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

Reuters  |  ISLAMABAD 

ISLAMABAD (Reuters) - Pakistan's stock market fell 3.1 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 1,274.50 points by 11.53 am (0653 GMT), trading at 39,221.53 points. The stock market's decline follows extreme volatility in the currency market on Friday, when the rupee plunged more than 6 percent at one point before paring a chunk of the losses. The rupee was trading 1 percent weaker on Monday, at about ...

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First Published: Mon, December 03 2018. 12:42 IST