KSE-100 index lose over 500 points as PSX experiences negative trend

KARACHI: On Wednesday, the Pakistan Stock Exchange (PSX) remained in the red zone as the market experienced a negative trend. The benchmark KSE-100 index lost 501 points (or went down by 1.23 per cent) and closed at 41,376.10 points.

During the trading, 67,397,756 shares were traded at a price of Rs 3.075 billion. Of 337 companies that transacted their shares, 234 experienced losses, while only 75 registered profits. Around 28 companies retained the previous situation.

On the other hand, the Pakistani rupee showed no major gains against the US dollar. According to the report by the State Bank of Pakistan, the rupee closed at Rs283.80 against the greenback after gaining Rs0.72. The Forex Association of Pakistan reported that In the open market, the buying rate of the dollar was Rs285.2 while the selling rate was Rs 287.

IMF demands to raise Interest rate
The International Monetary Funds has demanded an increase in the interest rate. News reports said that IMF is pushing Pakistan to raise the interest rate by 4 per cent. Earlier, the SBP had increased that interest rate by 2pc.

The staff-level agreement between the IMF and Pakistan took place on February 9 but still, there is no sign of finalising the deal. PDM government is taking desperate measures to secure the loan tranche. However, IMF is not satisfied with the earlier decision by the incumbent government.

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