PSX crosses 73,000 as the week opens on monetary policy expectations

KARACHI: The Pakistan Stock Exchange (PSX) soared to an unprecedented level of 72,742 points on Friday. Today the index opened at Friday’s closing of 72,742.74 points after posting impressive rally for the better part of the previous week.

In less than an hour of trading, the index crossed the psychological limit of 73,000 with over 500 points gain. After briefly touching 73,300.75 points, the index settled down at 73,071.72 points close to 10 AM.

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On Friday, the benchmark KSE-100 index witnessed significant increase of 771 points, culminating at the same historic level.

Noteworthy performance was observed across automobile, pharmaceuticals, and technology sectors.

Today, the State Bank of Pakistan (SBP) is scheduled to announce the new monetary policy. While the industry players are advocating for lower interest rates, the recent statements by the central bank show that the focus on controlling inflation is still a significant factor in Monetary Policy Committee’s (MPC) decision making process.

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There is also a possibility, aligning with market expectations, that the SBP would leave the interest rate unchanged.