In a catastrophic turn of events, the Pakistan Stock Exchange (PSX) experienced a historic crash on Thursday (today), sending tremors through the nation’s financial landscape.
The PSX plummeted by a staggering 1700 points, falling below the psychological threshold of 45,000 points, and the 100-index dipped below 44,600 points.
This unsettling freefall marks the most significant slump witnessed in the stock market this year.
Investors, traders, and economists alike have been left reeling in the wake of this financial calamity.
Analysts attribute the catastrophic drop to a statement made by Caretaker Finance Minister Shamshad Akhtar regarding electricity bill settlement.
In tandem with this stock market turmoil, the Pakistani rupee has found itself on a rollercoaster ride yet again against the mighty US dollar.
In the open currency market, the dollar rate has surged by an additional Rs3, reaching an astonishing exchange rate of Rs325.
The US dollar continued to hit new heights against a weakening Pakistani rupee, and reached the 305 level during trading as the gap with the inter-bank rate widened further.
