KARACHI: The Pakistan Stock Exchange (PSX) witnessed a dull trading session on Wednesday, as it reacted strongly to a massive hike in petroleum prices which had an overbearing effect on the stock market.
The government increased the prices of petroleum products by Rs10 to Rs12 per litre for next fortnight ending on February 28 to pass on the impact of higher international oil prices and application of additional petroleum levy committed to the International Monetary Fund (IMF).
These are the highest-ever prices of all the products and the highest-ever increase in their prices. The stock market reacted strongly to the development despite the easing in geopolitical tensions a day ago.
