PSX nosedives 744 points

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The Pakistan Stock Exchange (PSX) nosedived on Monday due to rollover week and massive hike of 150bps in policy rate by the State Bank of Pakistan, with the benchmark KSE-100 Index shedding 744.41 points (-1.63 percent) to close at 45,745 points.

The market opened on a positive note and gained over 110 points during the first 25 minutes of the session; however, later a massive profit taking activity gripped the market that continued for the rest of the session.

The KSE-100 Index moved in a range of 885.3 points, showing an intraday high of 46,601.90 points and a low of 45,716.60 points.—TLTP

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