PSX roars past 116k milestone ahead of rate cut

The stock market extended its record-setting spree on Mon­day on the back of aggressive value-hunting, helping the benchmark KSE 100 index to achieve a new milestone above 116,000. Topline Securities Ltd said the index reached a new peak of 116,691, marking an impressive gain of 1,867.61 points, or 1.63pc day-on-day. The market continued its strong upward momentum, extending its record-breaking rally as investors anticipated a more significant cut in the monetary policy review, which was scheduled to announce its decision later in the day. This optimism attracted significant buying activity from local institutions, with the index hitting an intraday peak of 116,682.