KARACHI: Pakistan Stock Exchange above the 98,000 mark on Friday as share prices surged more than 2,000 points in intraday trade
PSX benchmark KSE-100 index climbed 855.89 points
KARACHI: Pakistan Stock Exchange (PSX) surged more than 800 points in intraday trade on Monday. The benchmark KSE-100 index climbed 855.89 points, or 0.95 per cent, to stand at 90,849.85 points from the previous close of 89,993.96 points at 10:42am.
Sana Tawfik, head of research at Arif Habib Limited, echoed the same sentiments. She said that the bullish momentum continued due to ancitipation of a big interest rate cut, strong corporate result season and improved liquidity.
On Friday, the stock market had rallied on the back of investors anticipating a major interest rate cut in the upcoming Monetary Policy Committee (MPC) meeting on November 4.
Most analysts believe that the State Bank of Pakistan (SBP) will reduce its policy rate by 200 basis points in its upcoming meeting on November 4, marking the fourth consecutive cut since June, thanks to a decline in inflation, a low current account deficit and higher remittances.
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