Karachi, October 08, 2018 (PPI-OT): Closing Bell – Lowest Closing since Jun-16
Pakistan equities witnessed another round of selling spree today as Benchmark KSE100 Index closed at its lowest level since June 15, 2016 – mounting Oct-18TD and 2018TD declines to 7.6% and 6.4%, respectively. Panic selling was witnessed in retail names on reported margin selling while index heavy MSCI scripts also came under renewed selling pressure on reported self-off from FII and potential redemption from Mutual Funds. During the day, Pak Rupee also weakened by another 1.5% in Open (Kerb) Market to PKR129.5 against the greenback.
Conclusion of Financial Action Task Force (FATF) review meeting and clarity on funding of depleting FX reserves are likely to restore investor confidence as Government of Pakistan has so far not announced any concrete measures/policy direction to address the Balance of Payment crisis.