KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bullish session on Thursday as the KSE-100 shares surpassed the 82,000 mark with hopes of interest rate cuts.
The benchmark KSE-100 Shares Index reached 81,927.59 points during the intraday trading, up by 1,466.26 points or 1.82% from the previous close of 80,461.33.
At one point, the stocks touched the all-time high of 82,000.89 points around 11:45am.
Samiullah Tariq, the head of research at Pak-Kuwait Investment Company, attributed the gain to reduction in fear from foreign selling and expectations of further interest rate cuts.
Tariq said that the expectations of rate cuts are “emanating from yesterdays rejection of t-bill auctions along with cut in rate by the federal reserve”.
EFG Hermes Pakistan CEO, Raza Jafferi, while speaking to Geo.tv, said: “The current account delivering a surplus in August, together with expectations of more interest rate cuts in coming monetary policies, is pulling domestic liquidity into equities and driving the KSE-100 higher.”
