Markets

PSX kicks off 2024 with a bang, KSE-100 index gains over 2,200 points

  • Index posts phenomenal gain of over 3.5% on opening day of the year
Published January 1, 2024

The Pakistan Stock Exchange (PSX) kicked off 2024 with a bang, as the benchmark KSE-100 Index jumped over 2,200 points during the session on Monday.

At close, the index settled at 64,661.78 level, an increase of 2,210.74 points or 3.54%. This is the second highest increase, in terms of points, on a day-to-day basis.

The increase comes on the back of interest in index-heavy oil and gas sector with shares such as OGDC, PPL, PSO, SNGP among others rallying over 5-7%.

Buying was also witnessed in other index-heavy sectors including automobile assemblers, cement, chemical, commercial banks among others.

At close on Friday, bulls had also ensured stocks closed 2023 on a high as the benchmark KSE-100 Index ended the final trading session of the year in the green, settling at 62,451.04 level, an increase of 398.81 points or 0.64%.

In 2023, the KSE-100 index gained nearly 55% (USD return of nearly 24%).

Experts said buying comes on the back of improved macroeconomic indicators.

“New Year’s institutional flows, better Federal Board of Revenue (FBR) numbers, and reserves increase, all driving a happy new year at PSX,” said Baqar Jafri, co-founder and Chief Data Scientist at Investors’ Lounge, in a post on social media platform X.

The investor sentiments were further bolstered after the International Monetary Fund (IMF) finalised its schedule to include Pakistan on its Executive Board agenda on January 11, 2024.

In a key development, the government decided to keep petroleum product prices unchanged for the fortnight ending January 15, 2024.

Meanwhile, the Federal Board of Revenue (FBR) provisionally collected a record Rs 4,468 billion during the first six months (July-December) 2023-24 against the assigned target of Rs 4,425 billion during this period, reflecting an increase of Rs 43 billion.

According to the revenue collection data released by the FBR on Sunday, the FBR created history by collecting Rs 1,021 billion in December 2023 and after adjusting refunds of Rs 38 billion issued during the month, reached net collection of Rs 984 billion.

Volume on the all-share index increased to 625.1 million from 590.6 million a session before.

The value of shares improved to Rs18.5 billion from Rs16.8 billion in the previous session.

K-Electric Ltd was the volume leader with 76.4 million shares, followed by WorldCall Telecom with 61.6 million shares, and Cnergyico PK at 54.9 million shares.

Shares of 380 companies were traded on Monday, of which 328 registered an increase, 37 recorded a fall, while 15 remained unchanged.

Comments

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Mustafa Jan 01, 2024 12:33pm
Market will perform ... More People should Join it ...
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MAhmed Jan 01, 2024 01:05pm
@Mustafa, what if rattles and people lose all their savings. You won't suggest in that case.
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Muhammad Iftikhar Jan 01, 2024 02:10pm
After a "much needed correction" and "leverage and other negative news", an "improved economic outlook" version of economic recovery is highlighted to get personal gains. So remain cautious while trading at PSX. Big players will again go to profit taking and named it "much needed correction".
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dr.fahad Jan 01, 2024 02:54pm
@MAhmed, Buy good high dividend pay shares . market is undervalued
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mustafa Jan 01, 2024 04:34pm
@MAhmed, 2 lac people are active in Pakistan and its even lower than GHANA ... I am investing and will invest more ... future lies in Stock Market ... p.S ;- APNI APNI MARZI ...
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zeeshan Jan 01, 2024 05:27pm
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Muhammad Rafique Jan 02, 2024 02:27pm
Rest assure this bang, may be many more, will result in sinking of public money invested via public sector enterprises and institutions.
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