PSX plunges over 1,900 points at midday

KARACHI: The Pakistan stocks plunged 1,922 points, or 4.24 per cent, at midday, as the investors were concerned over the rising import bill of the country, which will widen the current account deficit, dealers said.

The KSE-100 Index shed 1,922 points, at around 12:40pm as a surge in yields of treasury bills on Wednesday’s auction signaled further monetary tightening by the State Bank of Pakistan in the forthcoming monetary policy announcement on December 14, 2021.

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The dip in the local bourse was witnessed owing to the anticipation of the all-time high imports of $8 billion in November, which will further drive the local currency on a downward trajectory.

The emergence of the new Covid-19 variant Omicron is also denting the investors’ confidence in the market, while the volatility in the global crude oil prices and the foreign selling played a catalytic role in the bearish trend.