Stock market breaks growth streak on Monday morning

KARACHI: Pakistan Stock Exchange (PSX) began the trading week on a bearish note, after posting notable gains for the better part of the outgoing week.

Last Monday, PSC charged through the 62,000 points mark, reaching an all-time high. By Thursday, the share market had reached 65,000 points. On Friday, the index closed at 66,223.63 points after posting impressive growth.

SBP set to unveil monetary policy this week

Monday morning saw the index grow past 66,500 points for a brief time but then plunged down by 367 points to hover around 65,855.71 points by 10:30 a.m.

The share market has been following the general economic climate in the country, on the back of lower energy prices and expectations of IMF’s approval of next tranche. The sudden shock witnessed on Monday, could be attributed to State Bank of Pakistan’s (SBP) monetary policy announcement expected tomorrow.