The KSE PSX 100-index plunged and started with a negative business in the Pakistan Stock Exchange as it fell by 222 points to reach 472,70 points.
The stock market was up for five consecutive trading sessions last week.
At one point in the trading session, the KSE-100 benchmark reached 47,384.84 with -108.73 (-0.23%). The market regained confidence as the US dollar continued its downward strength against the Pakistani currency and reached Rs282.60 in the interbank trading.
Pakistan’s economic team, headed by the caretaker finance minister, has departed for Morocco for annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).
The annual meetings of the IMF and World Bank are scheduled to start from October 9 (tomorrow), and the Pakistan team is being led by caretaker Finance Minister Dr Shamshad Akhtar.
The State Bank governor and the finance secretary are also part of the delegation.
Besides participating in the annual meetings of the World Bank and the IMF, the economic team is also likely to meet with the IMF managing director, World Bank president, and Asian Development Bank officials.
The caretaker finance minister, along with the economic team, is expected to discuss the sale of bonds in the international market. The team is also expected to meet with Chinese and Saudi finance ministers, according to sources.
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Global oil prices rise by 5% due to Israel-Palestine conflict
Gold prices in Pakistan experience modest decline
Global crude oil prices have seen a 5% increase in response to the ongoing conflict between Israel and Palestine, affecting markets worldwide.
The surge in oil prices comes after a period of consistent decline, with experts attributing the recent uptick to a combination of geopolitical tensions and economic factors.
