The Pakistan Stock Exchange (PSX) dropped by more than 500 points after surpassing the historic high of 137,000 points, as the International Monetary Fund (IMF) has expressed strong reservations over Pakistan’s decision to grant tax exemptions on sugar imports, 24NewsHD TV channel reported on Tuesday.
At the closing of the trading, the KSE-100 Index lost 562.66 points or 0.41 per cent and closed at 135,939.87 points.
Earlier on Monday, the benchmark index recorded a whopping gain of 2,202.77 and closed at 136,502.54 points.
A total of 841,456,115 shares were traded during the day as compared to 765,079,448 shares the previous trading day, whereas the price of shares stood at Rs 37.051 billion against Rs 40.165 billion on the last trading day.
As many as 475 companies transacted their shares in the stock market; 264 of them recorded gains and 195 sustained losses, whereas the share price of 16 companies remained unchanged.
Earlier, Prime Minister Shehbaz Sharif also expressed pleasure over the Pakistan Stock Exchange crossing a historic level, saying that it reflected the confidence of the business community in Pakistan’s economy.
The prime minister, in a statement, said that the current positive economic indicators showed the government’s policies moving in the right direction.
He said that providing a conducive environment to the business community was the government’s priority.
Prime Minister Shehbaz said that the country had embarked on the path to economic growth after achieving stability. He said that the government was working tirelessly for the country’s development and public welfare.
Reporter: Kawish Memon