Abb Takk News

PSX Collapses Owing To SBP Hike Of Interest Rate As Market Sheds 700 Points

Islamabad: Pakistan Stock Exchange (PSX) today collapsed after owing to increase of interests rate by State Bank of Pakistan.

The benchmark KSE-100 index lost 707 points as soon as the trading week kicked off.

The market was at 42,229 points at 9:39am. However, once the market opened, stocks fell by 707 points or 1.65%.

It had closed at 42,936.73 points at the last session on Friday.

On Friday, the Monetary Policy Committee (MPC) of the SBP raised the key policy rate by 100 basis points to 16% — the highest since 1999.