KARACHI: Pakistan Stock Exchange (PSX) on Friday shed over 700 points, depicting a lack of confidence from investors in the market, just hours after the government raised the prices of petroleum products.

The KSE-100 index shed 755 points at 1:00pm against the previous day’s close of 42,237.91 to fall to 41,482. According to analysts, the bearish trend in the stock market is a result of the government’s decision to increase the prices of petroleum products by Rs30 per litre and raise in electricity prices.

The confidence of the investors was boosted after the government previously raised fuel prices on the directions of the International Monetary Fund (IMF) for the revival of the loan programme, but the delay in an agreement between the fund and Pakistan is again creating uncertainty among the investors.