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Economy

Bulls propel PSX upward with an 850-point surge

The Pakistan Stock Exchange (PSX) kicked off the week on a strong note, with bulls driving the market upward by over 850 points, reflecting heightened investor confidence and robust buying activity.

During intra-day trading on Monday, the benchmark KSE-100 index surged by 878.58 points, or 0.98%, reaching 90,872.54 points, up from the previous closing of 89,993.96 points.

Analysts pointed to several factors contributing to this rally. A significant driver of the market’s positive momentum is the anticipation of a potential cut in interest rates on November 4. This expectation has generated optimism among investors, leading to increased trading activity.

Sana Tawfik, Head of Research at Arif Habib Limited, emphasized that the current rise can be attributed to the ongoing earnings season, coupled with improved liquidity within the market. Investors are keenly observing the financial results being announced, which may influence their trading strategies.

Ahsan Mehanti, an economist at Arif Habib, highlighted that speculation surrounding a substantial reduction in the policy rate by the State Bank of Pakistan (SBP) has further fueled investor enthusiasm.

Additionally, the government’s discussions regarding the privatization of state-owned enterprises are also contributing to the positive sentiment, as investors view such moves as potential catalysts for economic growth.

Overall, the combination of favorable economic indicators, along with government initiatives, has created a conducive environment for the PSX to thrive.

As the week progresses, market participants will be closely watching for any developments related to interest rates and corporate earnings, which could significantly influence trading patterns moving forward.

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