The Pakistan Institute of Legislative Development and Transparency (PILDAT) has issued a report detailing its assessment of the recently-concluded general election, expressing deep concerns over a decline in fairness scores compared to previous election cycles.
Pakistan has lowered its interest rates by 2 percentage points, from 11% to an annual rate of 9%, in single digit.
The key rates a tool used by Central Banks to implement monetary policy. A reduction in interest rates counters a weakening of prices, or a possible deflationary situation.
The market opened at 10:15am, with the benchmark index shooting almost a 1,000 points up immediately. By 10:50am, when trading was halted after activation of the circuit breaker, the index was trading at 32,888 – a rise of 1,559 points or 5pc.
Since trading resumed at 11:55am, the market has continued to increase its gains. As of 12:15pm, the benchmark was up 1,905 points or 6pc to 33,234. Muhammad Faizan Munshy, Head of Foreign Sales at Next Capital Limited, said domestic equities inched up the highest since 2009 after the central bank cut its key policy rate.
Since trading resumed at 11:55am, the market has continued to increase its gains. As of 12:15pm, the benchmark was up 1,905 points or 6pc to 33,234. Muhammad Faizan Munshy, Head of Foreign Sales at Next Capital Limited, said domestic equities inched up the highest since 2009 after the central bank cut its key policy rate.
"The International Monetary Fund's (IMF) approval to provide a rapid facility fund to Pakistan of almost $1.4 billion also fuelled bullish sentiments," he said.
He added that the rupee gained almost two per cent as international donors deferred loan payments. "This also proved to be beneficial for the stock market," he said.
A day earlier, SBP in an emergency meeting of the monetary policy committee had reduced the country's policy rate by 200 points to nine per cent for the third time in less than a month.
He added that the rupee gained almost two per cent as international donors deferred loan payments. "This also proved to be beneficial for the stock market," he said.
A day earlier, SBP in an emergency meeting of the monetary policy committee had reduced the country's policy rate by 200 points to nine per cent for the third time in less than a month.
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