On Monday, the Pakistan Stock Exchange (PSX) surged to an intraday record high, crossing the 91,000-point mark as strong corporate earnings and anticipated rate cuts fueled market momentum. The benchmark KSE-100 index climbed 1,026 points, reaching 91,020 points at midday, up from its prior close of 89,993.96.
Analysts attributed the rally to investor optimism around a potential interest rate reduction by up to 200 basis points, expected during the State Bank of Pakistan’s (SBP) policy meeting on November 4. A rate cut would reduce borrowing costs, potentially stimulating economic growth.
Sana Tawfik, Head of Research at Arif Habib Limited, noted that both strong corporate results and improved liquidity in the market were central to the day’s gains. Ahsan Mehanti from Arif Habib Corp highlighted that investor sentiment was also buoyed by ongoing discussions about privatizing state-owned enterprises, adding further excitement to the trading session.
As this is a developing story, updates on the market’s performance and related developments are expected.
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