KARACHI: The bearish trend on Monday, the first trading day since the policy rate announcement on Friday.
The State Bank of Pakistan (SBP) increased the interest rate by 150 basis points to 8.75%. However, the announcement has not sit well with the market and the KSE100 index slid about 550 points (more than 1%) by 12pm.
The slide continued and the market was trading at 45,850 after shedding 639 points (-1.38%) by 1:40pm.
The news about the agreement between Pakistan and the International Monetary Fund (IMF) also failed to prop the market.