KARACHI: Pakistani stocks plunged 1,922 points, or 4.24%, at midday as investors worried about the country’s rising import bill, which will widen the current account deficit, the officials said. traders.
The KSE-100 index fell 1,922 points, around 12:40 p.m., as an increase in Treasury bill yields at Wednesday’s auction signaled further monetary tightening by the State Bank of Pakistan during the announcement of the upcoming monetary policy on December 14, 2021.
Read more: KSE-100 opens drop today
The decline in the local stock market was seen due to the anticipation of record imports of $ 8 billion in November, which will further pull the local currency on a downward trajectory.
The emergence of the new variant of Covid-19 Omicron is also shaking investor confidence in the market, while volatility in global crude oil prices and overseas sales have played a catalytic role in the downtrend.