Economics & Business

KSE fell 5 percent

KARACHI: Shares in Karachi stocks market fell nearly 5 percent on Friday after the State Bank of Pakistan increased its key discount rate to 12.0 percent from 10.5 percent the previous day to counter inflation and widening deficits. The Karachi Stock Exchange (KSE) benchmark 100-share index was 4.75 percent, or 647.11 points, lower at 12,979.89 by noon (0700 GMT), when it closed for Friday prayers. The index, at its lowest level since Sept. 18, 2007, will reopen at 2:30 p.m. (0930 GMT) and close at 4:00 p.m. (1100 GMT). The KSE-index has shed 7.8 percent since the beginning of the year and is 17.5 percent lower than its life-high, set on April 21.-SANA

About the author

Rubab Saleem

Rubab Saleem is Editor of Pakistan Times

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