Pakistani stocks go ballistic hoping a dovish monetary policy

KARACHI: The Karachi Stock Exchange (KSE) finished higher on Thursday with the benchmark 100-Index rising by 2.63 percent, or 575.63 points, to 22,451.46.

Analysts said the buying euphoria was seen after the approval of much-awaited International Monetary Fund’s (IMF) tranche.

A general consensus that under the IMF program terms State Bank of Pakistan (SBP) would refrain from jacking the policy rate for now supercharged the sentiment at the apex bourse.

Pakistan State Oil Co Ltd (PSO) rose 5 percent to Rs309.63, whereas Engro Corporation was up 5 percent to Rs145.33.