PSX crosses 60,000 points milestone
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Pakistan, Nov. 29 -- The Pakistan Stock Exchange (PSX) smoothly crossed the psychological barrier of 60,000 points during the early trading hours of Tuesday.
The gains came due to rich individuals and institutional investors making significant new investments in expectation of deep cuts in interest rates and the availability of stocks at low prices. The PSX benchmark KSE-100 Index hit a new all-time high level of 60,745 points, rising by 1.56% or 934 points before mid-day from Monday's close at 59,811 points. Penny stocks were the volume leader in the rally including textile, technology, food, bank and steel stocks. Arif Habib Limited Head of Research Tahir Abbas said: "The high expectation for a deep 7% cut in the key policy rate (inter...
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