Bulls become all the rage as KSE-100 index settles near 89,000 points
Business
Expected ease in monetary policy also boosts investors' confidence
KARACHI (Dunya News) - The raging bulls continued their rally in the Pakistan Stock Exchange (PSX) on Thursday amid news of ‘encouraging response’ from China over debt rollover and positive talks of Pakistani team led by Finance Minister Muhammad Aurangzeb with the International Monetary Fund (IMF) in Washington.
The benchmark KSE-100 index settled at 88,945.98 after gaining 1751.45 points, or 2.01 percent.
According to most of the mark analysts, the State Bank of Pakistan (SBP) would reduce its policy rate by 200 basis points in its upcoming meeting on November 4 as hinted by the finance minister. They believe that the expected ease in the monetary policy helped investors’ remain hopeful.
In addition, investors’ confidence boosted after the approval of a $3 billion loan facility from the Islamic Trade Financing Corporation (ITFC) for commodity financing of $3 billion over the period of next three years.
It must be noted that the KSE-100 index closed at 87,194 points after gaining 727 points on Oct 23 (Wednesday).
