Shares at the Pakistan Stock Exchange (PSX) soared past 1500 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.
Speaking to private news channel, Intermarket Securities’ Head of Equity 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 Ltd 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.
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