The Pakistan stock market crashed on Thursday as the rupee hit a new all-time low against the US dollar.
The KSE-100 index dropped by over 1,750 points, or almost 3.8%, to close below 44,500 points. The rupee fell by Rs1.50 to Rs305.55 against the dollar, its lowest level ever.Market analysts said the sell-off was triggered by concerns about the country’s economic outlook, including the rising cost of living and the uncertainty surrounding the upcoming general elections.
They said investors were also worried about the caretaker government’s ability to address the country’s economic problems. The stock market had been on a bull run in recent months, but the recent sell-off has wiped out most of those gains.The rupee has also been under pressure in recent weeks, and it is now trading at its lowest level in over two years.
The economic outlook for Pakistan is uncertain, and the stock market and the currency are likely to remain volatile in the coming months.