Pakistan stocks rejuvenated after the monetary policy announcement, with the benchmark KSE-100 Index gaining nearly 1,100 points or nearly 2.5% in intra-day trading on Wednesday as investors hailed the sense of direction.
The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) raised the key interest rate by 100 basis points (bps) to 9.75% after close of market on Tuesday, its third successive hike since September. However, many experts said the rate-hike was in line with expectations, and would give clarity to investors going forward.
Additionally, value-hunting further propelled the KSE-100 Index past the 44,000-point level.
The KSE-100 was hovering around 44,250 level after an over 1,100-point gain with around two hours left in the session. Stocks across the board gained with cement, steel, construction and auto shares leading the charge.
Stocks stage rally, KSE-100 up 370 points
Talking to Business Recorder on Tuesday after the MPC announcement, several analysts and market experts had said the rate-hike would now give clarity to investors.
Read the detailed story here: Interest rate hike in line with expectations, to reduce uncertainty: experts
This is an intra-day updateBusiness Recorder
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