Bulls dominated the trading floor at the Pakistan Stock Exchange (PSX) as shares reached an all-time high of 118,000 points following the prime minister’s announcement of a “major” power relief package to reduce the burden on citizens.

The benchmark KSE-100 index climbed 1,131.37 points, or 0.96 per cent, to reach 118,938.11 from the last close of 117,806.74 points.

The development came shortly after Prime Minister Shehbaz Sharif, while speaking in Islamabad today, announced a Rs7.41 per unit cut in power rates across the country.

Head of Research and Development at Pak-Kuwait Investment Company Ltd, Samiullah Tariq, told Dawn.com, said that the power tariff cut by the premier was a major reason for the market’s performance.

Mohammed Sohail, chief executive of Topline Securities, said that the index reached an all-time high after the government reduced electricity tariffs to support consumers and industries.

Topline Securities Ltd said the surge was driven by the government’s decision to lower electricity tariffs, which provided relief to consumers and industries, thereby boosting market sentiment.

It said the market’s gains were primarily fueled by strong performances from UBL, MEBL, MARI, LUCK, and OGDC, which collectively added 839 points to the index.

“A total of 415 million shares were traded, with a turnover of Rs28 billion. SSGC led the trading volume with 53m shares exchanged,” it said.

It may be noted that the government had decided to maintain the petroleum prices at the existing level, instead of an up-to-Rs13 per litre cut worked out by the oil regulator and the petroleum division, promising to transfer its financial impact to electricity consumers.

On March 26, PM Shehbaz’s team unlocked the new $1.3 billion arrangement with the IMF, along with a successful first review of the ongoing 37-month bailout programme.

The IMF disclosed in March that it had allowed only a Re1 per unit reduction in power tariff against a grid levy imposed on industrial captive power plants.