Shares at the Pakistan Stock Exchange (PSX) began the new year in the green, posting the second-highest single-day gain in the history of the benchmark index on Monday.

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. The index finally closed at 64,661.78, gaining a cumulative 2210.74, or 3.54pc.

According to Topline Securities, the surge was noted to be the benchmark index’s second-highest climb in a single day.

Arif Habib Limited highlighted that the KSE-100 marked a significant increase of 3.54pc day-on-day. “The surge represents the second-highest point increase in its history,” it said.

Speaking to Dawn.com, Intermarket Securities’ head of equities 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’ 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.

Ali Malik, chief executive of First National Equity, said there was an interest in buying energy stocks as the government aims to counter the circular debt. “The market looks positive and corrections have already taken place.”

He added that Pakistan’s macroeconomic factors were improving and the PSX was expected to witness growth in 2024.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

PAKISTAN has now registered 50 polio cases this year. We all saw it coming and yet there was nothing we could do to...
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...