Traders said that the $6 billion bailout offered by the International Monetary Fund (IMF) was still out of Pakistan’s financial reach as the nation battled a resurgence of terrorism and a nearly bankrupt economy.
The benchmark KSE-100 Shares Index of the Pakistan Stock Exchange (PSX) dropped 724.81 points or 1.71% to 41,741.78 points. The number of shares traded decreased by 86 million, from 367.356 million to 281.894 million, while the trading value grew, from Rs13.590 billion to Rs14.709 billion.
In a note, Topline Securities stated that the apex bourse was still under pressure after the day’s trading. Investors fled as a result of the government’s inability to secure a staff-level agreement with the IMF despite a week of discussions on the 9th review, according to the brokerage.
