Stocks scale new peak on rate cut optimism

The benchmark KSE 100 index scaled new heights on Wednesday by breaching yet another psychological barrier of 105,000 points despite early fluctuations. Topline Securities Ltd noted that the market maintained its bullish momentum, reaching an intraday high of 105,474 points. Persistent buying by local institutions and high trading volumes reflected strong investor confidence, fuelled by expectations of another cut in the interest rate in the upcoming Monetary Policy Meeting scheduled for Dec 16. As a result, the benchmark settled at 105,104.34, up 545.26 points or 0.52 per cent day-on-day. Ahsan Mehanti of Arif Habib Corporation said stocks closed at an all-time high, led by the oil and energy sector amid upbeat data on petroleum sales rising by 15pc and cement despatches by 5.6pc in November.