KARACHI – The Pakistan Stock Exchange (PSX) has climbed to all-time high on Friday as it has crossed 120,000 points mark after a significant cut in electricity prices boosted the confidence of traders and industrial sector.
As of 9:45 am, the KSE-100 index moved up by 1623.18 points to reach historic high of 120,561.29 points as compared to previous close of 118,938.11.
The stocks have witnessed a positive change of 1.48% amid hopes that it would cross 121,000 mark before a break for Friday prayers.
The massive bullish trend hit the stock market after Prime Minister Shehbaz Sharif announced relief on electricity prices during a special ceremony held in the federal capital on Thursday.
Electricity unit price for domestic consumers has been lowered by Rs7.41, while the rate for industrial users has been reduced by Rs7.59. This reduction is part of the government’s ongoing efforts to ease the financial burden on the public and encourage industrial growth amidst challenging economic conditions.
The announcement is expected to provide substantial relief to households facing high electricity bills, especially during peak summer months, while also supporting industries struggling with rising production costs. The government emphasized that the reduction in electricity rates would contribute to enhancing the affordability of essential services and fostering economic stability.
The event, aimed at unveiling the government’s new package to lower electricity tariffs, was attended by key federal ministers and prominent political figures. The ceremony started witha recitation of the Holy Quran, followed by Naat Mubarak, setting a solemn tone for the occasion.
In his address, Prime Minister Sharif highlighted the government’s commitment to easing the financial burden on the people by reducing electricity prices. He emphasized that this initiative was a crucial step towards providing relief to the masses, especially in light of the rising cost of living.
