Shares at the Pakistan Stock Exchange (PSX) climbed more than 700 points in intraday trade on Monday as market participants awaited the State Bank of Pakistan’s (SBP) monetary policy decision today.
The benchmark KSE-100 index climbed 732.19 points, 0.94 per cent, to stand at 78,761.69 points at 10:46am from the previous close of 78,029.50.
Raza Jafri, chief executive of EFG Hermes Pakistan, said that the index “is reacting positively to a number of factors such as the monetary policy later today”.
Jafri also said that the “news reports of a supportive stance by China, no further increase in political temperate over the weekend, and the onset of the result season” helped the upward trajectory.
Yousuf M. Farooq, director research at Chase Securities, highlighted that the market rallied “on the end of a rollover week, expectations of a rate cut and relative calm on the political front.”
“The market is expecting a rate cut of 100-150bps with more rate cuts expected over the next year,” he added.
More to follow
