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Pakistan Stock Exchange Sheds Over 700 Points after Painful Fuel Price Hikes

byNews Desk
June 3, 2022
in Business, Economy
Reading Time: 1 min read
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Pakistan Stock Exchange Sheds Over 700 Points after Painful Fuel Price Hikes
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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.

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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).

Tags: Fuel PricelatestPakistan Stock Exchange
News Desk

News Desk

A source of economic, political, business, finance, health and sports updates.

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