PSX rallies in first week of 2024

The equities market turned in a robust performance in the first outgoing week of the new calendar year thanks to positive developments on the economic front. Arif Habib Ltd said the stock market displayed notable resilience, experiencing a significant surge of 2,211 points on Monday, recording the second-highest absolute point increase and marking the highest surge on the first working day of a new year. Moreover, positive economic indicators were evident as the Federal Board of Revenue achieved a historic one-month tax collection of Rs984bn, coupled with a substantial 40.1 per cent year-on-year reduction in the trade deficit for December 2023. However, an elevated level of headline inflation number of December at 29.7pc year-on-year raised some investor concerns. On a positive note, the State Bank of Pakistan’s reserves reached $8.2bn, the highest level since July 14, 2023. Moreover, the rupee strengthened by 0.16pc against the US dollar, clocking in at Rs281.4.