Stocks dip 308 points amid economic concerns
KARACHI: Stocks succumbed to selling pressure on first trading day of the week with the KSE-100 index conceding 307.98 points (0.74pc) and close at 41,352.77.
The index opened positive and moved sideways until investors started to count the negatives. During the one-day visit of prime minister to UAE, the Emirate’s leadership discussed matters relating to strengthening bilateral trade and others, but apparently there was no mention of the expected big financial assistance package for Pakistan.
Investors’ concerns deepened on President Trump’s new tirade at Pakistan. Besides, reports of the International Monetary Fund asking for further devaluation of rupee; increase in discount rates to double digits, enhance general sales tax rate as conditions for bailout package further spoilt market mood.
The only consolation was the expected first tranche of $1 billion from Saudi Arabia in a couple of days, to support country’s dwindling foreign exchange reserves.