PSX tops 88,000 points to hit all-time intraday high on rate cut bets

The Pakistan Stock Exchange hit an intraday high, surpassing 88,000 points due to hopes of the central bank continuing its hawkish regime. This surge in the market is attributed to the approval of a $7 billion loan by the IMF and political stability following the approval of the 26th Constitutional Amendment. The KSE-100 index has seen a 41% gain in 2024, making it the 4th high-performing equity market globally. Speculations of a policy rate cut by the SBP have rekindled foreign investors’ interest in the capital market, with inflation dropping to 6.9% year-on-year in September 2024.