The Pakistan Stock Exchange (PSX) unleashed a bullish frenzy on Friday, climbing over 1,800 points to an all-time intraday peak.
The KSE-100 index rose by 1,855.30 points at 9:59 AM, or 1.56%, reaching 120,793.41, up from Thursday’s closing of 118,938.11. This surge surpassed the 120,000 mark despite a global market downturn.
Analysts attribute the recent market rally to a significant announcement made by Prime Minister Shehbaz Sharif on Thursday: a reduction of Rs7.41 per unit in household electricity rates and Rs7.69 for industrial users.
Read: Pakistan Stock Exchange Dips 0.5% as KSE-100 Closes at 117,807
Sharif described this move in Islamabad as a “major relief” for citizens burdened by high electricity bills. He credited his team’s tough negotiations with the IMF for securing the deal, which has raised expectations for stronger corporate earnings and improvements in circular debt management.
The PSX had reached 118,000 points on Thursday following the announcement, but Friday’s jump indicates even greater confidence. Experts label the reduction in power tariffs a “game-changer,” directly linking it to the market’s impressive rally. While global stocks are declining, Pakistan’s bold initiative stands out, suggesting a potential economic boost.
