February 09, 2024 (MLN): Pakistan’s Dollar bonds due in 2051 were indicated over 3 cents lower, the most since July 2023, to trade at 61.2 cents on the dollar, while the 2029 and 2031 notes also dropped, Bloomberg reported.

“Uncertainty not only about the election results, but also about the legitimacy of those results, is causing weakness in bond prices,” said Abdul Kadir Hussain, head of fixed-income asset management at Arqaam Capital in Dubai.

“A stable political setup is required to negotiate and implement the IMF program, without which debt sustainability is doubtful. So far indications are that the political set up will be far from stable,” he says.

Meanwhile, stocks in the country remained lower, although they pared some of their losses as the KSE-100 Index traded 1.5% lower by 03:23pm, recovering from a near 4% retreat.

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Posted on: 2024-02-09T15:24:39+05:00