Buying continues as MPC’s surprise rate cut lifts KSE-100 to fresh highs

Bulls continued to make further inroads at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 800 points during the opening minutes of trading on Tuesday. At 9:35am, the benchmark index was hovering at 171,513.01, a gain of 771.67 points or 0.45%. Buying interest was observed across the board in key sectors, including automobile assembler, cement, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, ARL, MARI, OGDC, POL, PPL, PSO, SNGP and SSGC, traded in the green. Investors rejoice after the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Monday, in a surprise move, cut the policy rate by 50 bps to support sustainable economic growth.