KARACHI: The Pakistan Stock Exchange (PSX) witnessed a massive selling pressure on Monday as the benchmark KSE-100 index shed more than 1,000 points.
The market began its slide soon after opening at 42,013 points, with the benchmark KSE-100 index plunging 1134 points.
The KSE-100 index closed at 40,879 points.
On the other hand, the devaluation of the Pakistani rupee in the interbank continued on Monday after it fell to a record low in the interbank against the US dollar.
According to forex dealers, the US dollar rose by Rs0.65 in the interbank to trade at Rs203. In the open market, the dealers said that it traded between Rs 204 and Rs 207.
The rupee dived as a relentless surge in global crude oil prices raised concerns about a sustained rise in imported inflation and a widening current account deficit.
The country is facing a balance of payments crisis with the central bank’s foreign exchange reserves falling to $9.2 billion.
Finance Minister Miftah Ismail Sunday asserted that Pakistan will seek a deferred payment plan for liquefied natural gas bought under long-term deals with Qatar as Islamabad faces a balance of payments crisis and falling foreign exchange reserves.
Miftah Ismail unveiled Budget 2022-23 on Friday aimed at fiscal consolidation as it tries to convince the International Monetary Fund (IMD) to restart much-needed financial support.
However, the Fund has expressed concerns over the numbers, including its current account deficit. “We’ve talked about a deferred payment plan or at least I’ve requested this and the petroleum minister is doing negotiations and is going to do the talks,” Ismail said.
With additional input from Reuters
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