Stock market continues falling ahead of monetary policy announcement.

Byline: Talqeen Zubairi

The benchmark index fell nearly 800 points by 11am on Monday to reach 32,408 roughly the lowest in three years hours ahead of the State Bank of Pakistan's monetary policy announcement.

The rupee-dollar exchange rate in the interbank market rose by a single rupee to Rs149.25.

The index has been suffering heavy losses since the start of last week, when investors were spooked by the potentially harsh conditions that may be attached to the International Monetary Fund bailout package of $6 billion, which robbed them of the joy of successful conclusion of the staff level talks with the International lending agency.

The market briefly rallied 1.2pc in the third trading session, as news regarding Kekra-1 well nearing its conclusion surfaced as a glimmer of hope in an otherwise dull market, recouping some of earlier losses.

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