Stocks hit a rout Monday as investors cashed out of their positions, playing safe, ahead of the central bank s monetary meting this week amid concerns over IMF loan programme holdup, traders.
KARACHI/ISLAMABAD: Stocks on Monday fell steeply, while the rupee hit a record low as markets panicked on reports that the budgetary measures are not enough to secure IMF bailout, renewing concerns.
Stocks hit a tailspin on Friday as the government’s action on fuel subsidies spurred concerns inflation was set to soar higher, alerting the central bank hawks to tighten the monetary policy,.
Stocks booked more losses on Thursday as rupee was further dwarfed by the dollar amid anxiety over rising bond yields that might strengthen a case for monetary tightening, traders said.Pakistan.
Stocks on Friday ended higher with decent gains as late profit-taking eroded early gains, while consistent rupee recovery stoked hopes that the economy was somewhat back on track, traders.