KARACHI: The stock market witnessed over 1,300 points decline in early day trading on Monday after the central bank increased interest rate by 1.5 percent last week.
The KSE-100 index fell by 1,307 points or 3.23 percent at 10.37 AM to come down near 39,000 points.
The index is being traded at 39,188 points.
The State Bank of Pakistan (SBP) on November 30 announced monetary policy and enhanced the policy rate by 150 basis points to 10 percent.
It was above market expectations and the analysts believed that it would make expensive loans for private sector.