All-time high: 1,700-point surge takes PSX past 88,000 on hopes of rate cut

Bulls continued their stampede on the trade floor at the Pakistan Stock Exchange (PSX) on Thursday as shares breached the 88,000 milestone. The benchmark KSE-100 index initially gained 851.11 points, or 0.98 per cent, to stand at 88,045.64 points from the previous close of 87,194.53 points at 10:56am. By 1:17pm, it rose further, cumulatively gaining 1.36pc, or 1,189.31 points. Finally, it closed at 88,945.98 points, up by 1751.45 points or 2.01pc, from the previous close. Mohammed Sohail, chief executive of Topline Securities, attributed the bull run to locals buying aggressively on falling bond yields amid expectations of a major cut in monetary policy rate in November. Most analysts believe the State Bank of Pakistan (SBP) will reduce its policy rate by 200 basis points in its upcoming meeting on November 4, marking the fourth consecutive cut since June, thanks to a decline in inflation, a low current account deficit and higher remittances.