Stocks rally 539 points ahead of rate decision

Trading on the shares market commenced on the week’s first working day on a strong note as the benchmark of major stocks remained in the green zone throughout trading hours. Topline Securities Ltd said the KSE-100 index settled on the higher side ahead of the State Bank of Pakistan’s monetary policy announcement, which was scheduled in the post-trading hours on Monday. Power, fertiliser, cement and banking sectors contributed positively to the index’s rise, it added. According to Arif Habib Ltd, the stock market has witnessed a strong weekly start with the index trading towards the upper end of its current range of 50,500-51,500 points. “Trade above 51,500 points will target 53,000 points (in the) near term while a rejection sets up a dip towards 50,000-50,500 points,” it added.