Investors are hitting the sell button at the Pakistan Stock Exchange (PSX) as the benchmark index, KSE-100, witnessed a free fall during the trading today as it lost over 1,000 points.
The market is witnessing a frantic sell-off, with the benchmark KSE-100 index losing over 1000 points in intraday trading. KSE-100 Index initially was opened on a positive note but went into the red zone after the first fifteen minutes of trading. By 1 pm, it was down by over 1,000 points, or around 2.28 percent, to 42,513.78 points.
At 1:24 pm, the market was down by 995 points or 2.9 percent, trading at 42,508 points. The investors opted to offload their position due to the uncertainty on the IMF front.
JS Global’s Assistant Vice President, Muhammad Waqas Ghani, while commenting on the market, told ProPakistani,
Investors are concerned about the macroeconomic situation mainly due to a delay in resumption of the IMF program as other probable inflows are now also contingent on it. The incumbent government has not been able to take the necessary fiscal measures yet, which is the primary reason for rising concerns among market participants.
He further added that the Rupee has also dropped to a new low against the US Dollar and is trading at Rs. 190 in the interbank as per the last update.
This is an intraday market update.