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PSX 10-Index Nosedives 714 Points

KARACHI: The stock market faced heavy selling on Monday and the KSE-100 index nosedived over 700 points, dragged down by speculation about yet another hefty interest rate hike in the monetary policy announcement on Tuesday.

Overall, trading volumes increased to 69.2 million shares compared with Friday’s tally of 55.5 million. The value of shares traded during the day was Rs2.36 billion.

Shares of 321 companies were traded. At the end of the day, 33 stocks closed higher, 278 declined and 10 remained unchanged.

Earlier, trading began on a negative note and after a short period of stable trading, the KSE-100 index turned bearish and continued to fall throughout the day.

The dollar gained Rs 1.07 and closed at 159.86 in interbank while it closed at 160.50 in the open market after an increase of Rs 1.

The gold price has also jumped high and gained Rs 1000 per tola and reached at 82600 at the highest point in the country’s history.