The Pakistan Stock Market has suffered a big blow after Asad Umar stepped down as finance minister. The KSE 100-index dropped by 320 points on Thursday. 

The 100-index has plunged below 136,450 points. Prime Minister Imran Khan has removed Asad Umar as Finance Minister in cabinet reshuffle. 

Asad Umar made the announcement on Twitter. Asad Umar said that the prime minister wanted him to take the portfolio of Energy Minister instead of Finance.

However, he refused to take any cabinet position. "As part of a cabinet reshuffle PM desired that I take the energy minister portfolio instead of finance.

However, I have obtained his consent to not take any cabinet position. I strongly believe @ImranKhanPTI is the best hope for Pakistan and inshallah will make a naya pakistan," he wrote.

There have been reports that Prime Minister Imran Khan is unhappy with the performance of Finance Minister Asad Umar and that he might remove him.

However, the government and Asad Umar himself had previously denied such reports until today when he finally revealed that he has stepped down from the ministry.