KARACHI – The Pakistan Stock Exchange (PSX) witnessed massive gains on Monday amid expectation of policy rate dropping to single digit owing to positive economy indicator.
The benchmark KSE-100 index climbed 3,907.82 to settle at 115,258.99 points after witnessing a change of 3.51 percent. During intraday trading, it hit 115,422.34 points before shedding some point.
An official of the AKD securities have attributed the recent surge to the institutions’ approach of closing the year at higher rates.
He believed that the KSE-100 would witness another year of strong returns as interest rate are expected to plunge to single digit in 2025.
He also attributed it to the structural reforms being made by the government under the International Monetary Fund (IMF) loan deal.
Earlier, Minister for Finance Muhammad Aurangzeb reaffirmed government’s commitment to promote export-led growth, identifying agriculture and Information Technology as crucial sectors to drive Pakistan’s sustainable economic growth.
Speaking to farmers in Kamalia, he said that the IMF program is focused on stabilization of economy. Aurangzeb said that the government has successfully achieved macroeconomic stability, a crucial foundation for GDP growth.
He expressed confidence that building on this achievement, Pakistan’s economy is poised to transition towards sustainable growth next year.
The minister said this claim of economic stability is not just a government assertion, but has also been corroborated by independent sources.
