KARACHI: The Pakistan Stock Exchange (PSX) achieved another milestone on Friday, surpassing the all-time high barrier of 120,000 points in intraday trade.
The benchmark KSE-100 index surged 1,855.30, or 1.56 per cent, to stand at 120,793.41, the highest today, from the yesterday close of 118,938.11 at 9:59 am.
The current 100 index stands at 119,730.91 with a change of 792.80, or 0.67 per cent at 1:11 pm. The day’s low was recorded at 119,085.73, while the market opened firmly in the green.
The bullish trend was witnessed following Thursday’s announcement by Prime Minister Shehbaz Sharif, who lowered the power tariffs by up to Rs7.69 per unit for domestic consumers and Rs7.59 for industrial units.
Mohammed Sohail, chief executive of Topline Securities, said that despite falling global markets, the index crossed the 120,000 barrier “amid expectations of better earnings after government cut power rates” as well as the promise to resolve circular debt.
