KSE 100 Welcomes New Year by crossing the 44k mark

The KSE 100 index welcomes the new year with bullish sentiments and crosses its 44k mark after about 30 months.

The index, which had closed at 43,755 points on the 31st of December, rose by over 900 points in intra-day trading on the first day of the new year.

At the time of filing this report, the index was being traded 44,577.33 points showing an increase of 821.95 points and a percentage change of positive 1.88 percent.

The bullish sentiment was fuelled by expectations about improved liquidity in the power chain. A recent meeting was also held between government officials and the independent power producers (IPPs) at the Ministry of Finance, where it was agreed that payments will be made in three installments during 2021.

The outcome of the meeting increased the buying of stocks in the power and oil sector, which as a result lifted up the whole market.

In addition to this, the Prime Minister also announced the extension of a fixed tax regime in the construction sector, which contributed to this rise in the KSE-100 index.