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.