Abb Takk News

PSX Sheds 584 Points

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday remained in free fall for the third straight day as the rout triggered by a higher-than-expected monetary tightening continued to stoke a panic-selling spree.

Bearish sentiments ruled the market since the start of the trading as a policy rate hike by the State Bank of Pakistan as part of its monetary tightening overshadowed the Pakistan-IMF agreement, triggering negative sentiments in the market.

The bulls remained on the sidelines, taking a cue from the gloomy macroeconomics outlook as investors traded cautiously during the session after the circulation of news regarding mini-budget in the upcoming months.

At close, the benchmark KSE-100 index dropped by 584.82 points, or 1.30%, to close at 44,363.70.