PSX in Freefall, Loses Over 1,000 Points

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, 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.