on 13 major sectors as well as a 4% additional levy on banks, which caused the market to spiral and hit an intra-day low of 40,555 points.