PSX loses steam after touching all-time high figure amid power tariff relief euphoria
Business
KSE-100 index climbs to 120,685.11 but closes at 118,791 after losing 146 points
KARACHI (Dunya News) – Bulls continued to rule the Pakistan Stock Exchange (PSX) on Friday - the last business day of the week - as it soared to a record high during intraday trading following a sweeping relief package for electricity consumers.
The KSE-100 index gained 1,747 points to climb to another high of 120,685.11 points, witnessing a positive change of 1.47 percent.
Later in the day, the situation changed and the index closed at 118,791 points after losing 146 points.
A day earlier, the key index witnessed bullish trend, gaining 1,131.36 points and closing at 118,938.11 points.
A total of 422,702,593 shares were traded during the day, whereas the price of shares stood at Rs28.211 billion.
Also Read: PM announces Rs7.41 per unit cut in electricity tariff for domestic consumers
The massive buying rally in stock market came a day after Prime Minister Shehbaz Sharif announced Rs7.41 per unit reduction on electricity tariff for domestic consumers and Rs7.59 for industrial consumers.
Addressing a gathering of parliamentarians, cabinet members and high-ranking officers, the prime minister stated the tariff was being reduced by an additional Rs7.41 per unit, bringing it to Rs37.64 per unit for domestic consumers.
He mentioned that the tariff for industries was Rs48.19, which has been reduced to Rs40.51 per unit.
Prime Minister Shehbaz Sharif hailed the latest spike in the PSX and said the trend showed confidence of investors.
POST-EID SPIKE
The Pakistan Stock Exchange (PSX) registered gains on Thursday - the first business day after Eid holidays - despite imposition of reciprocal tariff by US President Donald Trump.
The KSE-100 index initially moved up by 378.66 points to reach 118,185 points during intraday trading. Later, it galloped past 119,000 points amid Prime Minister Shehbaz Sharif's announcement of major cut in power tariffs for domestic as well as commercial users.
The key index closed at 118,938 after gaining 1,131 points.
On the other hand, dollar strengthened by 24 paisa in the interbank market. The value of the dollar rose from Rs280.16 to Rs280.40 in the interbank market.
The US president imposed 29 per cent reciprocal tariff on Pakistan, besides over 180 countries and territories, saying that Islamabad charges 58 per cent tariff on goods imported from the United States.
Trump has unveiled plans for sweeping new import taxes on all goods entering the US, in a watershed moment for global trade. As per new US trade policy, the United States will impose 26 per cent on India, 34 per cent on China, 20 per cent on European Union, 10 per cent tariff on Saudi Arabia, Qatar and Afghanistan.
