ISLAMABAD: Pakistan People’s Party (PPP) Vice President Senator Sherry Rehman has said that the stock market has been declining due to lack of confidence.
Sherry Rehman said that the government is starting talks with the IMF in Washington, who will take Pakistan seriously when it is facing the internal crisis situation?
Sherry Rehman said that the stock market is falling due to mistrust of the investors over the government policies, the dollar has reached Rs 171.
Where will the confidence come from when there is an internal crisis and the debt doubles to Rs 39.9 trillion? The former minister said that during the PPP era, the external debt was Rs 15.3 trillion, in this government every Pakistani is indebted to Rs175,000.
The former minister said that how will the economy recover from internal crisis, debts and destructive policies? Only friends of the catastrophic government will benefit from external debt and rising inflation.
She said that the IMF has demanded further increase in electricity tariffs and taxes, adding that Pakistan is one of the 10 countries with the highest external debt reserves.
Earlier in the day, the Pakistan Stock Exchange (PSX) plunged as it lost control in later-day trading and ended the day on a negative note.
The benchmark KSE-100 index declined by 661.30 points (-1.51%) and closed at 43,221.78 points. The stock market remained in control during early trading and reached its highest level of 44,172.74 points.
The bourse gradually went on a downward trajectory and ended on a negative note before trading was suspended. The total volume of shares was 156.336 million valued at Rs9.187bn.