The Pakistan Stock Exchange (PSX) has maintained its bullish momentum on Wednesday, driven by rising investor optimism surrounding anticipated interest rate cuts.
The benchmark KSE-100 index climbed 736.10 points, or 0.81%, reaching an intra-day high of 91,600.19, up from the previous close of 90,864.09. The trading session began with a dip, as the index fell to an intra-day low of 90,449.41 early on. However, it quickly reversed direction and gained traction.
Investor interest from foreign entities in banking and fertilizer stocks, coupled with institutional buying and favorable lending conditions, contributed to the market’s upward movement. This enthusiasm allowed the index to surpass the 91,000 mark, achieving an intra-day high of 91,358.15 points, although it ultimately closed below that threshold.
Ahsan Mehanti, Managing Director of Arif Habib Corp, noted, “Stocks reached a new all-time high as investors considered strong financial results and speculated about an imminent reduction in the SBP policy rate.”
Samiullah Tariq, Head of Research at Pakistan-Kuwait, highlighted that the market’s bullish sentiment is bolstered by falling yields, limited investment options due to taxation, and robust corporate earnings.
The State Bank of Pakistan’s Monetary Policy Committee is set to meet on November 4, with experts forecasting a 200-basis point cut to a 15.5% policy rate.
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Pakistan’s benchmark index settles at new all-time high of 90,864
KSE-100 index reaches new milestone, surpassing 88,000 points
