Stocks falter as budget concerns weigh
Amid growing criticism of harsh taxation measures from the business community, opposition, and even treasury benches in the parliament, the stock market on Monday came under pressure, snapping a four-day post-budget winning streak as investors indulged in profit-taking. Ahsan Mehanti of Arif Habib Corporation said the market fell sharply lower on dismal current account data. The country posted a $270 million deficit in May after three surpluses in the preceding months of the outgoing fiscal year. He said tough tax measures announced in the budget 2024-25, especially bringing the exporters into the standard tax net, depressed market sentiments. He added that concerns about the unresolved Rs5.3 trillion circular debt crisis and uncertainty about the rollover of $15bn dues to the Chinese IPPs contributed to the bearish close.