Karachi: The KSE-100 index at the Pakistan Stock Exchange (PSX) plummeted by 1.44%, losing 1,047.71 points, to close at 71,695.03 on Monday, just hours after reaching a record high milestone of 73,000 points, reaching an intra-day high of 73,300.75.
The market initially rode on a wave of optimism, breaking past the 73,000 mark driven by anticipations of a significant interest rate cut from the Monetary Policy Committee (MPC) and positive prospects for upcoming negotiations with the International Monetary Fund (IMF).
However in a few hours the negative sentiment prevailed despite the SBP maintaining the key interest rate at 22% for the seventh consecutive meeting, a decision announced post-market hours.
Despite the initial upbeat trading, sentiment soured due to a series of negative triggers, causing investors to pull back. The sell-off contrasted sharply with last Friday’s session, which ended on a high note with the index at 72,742.75 with a surge of 1,832.84 points that brought about a 1.07% increase.
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