The Pakistani stock market jumped over two percent shortly after opening on Friday, reacting positively to an overnight decision by the government to end a months-old fuel price freeze.
“The market is reacting to the government's move to withdraw fuel subsidies. It shows the government's resolve to address teething issues in the economy and will pave the way for the IMF program and other funding sources,” Saad Hashemy, executive director at BMA Capital Management, told Reuters.
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The International Monetary Fund (IMF) had expressed concern about the fuel subsidies.
Read more:
IMF to release $900 million when Pakistan removes fuel price caps: Source
