Mid-day Report: PSX up by 500 points

Pakistan’s benchmark index – KSE100, during its first three hours of trading has gained over 500 points. The markets have started to bounce back after the week long correction post MSCI inclusion. The last week saw a decline of 1.9% or 1009 points, owing to the overall activity of foreign investors and local sellers ending their week in net sell position. The market witnessed an uptick during the morning session, as the investors were bullish on upcoming budget and the next week’s MSCI inclusion.

The Monetary Policy Committee on May 20^th statement which kept the policy rate unchanged and economy’s numbers continued to add to this week’s positive start.