Karachi February 9 2024: KSE 100 Index fall 2000.22 points or 3.12 percent as it opens on Friday after country voted for new political setup in which one single party seems fail to get simple majority.
KSE 30 Index falls 797 points or 3.67 percent as market opens.
The most critical thing for the new Pakistan government – be it a majority or a coalition – is negotiating a new bailout program with the International Monetary Fund, said Ruchir Desai, a fund manager at Asia Frontier Capital.
“Pakistan’s external debt situation is still uncertain and unstable” and there are a lot of debt repayments coming up in the next six months, he said in an interview with Bloomberg Television “They need a new IMF program, which should be a longer duration program and also a much larger loan one”
