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The Pakistan Stock Exchange (PSX) is facing a bearish trend on Monday, the first trading day since the policy rate announcement on Friday. The State Bank of Pakistan (SBP) increased the interest rate by 150 basis points to 8.75%. However, the announcement has not sit well with the market and the KSE100 index slid about 550 points (more than 1%) by 12pm, SAMAA TV s Rizwan Alam reported. The slide continued and the market was trading at 45,850 after shedding 639 points (-1.38%) by 1:40pm. The news about the agreement between Pakistan and the International Monetary Fund (IMF) also failed to prop the market, Alam said. Last week, traders had expressed reservation on the interest .

Zia chishtiRizwan alamRaza jafariPakistan stock exchangeInternational monetary fundTandlianwala sugar millsState bankShield corporationTandlianwala sugar mills limited