Bears ruled over the Pakistan Stock Exchange as the market was down more than 1,000 points on Monday, ahead of the Monetary Policy Committee (MPC) meeting on the interest rate.

The benchmark KSE-100 Index shed 1,039.34 points or 1.63% to settle at 62,773.72 levels at the closing of the trading session.

Similarly, the KSE-30 Index shed 388.35 points or 1.80% to reach 21,145.81 levels at the market’s closing.

On January 23, the State Bank of Pakistan (SBP) said that the MPC will meet on January 29 (today) to decide about the policy rate.

“Governor SBP, Mr. Jameel Ahmad will announce the Monetary Policy decision at a press conference on the same day after the MPC meeting,” it added.