LAHORE - Pakistan Stock Exchange posted steepest fall on Tuesday since May 14, 2018, as 4 percent Pak rupee devaluation against US$ failed to entice investors.

Further, Pakistan imports continue to rise as last two devaluations have yet to make any noticeable impact on the overall import bill, thereby raising the question, ‘is devaluation really the solution?’.

Investors also fear that Monday’s devaluation and call to further devalue will likely push up the interest rates and will eventually rein in on aggregate demand.

Investors’ sentiment remained bleak across the board, while disappointment was more striking in banks and cements. Total traded volumes/values was down -14%/-23%, respectively in yesterday’s trading session.

Amongst the major sectors, cement, bank, oil & gas marketing, fertilizer, automobile and exploration & production sectors withheld 519 points from the index.

As per the notice sent to PSX by WorldCall Telecom (WTL), the company is intimated by TFC trustee that it has received requisite approvals from TFC holders to affect the 3rd restructuring of TFC-III.

According to the State Bank of Pakistan (SBP), Pakistanis received home remittances amounting to $18.028 billion in 11MFY18, +3% YoY. Month-on-month basis, during May 2018, the inflow of workers' remittances amounted to $1.77 billion, which is 7.30 percent higher than April 2018 and 5 percent lower than May 2017.