Bloodbath at KSE as100 index plunges 1,600 points

Saman SiddiquiMay 9, 2022

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Bloodbath at KSE as100 index plunges 1,600 points on Monday.

KSE-100 Index opened at 44,840.81 points at the start of the business day and made a high of 44,841.41 points before going down swiftly.

However, the bearish trend reigned as the market closed at 43,233 points.

According to the PSX website, KSE-100 Index opened at 44,840.81 points, made a high of 44,841.41 points before going down rapidly, and sank to 43,506.34 a little before 1 pm.

As reported, Karachi Stock Exchange’s benchmark 100-index witnessed a decrease of 1,600 points due to political instability and a delay in talks with the International Monetary Fund (IMF).

Experts suggest that the country’s stock market was under pressure due to the depletion of foreign reserves.

On the other hand, the US dollar continued its flight towards record levels against the rupee.

On Monday, the dollar price increased by Rs1.13 to Rs187.90 against the rupee.

Since April 16, the dollar rate has increased by Rs 6.