The Pakistan Stock Exchange (PSX) experienced a drop on Friday, with the KSE-100 Index falling 0.75%. This was due to news that Finance Minister Ishaq Dar cancelled his visit to the World Bank and International Monetary Fund (IMF) spring meetings. The visit was expected to discuss restarting the stalled IMF programme, so the cancellation negatively impacted trading at the PSX. The KSE-100 Index closed at 40,049.65, a decrease of 301.24 points. Sectors such as automobile, cement, chemical, banking, and oil experienced a selloff and closed in the red. Despite news that Saudi Arabia committed to supporting Pakistan financially through the IMF, investors were not encouraged. The week ended with the market in the red, and foreign exchange reserves held by the State Bank of Pakistan decreased by $36 million.
>>Join our Facebook Group be part of community. <<