PSX gains over 1,000 points as investors bet on policy rate cut

KARACHI: The Pakistan Stock Exchange (PSX) in early trading rose by more than 1,000 points on Monday. The benchmark KSE-100 index was observed in green throughout the initial trading hours.

Around 10:57 AM, the PSX stood at 91,901.94, reflecting a gain of 1042.09 points as compared to its previous close at 90,859.

As of 11:20 AM, the highest level KSE-100 touched was 91,977, while the lowest level it recorded was 91,451, which means that the stock market managed to remain 591.8 points up compared to its close on Friday.

Buying was observed in key sectors including auto, cement, chemical, commercial banks, fertiliser, oil and gas exploration companies and OMCs. Index-heavy stocks including OGDC, PPL, SNGP, SSGC, and HCAR also traded in the green.

The buying momentum comes on the back of expectations of another cut in the key policy rate in the Monetary Policy Committee (MPC) meeting scheduled for later in the day.

For now, it looks like the PSX may be able to breach 92,000 mark for the first time in history.

Read next: FBR adjusts targets amid Rs196 billion shortfall in first four months of FY25