Stocks rally in outgoing week on positive triggers
Amid surging remittances, a much-anticipated cut in the interest rate and the scheduling of an IMF board meeting on Pakistan bailout kept market sentiments bullish, helping the KSE index close the outgoing week in the green territory. However, the mounting political tensions turned investors cautious, trimming the gains on profit-taking. The trade and industry stakeholders are not happy with the 200bps cut in the benchmark interest rate and have reiterated demand for another immediate reduction of 300bps, saying that the receding of inflation to single digits in August created ample room for a substantial cut of at least 500bps direly needed to bring down the borrowing cost to revive economic activities.