PSX down 523.48 points as investors deal with the rollover week

The Pakistan Stock Exchange is continuing with the southward movement on Wednesday with the benchmark KSE-100 Index losing 429.27 by the time this report being filed at 1.19.

It means the stock market has witnessed a 781.52 points loss during the two sessions on Tuesday and Wednesday after the latest decline by 1.08 percent.

A combination of factors like the delays in completion of the International Monetary Fund’s (IMF) ninth review, the foreign exchange crisis and exchange rate instability are the main factors for this trend.

Meanwhile, the depreciation in the rupee value as well as the shortage of dollars due to the smuggling across the border into Afghanistan are also important reasons.

Pakistan entered a $6 billion IMF programme in 2019, which was increased to $7 billion earlier this year. The programme’s ninth review, which would release $1.18 billion, is currently pending.

On Tuesday, Prime Minister Shehbaz Sharif said the government had “no other option” but to implement the IMF programme, calling it a “painful reality”.

It is developing story. Details to follow

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