The Pakistan Stock Exchange (PSX) opened the week in the red on Monday, with the benchmark KSE-100 index shedding points shortly after trading began.
By 10:46am, the benchmark had lost 652.13 points, or 1.53 per cent, to reach 41,939.38 points.
Head of Research at Intermarket Securities, Raza Jafri, said the KSE-100 index was affected by the performance of equities globally.
“Asian markets are sharply lower today, following the heavy 3pc decline in US markets on Friday. This is playing out at the KSE-100 also.”
Jafri said that while the resumption of the International Monetary Fund (IMF) was imminent with its executive board set to meet today, the market was also wary because of the floods and the political situation.
More to follow.