Karachi: The Pakistan Stock Exchange (PSX) witnessed a remarkable resurgence on Tuesday, with the benchmark KSE-100 index staging an impressive comeback, gaining over 1% as investors welcomed the State Bank of Pakistan’s (SBP) decision to maintain the interest rate unchanged.
At midday, the KSE-100 index soared to 65,589.83 points, marking a substantial increase of 699.33 points or 1.08%. Earlier in the trading session, the index reached its peak at 65,604.85 points, signifying a notable recovery.
Market analysts noted a widespread surge in trading activity, with key sectors such as automobiles, refineries, and oil marketing companies (OMCs) witnessing substantial gains.
The bullish sentiment prevailing in the market was largely attributed to the anticipated decision of the central bank to uphold the status quo. The Monetary Policy Committee (MPC) of the SBP announced on Monday its decision to maintain the key policy rate at 22%, marking the sixth consecutive instance of keeping rates unchanged.
Monday’s trading session had seen the KSE-100 index exhibiting subdued performance, closing nearly flat ahead of the monetary policy announcement, settling at 64,890.51 points, with a modest increase of 74.04 points or 0.11%.
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