After a bearish trend yesterday, PSX which lost 1300 point in a day to record low 37898 and value of rupee declined significantly in kerb markets after trading had been halted.
Economic and political instability, with government’s decision to get IMF’s bailout package, has resulted in mixed signals in Pakistan’s market.
The government’s decisions to go to IMF was seen as a positive step by stock markets as we can see the bullish trend in early hours.
However, as the IMF bailout comes with strong conditions including devaluation of Rupee, inter-bank rate for dollar is fluctuating between 134-138, while it’s being sold in open market for 136-139 rupees.
Stock exchange has reached a 9 month low, as it has been going down for 20 days due to government’s inability to decide the financial plan for the country.