Shares nosedive as SBP may hike interest rate

LAHORE - The equity market on Monday nosedived- the highest fall in almost two weeks- ahead of a central bank meeting, which is likely to raise lending rates for a third time this year after a monetary policy review on Tuesday, traders said.

The Karachi Stock Exchange benchmark 100 Index sank by 4.11 per cent or 453.68 points -the most plunge in Asian stock markets- to settle at 10,578.49 levels.

The KSE 30 index closed at 11996.57 levels with a loss of 529.27 points.

All shares index closed at 7643.15 levels with a loss of 312.14 points. Trading activity was further reduced as compared to the last trading session as the Ready market volume stood at 83.005 million shares as compared to last trading session of 149.335 million. Future market volume decreased and stood at 12.146 million shares as compared to last trading session of 41.62 million shares.