PSX opens amidst policy rate cut expectations

KARACH: The Pakistan Stock Exchange (PSX) ended the outgoing week on a turbulent trading session, culminating in over 400 points loss. The benchmark KSE-100 index closed at 78,029.50 points, down 439.83 points from the opening stage.

SBP set to announce monetary policy today; rate cut expected

Today, the index opened amidst expectations of a policy rate cut by the central bank in the new monetary policy. While this is expected to lend strength to the investor confidence, the decline in State Bank of Pakistan’s (SBP) reserves, despite the Extended Fund Facility (EFF) program with the International Monetary Fund (IMF) is casting doubts on the business confidence.

In less than an hour after opening, the index posted over 400 points gains, reversing the losses from Friday. The index is showing fluctuations, but for the most part, the movement remains positive. By 10 AM, the index looked like this: