On October 28, 2024, the Pakistan Stock Exchange (PSX) continued its impressive rally, with the KSE-100 Index breaking a historic milestone by exceeding 91,000 points during the day’s trading.
The trading session started on a high note, with the index gaining over 800 points and reaching a peak of 91,054.83 by midday. Strong buying activity was noted in key sectors, including oil and gas, power generation, and banking, as investors showed confidence in the market.
Analysts believe that this surge in the stock market is due to expectations of interest rate cuts from the State Bank of Pakistan (SBP) and positive corporate earnings reports. Investors are optimistic that lower interest rates will encourage economic growth and increase borrowing, which can benefit businesses and, in turn, the stock market.
The positive sentiment among investors is heightened as the SBP’s Monetary Policy Committee is scheduled to meet on November 4. Many are hoping for decisions that could further stimulate the economy and boost investor confidence.
This ongoing upward trend in the stock market reflects a growing optimism among investors, as they react to favorable economic indicators and potential changes in monetary policy. As the PSX continues to break records, many will be watching closely to see how the market performs in the coming weeks, especially with significant events like the SBP meeting on the horizon.
