KARACHI: Pakistan Stock Exchange (PSX) soared to record 119,00 points on Thursday following the government’s announcement of reduction in electricity charges across the country.
The day started with some hiccups as analysts expected a slow day at KSE-100 due to US President Donald Trump’s sweeping tariffs on various countries including Pakistan.
However, the investors confidence brushed these rumours off as the PSX staged a robust comeback with KSE-100 closing at an all-time high of 118,938 on Thursday.
The PSX experienced some fluctuations due to a long weekend that included Eid Holidays. Investors seemed to sell their stocks during the opening hours of the market as many expected the negative impact of Trump’s tariffs.
However, on the same day, Prime Minister Shehbaz Sharif announced the expected reduction in electricity tariffs which boosted the investors’ confidence. During the opening hours, PSX had reached an intra-day low of 117,508.07 but after this announcement, the PSX saw an increase of 1,131.37 points.
PM Shehbaz addressed a special event in Islamabad which was attended by many business leaders and federal cabinet members. During the event, the Prime Minister announced slashing Rs7.41 per unit in electricity for both domestic and commercial users.
The significant relief has brought down the electricity per unit cost to Rs34. It merits a mention that the charges have been reduced by Rs7.41 for domestic users and Rs7.59 for commercial users.
The government had long been planning to reduce electricity charges across the country and after getting approval from International Monetary Fund (IMF), government announced this relief package.
Read more: KP governor does not know who Fahad Mustafa and Sajal Ali are
