Intense selling at PSX, KSE-100 index sheds 641 points

The Pakistan Stock Exchange (PSX) witnessed intense selling pressure on Wednesday as the benchmark KSE-100 index shed 641.21 points, two days after it lost almost 1,500 points.

According to the PSX website, the KSE-100 Index opened at 43,504.36 points and made a high of 43,649.59 points. It then started going down before closing at 42,863.15 points, which represented a decline of 641.21 points.

Raza Jafri, head of Equities at Intermarket Securities, said urgent decisions were needed from the federal government. “The government has been dragging its feet so far which is eroding investors’ confidence and leading to panic selling.”

The market, he emphasised, needed the International Monetary Fund (IMF) programme to resume quickly to find a foothold. “If the programme continues to be delayed, buyers will continue to shy away,” he added.

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Share prices nosedived as investors expressed worries about the country’s debt repayment capacity amid depleting foreign exchange reserves.

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