KSE-100 advances on hopes of policy rate cut
Statesman Report
KARACHI: Bulls continued to dominate the stock market as the KSE-100 index rallied and gained over 200 points on Friday. The bourse managed to cross the 34,000-point mark.
The increase was attributed mainly to speculation that the central bank would slash the policy rate in its monetary policy announcement later in the day.
Moreover, a surge in global crude oil prices coupled with concern over growing fiscal deficit and negative economic growth dented investors’ sentiment.
Earlier, trading began on a positive note and a buying spree emerged shortly afterwards due to robust investor sentiment. A few dips were seen, which were corrected immediately. The uptrend continued till the end of trading with the KSE-100 index finishing the week with handsome gains.