KARACHI: Stocks on Thursday reached an intraday high of over 88,400 points with investors taking strong interest in rate-sensitive sectors, expecting a major loosening of monetary policy in the central bank’s upcoming huddle due to an overall upbeat economic outlook.
The PSX’s benchmark KSE-100 index surged by 1,246.81 points or 1.43% to reach 88,441.34 points at 1.48pm, up from the previous close of 87,194.53 points.
With the first-quarter (1QFY25) corporate results rushing in, investors zeroed in on high-performing sectors such as auto-makers, cement, commercial banks, oil and gas exploration, oil marketing, and power generation.
Saad Ali, Director of Research at Intermarket Securities, said, “The PSX has been rallying since the approval of the International Monetary Fund’s (IMF) $7 billion loan under Extended Fund Facility (EFF) spanning 37 months.”
He said the recent political developments, such as the passage of the 26th Amendment, had given it an additional boost. “Currently, the expectations of a 200bps (basis points) rate cut are further fuelling the rally,” Ali added
