PSX Gains Over 980 Points After Govt Withdraws Fuel Subsidies

The Pakistan Stock Exchange (PSX) rallied in the week’s last trading session as the bulls took control over the market. After opening trade at 42,541.71 points, the market showcased bullish sentiments, with the benchmark KSE-100 index gaining as much as 983 points or 2.3 percent after rising to a high of 43,524 points within the first two hours of the opening bell. During the early trading hours, bullish sentiment hit the roof as massive buying was seen across the board where investors celebrated some resolution of the highly uncertain political environment over the last few days. After the first trading session on Friday, the market was at a 43,484 level, up by 943 points. The market will resume trading at 2:30 pm after the Jummah Break. Analysts believe that the coalition government’s withdrawal of subsidies on petroleum products worked as a positive precursor for investors. Finance Minister Miftah Ismail on Thursday announced the government’s decision to hike petroleum prices by Rs. 30 per liter. The decision was urgently made after the government and the International Monetary Fund failed to reach an agreement on a financial bailout owing to the former’s reluctance to take tough economic decisions. This is an intraday market update.