On Tuesday, October 12, the KSE-100 index dropped by over 500 points, and it was trading at 43,150 points by midday.
The dollar has also gained value, and it is currently trading at Rs.171 per dollar in the inter-bank market on Tuesday.
Talks with International Monetary Fund (IMF) were underway, and it was predicted that subsidies on electricity and gas would be eliminated in order to recoup the debt, and that the IMF would also boost taxes creating a set of conditions.
Due to delays in notification of a high-ranking official’s appointment also the market became more unclear, and investors became cautious.
Investors said the price of crude oil on the world market has exceeded the high level of $83, leading to Pakistan’s import bill, and the stock market index finished at a six-month low of 43,839 points on Monday. Investors were wary from the start of trade and decided to withdraw funds rather than engage in the market, while overseas investors also withdrew a total of more than 40 million dollars.