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PSX touches 2-year low as 100-index sheds 750pts to settle at 36,767

PSX touches 2-year low as 100-index sheds 750pts to settle at 36,767

KARACHI: The Pakistan Stock Exchange on Monday closed down 2 percent after briefly hitting a two-year low as the benchmark 100-share index lost 750.36 point to close at 36,767.57, down 2 percent.

The KSE has shed 10 percent since October 1 on worries over dwindling foreign reserves and a currency devaluation in response to a ballooning current account deficit.

The finance ministry said last week the government was approaching the IMF for assistance to help stabilise the economy, amid a deepening balance-of-payments crisis.

The rupee has also plunged at least 7 percent since the new government of Prime Minister Imran Khan announced last week Pakistan needed IMF assistance to ward off a financial crises.

The current account deficit widened 43 percent to $18 billion in the year that ended on June 30, while the fiscal deficit ballooned to 6.6 percent. Foreign currency reserves dropped in late September to $8.4 billion, enough to cover import costs for less than two months.