Monday September 19, 2022

PSX Sheds by 158 Points

KARACHI: The Pakistan Stock Exchange (PSX) once again plunged into the red zone as the latest round of rupee depreciation pushed the benchmark index down by over 150 points on Monday.

The rupee dropped to 237.91 after losing Rs1.07 (or 0.45%) in the interbank market as it inches closer to an all-time low of 239.94 hit on July 28.

The continuous depreciation prompted renewed stock selling as investors reacted with panic to the latest developments. As a result, the KSE-100 index, after a brief upward opening, dropped to an intra-day low of 41,504.64 points.

The benchmark KSE-100 index fell over 150 points in immediate reaction to the rupee’s fall, stockbrokers said. The rupee depreciation is badly impacting the earnings of companies listed at the PSX.

At close, the benchmark KSE-100 index closed at 41,520.59 points with a decrease of 158.90 points or 0.38%.

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