The Pakistan Stock Exchange (PSX) plunged 800 points on first business dayon Monday as the investors lost confidence in trading after the State Bankof Pakistan (SBP) hiked policy rate by 100 bps to 16 per cent.
The index witnessed a sharp drop right after the opening bell of thetrading session, falling more than 600 points to 42,282.48 in the first 30minutes of trading.
By 1:30pm, the index was down 856.67 points, or two per cent, to reach42,080.06.
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The bears prevailed after investors opted for selling their shares as theinterest rate hike announced by the central bank created a negative impacton the business environment.
