Shares at PSX plummet nearly 600 points amid economic uncertainty
Business
Shares at the Pakistan Stock Exchange (PSX) fell sharply on Monday afternoon, with the benchmark KSE-100 index dropping 590.08 points, or 1.46 per cent, to reach 39,860.45 points at 3:19pm.
Intermarket Securities Head of Equity Raza Jafri said the index was giving up some of last week’s gains as it was uncertain whether Pakistan’s late push to revive the stalled International Monetary Fund (IMF) programme would be enough.
Even if the loan programme was revived, concerns about the country’s balance of payments position would persist in the second half of the current fiscal year once the IMF programme ended in June.
“A lot more comfort on economic outlook is needed for a sustainable rally at the bounce,” he commented.
More to follow.
