Stock market opens week with eyes on SBP

KARACHI: Pakistan Stock Exchange (PSX) opens the week at Friday’s closing of 78,897.72 points, amidst continued hopes of lower inflation and corresponding policy rate.

Last week, the index managed to hold position for the most part, despite the pressures caused by uncertainty on International Monetary Fund’s (IMF) loan approval.

PSX weekly roundup: market stays flat as investors await monetary policy decision

Towards the end of the outgoing week, the assuring statements by the prime minister and the finance minister lent strength to the market.

This week, the investors are more focused on the upcoming monetary policy meeting set for September 12 (Thursday). Analysts predict that the State Bank of Pakistan (SBP) is expected to reduce the policy rate for the third consecutive time. The central bank has already reduced rates by a total of 250 basis points in its last two meetings.