KARACHI: Equities staged a rebound ahead of the announcement of an anticipated decrease in interest rate, pushing the index above 79,000 on Thursday. This was in response to the dismal conditions that had persisted throughout the night due to growing political tensions and a delay in loan clearance by the IMF board.
According to Arif Habib Corporation’s Ahsan Mehanti, speculation around the SBP key policy rate announcement caused equities to close higher.
According to him, investor confidence has increased due to the stable currency, declining inflation, rising exports and remittances, and an anticipated close to the external funding deficit that will allow for the IMF board approval of a $7 billion, 37-month Extended Fund Facility.
Topline Securities noted in its assessment that, in contrast to the previous night’s adverse pattern, stocks started trading higher ahead of the SBP’s Monetary Policy Committee meeting.
