The Pakistan Stock Exchange (PSX) reacted positively to SBP’s policy rate cut with the benchmark KSE-100 Index gaining over 800 points during early trade on Tuesday.
At 11:27am, the benchmark index was trading at171,578.16, an increase of 836 points or 0.46%.
Buying interest was evident across major sectors, including automobile assemblers, cement, fertiliser, oil and gas exploration companies, OMCs, power generation and refining. Heavyweight index stocks such as HUBCO, ARL, MARI, OGDC, POL, PPL, PSO, SNGP and SSGC traded in positive territory.
In a surprise move on Monday, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) cut the policy rate by 50 basis points.
Meanwhile, the Pakistani rupee strengthened against the US dollar, appreciating 0.06% in early inter-bank trading on Tuesday. By 10:05am, the local currency was trading at 280.15, up 16 paisas against the greenback.
