PSX reaches all-time high of 118,000 in light of PM’s power relief package

Bulls dominated the trading floor at the Pakistan Stock Exchange (PSX) as shares reached an all-time high of 118,000 points following the prime minister’s announcement of a “major” power relief package to reduce the burden on citizens. The benchmark KSE-100 index climbed 1,131.37 points, or 0.96 per cent, to reach 118,938.11 from the last close of 117,806.74 points. The development came shortly after Prime Minister Shehbaz Sharif, while speaking in Islamabad today, announced a Rs7.41 per unit cut in power rates across the country. Head of Research and Development at Pak-Kuwait Investment Company Ltd, Samiullah Tariq, told Dawn.com, said that the power tariff cut by the premier was a major reason for the market’s performance.