KSE100 Index today lost 324 points closing down 0.74% at 43,787. Major contributors to the index were banks. Today political uncertainty continued as Supreme Court of Pakistan hears a key case to decide on the fate of political process, In addition to that increase in cut off yield in yesterday's T Bill auction taking 6 Months T Bill rate to 13.25%, also impacted the market negatively. Today's trading volume was better than yesterday's showing some bargain hunting.
As expected, the SBP held an emergent meeting of MPC and increased policy rate by 2.5% to 12.25%. See SBP Tweet.
Foreign reserves declined by 5.8%. See details. Rupee under severe speculative pressure and touched 189.
Pakistan Eurobond offer highest yield in the world now. See this tweet. I doubt if a lot of volume traded on this though.
