{"id":91739,"date":"2024-10-30T16:11:06","date_gmt":"2024-10-30T16:11:06","guid":{"rendered":"https:\/\/nationaltimes.pk\/eng\/?p=91739"},"modified":"2024-10-30T16:11:06","modified_gmt":"2024-10-30T16:11:06","slug":"profit-taking-snaps-psx-record-breaking-rally","status":"publish","type":"post","link":"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/","title":{"rendered":"Profit-taking snaps PSX record-breaking rally"},"content":{"rendered":"\n<p>Pakistan(National Times)- The Pakistan Stock Exchange (PSX) experienced a volatile session today, reaching a record high before declining by over 500 points due to profit-taking. The benchmark KSE-100 index dropped 577.53 points or 0.64% to close at 90,286.56 points on Wednesday, down from the previous close of 90,864.09 points, breaking its consistent upward trend. Saad Ali, Intermarket Securities Director of Research, told\u00a0<em>Geo.tv<\/em>\u00a0that the market&#8217;s decline was mostly due to profit-taking as the PSX had &#8220;risen so sharply&#8221; in recent days. He also said that another reason for the drop was correction. It is a &#8220;healthy correction &#8211; no major negative reason for today&#8217;s fall as the decline is broad-based&#8221;, Ali added. The day kicked off with the investors remaining buoyant on strong hopes for a rate cut as the benchmark index hit a record-breaking high of 91,872.63 points. The State Bank of Pakistan&#8217;s (SBCP) Monetary Policy Committee (MPC) will meet on November 4 and experts are expecting a 200-bps cut to a 15.5 % policy rate. Pakistan-Kuwait Head of Research Samiullah Tariq had told<em>\u00a0Geo.tv<\/em>\u00a0that bullish sentiment was driving the market, supported by positive factors such as falling yields due to expectations of rate cuts, limited investment options due to taxation, and strong corporate earnings. In its last session, the SBP&#8217;s MPC enacted its largest rate cut since April 2020, lowering the key policy rate by 200bps to 17.5%, driven by easing inflation and declining global oil prices. The central bank had previously slashed rates by 350bps in July and September 2024, totaling a 450bps reduction since June 2024. If another cut is made, it will mark the fourth consecutive rate reduction since the SBP began reversing rates in June 2024, reflecting an improved macroeconomic landscape and a shift in the central bank\u2019s monetary stance. Market speculation suggests a potential policy rate cut of up to 400bps by December, as analysts point to ample room for easing, which has also reignited foreign investors\u2019 interest in Pakistan\u2019s capital market. According to the Pakistan Bureau of Statistics (PBS), inflation dropped to 6.9% year-on-year in September 2024, the lowest since January 2021, down from 9.6% in August, due to the high base effect, stabilising commodity and energy markets, and a steady currency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pakistan(National Times)- The Pakistan Stock Exchange (PSX) experienced a volatile session today, reaching a record high before declining by over 500 points due to profit-taking. The benchmark KSE-100 index dropped 577.53 points or 0.64% to close at 90,286.56 points on Wednesday, down from the previous close of 90,864.09 points, breaking its consistent upward trend. Saad [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":91740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-91739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Profit-taking snaps PSX record-breaking rally - Nation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Profit-taking snaps PSX record-breaking rally - Nation\" \/>\n<meta property=\"og:description\" content=\"Pakistan(National Times)- The Pakistan Stock Exchange (PSX) experienced a volatile session today, reaching a record high before declining by over 500 points due to profit-taking. The benchmark KSE-100 index dropped 577.53 points or 0.64% to close at 90,286.56 points on Wednesday, down from the previous close of 90,864.09 points, breaking its consistent upward trend. Saad [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/\" \/>\n<meta property=\"og:site_name\" content=\"Nation\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-30T16:11:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationaltimes.pk\/eng\/wp-content\/uploads\/2024\/10\/l_571461_120851_updates.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"390\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"humza Jahangir\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"humza Jahangir\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/\",\"url\":\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/\",\"name\":\"Profit-taking snaps PSX record-breaking rally - Nation\",\"isPartOf\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/nationaltimes.pk\/eng\/wp-content\/uploads\/2024\/10\/l_571461_120851_updates.jpg\",\"datePublished\":\"2024-10-30T16:11:06+00:00\",\"author\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#\/schema\/person\/27efa35fa76e99f3ad7e7397d7332c16\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/#primaryimage\",\"url\":\"https:\/\/nationaltimes.pk\/eng\/wp-content\/uploads\/2024\/10\/l_571461_120851_updates.jpg\",\"contentUrl\":\"https:\/\/nationaltimes.pk\/eng\/wp-content\/uploads\/2024\/10\/l_571461_120851_updates.jpg\",\"width\":700,\"height\":390},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationaltimes.pk\/eng\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Profit-taking snaps PSX record-breaking rally\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#website\",\"url\":\"https:\/\/nationaltimes.pk\/eng\/\",\"name\":\"Nation\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationaltimes.pk\/eng\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#\/schema\/person\/27efa35fa76e99f3ad7e7397d7332c16\",\"name\":\"humza Jahangir\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationaltimes.pk\/eng\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/43feedd99bd6a90080d1621b7e6604364acb673ee979d3ffe5075557c14c68b9?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/43feedd99bd6a90080d1621b7e6604364acb673ee979d3ffe5075557c14c68b9?s=96&d=mm&r=g\",\"caption\":\"humza Jahangir\"},\"url\":\"https:\/\/nationaltimes.pk\/eng\/author\/humza\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Profit-taking snaps PSX record-breaking rally - Nation","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationaltimes.pk\/eng\/2024\/91739\/","og_locale":"en_US","og_type":"article","og_title":"Profit-taking snaps PSX record-breaking rally - Nation","og_description":"Pakistan(National Times)- The Pakistan Stock Exchange (PSX) experienced a volatile session today, reaching a record high before declining by over 500 points due to profit-taking. The benchmark KSE-100 index dropped 577.53 points or 0.64% to close at 90,286.56 points on Wednesday, down from the previous close of 90,864.09 points, breaking its consistent upward trend. 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