PSX sees record surge, closes lower amid global market concerns

(Web Desk): Bulls charged onto the trade floor at the Pakistan Stock Exchange (PSX) on Friday, with shares surging by over 1,800 points in an all-time high during intraday trading.

The benchmark KSE-100 index shot up by 1,855.30 points, or 1.56 percent, reaching 120,793.41 at 9:59 AM, a significant jump from the previous close of 118,938.11.

However, by the close of the session, the market reversed its gains and ended in the red. The index dipped by 169.84 points, or 0.14 percent, settling at 118,768.27 by 4:07 PM.

Despite the global market downturn, local market optimism was fueled by expectations of improved earnings following the government’s decision to cut power rates. Mohammed Sohail, CEO of Topline Securities, attributed the intraday surge to these expectations, alongside hopes for resolving the circular debt issue.

In addition to the power rate cuts, which were part of a major relief package announced by Prime Minister Shehbaz Sharif, the market was buoyed by the decline in global energy prices. Sharif's announcement included a Rs7.41 per unit reduction in electricity rates for consumers and Rs7.69 for industries.