Bulls dominated the trade floor at the Pakistan Stock Exchange (PSX) on Wednesday as shares gained over 700 points in intraday trade.
The KSE-100 index gained 704 points, or 1.05 per cent, to stand at 67,590.26 at 12:01pm from the previous close 66,886.26 points.
Mohammed Sohail, chief executive of Topline Securities, said that market confidence was improving after “seeing good progress on the privatisation” of the flag carrier, along with foreign portfolio investment in government papers.
He added, “Cements stocks are in the limelight today amid expectations of a rate cut in the coming months.”
According to the PSX website, major gains were noted in sectors such as cement, transport, technology and communication and commercial banking.
Previously, the index had made modest gains which analysts attributed to the 22-month lowest inflation reading below the Ministry of Finance’s projection of 23.5pc, which raised expectations for a reduction in the State Bank’s policy rate next month.
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