Key points
- Positive trend in market reflects growing confidence among traders and investors: PM
- Says cut in electricity tariffs will provide relief to industries
- Premier announces a cut in electricity tariff for domestic and industrial users
ISLAMABAD: Pakistan Stock Exchange (PSX) has achieved another milestone and surpassed the psychological barrier of 120,000 points during the trading today.
Local media reported that the 100 Index that closed on 118,938 points on Thursday now reached 120,590 points with an increase over 1600 points.
The upward trend in the stock exchange shows increasing confidence of business community on economic policies of the government, according to Radio Pakistan.
Pakistan’s Prime Minister Muhammad Shehbaz Sharif also expressed satisfaction over Pakistan Stock Exchange crossing the new highest level of one hundred and twenty thousand points.
In a statement, the premier said positive trend in the stock market reflects growing confidence among traders and investors in the government’s economic policies.
He said significant reduction in electricity tariffs has been made, which will not only provide relief to domestic consumers but will also be a welcome development for the business community and industries.
A relief in electricity prices
Earlier on Thursday, Prime Minister Shehbaz Sharif announced a relief in electricity prices for both domestic and industrial consumers.
Addressing a ceremony on Thursday, the premier shared the economic progress achieved by his government, emphasising that Pakistan has successfully tackled financial challenges and prevented default.
Announcing a cut in electricity tariff, the prime minister said that the government has decided to lower the electricity tariff by Rs 7.41 per unit for domestic consumers while Rs 7.59 per unit for industrial users.
The prime minister was of the view that improvement in economic indicators and the business environment over the past year has been made possible due to the government’s economic policies.
He said the government is extending facilities on priority basis to provide conducive environment for business and investment in the country.
