PSX: KSE-100 index sheds by over 600 points

psx kse-100 index

KARACHI: Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index on Thursday lost 613 points, ARY News reported.

Investors’ confidence is shaken after the looming risk of default and delay in the transfer of loan tranche from the International Monetary Fund.

Pakistan entered a $6 billion IMF programme in 2019, which was increased to $7bn earlier this year. The programme’s ninth review is currently pending with remote talks being held between IMF officials and the government for the release of $1.18bn.

Pakistan and IMF had a round of engagement on November 18 but could not finalise a schedule for formal talks on the overdue ninth review.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index is currently trading at 41,124 points.

According to the market experts due to the ongoing unfavorable economic sentiments and political instability, investors remained on the sidelines.

Read more: FBR SETS NEW RESTRICTIONS FOR PASSENGERS DUE TO DOLLARS SHORTAGE

Workers’ remittances decline by 14pc in November: SBP

Remittances sent home by overseas Pakistani workers continued to decline, as they hit a record low of $2.108 billion in November 2022, a drop of 14.3 percent on a year-on-year basis.

According to the data provided by State Bank of Pakistan (SBP), the inflow of overseas Pakistani workers’ remittances clocked at $2.108 billion in November 2022 against $2.460 billion in the same month last year.

The inflow in November is also the third successive month-on-month decline. Meanwhile, the remittances fell 4.8% on a month-on-month basis, as they amounted to $ 2.215 billion in October 2022.



from ARY NEWS https://ift.tt/BteKz1m

Comentarii :

Trimiteți un comentariu