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Reading: PSX Soars to 116,000 Points as Rate Cut Speculation Fuels Market Optimism
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Pakistan Stock Exchange 2025
PhotoNews Pakistan > Business > PSX Soars to 116,000 Points as Rate Cut Speculation Fuels Market Optimism
Business

PSX Soars to 116,000 Points as Rate Cut Speculation Fuels Market Optimism

Web Desk
By Web Desk Published December 16, 2024 2 Min Read
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Pakistan Stock Exchange (PSX). Photo Credits: Business Recorder
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The stock reached a new high on Monday, crossing the 116,000-point mark early, driven by expectations of an SBP rate cut.

The Pakistan Stock Exchange (PSX) has been on a record-breaking spree in recent weeks with its benchmark KSE-100 Index sitting above 116,000 at the close of trading on Monday.

Read more: https://t.co/yu7ub23HgS#PSX #KSE100 pic.twitter.com/qE6QtuyvEn

— Business Recorder (@brecordernews) December 16, 2024

Strong macroeconomic signs like solid remittance inflows, stable reserves, and falling inflation have boosted economic recovery confidence.

The PSX benchmark KSE-100 Shares Index climbed 1,867.61 points or 1.63%, closing at 116,169.41 after peaking at 116,681.59.

Pakistan Stock Exchange smashed past the 116,000 mark during intraday trading in anticipation that the central bank will slash the interest rate at the monetary policy meeting on Monday, analysts said. https://t.co/8j6DNLNWPa

— Arab News Pakistan (@arabnewspk) December 16, 2024

“Stocks are bullish across the board as investors expect a major SBP rate cut amid low inflation,” said Ahsan Mehanti, Managing Director of Arif Habib Commodities.

He highlighted recent government bond yield cuts to 11.99% and positive economic indicators as catalysts for the PSX’s surge, which are as follows:

  • The market is upbeat, anticipating a rate cut from today’s MPC announcement, expected between 200 and 500 basis points.
  • November’s inflation dropped to 4.9%, creating a positive real interest rate of 10% and room for monetary easing.
  • A recent 250 basis point cut in National Savings Schemes (NSS) profit rates should shift funds from savings to equities.
  • Remittances grew 29% year-on-year to $2.9 billion in November, stabilizing foreign reserves at $16.6 billion as of December 6, 2024.
  • The Current Account Deficit (CAD) narrowed by 79% year-on-year to $217 million in the first two months of FY2025.
  • Projected exports of $33 billion and remittances of $33.5 billion by FY2025’s end are buoyed by government incentives.
  • Auto sales, indicating strong consumer demand, surged 52% year-on-year in November.
  • The banking sector’s advance-to-deposit ratio (ADR) increased to 47.8% in November, nearing the mandatory 50% threshold.
  • T-bills yield fell, with three-month rates dropping 100 basis points to 11.99%.

The PSX’s recent performance, breaking the 114,000-point barrier, reflects easing political tensions and solid economic foundations.

Pakistan Stock Exchange – Key Statistics pic.twitter.com/uisCkzaIcC

— Topline Securities (@toplinesec) December 16, 2024

Today’s SBP policy rate announcement is anticipated to maintain the market’s bullish momentum.

TAGGED:FeaturedPakistan Stock Exchange
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