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Market watch: KSE-100 hits 16-month peak as CDNS cuts rates

The stock market roared on Thursday as the KSE-100 index surged 1,081 points and crossed the 42,000-point mark to trade at 16-month highs.

According to research houses, traders are aggressively relocating investment to the stock market from the fixed-income saving products.

During the day, the Central Directorate of National Savings (CDNS) reduced rates of return on its saving schemes, which provided the market with a much-needed positive trigger and further strengthened investor sentiment. A decline in the rate of return signals an improvement in the economy, hence, the development was welcomed by the market participants.

The KSE-100 index had closed the previous year as one of the best-performing indices in the region with a 10% return. This news particularly bolstered investor confidence and sparked a rally on the very first trading session of the year, which continued for the second day as well.

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