PSX starts new week with strong gains, reaches record high
Business
PSX surged 997 points to a record high of 170,862 ahead of SBP's monetary policy announcement. Meanwhile, the US dollar dropped to Rs280.30, continuing its downward trend amid economic factors.
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) opened new business week with significant gains, hitting fresh high on Monday ahead of the announcement of the monetary policy by the State Bank of Pakistan (SBP).
During early session, the KSE-100 index gained 997 points to reach all-time high of 170,862 points compared to previous close of 169,864.52 points.
Meanwhile, the downward trend in the value of the US dollar continues as it dropped by 2 paisas in the interbank market, reaching a new price of Rs280.30. According to the Exchange Companies Association, the decrease marks another step in the ongoing reduction in the dollar's value.
The decline comes amid various economic factors, and the dollar has been consistently losing value in recent days.
On the other hand, the central bank is widely expected to maintain its key policy rate at 11% in its upcoming Monetary Policy Committee (MPC) meeting scheduled for Monday, as inflation risks linked to food prices and external pressures continue to weigh on the outlook.
A majority of analysts and surveys conducted by leading brokerage houses anticipate no change in the policy rate. Headline inflation has shown an upward trend in recent months, increasing from 4.1% in July to 6.1% in November, largely driven by disruptions in food supply following recent floods.
