PSX surges over 700 points

KARACHI: Fuelled by anticipation of a potential rate cut, propelled the index’s intraday rise of over 700 points on Wednesday, giving bulls control of the Pakistan Stock Exchange (PSX).

The KSE-100 index had an incredible rise of 704 points, or 1.05 percent, to close at 67,590.26 by midday. The index increased even more by 1:20, reaching 67,783.65 points.

This increase was mostly driven by the banking, cement, transportation, and IT sectors.

After two days of losses, the stock market saw a recovery yesterday, with the KSE-100 index ending Tuesday’s trading session up 89.94 points.

Banks, IT, and the auto industry provided the upward momentum, while the E&P industry and the power generation sector applied some negative pressure.