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KARACHI: The International Monetary Fund’s (IMF) approval could not restore investor confidence Tuesday as flash floods disrupted the supply chain and caused substantial economic losses, resulting in the stock market shedding points.
Early estimates put the damage from the floods at more than $10 billion, the government has said, adding that the world had an obligation to help the South Asian country cope with the effects of man-made climate change.
The floods have overshadowed the major IMF programme that Pakistan unlocked a day earlier, paving way for a disbursement of $1.17 billion from the money lender.
With the revival of the IMF programme, Pakistan is expected to receive funds from multilateral and bilateral organisations, apart from friendly countries.
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At close, the benchmark KSE-100 index settled at 42,195.25 points with a decrease of 309.09 points or 1.73%.
Shares of 338 companies were traded during the session. At the close of trading, 122 scrips closed in the green, 189 in the red, and 27 remained unchanged.
Overall trading volumes rose to 237.67 million shares compared with Monday’s tally of 229.21 million. The value of shares traded during the day was Rs5.87 billion.