PSX sheds over 900 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 900 points on Friday, a day after the government raised fuel prices.

The KSE-100 index shed 925.80 points in the last session against the previous day’s close of 42,237.91 to fall to 41,312.11 — down 2.19 per cent. The benchmark index closed at 41,314.88 points, down by 923.03 points.

The bearish trend in the stock market on Friday was a result of the government’s decision to increase the prices of petroleum products by another 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).