Pakistan Stock Market Hits Record High

According to foreign media reports, the Pakistan benchmark stock index hit a record high on Thursday, reaching a maximum of 82,003 points, with an intraday gain of up to 1.9%. Since late July, the Pakistan Central Bank has cut interest rates three times in a row, reducing its key policy interest rate by a cumulative 450 basis points to 17.5%. With inflation easing, the rate cuts have boosted market confidence. The rebound in the Pakistan stock market is also related to the country’s expected IMF assistance. Since the Pakistani government passed a new budget in June aimed at ensuring IMF assistance programs, the benchmark stock index has pumped about 13%.