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Bears pull PSX down 493 points

Bears pull PSX down 493 points

KARACHI: The Pakistan Stock Exchange (PSX) on Monday saw bears rule the bourse as the benchmark KSE-100 shares index shed 493 points and was trading at 31, 543 during early trading session amid World Bank report that Pakistan real Gross Domestic Product (GDP) outlook  will be 1.3 percent in Fiscal Year 2020.

The World Bank (WB) in a report said that the Gross Domestic Product (GDP) of Pakistan will contract by 1.3 per cent in financial year 2020 due to a sluggish domestic and global economic activity in the last four months of the fiscal year.

According to the report, Pakistan made considerable progress toward macroeconomic stabilisation during the first eight months of FY20.

Measures taken by the authorities helped reduce domestic and external imbalances although at the cost of dampened economic activity, it added. However, the outbreak of COVID-19 would impact regional growth beyond FY20 due to which growth would remain muted at 0.9 per cent in FY21 before reaching 3.2 per cent in FY22.