KARACHI – The Pakistan Stock Exchange crashed by over 1300 points as a hikein interest rate and economic uncertainty drove investor sentiment, leadingto panic selling.
The KSE-100 plunged down by over 1,300 points in early intra-day trading,falling well below the 40,000 level early on Monday.
The major reason behind the bloodbath was the State Bank of Pakistan’sdecision to increase the interest rate by 1.5 percent for the next twomonths. It was much higher than market expectations.
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The KSE-100 index fell by 1,319 points (or 3.27%), touching an intraday lowof 39,177 points in the early trading session. It is currently down by 1216points, trading at 39,280 points with a turnover of 51.64 million shares.
