KSE-100 index hovers above 116,000 points amid hopes of rate cut
Business
SBP will hold its last MPC of the year to decide the monetary policy
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) started another record-setting week on Monday as the benchmark KSE-100 Index gained nearly 1,700 points during the opening hours of trading, hovering at 116,015 points.
Buying was all the rage in key sectors including automobile assemblers, cement, fertilizer, oil and gas exploration companies, OMCs and refinery, while selling pressure was witnessed in commercial banks and the power generation sector.
It must be noted that overall buying momentum in the PSX comes amid hopes of further cuts in the policy rate in the upcoming Monetary Policy Committee (MPC) meeting, scheduled to be held later today (Monday).
According to sources, the State Bank of Pakistan (SBP) will hold its last MPC of the year to decide the monetary policy and then issue the Monetary Policy Statement (MPS) the same day.
It must be remembered that the benchmark KSE-100 index surged by 5,247.85 points on a week-on-week basis during the last week and closed at a new highest-ever level of 114,301.80 points on Friday.
