The Pakistan Stock Exchange (PSX) turned bullish on Wednesday, with the benchmark KSE-100 Index gaining 1,120.15 points (+2.59 percent) to close at 44,366.86 points.
The market opened on a bullish note, gaining over 700 points at the start of the session, and continued this momentum throughout the session.
The State Bank of Pakistan (SBP) raised the policy rate by 100 basis points on Tuesday and decided to keep monetary policy broadly unchanged in the near term.
This gave a positive trigger to the market, as investors were expecting up to 150 basis points increase. Moreover, KIBOR rates are also expected to come down as the SBP taking note of the recent increase in secondary market yields termed it unwarranted.
