Tuesday August 30, 2022

KSE 100-index Drops By 309 Points

KARACHI: The International Monetary Fund’s (IMF) approval could not restore investor confidence Tuesday as flash floods disrupted the supply chain and caused substantial economic losses, resulting in the stock market shedding points.

Early estimates put the damage from the floods at more than $10 billion, the government has said, adding that the world had an obligation to help the South Asian country cope with the effects of man-made climate change.

With the revival of the IMF programme, Pakistan is expected to receive funds from multilateral and bilateral organisations, apart from friendly countries.

At close, the benchmark KSE-100 index settled at 42,195.25 points with a decrease of 309.09 points or 1.73%.

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