Karachi – Because of a drastic cut of 100 basis points in the interest rate by the State Bank of Pakistan, the benchmark KSE-100 index increased to 34278.10 points by gaining 251.51 or 0.74% percent in the early trading on Monday.
With High and Low of 34424.81 and 34026.59 respectively, the volume traded in the market was 35,643,670 and in terms of value was 2,961,989,148.
Earlier, the SBP brought it to an eight-year low of 8.5 per cent for the next two months. Announcing the monetary policy, SBP Governor Ashraf Mahmood Wathra gave a number of reasons for the interest rate cut, but the low rate of inflation was the main reason for the decision. It revised the estimated inflation for the current financial year to 4.5 -5.5pc against an annual target of 8pc.
