Shares at PSX climb 1,000 points ahead of MPC meeting

Bulls retained control of the trading floor on Monday as shares at the Pakistan Stock Exchange (PSX) climbed 1,000 points in anticipation of Monetary Policy Committee (MPC) meeting, scheduled for later today. The benchmark KSE-100 index climbed 1,041.88, or 1.15 per cent, to stand at 91,901.73 points from the previous close of 90,859.85 points at 11:20am. Finally, the index closed at 91,938.00 points, up by 1078.15 or 1.19pc, from the previous close. Sana Tawfik, head of research at Arif Habib Limited, noted that the positive sentiment was due to the “anticipation of rate cut today” and improving macroeconomic indicators such as inflation numbers for October at 7.2pc. She noted that exploration and production sectors (E&Ps) were “performing because their latest financials show improved receivable collection numbers”.