karachi
\nThe Pakistan Stock Exchange (PSX) experienced a volatile session on Wednesday, reaching a record high before declining by over 500 points due to profit-taking.
\nThe benchmark KSE-100 index dropped 577.53 points or 0.64% to close at 90,286.56 points on Wednesday, down from the previous close of 90,864.09 points, breaking its consistent upward trend. Saad Ali, Intermarket Securities Director of Research, told Geo.tv that the market\u2019s decline was mostly due to profit-taking as the PSX had \u201crisen so sharply\u201d in recent days.
\nHe also said that another reason for the drop was correction. It is a \u201chealthy correction\u2013no major negative reason for today\u2019s fall as the decline is broad-based\u201d, Ali added. The day kicked off with the investors remaining buoyant on strong hopes for a rate cut as the benchmark index hit a record-breaking high of 91,872.63 points.
\nThe State Bank of Pakistan\u2019s (SBCP) Monetary Policy Committee (MPC) will meet on November 4 and experts are expecting a 200-bps cut to a 15.5 % policy rate.
\nPakistan-Kuwait Head of Research Samiullah Tariq had told Geo.tv that bullish sentiment was driving the market, supported by positive factors such as falling yields due to expectations of rate cuts, limited investment options due to taxation, and strong corporate earnings. In its last session, the SBP\u2019s MPC enacted its largest rate cut since April 2020, lowering the key policy rate by 200bps to 17.5%, driven by easing inflation and declining global oil prices.
\nThe central bank had previously slashed rates by 350bps in July and September 2024, totaling a 450bps reduction since June 2024. If another cut is made, it will mark the fourth consecutive rate reduction since the SBP began reversing rates in June 2024, reflecting an improved macroeconomic landscape and a shift in the central bank\u2019s monetary stance.<\/p>\n","protected":false},"excerpt":{"rendered":"
karachi The Pakistan Stock Exchange (PSX) experienced a volatile session on Wednesday, reaching a record high before declining by over 500 points due to profit-taking. The benchmark KSE-100 index dropped 577.53 points or 0.64% to close at 90,286.56 points on Wednesday, down from the previous close of 90,864.09 points, breaking its consistent upward trend. Saad …<\/p>\n","protected":false},"author":4,"featured_media":59881,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-72304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/72304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=72304"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/72304\/revisions"}],"predecessor-version":[{"id":72318,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/72304\/revisions\/72318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/59881"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=72304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=72304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=72304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}