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16 February 2024

HomeBusinessPSX loses 1,000 points ahead of SBP’s policy rate decision

PSX loses 1,000 points ahead of SBP’s policy rate decision

PSX loses 1,000 points ahead of SBP policy rate decision

PSX loses 1,000 points ahead of SBP’s policy rate decision

KARACHI (Web Desk) The benchmark KSE-100 index at the Pakistan Stock Exchange (PSX) lost over 1,000 points ahead of the Monetary Policy Committee (MPC) meeting which later decided to keep the policy rate unchanged at 22 percent.

As per the Pakistan Stock Exchange (PSX) website, the KSE-100 benchmark index dipped 630.11 or 0.99 percent at 11:23am to stand at 63,182.95 from the previous close of 63,813.06.

It further lost at 3:30pm by 1,039.34 points or 1.63pc and closed at 62,773.72.

During the previous week, the stock closed on a positive note as the benchmark KSE-100 index increased by 530.83 points and closed at 63,813.06.

It was observed that uncertainty over the settlement of the circular debt is driving the bearish trend.

Later, the State Bank of Pakistan (SBP) held its key interest rate at 22 percent for the fifth policy meeting in a row. Its Monetary Policy Committee (MPC) reviewed the “current economic developments”, in its meeting.

The MPC decided that the current policy rate, which is 22 percent, will continue. In other words, it decided to maintain the status quo. The committee noted that Pakistan’s external account had improved as it had been reflected in Pakistan’s foreign exchange reserves. He added that in July 2023, when Pakistan had signed a standby agreement with the International Monetary Fund, forex reserves were more than $4 billion.

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