After two consecutive sessions of selling pressure, some positivity returned to the Pakistan Stock Exchange (PSX) on Thursday after it gained more than 500 points in intraday trade.
The KSE-100 index gained by 584.96 points, or 0.91 per cent, to stand at 64,633.40 from the previous close of 64,048.44 at around 12:30pm.
Yousuf M. Farooq, director of research at Chase Securities, attributed the bullish momentum to “improved clarity on the political and economic fronts”.
Farooq recounted the new finance minister’s interview last night where he “articulated a clear plan for the economy going forward and emphasised that the first quarter of year showed notable improvements in stability compared to last year”.
He added, “The market has responded positively to the minister’s optimistic and prudent statements yesterday.
“Some participants are now anticipating a rate cut on March 18th, marking a departure from previous monetary policy expectations where rate cuts were not anticipated,” he said.
More to follow
