Stocks jump 41-session high of 900 points.

KARACHI -- Bulls went on a rampage on Monday tossing the KSE-100 index up by 899.85 points (2.62 per cent) so that it closed above the 35,000-level for the first time in four months, at 35,277.46.

The frenzied buying by investors was fuelled by market-related reasons such as the continuing exuberance for cement shares on expectations of volumetric increase in dispatches and strong prospects of cut in policy rates by the State Bank of Pakistan in the upcoming monetary policy.

Investor sentiments received a further boost by the expectations of downward adjustment in rates of National Saving Schemes (NSS) for which the summary had been forwarded to the Ministry of Finance. It raised the possibility of conversion of funds deployed in fixed income investments back to equities.

On the macro side, Pakistan had managed to keep budget deficit at 0.9pc of GDP, or around Rs400bn during the first quarter of the current fiscal, which analysts said was appreciated by the International Monetary Fund.

At the political front, peaceful protest by the opposition in Islamabad and lukewarm support extended by the two...