Stocks fall below 80,000 on IMF’s new condition

The stock market snapped its record-setting streak on Wedne­sday due to emerging economic concerns as the International Monetary Fund (IMF) attached a new condition for reaching a Staff-Level Agreement for a new loan. Consequently, the benc­h­mark index fell below 80,000 due to aggressive profit-taking despite massive foreign buying. Ahsan Mehanti of Arif Habib Corporation said stocks closed sharply lower on uncertainty over the resolution of $15 billion energy debt repayment to China and IMF condition to abolish the Pakistan Sovereign Wealth Fund by Sept­ember 30 for transparency and accountability of profit-making state-owned enterprises after harsh tax measures in the federal budget FY25.