PSX sheds over 1,378 points

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Shares at the Pakistan Stock Exchange fell sharply on Tuesday, with analysts attributing the sell-off to political uncertainty and delay in the completion of the International Monetary Fund’s ninth review.

The benchmark KSE-100 index plunged by 1378.54 points, or 3.47 per cent, to close at 38,342.21 points. It was the highest one-day slide since June 24, 2022, according to Arif Habib Limited.

The index reached an intraday low of 38,287.81 points, down 1,432.94 points, or 3.74pc, at 3:23pm.

First National Equities Limited Director Amir Shehzad said the market was already under pressure because of political uncertainty after the dissolution of the Punjab Assembly. He noted that Khyber Pakhtunkhwa Chief Minister Mahmood Khan is also expected to send a summary to the governor to dissolve the provincial assembly.

However, the market came under added pressure on signs that the government’s negotiations with the IMF may be delayed, he added.