KARACHI: Pakistan Stock Exchange (PSX) managed to extend recovery for the third day as the petrol price increase by the government triggered a rally in all oil marketing companies and energy stocks. The positive news from the macroeconomic front also helped the market to gain investors’ confidence.
The benchmark KSE-100 Index was trading at 47,776 points up 420 points at 12:15 pm. The market started the day in positive and managed to breach the 47,500 points psychological barrier in a swift jump just after the opening today.
On Wednesday, the government approved Rs2 increase in the price of petrol, dismissing OGRA’s recommendation of a Rs6.05 hike.
Gill said that the Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs6.05, but Prime Minister Imran Khan rejected it, instead approving an increase of Rs2 per litre for petrol.The premier’s aide said that the recommended increase by OGRA was in accordance with a rise in fuel prices in the international market.
Meanwhile, according to the reports The Federal Board of Revenue (FBR) went over its tax collection target of Rs 4,691 billion for fiscal year 2020-21 and managed to collect Rs 4,725 billion. Tax collections increased by 18.2 per cent during the Financial Year 2020-21, FBR sources said. Last year, the FBR had collected revenue of Rs3,997 billion.
