Share prices skyrocket at Pakistan Stock Market
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Share prices at the Pakistan Stock Market that opened the week in the red yesterday went bullish on Tuesday after the central bank announced a policy to retain monetary rate at 15 percent, reported 24NewsHD TV channel.
So far 228 companies have traded and the 100-index benchmark has crossed the psychological mark of 43,000 points to reach 43,391.93 or 1.247 percent.
The 100-index benchmark gained 565.27 points at 10:54 am.
Market experts said that SBP Monetary Policy Committee decided to maintain the policy rate at 15 percent. The announcement helped the market to gain stocks despite the dull start of the current trading week.
Amid political turmoil that touched new nights regarding the arrest of PTI Chairman Imran Khan, the stocked opened the week in the red as investors’ sentiment slide.
1/5 At today’s meeting, the Monetary Policy Committee decided to maintain the policy rate at 15 percent. See https://t.co/rzvfGJyCqe— SBP (@StateBank_Pak) August 22, 2022
On Monday, the country’s political chaos worsened over the weekend as an ATC case was registered against PTI Chairman Imran Khan for a speech he delivered on Saturday. Also, there are reports of the government’s plan to arrest him have been making rounds since yesterday.
The benchmark KSE-100 index was down 443.91 points (-1.-33%) at closing time at 4:14pm.
Raza Jafri, head of research at Intermarket Securities, said the rise in political temperature over the weekend was weighing down market sentiment.
“Investors are also cautious ahead of the monetary policy, set for later today. Valuations remain cheap but wait-and-see is prevailing particularly as the KSE-100 has already recovered sharply in the first two weeks of August.”
SBP Governor (A) Dr. Murtaza Syed during his visit to PSX said that recent extreme pressure on Pakistan’s FX reserves, currency, and the current account is temporary in nature and is being forcefully addressed and Pakistan is over financed during FY23.