Equities stage 671-point rally on value-hunting
Despite heightened political tensions amid persisting uncertainty over IMF loan approval, the robust remittances, falling global crude oil prices and a likely third straight cut in interest rate boosted market sentiments, tossing the KSE benchmark index above 79,000 barriers on aggressive mid-session value-hunting. Topline Securities Ltd said institutional buying in blue-chip stocks drove the market’s upward momentum. Key heavyweights, such as Engro Fertiliser, United Bank, Bank Alfalah, Lucky Cement, and Habib Bank saw significant gains in their share prices, contributing 367 points to the index’s rise. Investor interest was notably strong in the cement sector, ahead of the upcoming monetary policy meeting on Sept 12, where a rate cut is widely anticipated.