The Pakistan Stock Exchange (PSX) witnessed a significant surge in shares on Monday during the first session of 2024. The KSE-100 index rose to 63,935.56 points at 10am, marking a 2.38% increase from the previous close. By the end of the day, the index closed at 64,661.78, gaining a cumulative 3.54% from the previous close.
Analysts attribute the market’s strong performance to expectations of institutional money moving from fixed income to equities, as well as the release of funds to independent power producers. There is also growing interest in buying energy stocks as the government aims to address the circular debt. Overall, the market is viewed positively with improving macroeconomic factors and expected growth in 2024 at the PSX.