Karachi, January 1, 2024 – The Pakistan Stock Exchange (PSX) experienced a jubilant start to the New Year as the benchmark index, KSE-100, celebrated with a robust gain of 3.54%, marking the second-highest single-day increase in its history.
The index closed at an impressive 64,662 points on Monday, soaring from the last Friday’s closing of 62,451 points.
Analysts at Arif Habib Limited hailed the stock market’s stellar performance, emphasizing that the KSE-100 index’s jump of 2,211 points is the highest-ever increase on the first working day of a new year. The remarkable surge reflects the investor optimism and confidence in the market as it kicks off the year 2024.
Furthermore, the analysts highlighted that the substantial gain of 2,211 points represents a significant increase of 3.54% Day on Day (DoD), solidifying the index’s position at 64,662. This surge is the second-highest point increase in the history of the KSE-100 index, underlining the magnitude of the positive momentum.
Meanwhile, analysts at Topline Securities Limited echoed the sentiment, noting that Pakistan equities ushered in the new calendar year, with the KSE-100 index rallying an impressive 2,210 points, reflecting a 3.54% increase. The day concluded with the index standing strong at 64,662 levels.
The strong start was fueled by positive news regarding the release of funds to the Government and Independent Power Producers, elevating energy stocks into the limelight. Companies such as OGDC, PPL, PSO, SNGP, and SSGC all hit their upper limit for the day, contributing to the overall market surge.
In addition to the energy sector, banking stocks also played a pivotal role in the day’s success. Investors engaged in cherry-picking within the banking sector, anticipating better-than-expected earnings and attractive dividends in the upcoming result season set to kick off in the next couple of weeks.
Key players in the market, including PPL, OGDC, SYS, HUBC, and UBL, made substantial positive contributions, accounting for a cumulative 692 points added to the index during the day’s trading session.
Trading activity was notably brisk, with almost 625 million shares changing hands at the bourse. The total value of these transactions reached an impressive Rs18.5 billion. Kellogg Pakistan Limited (KEL) led the volumes chart, with over 76.4 million shares traded, indicating a robust level of investor participation.
The positive market sentiment on the first trading day of the year suggests a favorable outlook and confidence among investors. The strong performance of key sectors, coupled with encouraging news, has set an optimistic tone for the market in the early days of 2024. As the year unfolds, market participants will be closely watching for continued momentum and developments that may impact the trajectory of the stock exchange.
