Stocks sink to 28-month low

KARACHI: Stocks on Monday sank to a 28-month low breaching 37,000 points’ level as the meltdown continues without a respite with investors freaking out over the government’s butterfingered handling of the country’s economic situation that was worsening faster than ever, dealers said.

Topline Securities in its daily market review said reports, claiming International Monetary Fund (IMF) was expecting Pakistan’s inflation to average 14 percent by June 2019 and policy rate at 15 percent, panicked investors across-the-board.

Meanwhile, the rupee fell one percent against the US dollar in the interbank on Monday, after a mild recovery from a recent freefall, as bailout uncertainty and growing demand squeezed greenback supply in the market.

Rupee ended at 133.25/dollar, edging back towards Thursday’s low of 133.80, in the interbank market. The currency finished at 131.93 on Friday. Traders said the currency again came under pressure due to tight supply of dollars in the market.