PSX begins 2024 with bullish trend added 2210 points settling at 64661

The KSE-100 of Pakistan Stock Exchange (PSX) kickedoff the year 2024 with bullish trend jumped 2,210 points during the trading session on Monday.

The 100-index gained 1,580 points crossing the 64,000-point mark in the opening hours of trading.At 10.30 am, index peaked quickly to 64,031 points, on closing the index settled at 64,661.78 level, added a value of  3.54%.

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%.

Market analysts believe the upward trend is because of Government is releasing pending dues to independent power producers and expectations to solve circular debt issues supported the market activity.

Arif Habib limited in a post on X said, ” The KSE100 index recorded a substantial gain of 2,211 points, marking a significant increase of 3.54% DoD, closing at 64,662, this surge represents the second-highest point increase in its history”.

Arif Habib in another post on X forecasts market to flourish in February, 2024 , adding the market has support to sail for 67000 points in upcoming month.