Stock market jumps over 900 points, pierces through 80,000 points limit

KARACHI: The Pakistan Stock Exchange (PSX) saw a bullish trend yesterday (Thursday), spurred by the hopes of State Bank of Pakistan’s (SBP) policy rate announcement. Today (Friday), the index posted impressive rally minutes after opening.

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By 9:30 AM, the index was seen hovering at 80,016.73 points, up 900 points within half an hour of trading.

Yesterday, the 200 basis points decrease in SBP’s policy rate, from 19.5 per cent to 17.5 per cent helped the market as it signaled improving inflation metrics, improving investor confidence in the market.

The benchmark KSE-100 index increased by more than 350 points on Thursday, despite the trading session beginning under selling pressures. After opening at 78,651.79 points, the bourse touched its lowest of the day at 78,577.65 points.

Following the expectations of the central bank’s announcement, the buying interest rose in the afternoon propelling the market above the 79,200 level. Some of these gains were lost before the day-end, when the index closed at 79,017.61 points.

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Today (Friday), the index opens amidst hopes of market stability after SBP’s new policy, further strengthened by the Finance Minister’s statement that all matters pertaining to the International Monetary Fund’s (IMF) loan approval have been resolved.