PSX loses 147 points

Karachi: The stock market experienced a massive fall in economic activity on the opening day of the work week, causing traders to lose billions of rupees.

Pakistan Stock Market (PSX) witnessed a bearish trend and decreased by 147 points and closed at 45865 points due to due to recession.

The PSX traded 210 million shares worth Rs 8 billion throughout the day.

In the meantime, the US dollar lost another 4 rupees on the open market, falling to Rs 298 on Monday.

The US dollar appreciated by Rs1.79 in the interbank dollar and ended the day at Rs301.16.

“The greenback rate dropped by 2.35 rupees in interbank and trading at 300.60 Pakistani rupees,” Forex dealers said.

“The banks are selling dollar to importers at 301.05 Pakistani rupees,” currency dealers said.

The US dollar rate was at parity in interbank as well as in the open market, earlier in the day.

The dollar’s buying has been scarce, while sellers’ number has soared in exchange companies.

Pakistani rupee (PKR) has made impressive recovery against the US dollar in recent days.