Unrelenting bulls set eyes on next milestone

The benchmark of major shares sustained its bullish trend on Tuesday and hit yet another high just shy of the psychological barrier of 63,000 points. Topline Securities Ltd said the upward momentum reflected a boost in investors’ confidence driven by optimistic expectations of an improved economic landscape going forward. “This positive outlook is supported by anticipated financial inflows from the International Monetary Fund (IMF) and friendly countries,” it said. Additionally, there’s speculation about a likely reduction in the benchmark interest rate, currently at 22 per cent, in the upcoming meeting of the Monetary Policy Committee (MPC) of the State Bank of Pakistan. According to a recent poll of key market participants conducted by the brokerage on the monetary policy expectations, 63 per cent of participants anticipated the interest rate would remain unchanged.