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Stocks got off to a flying start on Monday hitting an intraday high above 91,000 points in earnings season-fuelled trade, as investors are fortifying their portfolios with blue chips betting on hawkish central bank signals as it meets in the first week of November to decide the next rate revision.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index surged 1,026 points to 91,020 points at 12:13am, up from the previous close of 89,993.96 points.
Analysts attributed the surge to a host of reasons, as the market expects a cut in interest rates on November 4.
Sana Tawfik, Head of Research at Arif Habib Limited, told Geo.tv that the rise was due to the result season as well as the country’s improved liquidity.
Arif Habib Corp’s Ahsan Mehanti said that investors were speculating over an expected major cut in the policy rate by the State Bank of Pakistan (SBP).
For him, another reason for the drive was government deliberation on privatisation of state-owned enterprises
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