Stock Market welcomes new year with positive sentiment.
ISLAMABAD: The petrol price in Pakistan will remain unchanged at Rs267.34 until January 15, 2024,the government announced on Sunday.
The price of diesel will also remain unchanged at Rs276.21 for the next two weeks.
The changes in fuel prices will take effect on Monday, January 1st, 2024 and will stay in effect until the upcoming bi-weekly evaluation across various cities in Pakistan, encompassing Lahore, Islamabad, Gujranwala, Sialkot, Faisalabad, Rawalpindi, Multan, and Karachi.
The price of kerosene oil has been reduced by Rs2.19 now priced at Rs188.83. The price of light diesel oil has been increased by Rs1.11 now priced at Rs165.75.
Petrol price Pakistan in 2023
In 2023, the nation grappled with a historic surge in petrol prices, reaching an unprecedented peak of Rs331 per litre.
While,
Pakistan Stock Exchange (PSX) begins the new year with a sentiment of positivity after embarking on road to recovery on Friday.
After severe market correction for the outgoing week and the week before, the benchmark KSE-100 index started showing signs of recovery and closed with nearly 400 points gain on December 29, 2023.
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On the New Year’s day, the stock market opened at 62,451.04 points and in less than an hour, posted 784.26 points hike to hover around 63,235.30 points before 10 AM.
After continuous fluctuations, the improvement in the stock market is a welcome sign for traders and investors. Analysts believe that the market is receiving substantial backing from notable institutional buying for the past couple of trading days, contributing to the optimistic investor sentiment.
The continued recovery of the Pakistani rupee and a decline in government bond yields further supported the upward momentum.
