KARACHI – Bulls maintained their dominance on the Pakistan Stock Exchange (PSX) on Monday as it has breached all previous records amid positive economic indicators in the country and hopes for massive cut in policy rate.
During intraday trading, the KSE-100 index has recorded 2,178.19 points as of 12:45 pm to hit all-time high of 116,479.99 as compared to previous close of 114,301.80 points.
The stock markets has recorded a positive change of 1.8% with experts predicting more gains till closing of the today’s session.
The bullish trend in the stock market is being attributed to the hopes of a significant decrease in the police rate. The State Bank of Pakistan (SBP) is all set to revise the interest rate later today.
The hopes for cut in policy rate stemmed from declining inflation in the country. The inflation rate has dropped to the lowest point of last six and half years due to efforts being made by the Special Investment Facilitation Council (SIFC).
In the first five months of current financial year, the average inflation receded from 28.62 percent to 7.88 percent reaching its lowest point of 4.9 percent last month.
On an annual basis, the inflation rate in urban areas has declined to 5.2 percent.
