PSX gains over 1,300 points as investors respond to SBP rate hike, easing oil prices

The KSE-100 rose as much as 1,330 points during Tuesday’s session, reaching 164,368.47 after closing at 163,038.47 on Monday. Profit by Pakistan Today reported that the advance followed the State Bank of Pakistan’s 50-basis-point increase in the policy rate to 12%, while lower international oil prices also supported sentiment.

The index had added more than 1,100 points shortly after the opening, but was up 751.53 points, or 0.46%, at 163,789.99 by 11:15 am. Buying was reported across commercial banks, cement, automobile assemblers and parts, fertilisers, insurance, pharmaceuticals, oil and gas exploration, oil marketing and apparel. Brent crude was down 0.86% at $114.81 a barrel, while US West Texas Intermediate also fell 0.86% to $100.88.