Bears in control at PSX for third straight session as shares shed 400 points

Bears controlled the Pakistan Stock Exchange (PSX) for the third consecutive session this week as shares shed more than 400 points on Thursday following the the State Bank of Pakistan (SBP)’s decision to maintain its key policy rate. The benchmark KSE-100 index traded in the red during the day, with the index closing at 70,657.64 — down by 444.90 points or 0.63 per cent from the previous close of 71,102.54. Yousuf M Farooq, director of research at Chase Securities, said, “the market experienced a correction and profit taking following the decision by the SBP to maintain rates, hinting at a potential prolonged period of rate stability due to concerns regarding anticipated tax hikes and adjustments in the forthcoming budget.” Previously, the SBP chose to maintain the status quo by upholding the key policy rate at 22 per cent for the seventh policy meeting in a row.