PSX Crashes By Over 1,000 Points As Bears Pull KSE-100 Below 63,000

Red was the theme at the Pakistan Stock Exchange (PSX) today, with the benchmark KSE-100 index losing over 1,000 points in intraday trade. The benchmark KSE-100 index appeared bearish from the opening bell and immediately dropped into the red zone, losing 1,039 points after trading resumed on Monday as expectations over whether the central bank would cut its key interest rate at today’s meeting of the Monetary Policy Committee weighed heavily on the market. After opening trade at 63,813 points, the benchmark KSE-100 index slid to 63,041 at 11:47 AM. Later at 2:15 PM, it plunged by up to 923 points to 62,889. At 3:21 PM, it clocked in at 62,721, down by 1.95 percent or 1,092 points. It settled at 62,773, down 1.63 percent or 1,039 points. The KMI 30 index shed 2,487 points settling at 105,593, while the KSE All share index declined by 535 points to close at 42,677. The highest participation was witnessed in K-Electric Limited (PSX: KEL) with over 46.6 million shares traded, followed by Pakistan International Airlines Corp (PSX: PIA) and Worldcall Telecom Limited (PSX: WTL). The scrips had 22.9 million shares and 21.4 million shares traded, respectively.