ISLAMABAD, Nov. 28 (Xinhua) -- The Pakistan Stock Exchange significantly plunged in the first trading session of the week on Monday, which was largely attributed to the central bank raising the policy rate by 100 basis points to 16 percent Friday evening.

The Pakistan Stock Exchange's benchmark KSE 100-Index moved down by 2.06 percent or 865.80 points to close at 42,071.34 points on Monday when compared with 42,936.73 points reported on Friday.

The KSE All Share Index declined by 1.81 percent or 517.58 points to close at 28,542.6 points, the KSE 30-Index went down by 2.03 percent or 314.3 points to end at 15,504.46 points, the KMI 30 Index fell by 2.62 percent or 1,861.06 points to conclude at 70,989.02 points, whereas the All Shares Islamic Index decreased by 2.42 percent or 501.32 points to finish the trading session at 20,735.87 points.

According to market analysts, the bearish trading session in the stock market was primarily due to the unexpected hike of the policy rate by the State Bank of Pakistan (SBP).

The SBP said that the policy rate was increased in consideration of the stronger inflationary pressures which have proven to be more persistent than expected. Enditem

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