Pakistan Stock Exchange Down by 900 Points as Traders Aggressively Pulled Out Investment in Panic
PSX (Pakistan Stock Exchange) crash-dive around 2% to approximately close to 42,000 points recently. Traders took back their investments in panic after the central bank surprisingly hiked the key policy rate by 100 basis points to more than 20 years high at 16%. However, the development stood negative from firms listed at exchange, as it…
PSX (Pakistan Stock Exchange) crash-dive around 2% to approximately close to 42,000 points recently.
Traders took back their investments in panic after the central bank surprisingly hiked the key policy rate by 100 basis points to more than 20 years high at 16%.
However, the development stood negative from firms listed at exchange, as it would results as the reduction in flow of credit to private sector and hit their net profit.
Topline Securities CEO Muhammad Sohail shared statement, “Market down 650 points at opening after unexpected rate hike.”
Prior, the market was firmly expecting no change in the policy rate and that would fade economic activities could gradually stabilize.
However, the current rate hike might hurt economic activities further.
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