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Another record in the making as index up 306pt, 0.91% to rise to 33,893pts; nears to 34,000pt mark

Another record in the making as index up 306pt, 0.91% to rise to 33,893pts; nears to 34,000pt mark

KARACHI: Buoyant stocks kept flying high, staging a grand rally to boost benchmark KSE 100-index to an all-time high at 33,893.56 points with 306.81 points or 0.91 percent gains on its journey to another milestone of 34,000 points mark in early trading, ahead of monetary policy and expected discount rate cut by the State Bank on Thursday.

The bulls dominated the market as the market witnessed hectic trading amid flurry of activities, showing the investors’ focus and confidence on speculations of discount rate cut in the upcoming monetary policy being announced today (Thursday).

The market opened at the overnight closing of 33586 points and seemed in hurry to achieve another milestone of 34,000 points level.

Although the market is rife with rumours of the monetary policy announcement expectations, the State Bank gave no indications that it was to be announced on the purported date.

On Wednesday, foreign investors continued to be net buyers with inflow of $2.74 million, almost entirely in the banking sector, possibly anticipating robust year-end results to be announced later this month. Volume increased by 38pc in terms of shares traded and 34pc in trading value.