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KARACHI: The Pakistan Stock Exchange (PSX) surged on Friday morning as it gained over 800 points in the first hour of trading.
The benchmark KSE-100 index increased by 894.75 points at 9:15 AM right after the stock market opened, reaching the level of 42,909.80 points.
The bourse continues its momentum from the previous day and soared more than 800 points in the first hour of trading. The upwards trajectory comes just hours after the government raised the prices of petroleum products to comply with IMF stipulations.
According to the PSX website, the index reached 43,422.88 at 10am — a positive change of 2.05 percent — after gaining 880.29 points from the previous day’s close of 42,541.71.
In a move toward placating the International Monetary Fund (IMF) for an economic bailout, the government increased the prices of all petroleum products by Rs30 per litre.
Speaking at a news conference, Finance Minister Miftah Ismail said the government had no other option to stop the country from drifting towards a worse situation.
Miftah Ismail returned from Doha on Thursday after the the IMF delayed reviving the economic assistance programme until the fuel and power subsidies were not removed.
The finance minister remained on the move between the Ministry of Finance and the Prime Minister Office soon after his return. This is the highest-ever increase in the prices of all petroleum products in one go.
Ismail said that with the Rs30 hike, prices of petrol would increase to Rs179.86 per litre, high-speed diesel (HSD) to Rs174.15, kerosene to Rs155.56 and light diesel oil (LDO) to Rs148.31.
The government would still be paying about Rs56.71 per litre subsidy on HSD, Rs37.84 on LDO, Rs21.83 on petrol and Rs17.02 on kerosene.
