PSX closes in red, as KSE-100 index plummets by over 900 points

KARACHI: The Pakistan Stock Exchange (PSX) Tuesday closed at 64,801.70 points after plummeting by over 953.6 points, a day after the Prime Minister Shehbaz Sharif's federal cabinet took oath.

During the intraday trading, PSX plunged by over 1,000 points and made slight recovery before its closing.

The market sentiment reflects the country's current economic position, despite the newly-elected government's efforts to invite the International Monetary Fund's (IMF) review team for talks under the $3 billion Stand-By Arrangement (SBA).

The benchmark KSE-100 index fell to 64,694.27 at intraday trading, as it lost 1,061.03 points or 1.61% from the previous close of 65,755.30

A day earlier, the stock market closed slightly lower after hitting a high of over 66,100 points earlier in the session, as investors weighed the prospects of a new government and its economic policies.

The KSE-100 shed 38.45 points or 0.06% to close at 65,755.31 points.

“Stocks closed under pressure amid weak global equities and concerns for economic uncertainty,” said analyst Ahsan Mehanti at Arif Habib.

He said uncertainty over the monetary policy announcement on March 18 and concerns over the outcome of government negotiations for new IMF loans played a catalyst role in the negative close.