PSX remains volatile amid thin losses

Pakistan Stock Exchange (PSX) experienced volatility in the outgoing week as it oscillated between red and green zones and closed with a slight fall of nearly 270 points. The market’s fluctuation was largely influenced by investor worries over harsh taxation measures, including the potential imposition of up to 45% tax on agriculture, ahead of a new International Monetary Fund (IMF) loan programme. However, there were some positive indicators as well such as a 44.4% year-on-year (YoY) increase in workers’ remittances that reached $3.2 billion in June 2024. In addition, Pakistan’s foreign exchange reserves increased $16 million to $9.405 billion.