Stock Watch: KSE-100 surges to record high

Pakistan Stock Exchange's benchmark KSE-100 index surged to a record high this week, closing at 82,074.44 points.

Positive sentiments were driven from last week’s rate cut of 200 basis points as well as IMF’s Executive Board meeting scheduled for September 25. Moreover, inflation is expected to fall further and the reading could come below 9% for September, helped by declining global oil prices. This would also lower the import bill for Pakistan.

The current account showed a surplus of $75 million for August.

Meanwhile, the US Federal Reserve began its rate cut cycle this week with a cut of 50 bps, and the rupee strengthened to close the week at 277.83 against the US dollar.