The Pakistan Stock Exchange (PSX) soared to a record high on Friday, surpassing the 120,000-point mark following a major reduction in electricity prices, which bolstered investor confidence and uplifted the industrial sector.
By 9:45 AM, the KSE-100 index had surged by 1,623.18 points, reaching a historic peak of 120,561.29 points, up from the previous close of 118,938.11.
The market saw a 1.48% increase, with analysts expecting it to cross the 121,000 mark before the Friday prayer break.
This strong bullish momentum came after Prime Minister Shehbaz Sharif announced a significant electricity price cut during a special ceremony in the federal capital on Thursday.
The new rates lower electricity costs by Rs7.41 per unit for domestic consumers and Rs7.59 per unit for industrial users, a move designed to alleviate financial pressure on the public and stimulate industrial growth amid economic challenges.
The government hopes this price reduction will provide much-needed relief to households struggling with high energy bills, particularly in the scorching summer months, while also aiding industries grappling with soaring production costs.
Officials stressed that the lower electricity rates would improve the affordability of basic services and contribute to overall economic stability.
The event, where the government formally unveiled its new power tariff relief package, was attended by key federal ministers and prominent political leaders.
The ceremony began with a recitation of the Holy Quran, followed by Naat Mubarak, creating a solemn and respectful atmosphere.
During his speech, Prime Minister Shehbaz Sharif reaffirmed the government’s commitment to easing the financial hardships citizens face.
He emphasized that reducing electricity prices was vital in providing much-needed relief, particularly as inflation continues to impact daily life.