Shares at the Pakistan Stock Exchange (PSX) soared past 1,800 points on Monday during intraday trading in the first session of 2024.
According to the PSX website, the KSE-100 index struck 63,935.56 points at 10am, up 1484.52 points or 2.38 per cent from the previous close of 62,451.04 points.
The index closed at 64,661.78, gaining a cumulative 2210.74, or 3.54pc from the previous close.
According to Topline Securities, the surge was noted to be the the benchmark index’s second highest climb in a single day.
Arif Habib Limited also noted the “a substantial gain of 2,211 points, marking a significant increase of 3.54pc”.
Speaking to Dawn.com, Intermarket Securities’ head of equities Raza Jafri said energy stocks opened at a high today with authorities looking serious on addressing circular debt, enabling the KSE-100 to commence 2024 on a positive note.
“There are also expectations that institutional money will convert from fixed income towards equities with monetary easing expected within the next few Monetary Policy Committee meetings,” he added.
Meanwhile, Topline Securities’ chief executive Mohammed Sohail attributed today’s bull run to the release of funds to independent power producers.
He further stated that the new year allocation to the stock market triggered a rally on the first day of 2024 at the PSX.
Ali Malik, chief executive of First National Equity, said there was an interest in buying energy stocks as the government aims to counter the circular debt. “The market looks positive and corrections have already taken place.”
He added that Pakistan’s macroeconomic factors were improving and the PSX was expected to witness growth in 2024.
