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KSE-100 closes down 299 points

F.P. Report

KARACHI: The Pakistan Stock Exchange saw another drop on Wednesday as the benchmark KSE-100 index plunged by 299 points to close at 39,303.

The index touched a high and low of 39,607 and 38,719 points, respectively, losing 888 points during intraday trading.

On Monday, the stock exchange fell by over 3 per cent following the central bank’s announcement to hike its policy rate by 150 bases points, or 10 per cent.

Meanwhile, the dollar saw an increase of Rs0.80 in the interbank and closed at Rs138.59. Buying and selling rates were Rs138.30 and Rs138.75, respectively.

Last week the dollar hit an all-time high of Rs142 in the interbank market. The rupee has depreciated by a massive 36% against the dollar over the past 12 months.

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