PKR hits new low, closes at Rs215.2 in interbank
The benchmark KSE-100 index plunged by more than 700 points on Monday, with analysts attributing the development to the political uncertainty arising out of the outcome of the Punjab by-polls held a day earlier and the rupee losing ground against the dollar.
Stocks plunged more than 600 points shortly after trading began and lost 713.19 points against the previous day’s close of 42,074.91 to reach 41,361.72 by 12:39pm. The index closed at 41,367.11 points, down 707.8 points or 1.68 per cent. Head of research at Intermarket Securities Raza Jafri viewed the sharp decline in context of the political situation following the by-elections in Punjab, which the PTI won by a considerable margin.