PSX Gains Over 980 Points After Govt Withdraws Fuel Subsidies

The Pakistan Stock Exchange (PSX) rallied in the week’s last trading session. The benchmark KSE-100 index gained as much as 983 points or 2.3 percent after rising to 43,524 points within the first two hours of the opening bell.

After the first trading session on Friday, the market was at a 43,484 level, up by 943 points. The market will resume trading at 2:30 pm after the Jummah Break following the weekend’s break for the Christmas celebrations in Abu Dhabi.

Analysts believe that the coalition government’s withdrawal of subsidies on petroleum products worked as a positive precursor for investors. Moreover, the decision was urgently made after the government and the International Monetary Fund disagreed on a financial bailout due to the former’s reluctance to take tough economic decisions.