10,258
August 17, 2008
Friday’s close saw the KSE-100 index ignoring the sliding rupee and zooming up to close at its high of 10,258. The perception that there will soon be some clarity amidst all the current political uncertainty, led the market upwards. That immediate clarity will only come from the resignation of P.Mush which at the moment is unclear and we will see what happens in the next 2 days. One can hardly blame him to resist resigning when having a finger & a charge sheet pointed at him by two of the most corrupt politicians in the history of the country, that have robbed us blind. However a long and dragged out impeachment will currently dissolve the country’s economics even further. Speaking of the country’s poor economic state, has the Foreign Minister, Shah Mahmood Qureshi paid back the $120,000 the EAC has accused him of squandering on 2 PIA chartered flights recently ?
News : The Asian Development Bank and the Islamic Development Bank on Saturday agreed to offer $500 million each as emergency support within two weeks to help improve Pakistan’s foreign exchange reserves which have dropped to about $9 billion against $16 billion in October 2007. “Both the ADB and IDB have assured us to shore up our reserves by extending $1 billion emergency assistance before the end of this month,” a senior official of the ministry of finance told Dawn on Saturday.He said the IDB would be providing trade financing worth $500 million, adding that the World Bank would also be offering “upfront” funds out of its $1 billion annual assistance… Dawn
Market Low : 9,854.67 High : 10,258.71
Market Close : 10,258.71– 356.36 points up
