PSX snaps record-setting spree after eight weeks

After the ruthless mid-week bloodbath at the stock market that had sent the index in deep red, the bulls drove out bears to stage a partial recovery in the last session on renewed buying interest at an attractive valuation, but the market remained in the negative zone in the outgoing week. The three-day steep correction post-State Bank of Pakistan’s (SBP) policy rate cut kept the benchmark KSE 100 under pressure, snapping an eight-week record-setting spree. Arif Habib Ltd (AHL) said the week commenced positively ahead of the much-anticipated softening of monetary policy with the SBP announcing a 200bps rate cut, the fifth straight reduction, bringing down the policy rate to 13pc from an unprecedented level of 22pc in June.