KARACHI: The government’s decision to increase the petrol prices has resulted in some much-needed positive outcomes. On Friday, the Pakistan Stock Exchange gained some momentum as the KSE-100 index gained over 900 points.
By 11:00AM, the index had reached 43,509.38 points from 42,541 after a gain of 967 points. Investors attributed the good performance of PSX to the government’s decision to hike petrol prices in an attempt to revive the IMF bailout programme.
With some progress in PSX, the local currency also recovered from consecutive losses in value. During early trade in the interbank market, the rupee gained Rs2.50. By 10:38AM, the dollar was being traded at Rs199.50. Since April 11, the dollar has gained Rs19, soaring to Rs202 from Rs182.30.