KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) plunged to 33-month low on Wednesday due to downward revision in growth forecast by IMF for Pakistan.
Analysts at Topline Securities said that KSE 100 index closed at 36,579 index level (-551 point or 1.5 percent) which is a 33-month low. Downward revision in growth forecast by IMF and pressure on cement stocks amid cut in cement bag prices led to selling pressure in the market.
As per IMF, Pakistan’s economy will grow at an average rate 2.5 percent during the next five years and its external imbalance will remain elevated; growth rate of 2.5 percent is the lowest economic growth rate predicted by any multilateral lender.
Cement sector continued its weak performance eroding 109 points from index.
Traded volume was down 12 percent to 141 million shares whereas trade value was down 30 percent to US$29.1 million.