KARACHI – The Pakistan Stock Exchange (PSX) witnessed massive decline on Thursday as KSE-100 index benchmark lost over 1700 points during intraday trading.
At 3:00pm, the KSE-100 index has shed 1774 points with a change of -3.84 percent as the current index stands at 44,447.15 points. It has closed at 46,244.55 points on Wednesday.
The bloodbath comes amid ongoing free fall of Pakistani rupee against the US dollar in interbank and open markets and political uncertainty over possible delay in general elections.
Experts have also attributed the latest plunge in KSE-100 index to rumours of emergency adjustment in the monetary policy, which will further hike the interest rate.
A day earlier, Pakistani rupee persisted in crash mode against the US dollar, setting a new record low as the greenback traded at 304.45 rupees in the interbank market on Wednesday.
Data shared by State Bank stated that local currency dropped to yet another record low against the US dollar, clocking at 304.45 in the inter-bank market.
