Markets
Stock Watch: Pakistan’s stocks blaze past 93,000
A higher-than-expected rate cut of 2.5% was cheered on at the Pakistan Stock Exchange
Nov 09, 2024
Nov 09, 2024
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A higher-than-expected rate cut of 2.5% was cheered on at the Pakistan Stock Exchange
The KSE-100 index closed the week with a gain of 866 points or 0.96% at 90,860
The stock market was pricing in a number of positives
Nukta summarizes market activity last week and outlines the reasons the rally paused
The KSE-100 index gained 1,951 points to close at yet another record high level of 85,483 points
Positive sentiments were driven by lower than expected inflation for September that clocked in at 6.9%
Analysts are of the view that market will regain its footing in the coming days as valuations are still quite attractive
Positive sentiments were driven from last week’s rate cut of 200 bps as well as IMF’s board meeting scheduled for September 25
Brent crude closed 2.56% up at $74.6 per barrel, gold surged 2.78% to $2,566.85/ounce
Investors are also bracing for selling from foreign investors as a result of FTSE Russell downgrading Pakistan