Monday, January 30, 2023

PSX: KSE-100 index sheds 957 points

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KARACHI: Pakistan Stock Exchange (PSX) on Monday lost more than 957 points on the first day of the business week, ARY News reported.

Investors’ confidence is shaken after the State Bank of Pakistan unexpectedly increased the interest rate, last week. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index is currently trading at 41,979 points at 2.45 pm.

Furthermore, investors are worried about the ‘political instability in the country.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index closed at 42,936.73 points last week.

On Friday, the State Bank of Pakistan announced the new monetary policy raising the policy rate by 100 basis points to 16 percent.

Read more: MONETARY POLICY: SBP RAISES POLICY RATE BY 100BPS TO 16 PERCENT

“Amid the on-going economic slowdown, inflation is increasingly being driven by persistent global and domestic supply shocks that are raising costs. In turn, these shocks are spilling over into broader prices and wages, which could de-anchor inflation expectations and undermine medium-term growth. As a result, the rise in cost-push inflation cannot be overlooked and necessitates a monetary policy response,” reads a statement issued by SBP’s Monetary Policy Committee (MPC).

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