PSX KSE-100 Climbs Over 950 Points as Investors Rally After SBP Rate Hike

PSX KSE-100 Climbs Over 950 Points as Investors Rally After SBP Rate Hike

Buying returned to the Pakistan Stock Exchange on Tuesday morning after the State Bank of Pakistan raised its key interest rate by 50 basis points to 12 percent. The benchmark KSE-100 Index climbed more than 950 points in the opening minutes of trading, reaching 163,997.54 points by 10:05am, a gain of 959.08 points or 0.59 percent.

Investors bought shares across cement, commercial banks, oil and gas exploration companies and oil marketing companies. The rally followed a choppy session on Monday, when the index still managed to close 663.59 points higher at 163,038.47 as traders positioned themselves cautiously ahead of the central bank's announcement.

Sentiment was also lifted by surging Asian markets, after Anthropic, the company behind the Claude AI chatbot, filed for a highly anticipated US stock market listing, and by Meta's plan to raise up to $95 billion in its largest-ever fundraising. Currency markets stayed quiet ahead of this week's policy decisions from the US Federal Reserve, the European Central Bank and the Bank of Japan, with economists expecting all three to hold rates steady and traders watching closely for clues about what comes next.

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