KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) plunged on Monday as an across-the-board selling spree pushed share prices into the red zone.
Moreover, the Pakistani rupee remains in a downward spiral with the US dollar gaining another 0.39% on Monday to close at 200.93.
The index remained jittery over concerns regarding monetary policy tightening which was to be announced after the session.
It is worth mentioning that contrary to market expectations the State Bank of Pakistan (SBP) raised the benchmark interest rate by 150 basis points to 13.75% for the next six weeks in order to stabilise inflation and economic growth.
At close, the benchmark KSE-100 index closed at 42,440.25 after losing 660.46 points or 1.53%.
The market witnessed a bloodbath session as investors remained bearish throughout the day.
Shares of 314 companies were traded during the session. At the close of trading, 48 scrips closed in the green, 250 in the red, and 16 remained unchanged.
Overall trading volumes rose to 118.98 million shares compared with Friday’s tally of 189.92 million. The value of shares traded during the day was Rs3.57 billion.
