Stocks fall 3 percent after rate hike, growth forecast lowered

KARACHI: Pakistan’s stock market fell 3 percent on Monday after the central bank hiked its policy interest rate by 150 basis points to 10 percent on Friday and sharply cut its economic growth forecast.The benchmark 100-share index of the Pakistan Stock Exchange was down 1,217.05 points by 11.02 am (0602 GMT), trading at 39,278.98 points.On Friday, the central bank said economic growth will ease to “slightly above 4 percent” in the year to end of June 2019, a reduction from the previous forecast, made in September, of 5 percent. The economy grew 5.8 percent, the highest rate in more than a decade in the last fiscal year, which ended on June 30.

from The News International - National https://ift.tt/2QC63gM

• Tweet
• Share
• Share
• Share
• Share