Friday Nov 18, 2022
KARACHI: Stocks Friday closed the week on yet another disappointing note on fears of a stalemate in International Monetary Fund (IMF) talks for the loan review as a political row between the government and the protesting PTI continues to rage in the country.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Shares Index lost 0.21% or 89 points to settle at 42,730 points. Stocks on Thursday lost 164.03 points or 0.38% to close at 42,819.72 points.
Investors are also wary of the upcoming monetary policy statement announcement. State Bank of Pakistan (SBP) is expected to keep its benchmark interest rate steady in its November 25 meeting, given that aggregate demand has slowed and the current account deficit appears under control, a brokerage house poll said on Thursday.
Topline Research in its market report, attributed the pressure in the market to news that Pakistan and IMF after another round of engagement couldn't finalise a schedule for formal talks on the overdue ninth review of the $7 billion loan programme amid a lack of clarity on the flood-related financial requirements and dry revenue stream in the wake of lower imports.
Ministry of Finance Thursday said Pakistan and the IMF will "expeditiously" finish their technical engagement as part of the ninth review of Pakistan's bailout programme.
The ministry said the development followed Federal Minister for Finance and Revenue Ishaq Dar's virtual meeting with Nathan Porter, IMF Mission Chief for Pakistan.
"Engagement at the technical level shall be expeditiously concluded for proceeding with the 9th Review," the finance ministry said in a brief statement.
TRG Pakistan, Pakistan Petroleum Limited, United Bank Limited, Oil and Gas Development Company and Bank Al-Habib Limited dented the index by 86 points.
Traded volume and value for the day clocked in at 189 million shares and Rs5 billion respectively. Unity Foods led the volumes chart with 59 million traded shares.