Intraday update: PSX down by over 400 points

KARACHI: Pakistan’s Stock Exchange (PSX) lost 463 points by 11 AM. After opening at Friday’s closing of 81,292.13 points, by 11 AM, the index was hovering around 80,828.31 points.

This comes after the benchmark KSE-100 index posted an overall decline of 782 points through the outgoing week.

PSX weekly roundup: record-breaking rally ends after IMF loan approval

Before this, the index had been on a record-breaking rally, prior to the approval of the $7 billion loan package from the International Monetary Fund (IMF).

According to Mettis Global, the well-known “buy the rumour, sell the news” trend appeared to take hold as investors cashed in profits after the highly anticipated announcement. This downward pressure seems to have continued into this week’s trading, with 463 points decline since morning today.

Around 11 AM, the index looked like this: