PSX plunges 605 points as US dollar jumped record high

 
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Karachi, July 16 (TNS): As the US dollar hit record high against rupee; the Pakistan Stock Exchange’s (PSX) KSE-100 index plunged 605 points on Monday, declining by 1.5 percent to close below 40,000 points.

The market remained in the negative from the start of the trading session as it lost 500 points early on, at the 100 index and was not able to maintain the level of 40 thousand points and started trading at 39, 749 points. The trading ended in negative zone to close at 39,666 points.

The rise in interest rates by the State Bank of Pakistan (SBP) and news about Pakistan going for the International Monetary Fund bailout program lead the negative rally. Apart from this, a large reduction in value of rupee also made negative impact on the share market.

The dollar jumped to record high against Pakistani Rupee on Monday to reach at 128.25 in the interbank market, gaining Rs6.75 against the rupee.