PSX surges over 700 points amid speculation of interest rate cut

KARACHI: Bulls took charge at the Pakistan Stock Exchange (PSX) on Wednesday as the index soared by over 700 points in intraday trade, fuelled by anticipation of a potential rate cut.

The KSE-100 index witnessed a remarkable gain of 704 points, representing a 1.05 per cent increase, reaching 67,590.26 by noon. By 1:20, the index had jumped even further up to 67,783.65 points.

Stock market opens marginally above yesterday’s opening

Key sectors contributing to this growth included banking, transport, IT, and cement.

Yesterday, the stock market experienced a rebound following two consecutive declines, with the KSE-100 index wrapping up Tuesday’s trading session with 89.94 points gains.

The positive momentum came from sectors like banks, IT, and automobiles, while the E&P companies and power generation sector brought some downward pressures.