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KSE-100 Index rises by 234.11 points to 32034.37 over SBP rate cut and SECP vigilance

KARACHI: After the SBP interest rate cut and amidst vigilant monitoring of the stock market by Securities and Exchange Commission of Pakistan (SECP) so as to ensure risk free atmosphere, the benchmark KSE-100 Index gained 234.11 points or 0.74 percent to reach 32034.37 points in the early trade on Tuesday.

The High and Low were 32070.98 and 31800.26 respectively while the total volume traded in the market was 12,900,650 .Meanwhile, analysts praised the interest rate cut of 50 basis points by the State Bank of Pakistan, saying that it will help the industry accelerating the movement of its wheels. They said it was a good omen on the occasion of Pakistan Day. He said that it was a long demand of the industry and business people to bring down the discount rate in line with the inflation and other ground realities and step taken by the central bank now and in the past are a wise decision in this regard.

The other day, the SECP had expressed confidence in its soundness. SECP Chairman Zafar Hijazi said, “Sustaining Excellence: Shifting Gears” on Thursday, said the capital markets of Pakistan witnessed phenomenal growth and reached historic heights in terms of Index levels as well as market capitalization in 2014.

The market capitalization saw a decline in March but peaked at $77.68 billion on February 3, 2015. He said the rise in KSE -100 Index during the period was unprecedented and the commission is expecting technical corrections.