Pakistan benchmark share index hits all-time high
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ISLAMABAD, Sept 19 (Reuters) -Pakistan's benchmark share index .KSE hit a record high on Thursday, climbing 1.9% in intraday trading, on expectations of further substantive monetary easing to spur economic growth.
The central bank has cut its key policy rate by a total of 450 basis points to 17.5% in three successive policy decisions since late July, taking heart as inflation eases.
Pakistan's stock market hit an all-time high of 82,003 points and was trading at 81,800 as of 1:25 p.m. local time (08:25 GMT). It has gained some 13% since the government passed a economic reform-heavy budget in June aimed at securing a new International Monetary Fund programme.
"Today's market rise is reflective of the t-bill auction that happened on Wednesday where the government rejected bids in all tenors indicating a large rate cut in November," said Ismail Iqbal Securities CEO Ahfaz Mustafa.
Pakistan's central bank said disinflation was faster than expected and there was a possibility that average inflation for the fiscal year ending mid-2025 would fall below its forecast range of 11.5–13.5%.
"This coupled with the recent news of the IMF program and an expectation for inflation to slow to about 8% for September is all adding to the market making new intraday highs," Mustafa added.
The IMF last week announced that its executive board will meet to discuss Pakistan's $7 billion bailout programme on Sept. 25 - allaying fears of a prolonged delay in much-needed funds for the country.
The South Asian nation struck a staff level agreement with the global lender in June, but board approval for the 37-month programme has been pending since then.
Reporting by Gibran Peshimam; Editing by Jacqueline Wong and Edwina Gibbs
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