Continuing its selling momentum from the previous day, the stock market registered a decline of over 700 points on Friday, just hours after the government raised fuel prices.
By 1:33pm, the KSE-100 index shed 755.75 points against the previous day’s close of 42,237.91 to fall to 41,482.16, down 1.79 per cent.
According to analysts, the bearish trend in the stock market today is a result of the government’s decision to increase the prices of petroleum products by Rs30 per litre and its announcement to secure a determination from the power regulator of about Rs8 per unit increase in electricity rates for the next fiscal year.
The developments were announced by Finance Minister Miftah Ismail in a late-night press conference on Thursday in a bid to finalise a deal with the International Monetary Fund (IMF).
