PSX KSE-100 index gains 1,429 points amid rate hike
PSX KSE-100 index gains of 1,428.73 points left the market higher all day, as investors looked past the State Bank’s fresh rise in the policy rate to 12%.
The KSE-100 rose 1,428.73 points, or 0.88%, to close at 164,467.20 on Tuesday and stayed positive all session.
Buying was broad across cement, banks, oil and gas exploration firms and oil marketing companies.
The advance came as the State Bank of Pakistan’s 50-basis-point rate hike to 12% took effect on Tuesday.
Volume rose to 401.9 million shares from Monday’s 376 million; 282 of 497 traded stocks closed higher.
K-Electric led volume with 54 million shares, closing at Rs5.80.