PSX plunges by 953 points ahead of MPC meeting

Bears dominated the Pakistan Stock Exchange (PSX) on Tuesday and dragged its benchmark index down sharply by 953 points by the day’s end. The KSE-100 index dropped by 953.60 points, or 1.45 per cent, to stand at 64,801.70 from the previous close of 65,755.30. It had reached a low of 64,64.66. Finally, the index closed at 64,801.70 points, contracting by 953.60 points from the previous close. Yesterday, the index had closed in the red despite flirting with the 66,000 mark and remaining positive throughout the day, which analysts attributed to concerns about expected tough talks with the International Monetary Fund (IMF) for the new Extended Fund Facility and the uncertainty about monetary policy direction in the upcoming review on March 18.