PSX witnesses bearish trend

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Pakistan Stock Exchange witnesses bearish trend. The KSE-100 Index closed at 38,398.30 points, down 393.79 points (-1.02%), with a traded volume of 84.71 mn shares and traded value of PKR 4.28 bn. In USD terms, the traded value today was USD 32.89 mn, USD 11.41 mn (-25.76%) lower than last trading session.

KSE-100 dropped on Thursday as the benchmark witnessed a volatile session. Downward trajectory was witnessed during the day as International Monetary Fund (IMF) increased the projection of gross debt of Pakistan by 0.7% to 73.2% of the gross domestic product in 2019 against 72.5% in 2018.

On the flip side, IMF finally received the formal request for financial assistance from Pakistan and IMF chief Christine Lagarde met with Pakistani officials and assured them that a team would visit Islamabad for talks on a possible bailout for unstable economy.

Moreover, remittances from overseas Pakistani workers rose 13.14%in 1QFY19, mainly on the back of devaluation of PKR.

Top gainers were MARI (+3.60%), HMB (+3.82%), KEL (+5.14%), BAHL (+1.13%), and DCR (+3.37%).

Top losers were HBL (-2.91%), LUCK (-4.52%), POL (-1.95%), MCB (-1.47%), and UBL (-1.52%).