Karachi: The central bank’s surprise decision to slash the key discount rate by 1.5 percent has led the Karachi Stock Exchange (KSE) surge by 2.5 per cent on Monday.
The surge is attributed to the policy rate cut that has boosted the investors.
On Saturday, the State Bank of Pakistan cut its benchmark rate by 150 basis points to 12 per cent in the monetary policy for the next two months.
Experts say that the 150 basis points reduction was unexpected as last time the key discount rated was slashed in July this year.
The Karachi Stock Exchange’s benchmark KSE-100 index gained 300.16 points, or 2.5 per cent, to reach 12,154.00.
Shares have suffered heavy losses recently due to concerns over tensions between Islamabad and Washington.
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