Stock market slumps more than 600 points

KARACHI: The Pakistan Stock Exchange (PSX) declined by 630 points on Monday morning. After opening at 112,800.93 points, the benchmark KSE-100 index had gone down to 112,170.88 points by 11 AM.

The stock market had managed to close the outgoing week on a positive note despite fluctuations. The current account showed deficit last week, but the overall economic indicators remained positive.

Finance Minister Muhammad Aurangzeb said, last week, that the process of FY2025-2026 budget has already started. He also shared that Pakistan is expected to receive financing from the World Bank, as well as climate financing from the International Monetary Fund (IMF). Put together, last week saw stability in market confidence.

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This week, however, the market has opened on a deeply negative sentiment. Generally as well, yesterday’s loss in Champions Trophy match has the nation’s mood dampened. However, business-wise some sectors are still maintaining strength.

By 11 AM, the index looked like this:

PAKSITAN RUPEE IMPROVES PARITY

Meanwhile, the Pakistani Rupee (PKR) has appreciated against the US Dollar (USD), with the parity improving by 7 paisa in Interbank market on Monday.

The Exchange Companies Association of Pakistan said that USD-PKR rate was Rs279.50 on Monday morning.