Shares at PSX rebound in intraday trade on interest rate cut

Shares at the Pakistan Stock Exchange (PSX) witnessed a rebound by as many as 900 points on Tuesday as investors gained confidence from yesterday’s “unexpected” reduction in the interest rate.

The benchmark KSE-100 index increased by 990.87 points, or 0.87 per cent, to stand at 115,093.10 from the last close of 114,102.23 at 10:03am.

The State Bank of Pakistan’s decision to slash the interest rate by 100 basis points to 11 per cent defied analysts’ expectations that ongoing tensions...