Abb Takk News

KSE 100-Index Loses 750 Points

KARACHI: The Pakistan Stock Exchange (PSX) began the week on a highly bearish note on Monday, with the benchmark KSE-100 index plunging over 750 points as the market reacted to developments on the economic and political fronts.

In the backdrop of an unsatisfactory economic scenario, coupled with rising coronavirus cases, the index fell below the 44,000-point mark. Economic uncertainty following the reconstitution of Economic Advisory Council (EAC) and the change of finance minister ahead of budget impacted the investment climate.

In a surprise move, the prime minister on Saturday approved the reconstitution of EAC but did not appoint former finance minister Shaukat Tarin as its convener.

Moreover, the inflation rate once again jumped above 9% in March, as reported by the Pakistan Bureau of Statistics on Thursday, which coupled with a gloomy economic outlook aided the bearish sentiment.