Bulls dominated the commercial floor in the Pakistan Stock Exchange (PSX), since the actions reached a historical maximum of 118,000 points after the announcement of the Prime Minister of a “important” energy relief package to reduce the burden of citizens.
The reference KSE-100 index rose 1,131,37 points, or 0.96 percent, to reach 118,938.11 from the last closure of 117,806.74 points.
The development occurred shortly after Prime Minister Shehbaz Sharif, while spoke today in Islamabad, announced a RS7.41 per energy reduction unit throughout the country.
Director of Research and Development of Pak-Kuwait Investment Company Ltd, Samiullah Tariq, said Dawn.comHe said that the power rate cut by the prime minister was an important reason for market performance.
Mohammed Sohail, executive director of Topine Securities, said the index reached a historical maximum after the government reduced electricity rates to support consumers and industries.
Topline Securities LTD said the increase was driven by the government’s decision to reduce electricity rates, which provided relief to consumers and industries, which increases the feeling of the market.
He said that market profits were mainly driven by strong actions of UBL, Mebl, Mari, Luck and OGDC, which collectively added 839 points to the index.
“A total of 415 million shares were negotiated, with a turnover of RS28 billion. SSGC led the volume of negotiation with 53 million exchanged shares,” he said.
It should be noted that the Government had decided to maintain oil prices at the existing level, instead of a cut of up to RS13 per liter prepared by the oil regulator and the oil division, promising to transfer their financial impact to electricity consumers.
On March 26, Prime Minister Shehbaz team unlocked the new $ 1.3 billion agreement with the IMF, along with a successful first review of the 37 -month rescue program.
The IMF revealed in March that it had allowed only one RE1 per reduction unit in the energy rate against a network tax for industrial captive electrical plants.
