PSX tumbles by 2000 points

KARACHI: The Pakistan Stock Exchange (PSX) opened the trading week at 118,442.17 points, and posted an instant jump of over 340 points, to touch the morning’s highest at 118,797.70 points.

However, soon after the benchmark KSE-100 index started to slip down and before 10 AM it had fallen by as much degree as it gained, hovering 300 points lower than the opening at 118,133.33 points.

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On the last trading day of the outgoing week, the index had crossed the 119,000 mark, but turned negative before closing. The same volatility seems to have seeped into this week as well.

As the day progressed, the index deepened the losses, with the market hovering at 116,439.62 points in the afternoon, 2002.55 points lower than the opening.

On the other hand, the Pakistani Rupee has appreciated against the US dollar in the interbank market. According to the Exchange Companies Association, the PKR has gained 20 paisa against the greenback, with the USD-PKR parity at Rs280.06 on Monday morning.