Bulls continued their stampede on the trade floor on Friday as shares at the Pakistan Stock Exchange (PSX) surged more than 1,800 points in an all-time high in intraday trade.
The benchmark KSE-100 index surged 1,855.30, or 1.56 per cent, to stand at 120,793.41 from the previous close of 118,938.11 at 9:59am.
Mohammed Sohail, chief executive of Topline Securities, told Brackly News.com that despite falling global markets, the index crossed the 120,000 barrier āamid expectations of better earnings after government cut power ratesā as well as the promise to resolve circular debt.
Yesterday, Prime Minister Shehbaz Sharif announced a Rs7.41 per unit cut in power rates across the country in a āmajorā relief package to reduce the burden on citizens facing exorbitant electricity bills.
Speaking at an event in Islamabad, the premier congratulated the nation and said that it was not easy to convince the International Monetary Fund (IMF) of the cut, adding that his team had gone to great lengths to achieve the feat.
For industries, he declared that electricity prices would be cut by Rs7.69.
Earlier, shares had reached an all-time high of 118,000 points following the prime ministerās announcement of a āmajorā power relief package to reduce the burden on citizens.
Analysts had said that the power tariff cut by the premier was a major reason for the marketās performance.
More to follow