Karachi (TDI): Stock markets in continuously on rise as the Pakistan Stock Exchange (PSX) crosses 88,000 mark on Thursday.
The benchmark KSE-100 index increased by 851.11 points, or 0.98 per cent, to stand at 88,045.64 points from the previous close of 87,194.53 points at 10:56am.
Read More: PSX Crosses Historic Milestone
Mohammed Sohail, chief executive of Topline Securities said this rise happens amid expectations of a major cut in monetary policy rate, the report cited him.
Analysts maintain that the State Bank of Pakistan (SBP) will cut its policy rate by 200 basis points in its meeting scheduled on November 4, signifying the fourth consecutive cut since June, due to a decline in inflation, decrease in current account deficit and higher remittances.
The report quoted Yousuf M Farooq, director research at Chase Securities, saying as, “volumes for the ready and futures counters combined have been above Rs 40 billion for the previous two days.
Fund conversions have started to flow towards equities and we expect this to continue.”
Also Read: US Ambassador to Pakistan visits Stock Exchange
With political tension is lowering and the Islamic Trade Financing Corporation approved a $3 billion loan, investor sentiment has turned bullish on equities, the report further said
Yesterday, shares had rallied on the back of expectations of an upcoming rate cut in the monetary policy announcement set for November 4.
