KARACHI – The Pakistan Stock Exchange (PSX) witnessed massive gains during intraday trading on Thursday as it crossed another milestone.
The KSE-100 index registered gains of 2,671.69 points during intraday trading to reach all-time high of 113,481.90 as compared to previous close of 110,810.21 points. It is all-time high level recorded by PSX in the history of Pakistan.
The development comes as traders are expecting a significant cut in policy rate in upcoming review due to decline in inflation rate in the country.
State Bank of Pakistan’s Monetary Policy Committee (MPC) is slated to meet on December 16, with all eyes on central bank to further cut policy interest rate.
Ahead of the much-anticipated review, market insiders claimed a 150-200 basis point cut, which would mark the fifth rate reduction since the start of this fiscal year.
This expected move is seen as inflation moved down to its lowest in 78 months, providing space for MPC officials to ease interest rates. The much-anticipated rate cut is touted to further growth while keeping inflation in check.
This is a developing story…
