Shares at PSX lose over 250 points after IMF team visit

Bearish momentum dominated the Pakistan Stock Exchange (PSX) on Monday as shares declined by more than 250 points following the International Monetary Fund (IMF) visit. Shortly after the opening bell, the benchmark KSE-100 index continued to trade sideways until 10:30, the KSE-100 then continued a downward trajectory, shedding 416.91 points, 0.55 per cent, to stand at 74,925.43 from the previous 75,342.34 at 12pm. Finally, the index closed at 75,084, down by 258.34 points, or 0.34pc, from the previous close. Yousuf M. Farooq, director of research at Chase Securities, said: “The market is down on media reports of a possible electricity price hike along with additional taxation measures.” However, according to Farooq, “The market has also seen a very large rally and some consolidation is normal.