The Pakistan Stock Exchange (PSX) kicked off 2024 with a bang, as the benchmark KSE-100 Index jumped nearly 2,200 points during the trading session on Monday.
At 3:10pm, the benchmark index was hovering at 64,626.83 level, an increase of 2,175.79 points or 3.48%.
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 that 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.
This is an intra-day update
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