Share market responds positively to petrol price readjustment

KARACHI: The benchmark KSE-100 index posted a nearly 500 points jump right after opening on the first trading day of the week. Last week the index crossed 49,000 psychological mark in intraday trading on Friday morning.

On Monday (today), the index opened at 49,493.47 points and quickly amassed impressive gains to hover at 49,919.03 points. Soon afterwards, the hike began to stabilise and the benchmark KSE-100 index was seen trading at 49,763.38 points around 10 a.m.

Govt slashes petroleum prices by up to Rs40 per liter

Another notable event from Monday morning was the comparatively lower volume of trading despite a significant increase in the overall index, with nearly 28 million shares trading hands.

Yesterday (Sunday), the government cut domestic petrol and diesel prices by up to Rs 40 per litre, following a decline in global oil prices couple with strengthening Pakistani Rupee.

The price of high-speed diesel was also reduced by Rs 15 per litre and kerosene oil by Rs 22.69 per litre.