Stocks suffer losses in jittery week
Trading on the stock exchange commenced on a negative note in the outgoing week as ratings agency Fitch stated that Pakistan faced a substantial debt payment of $3.7 billion in May and June. Arif Habib Ltd said another reason for pessimism was the absence of Pakistan from the agenda of the International Monetary Fund (IMF) meetings, which dampened the hope for the resumption of the Extended Fund Facility (EFF) programme. Furthermore, there were significant political developments during the outgoing week that affected the investors’ sentiments. The arrest of former prime minister Imran Khan sparked protests across the country, leading to a period of political instability. However, as the week progressed, the political situation relatively eased off. Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $74 million to $4.38 billion. The rupee also depreciated against the dollar by 0.53 per cent on a weekly basis to close at 285.10.