KARACHI: Pakistani stocks closed lower on Monday as investors anticipated the introduction of additional taxes for those who do not file income tax in the country’s budget announcement later this week, dealers said.
The benchmark 100-share index of the Pakistan Stock Exchange (PSX) finished lower by 1.25 percent, or 459.57 points, at 36,234.69.
“There were news reports in the local papers today that the government plans to impose more taxes on non-filers and some foreign outflow was also witnessed which led the market to close low,” said Fawad Khan, head of research at KASB Securities Pvt Ltd.
Among heavyweights, shares of Habib Bank Ltd closed 2.65 percent lower, MCB Bank Ltd fell 3.55 percent and Fauji Cement Company Ltd closed down 5 percent.
The rupee ended at 104.86/104.87 per dollar.
Overnight rates in the money market rates were at 5.80 percent. –Reuters