KSE-100 Index drops by 343 points at PSX

The KSE-100 Index dropped by 343 points to reach 42, 520 level at the start of business at the Pakistan Stock Exchange (PSX) on Thursday, making the investors cautious, reported 24NewsHD TV channel.    

Only yesterday (Wednesday), the PSX had witnessed a massive selling pressure as the 100 index plummeted by nearly 1,000 points during intraday trading.

The index opened at 43,504.36 points on Wednesday, and it had shed nearly 1,000 points, or around 2.28 per cent, to reach 42,513.78 points by 1pm, according to the PSX website.

Commenting on the meltdown at the PSX, economic experts laid emphasis on urgent decisions by the federal government, stating that the government’s sitting-on-the-fence was eroding investors’ confidence.

The US dollar, on the other hand, also continued its hegemony on Thursday—the second last day of the current business week—to reach Rs190.70 with a solid jump of 83 paisas in interbank trading.

It means the US dollar has reached its all-time high record standing at Rs190.85.  

The previous closing of the US dollar was 190.02 against the Pakistani currency.

Experts opined that the delay in the IMF deal with Pakistan had also created uncertainty in the market along with other factors including rising pressure on the import bill and depleting foreign reserves due to payment of foreign loans.

Reporter: Ashraf Khan