Pakistan Stock Exchange takes a massive hit
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The Pakistan Stock Exchange (PSX) plunged 800 points on first business day on Monday as the investors lost confidence in trading after the State Bank of Pakistan (SBP) hiked policy rate by 100 bps to 16 per cent.
The index witnessed a sharp drop right after the opening bell of the trading session, falling more than 600 points to 42,282.48 in the first 30 minutes of trading.
By 1:30pm, the index was down 856.67 points, or two per cent, to reach 42,080.06.
The bears prevailed after investors opted for selling their shares as the interest rate hike announced by the central bank created a negative impact on the business environment.
