Stocks dip 1,704 points in absence of cues

The Pakistan Stock Exchange (PSX) lost further ground on Wednesday as the benchmark KSE-100 index dropped over 1,700 points, mainly due to the absence of major triggers required to encourage investors to build their positions. A day ago, the market had shed 1,521 points, driven by profit-taking at higher valuations. Though the market started Wednesday's session on a positive note and remained in the green zone for some time, it started falling before midday. The index touched the intra-day low at 159,217 in late trading and ended slightly above that level. Among key economic news, the International Monetary Fund (IMF) will take up Pakistan's case in early December. Also, the government has launched a Google Chromebook assembly line, which will produce 500,000 Chromebooks annually.