KSE-100 tumbles 554 points ahead of monetary policy announcement

KARACHI: The Pakistan Stock Exchange (PSX) started the week with a bearish trend ahead of the monetary policy announcement and the benchmark KSE-100 Index shed 554 points (-1.38 percent) to close at 39,632 points.

The benchmark KSE-100 Index remained in the red throughout the session, touching its intraday low at 39,314.28 after losing 872.90 points. It settled lower by 554.66 points at 39,632.52.

Among other indices, the KMI-30 Index plunged 960.27 points to end at 63,049.50, while the KSE All Share Index dropped 341.81 points, closing at 27,932.05.

The State Bank of Pakistan (SBP), in line with market expectation, maintained the status quo in the monetary policy and kept the interest rate unchanged at 7 percent for the next two months. - TLTP