PSX begins 2024 with 2nd highest single-day gain, surges 2,200 points

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.