PSX Rallies Over 1% to Hit New All-Time High

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index recorded its highest ever closing at 72,743 on Friday, up by 771.35 points or 1.06 percent. After hitting an intra-day low of 71,764.18, a strong buying spree in the final hours helped the index hit another record high. In a post on X, Topline Securities CEO Mohammed Sohail highlighted that the KSE-100 Index has posted an incredible gain of almost 80 percent in US Dollar terms over the past year. Experts linked the buying spree to expectation of a rate cut among investors in the upcoming Monetary Policy Committee (MPC) meeting of the State Bank of Pakistan (SBP) scheduled on Monday. According to a survey conducted by Topline Securities, participants are split on whether SBP will cut rates or maintain the status quo in the upcoming MPC meeting. Survey showed 51 percent of participants expect the policy rate to remain unchanged at 22 percent, while the remaining 49 percent anticipate a policy rate cut. No participants expect an increase in interest rates.