Pakistani stocks end down, rupee weakens
Karachi - Arabstoday
Pakistani stocks ended lower on Monday, led by the banking sector after the State Bank of Pakistan raised the minimum deposit rate on savings accounts to 6 per cent from 5 per cent. The decision by the central bank on Friday came at the same time it announced its monetary policy for the next two months, keeping the key policy rate flat at 12 per cent. “This move will have a significant impact on banks’ profitability, as savings deposits account for nearly 38 per cent of all bank deposits, and 52 per cent of the total number of deposit accounts.,”
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