Business
PSX drops more than 1,000 points while investors wait for a monetary policy announcement.
As investors remained cautious ahead of the monetary policy announcement and amid continued tensions in the Middle East, the Pakistan Stock Exchange (PSX) began the work week on a low note.
From the previous finish of 170,511.85, the KSE-100 index dropped 1,058.78 points to 169,453.07 points, representing a negative move of 0.62%.
The index had intraday highs of 169,830.11 and lows of 168,691.34 during the session.
As investors considered the impending monetary policy announcement and the possible effects of ongoing tensions in the Middle East on financial markets, market mood remained muted.
Today (Monday) is the second meeting of the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) for the current fiscal year.
The committee is anticipated to examine the most recent state of the nation’s economy, paying special attention to inflation, interest rates, economic expansion, and other important financial metrics.
The meeting will decide whether the central bank should keep the current policy rate or change it to reflect the current state of the economy.