Stocks extended gains yesterday with the KSE-100 index adding 381 points or 1.22 per cent to close at 31,680.72.
Investors were enthused by the stunning fall in inflation number at 3.96pc, which was unanimously seen to be a harbinger of cut in discount rate by 50 basis points in the next SBP monetary policy.
Resultantly, the leveraged sectors saw boost in stock prices. Positive news on other fronts such as the diversion of 85mmcfd (million cubic feet per day) gas to the textile industry by the government; cut in interest rates on National Savings Schemes and stalemate on the political front, emboldened individual and institutional investors to enter the market for juicy returns.
