KARACHI: During the first hour of trading, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) continued a downward trend as it lost 1,061 points. According to details, the benchmark index started at 43,486 points and experienced a fall of 806.95 points. By 10:00 am over 1,000 points (2.44 per cent) had vanished from the index.
On Sunday, Finance Minister Miftah Ismail said that the coalition government would not increase petroleum prices against the International Monetary Fund (IMF) demands of removing subsidies for the revival of the loan programme.
On the other hand, the reserves have dropped to $10.3 billion. Pakistan may default on the international loans if no improvement in reserves is shown.