The Pakistan Stock Exchange recorded a negative session on Friday as the benchmark KSE-100 Index shed 988.47 points or 1.58% to reach 61,705.09 levels at the closing of the market.
The KSE-30 Index shed 377.20 points 1.80% to settle at 20,561.82 at the closing of the session on the last trading day of the week.
Earlier this month, global rating agency Fitch Ratings affirmed Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’. The rating agency does not assign outlooks to sovereigns with a rating of ‘CCC+’ or below.
“The ‘CCC’ rating reflects high external funding risks amid high medium-term financing requirements, despite some stabilisation and Pakistan’s strong performance on its current Stand-by Arrangement (SBA) with the IMF,” Fitch said in a statement on December 13.
Meanwhile, the Pakistani rupee ended the week with a minor gain against the dollar in the interbank foreign exchange market.
The greenback shed 26 paisas and was trading at Rs282.53 at the closing of the market, as against the closing of Rs282.79 the previous day.
