KARACHI – Pakistan Stock Exchange (PSX) on Monday lost their ground andbled for the entire session losing over 795 points.
Foreign Investors turned out as net sellers for the outgoing week (October14–18) with a net outflow of $2.13 million.
On the economic front, the International Monetary Fund (IMF) has askedPakistan to address its longstanding issues through structural reforms andimprove its institutions through a stringent legal framework, as that wouldmake the economy more competitive.
Meanwhile, State Bank of Pakistan Governor Dr Reza Baqir, while addressingan international forum, said that the primary reason behind troublesomeeconomy was the current account deficit, which jumped from less than $500million in 2016 to $1.5-$2 billion per month by mid-2017 owing to a fixedexchange rate.
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He, however, stated that the incumbent government’s adjusted exchange ratehas helped reduce CAD to $260 million.
Gaining 15.32 points, the KSE-100 Index marked its intraday high at33,885.47 minutes after the commencement of the session. The index thentripped, sliding down by 795.29 points to record its intraday low at33,074.86. It ended lower by 785.42 points at 33,084.73. The KMI-30 Indexdeclined by 1,314.83 points to end at 53,274.64 points, while the KSE AllShare Index fell by 469.32 points, closing at 23,984.51.
