On Friday, bulls kept their stampede on the trade floor when shares at the Pakistan Stock Exchange (PSX) jumped more than 1,800 points at an all-time high in intraday trade.
From the previous finish of 118,938.11 at 9:59 a.m., the benchmark KSE-100 index jumped 1,855.30, or 1.56 per percent to stand at 120,793.41.
Chief executive of Topline Securities, Mohammed Sohail informed Dawn.com that the index crossed the 120,000 barrier “amid expectations of better earnings after government cut power rates” as well as the commitment to tackle circular debt despite declining global markets.
In a “major” relief package meant to lower the load on consumers paying outrageous electricity bills, Prime Minister Shehbaz Sharif declared yesterday a Rs7.41 per unit cut in power rates across the nation.
Speaking at an occasion in Islamabad, the top praised the country and said that it was difficult to persuade the International Monetary Fund (IMF) of the cut, adding that his team had gone to significant efforts to attain the feat.
He said for sectors that electricity rates would be dropped by Rs7.69.
Following the prime minister’s announcement of a “major” electricity relief program to lighten the load on consumers, shares had earlier hit an all-time high of 118,000 points.
Analysts claimed that the performance of the market was mostly related to the reduction in the power tariff by the prime.
