Pakistan stocks down 3% after appeal for IMF bailout

Tuesday, 16 October 2018 00:50 - - {{hitsCtrl.values.hits}}

Karachi, Pakistan (Reuters): Pakistan stocks slid by 3% on Monday weighed down by a global selloff and the new government seeking a bailout from the International Monetary Fund (IMF).

The Pakistan Stock Exchange’s benchmark 100-share index lost 1128.93 points and was trading at 36,389.00 by mid-afternoon, down 3.01%.

The KSE has shed 10% since Oct. 1 on worries over dwindling foreign reserves and a currency devaluation in response to a ballooning current account deficit.

Pakistan’s finance ministry said last week Islamabad was approaching the IMF for assistance to help stabilise the economy, amid a deepening balance of payments crisis.

“After close to 10% fall in last two weeks, there are margin calls which is affecting share prices,” said Mohammed Sohail, chief executive of Topline Securities brokerage.

“Also, the global selloff and local economic issues are forcing the investors to trim their positions.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.