Stocks slip as policy rate left unchanged

The Pakistan Stock Exchange (PSX) opened the week under pressure on Monday as sentiment remained fragile ahead of monetary policy announcement, which prompted caution and selective profit-taking. The benchmark KSE-100 index closed at 162,163.81, down 1,140.32 points, or 0.70%. It traded within a wide range, touching intra-day high of 163,571 and low of 161,767. In the afternoon, the State Bank announced that it had kept the policy rate unchanged at 11%. Energy and manufacturing sectors bore the brunt of selling pressure, mainly contributing to the market's decline. In its market wrap, KTrade Securities stated that the PSX began the rollover week under selling pressure as the absence of positive triggers weighed on investor sentiment. The KSE-100 index fell 1,140 points to close at 162,164.