Pakistani stocks fall 3 percent after rate hike, growth forecast lowered

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Pakistani stocks fall 3 percent after rate hike, growth forecast lowered

Pakistani stocks fall 3 percent after rate hike, growth forecast lowered
2018-12-05 11:24:56

Pakistani stocks fall 3 percent after rate hike, growth forecast lowered 1

Men use their cell phones as they stand in front of electronic board displaying share market prices during a trading session in the halls of Pakistan Stock Exchange (PSX) in Karachi, Pakistan, June 12, 2017. REUTERS/Akhtar Soomro/Files

ISLAMABAD (Reuters) – Pakistan’s stock market fell 3 percent on Monday after the central bank hiked its policy interest rate by 150 basis points to 10 percent on Friday and sharply cut its economic growth forecast.

The benchmark 100-share index of the Pakistan Stock Exchange was down 1,217.05 points by 11.02 am (0602 GMT), trading at 39,278.98 points.

On Friday, the central bank said economic growth will ease to “slightly above 4 percent” in the year to end of June 2019, a reduction from the previous forecast, made in September, of 5 percent. The economy grew 5.8 percent, the highest rate in more than a decade in the last fiscal year, which ended on June 30.

Writing by Saad Sayeed; Editing by Simon Cameron-Moore

Our Standards:The Thomson Reuters Trust Principles.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.



Pakistani stocks fall 3 percent after rate hike, growth forecast lowered
2018-12-05 11:24:56

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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