Benchmark KSE-100 index peaks at above 91,000 points amid hopes of rate cut
Business
Gains 855.49 points on start of week's trade
KARACHI (Dunya News) - The Pakistan Stock Exchange (PSX) continued its record-breaking spree as the stocks moved further upwards with more than 850 points in intraday trade on Monday.
The benchmark KSE-100 index, which was on the rise during the last week, stood at 90,849.85 points after gaining 855.49 points from the previous close of 89,993.96 points. It rose above 91,000 but later, it closed at 90,195 after slight decline.
Bulls become all the rage as KSE-100 index settles near 89,000 points
The raging bulls continued their rally in the Pakistan Stock Exchange (PSX) on Oct 25 (Friday) 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 89,993.96 points.
According to market analysts, the State Bank of Pakistan (SBP) would reduce its policy rate by 200 basis points in its upcoming meeting on Nov 4 as hinted by the finance minister. They believe that the expected ease in the monetary policy helped boost investors’ confidence.
In addition, investors gained hope 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.
