Pakistan Stock Exchange bleeds with heavy losses

Pakistan Stock Exchange bleeds with heavy losses

KARACHI - Pakistan Stock Exchange (PSX) on Monday lost their ground and bled for the entire session losing over 795 points.

Foreign Investors turned out as net sellers for the outgoing week (October 14–18) with a net outflow of $2.13 million.

On the economic front, the International Monetary Fund (IMF) has asked Pakistan to address its longstanding issues through structural reforms and improve its institutions through a stringent legal framework, as that would make the economy more competitive.

Meanwhile, State Bank of Pakistan Governor Dr Reza Baqir, while addressing an international forum, said that the primary reason behind troublesome economy was the current account deficit, which jumped from less than $500 million in 2016 to $1.5-$2 billion per month by mid-2017 owing to a fixed exchange rate.

He, however, stated that the incumbent government’s adjusted exchange rate has helped reduce CAD to $260 million.

Gaining 15.32 points, the KSE-100 Index marked its intraday high at 33,885.47 minutes after the commencement of the session. The index then tripped, sliding down by 795.29 points to record its intraday low at 33,074.86. It ended lower by 785.42 points at 33,084.73. The KMI-30 Index declined by 1,314.83 points to end at 53,274.64 points, while the KSE All Share Index fell by 469.32 points, closing at 23,984.51.

Related news