Shares at PSX shed nearly 3,800 points on SBP projections

Bears continued to dominate the trade floor on Wednesday at the Pakistan Stock Exchange (PSX) as shares declined by nearly 3,800 points, two days after the State Bank of Pakistan (SBP) cautiously eased the interest rate to 13 per cent. The benchmark KSE-100 index declined by 3,835.48 points, or 3.34pc, to stand at 111,025.20 points from the previous close of 114,860.68 points at 3:27pm. Finally, the index closed at 111,070.29, down by 3,790.39 or 3.3pc, from the last close. Yousuf M. Farooq, research director at Chase Securities, said the market “has paused over the last two days following the SBP’s announcement of a 200bps rate cut, coupled with guidance indicating a likely modest uptick in inflation in the coming months”.