KARACHI: Bloodbath at the Pakistan Stock Exchange (PSX) continues as the KSE-100 Index plunged over 950 points on Friday and fell below 35,000 mark.
Trade was halted for 45 minutes after the stock exchange witnessed bearish trend today and the 100-Index initially lost 1,682 points. However, it recovered some of its loss after trade was resumed.
On the other hand, the value of the US dollar is continuing to surge against the Pakistani rupee as the greenback has gained three percent in past few days. The instability after hike in the dollar rates has further increased the reservations of the business community.
Lahore Chamber of Commerce and Industry (LCCI) President Irfan Iqbal Sheikh said the dollar prices have increased due to coronavirus and Pakistani exporters can take benefit from the situation.
It is to be mentioned here that the surge in the dollar prices is on one hand increasing national debt of Pakistan, and on the other it is affecting the business activities.