Bloodbath at stock market as PSX 100-index plummets 1000 points
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Another week, another bloodbath at Pakistan Stock Exchange (PSX) as KSE-100 index plummeted by 1000 points and is being traded at 42677 points while on the other hand, Pakistani rupee showed resistance with an increase of value 28 paisas against the US dollar, reported 24NewsHD TV channel.
The opening day of the business week saw a promising start from the Pakistani rupee which showed resistance as the US dollar reached Rs192.25 from Rs192.53, the previous close value of US dollar on last Friday. It will be important to see later he day that how US dollar will bounce back
The bearish trend continued in Pakistan Stock Exchange (PSX) shares as uncertainty prevailed on the IMF deal and possible financial assistance from friendly and brotherly countries.
Opposition economists blamed the government for not announcing the market oriented policies to bring stability and positivity in the market investors at PSX.
The government Sunday stuck to its decision of not increasing the petroleum products prices but Finance Minister Miftah Ismael indicated that the subsidy on POL prices be revised at an appropriate time.
People are having the bitter fruit of record inflation as the government has been trying to take measures to control the sprawling inflated prices of essential commodities.
Reporter Habib Khan