Karachi stocks likely to rise 4-year peak
Karachi, Pakistan: Capital market closed higher on Monday after the inflation rate hit a 33-month low, boosting the confidence of investors, traders said.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.80 percent, or 123.91 points, higher at 15,568.73 – a four-year high — on total volume of 135.80 million shares.
A dealer told the reporters that “Investors are hopeful that because inflation came down sharply, there is a high probability that the state bank will reduce the interest rate.”
The central bank is expected to announce a monetary policy decision on October 5. Pakistan’s consumer price index (CPI) rose 8.79 percent in September from a year earlier, the Pakistan Bureau of Statistics said on Monday. (Reuters)
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