The Pakistan Stock Exchange (PSX) had a good day of trading on Thursday. The KSE-100 index closed at 64,617.56, up by 697.72 points from the previous day. This was due to positive reactions to healthy remittances, lower T-bill auction yields, and corporate events. The International Monetary Fund (IMF) was also set to review the country’s $3 billion programme. Expectations of a smooth conclusion to the review and falling yields on T-bills increased chances of an interest rate cut in the future. However, there are concerns about lingering election uncertainty affecting investor confidence. The stock market had been slow for the past five sessions due to pre-poll uncertainty. The index made an intraday high at 64,551 but then saw profit-taking in selective stocks of banks and fertiliser sectors. Despite this, the market rallied due to falling T-bill yields, increasing confidence in a possible interest rate cut in the future.
Overall, the stock market performed positively on Thursday, with the KSE-100 index gaining over 600 points and showing signs of confidence in a potential interest rate cut in the future.
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