October 15, 2018 / 8:44 AM / a month ago

Pakistan stocks fall 2.79 pct after appeal for IMF bailout

KARACHI, Pakistan, Oct 15 (Reuters) - Pakistan stocks slid by more than 3 percent in early trading on Monday before a slight recovery after the new government sought a bailout from the International Monetary Fund (IMF) to bridge a ballooning current account deficit.

The Pakistan Stock Exchange’s benchmark 100-share index lost 1086.50 points and was trading at 36,431.43 by mid-afternoon, still down 2.9 percent.

Pakistan’s finance ministry said last week Islamabad was approaching the IMF for assistance to help stabilise the economy that is battling a balance of payments crisis amid a shortage of dollars and dwindling foreign currency reserves. (Reporting by Syed Reza Hasan; editing by Nick Macfie)

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