Stock Markete 1% Cut In Interest
PAKISTAN, KARACHI: The stock markets across the country could witness correction, following the State Bank announcement of cut in interest rate merely by one percent.
Karachi Stock Exchange members—Arif Habib, Aqeel Karim Dedhi and Siddique Dalal talking to Geo news said that the investors were expecting cut in interest rate by two percent, but in the backdrop of the current decision, a correction up to 200 to 300 points could be seen.
They said that the revision of discount after every two months augured well, as it gives rise to hopes of further cut in the interest rate in future. Stock members said that the liquidity crunch in the market would also be solved by a slash in 10 percent market repo rate.
Pak Has Raised Its Rating Outlook On IMF Loan
HONG KONG: Moody’s Investors Service said on Monday it has raised its rating outlook for Pakistan to stable from negative after the country received a bigger loan from the International Monetary Fund.
“The stable outlook was prompted by the recent augmentation of Pakistan’s IMF program by $3.2 billion to more than $11 billion, and several ongoing policy and structural reforms” said Aninda Mitra, Moody’s analyst for Pakistan, in a statement.
Moody’s has a B3 rating on Pakistan’s foreign and local currency debt.
