Here are the latest updates on the Pakistan Stock Exchange (PSX) :
KSE-100 Index: The benchmark KSE-100 Index gained nearly 700 points during trading on Wednesday, reaching 79,686.15 level, an increase of 699.06 points or 0.89%.
Leading Sectors: Buying was majorly led by the banking sector, alongside fertilizer, pharmaceutical, oil and gas exploration companies, and OMCs.
Index-Heavy Stocks: Stocks including OGDC, PPL, PSO, SHEL, HBL, MCB, and NBP traded in green.
Reason for Positivity: Experts attributed the positivity to expectations of another cut in the policy rate by the State Bank of Pakistan (SBP) in its upcoming Monetary Policy Committee (MPC) meeting.
Survey Expectations: A survey conducted by JS Global, a brokerage house, revealed robust expectations for a substantial policy rate reduction, with respondents anticipating a 100bps or 150bps move.
MPC Meeting: The SBP is due to hold the first MPC meeting on July 29 (Monday).
Global Market: Asian stocks were subdued on Wednesday after lack lustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment, while the yen hit a six-week high ahead of a central bank meeting next week where a rate hike remains on the table.
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