The benchmark KSE-100 index lost 632.39 points, or 1.5 per cent, to reach 41,557.64 points at 11:17am.

Prime Minister Shehbaz Sharif’s address to the Future Investment Initiative’ conference in Riyadh, Saudi Arabia could not make a positive impact on the market.

The premier had pitched Pakistan to the investors, adding that the country was open for business.

“Pakistan is ripe for market innovation. A new generation of Pakistani entrepreneurs are shying away from traditional businesses and turning their focus and energies to disruptive innovations,” he said.

“Let me assure you that today we as a nation are ready to reach out and grab the future with both hands. As the Prime Minister, I am determined to deliver efficient and competent governance in these difficult times,” the prime minister added.

This is a developing story and will be updated accordingly.