KARACHI: Pakistan Stock Exchange crumbles under severe economic pressure,media has reported.
The Pakistan Stock Exchange (PSX), following a weak start, caved intoselling pressure on Wednesday, as yesterday’s relief rally failed to carryon amid severe economic concerns.
As per the latest report published by International Monetary Fund (IMF),Pakistan’s economic growth rate is predicted at 2.9pc for the year ending30th June. Moreover, the report stated that the country’s current accountdeficit is projected to be 5.2pc of the country’s GDP during the currentyear.
Furthermore, Finance Minister Asad Umar, along with a delegation, iscurrently on a visit to Washington in order to finalise a three-yearbailout package to stabilise the dwindling economy. The delegation includesState Bank of Pakistan Governor Tariq Bajwa as well as the secretaries ofFinance and Economic Affairs Division.
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The KSE 100 index benchmark plunged by 665.12 points to touch an intradaylow of 36,464.85. Amid lack of triggers, it settled lower by 550.65 pointsat 36,579.32. The KMI 30 index declined by 1,273.91 points to close at59,390.95, while the KSE All Share index dropped by 307.15 points, endingat 26,929.89.
