Grim markets and trade data in Pakistan

Karachi: Pakistan's trade deficit for July-September, the first quarter of fiscal 2008/09, widened to $5.55 billion (Dh20.4 billion), compared with $3.636 billion in the same period last year, according to official data released on Friday. The deficit widened to $2.027 billion in September from $1.25 billion a year ago, and the country appears headed toward a balance of payments crisis unless relief arrives soon. Desperate for relief, Pakistan yesterday asked Iran to supply crude oil on a deferred payments basis. The Karachi Stock Exchange board of directors will meet on Monday to review how long to keep an artificial floor under the share market and consider establishing an exit mechanism for foreign investors, the KSE spokesman told Reuters. There had been expectations that the board would convene yesterday to review the... [read full story]