Energy stocks rekindled a rally that was started earlier this month by a rate drop that outperformed forecasts, and amid speculation that the central bank could further loosen its monetary policy before the year ends, equities on Friday reached an all-time high over the 93,000-point level.
After reaching an intraday high of 93,514 points, the benchmark KSE-100 Shares Index of the Pakistan Stock Exchange (PSX) surged 771.20 points, or 0.88%, to reach 93,291 points at noon, up from yesterday’s close of 92,520.48 points.
As inflationary pressures subsided, investors were riding the wave of economic optimism that the State Bank of Pakistan (SBP) had sparked by extending its hawkish monetary policy on November 4, according to Khurram Schehzad, CEO of Alpha Beta Core.
