KSE-100 index hovers above 116,000 points amid rate cut
Business
SBP held 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.
As the trading picked pace, the investors exhibited generosity taking the figure to 116,661 with a gain of 2,300 points.
The stocks eventually closed at 116,169 just ahead of another policy rate cut.
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 came amid hopes of further cuts in the policy rate in the Monetary Policy Committee (MPC) meeting.
The State Bank of Pakistan (SBP) held its last MPC of the year and cut policy rate by another 200 basis points to 13pc.
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.
