Pakistan’s benchmark index, KSE-100, was up 1,354.59 points, or 0.72 per cent, at 190,521.41 as of 12pm today, building on the previous close of 189,166.82.
Mid-session trading saw the index fluctuate within a defined range, hitting a high of 191,032.73 and a low of 189,712.78, indicating measured buying interest.
Investors appear to be positioning for a further cut in the policy rate, which stands at 10.5pc, during the State Bank of Pakistan’s Monetary Policy Committee meeting today amid easing inflation, rising foreign exchange reserves and a stable rupee.
At its treasury bills auction on January 21, the government reduced cut-off yields across most tenors to single digits for the first time in four years, strengthening the notion that the central bank is set to cut the benchmark rates.
Activity levels were strong, with 171.3 million shares changing hands by noon and market value turnover reaching approximately 23.0 billion.
With the market still open, attention will turn to afternoon flows for signals on whether the midday gains can be extended into the close.
