The Pakistan Stock Exchange (PSX) saw a decline of over 500 points on Thursday, with the benchmark KSE-100 index dropping by 589.95 points to close at 81,657.96 points. Despite reaching a record high in opening trade, the index fell back following the approval of a $7 billion bailout deal by the IMF. Yousuf M Farooq from Chase Securities attributed the drop to foreign selling from FTSE rebalancing, while Mohammed Sohail from Topline Securities mentioned FTSE rebalancing-related selling as a cause. FTSE recently reclassified Pakistan from Secondary Emerging to Frontier market due to not meeting the Minimum Securities Count requirement. The IMF bailout is intended to support Pakistan’s economy, with the government stating it would be the last from the Fund.
Source: Dawn
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