The 50 basis points cut in the discount rate was warmly greeted on the stock market manifesting in extensive buying across all sectors sending the KSE-100 index rocketing by 358.72 points, or 1.14pc, to an all-time high at 31,702.79 yesterday
The beneficiary of the rate cut were mainly the leveraged sectors and shares including textiles, cement and fertiliser. Maple Leaf Cement with huge amount as debt on its balance sheet saw its stock hit the ‘upper circuit’, while Engro Fertiliser gained 4.7pc.
On the oil and gas sector, PSO rallied. Engro also perked up as the buying in the scrip which started last week, continued on the first trading day of the current week. “
