Pakistan Stock Exchange nosedives, loses over 1,500 points in opening session of week

Pakistan Stock Exchange nosedives, loses over 1,500 points in opening session of week
A stockbroker monitors the latest share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on February 24, 2022. (AFP/File)
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Updated 09 May 2022
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Pakistan Stock Exchange nosedives, loses over 1,500 points in opening session of week

Pakistan Stock Exchange nosedives, loses over 1,500 points in opening session of week
  • The benchmark KSE-100 index opened at 44,840.81 points on Monday 
  • The index made high of 44,841.41 points before steadily losing 1501.21 points 

ISLAMABAD: The Pakistan Stock Exchange (PSX) nosedived during the opening session of the week on Monday, with the benchmark KSE-100 index shedding more than 1,500 points.
The KSE-100 index opened at 44,840.81 points, according to the PSX website. It made a high of 44,841.41 points before steadily losing 1501.21 points in intraday trading by 2:45pm local time.
Analysts believe the pressure in global equity markets was hurting the sentiment at PSX. The situation could improve based on improvement in the country’s foreign exchange reserves in the coming days, they said.
Meanwhile, the US dollar was trading at Rs189 in the interbank market at around 2pm Pakistan time, according to forex.com.pk, a local website that monitors currency rates.
The developments come ahead of Pakistan’s talks with the International Monetary Fund (IMF) about the resumption of a $6 billion loan program that was secured in 2019.
Last month, Pakistan’s Finance Minister Miftah Ismail held meetings with IMF officials in Washington and requested the global lender to extend the size and duration of the loan program.
Ismail agreed to reverse energy subsidies for the resumption of the program that was stalled after former prime minister Imran Khan announced a $1.7 billion relief package in February.
If Islamabad clears the review, Pakistan will get an estimated $1 billion, which would in turn unlock additional external funding and help stabilize the market and the economy.