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PSX Bleeds Over 1000 Points, Crashes to 4-Month Low After Budget Reveal

Pakistan equities witnessed a panic-struck sell-off during the early hours of trade on Monday, crashing to its lowest ever tally in over four months.

The benchmark KSE-100 lost over 1000 points after opening trade at 42,069.65. The top bourse appeared bearish from the opening bell and immediately dropped into the red zone after shedding 1045 points or 2.47 percent by 2:15 pm.

At the time of filing this report, the index had dropped to 40,968.7, breaching February’s 52-week low of 41,031.91.

During early trade, local investors opted to offload their positions. Around 112 million shares were traded at the exchange, with 243 of the 307 active scrips declining in value, only 56 advancings, and 8 remaining unchanged.

Markets fell after the federal government on Friday presented the next fiscal year’s budget with a mix of stabilization measures laced with questionable reforms in the country’s real estate sector.

This is an intraday market update.

Courtesy ProPakistani

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