PSX Crosses Historic 120,000 Level After Gaining Over 1,850 Points

The main bourse made history today as investors poured more money into equities to push the index above 120,000 for the first time as the market continues to react positively to the government’s announcement to cut electricity rates by over Rs. 7.4 per unit. The KSE-100 index briefly crossed 120,000 before easing to 119,230 on Friday at 12:10 PM. Around 10 AM, it gained 1,859 points or 1.56 percent to hit 120,796 before retreating a few levels. At 1:10 PM, it stood at 119,730, up 0.67 percent or 792 points. A total of 306,842,631 shares were traded during the day so far, whereas the price of shares stood at Rs. 19.5 billion. As many as 450 companies transacted their shares in the stock market, 258 of them recorded gains and 174 sustained losses, whereas the share price of 18 companies remained unchanged. The market has so far ignored the potential impact of the recently imposed US trade tariffs to the tune of 29 percent on Pakistan. This is an intraday market update.