Electricity relief package lifts Pakistan Stock Exchange to all-time high
PM Shehbaz expresses satisfaction as PSX crosses record 120,000-point mark
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Share prices at Pakistan Stock Exchange (PSX) rocketed to all-time high on Friday after the prime minister unveiled massive cuts in power tariff for domestic and industrial consumers, reported 24NewsHD TV channel.
During opening session of the trading, the PSX’s benchmark KSE-100 Index gained 1,854.57 points or 1.54 percent to reach 120,792.68 points.
PM Shehbaz expresses satisfaction
Prime Minister Shehbaz Sharif on Friday expressed satisfaction as the Pakistan Stock Exchange (PSX) surged 1,800 points in a single day, reaching a historic milestone, with the KSE-100 index crossing all-time high mark of 120,000 point.
In a statement issued by the PM Office, the prime minister said that positive direction of the business in Pakistan Stock Exchange reflected growing investor confidence on the government policies.
“The government has announced a significant decrease in the power tariffs which will not only give a massive relief to the domestic consumes but also it will be a welcoming sign for the business community and the industrial sector,” the prime minster remarked.
He noted that during last one year, improvement in business environment and stability in macroeconomic indicators was possible only due to the government’s economic policies.
He assured that the government was providing all possible facilities to ensure business and investor friendly environment in the country.
Economic analysts said the stock market showed robust performance. “This surge was driven by the government’s decision to lower electricity tariffs, which provided relief to consumers and industries, thereby boosting market sentiment,” they added.
Institutional support on the IMF deal and the Fund’s approval on government resolve for Rs1.5 trillion circular debt crises played a catalyst role in the bullish sentiments at the PSX, they opined.
Earlier on Thursday, the PSX’s benchmark KSE-100 index which at the start of the trading shed 200 points, had climbed up by 1,131.37 points or 0.95 percent, lifting the index to 118,938.11 points.
Of the total companies traded today, share prices of 247 companies were up, 154 down while 51 remained unchanged.
Yesterday, the uncertainty in the stock market came amid Donald Trump’s announcement of 10% reciprocal tariffs on imports from countries around the world, including specific additional levies on major trading partners like China and EU.
Analysts suggested that current market volatility is expected to continue as global markets adjust to the changes in trade policy, adding to the pressure already faced by Pakistan’s economy.
Reporter: Basim Iftikhar