The Pakistan Stock Exchange (PSX) witnessed a resurgence of bullish sentiment on Friday as the benchmark KSE-100 index soared over 400 points during intraday trade, maintaining its position above the record-high mark of 72,000 points.
At 12:29 PM, the KSE-100 index showed a significant gain of 474.42 points, representing a growth of 0.66 per cent, with the index standing at 72,445.82 points. This upward movement reflects the confidence of investors in the market despite ongoing economic challenges and uncertainties.
Market analysts attribute this positive momentum to various factors, including robust corporate earnings, improved economic indicators, and anticipation of the State Bank of Pakistan (SBP)’s monetary policy committee (MPC) meeting scheduled for April 29.
The upcoming MPC meeting holds significance as it will determine the course of the key interest rate policy. Last month, the committee opted to maintain the status quo by keeping the key policy rate at 22 percent, marking the sixth consecutive policy meeting without a change in rates.
Investors are closely monitoring the MPC’s decision amid expectations of potential adjustments in interest rates to address inflationary pressures and support economic recovery efforts.