Shares lose 503 points as forex reserves dwindle

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Shares at the Pakistan Stock Exchange (PSX) fell on Monday, with analysts attributing the sell-off to the country’s forex reserves dropping to dangerous levels and Finance Minister Ishaq Dar’s comments giving rise to fears that the government may confiscate dollars from private banks. The KSE-100 index lost 502.76 points, or 1.23 per cent, to close at 40,504.76 points. It reached an intraday low of 570.7 points, or 1.39pc, at 2:01pm.