Shares at PSX lose over 500 points

KARACHI: Shares at the Pakistan Stock Exchange (PSX) lost over 500 points on Monday, with analysts attributing the sell-off to concerns regarding further interest rate hikes.

According to the PSX website, the benchmark KSE-100 index was trading at 47,648.33 points at 12:50pm, down 570.16 points or 1.18 per cent from the previous close of 48,218.49 points.

Intermarket Securities’ Head of Equity Raza Jafri said that despite improvement in the last few months, the economy was still vulnerable.

Rupee improves marginally against US dollar

“July’s large current account deficit is raising concerns of a further interest rate hikes especially as inflation is still high,” he told Dawn.com, adding that a lack of clarity on circular debt settlement was also affecting investor sentiment.