KSE-100 falls over 800 points during trading

KARACHI, May 17 (INP): The benchmark KSE-100 of the Pakistan Stock Exchange on Friday was on a bearish trajectory after the dollar increased in the market.

The KSE-100 fell 804.50 points with the index at 33,166.62 points.

The US dollar touched a new record high of Rs149 in the interbank market and RS150 in the open market as the rupee continued to slide following Pakistan’s $6 billion bailout agreement with the International Monetary Fund earlier this week.

The greenback gained by another Rs2.48 in the interbank market to reach the latest peak. It is currently being bought for Rs147 in the interbank market.

At the start of the week, the KSE-100 fell 816 points or 2.41 per cent to close at 33,900 points. “The investors have taken the IMF conditions as negative, especially with regard to free float of the rupee against the dollar and increasing the interest rate,” said Yawar Uz-Zaman, head of Research at Shajar Capital, a brokerage house in Karachi.