Stocks settle above 92,000 for first time
Despite a negative opening, the stock market on Tuesday maintained its record-setting spree for the second straight day as a bigger-than-expected cut in the interest rate bolstered investor sentiments, helping the KSE 100 index close above 92,000 for the first time. The KSE-100 index hit an intraday low of 91,536.09, losing 401.91 points and a high of 92,514.30, gaining 576.30. However, the index settled at the highest-ever level at 92,304.32 after adding 366.32 points or 0.40 per cent day-on-day. Ahsan Mehanti of Arif Habib Corporation said stocks settled at an all-time high due to robust remittances in October, surging the $3 billion mark and a surprising reduction of 250bps in the State Bank of Pakistan’s policy rate against the market consensus expectations of 200bps.