KARACHI – Pakistan stock markets opened on strong note on Monday but the flagship KSE-100 lost 1000 points ahead of State Bank’s monetary policy announcement.
In early hours of trading, the benchmark KSE-100 index surpassed 73,000 mark to trade at record high but it witnessed sharp drop.
As per PSX’s portal, the index moved down by over 1000 points, that equates to 1 per cent, to stand at 72,014.34 points.
Investors are apparently looking to book profits today after last week’s frenzy. The market saw bearish trend as there is uncertainty regarding whether the State Bank of Pakistan (SBP) will cut interest rates.
The central bank’s Monetary Policy Committee (MPC) is slated to convene today to decide on the key interest rate policy.
In March, State Bank maintained the status quo, keeping the key policy rate at 22 percent for the sixth consecutive policy meeting.
