The capital market continued its speed speed on Thursday, growing by a major government relief package for electricity consumers and increasing between a high -time high -investor spirit to improve economic indicators.
The Pakistan Stock Exchange (PSX) benchmark KSE-100 index increased by 1,131.37 points or 0.96%, ended at 118,938.11. The market touched the Intrade High of 119,179.45 by climbing 1,372.71 points from the previous bandh of 117,806.74. The day of the day was recorded at 117,508.07.
The rally was provoked by Prime Minister Shahbaz Sharif by declaration of significant reduction in electric tariffs for both domestic and industrial users.
Addressing a special event in Islamabad, cabinet members, industrialists and business leaders participated, the Premier said that domestic electricity rates were reduced to Rs 7.41 per unit of domestic electricity rates, which reduced the cost. Industrial users also saw a shortage of Rs. 7.59 per unit.
This step comes as part of the government’s widespread strategy to promote economic productivity and reduce inflation pressure on homes and businesses.
The reduction in electricity prices follows a prior request presented to the National Electric Power Regulatory Authority (NEPRA), which was approved after consulting the International Monetary Fund (IMF). The IMF had earlier agreed to cut the utility rates per kWh-hour into the utility rates under its ongoing $ 7 billion loan program.
Thursday’s rally comes after a relatively flat session on Friday, when the KSE -100 index closed at 117,806.74 to be organized at 34.43 points or a slightly higher than 0.03%. In that session, Intrade of 118,147.25 was seen at high and at a low of 117,551.42.
