Stocks lose another 526 points

KARACHI: Stocks suffered losses for the fourth straight session on Wednesday, driven by rumours about a steep hike in the interest rates, economic uncertainty and unrelenting rupee depreciation. The market witnessed a sharp drop after rumours circulated that the State Bank of Pakistan is set to convene an emergency meeting in which it is expected to raise interest rates by up to 300bps, noted JS Global in its daily report. The benchmark KSE-100 shares index shed 525.86 points, or 1.12pc, closing at 46,244.56 points. The KSE-30 shares index dropped 199.93 points, or 1.20pc, at 16,420.76 points. An analyst at Arif Habib Ltd explained that the bearish session was due to rupee depreciation and political upheaval. “Inflation and an anticipated interest rate hike are among the reasons for the market decline,” he added. The trading volume dipped to 200.28m shares from 217.85m shares the previous trading session.