New Year optimism fuels 1800 points surge on PSX

The Pakistan Stock Exchange (PSX) kicked off the new year on a high note, witnessing a significant positive rally on Wednesday. The benchmark KSE-100 index surged over 1800 points.

Shares touched a peak about an hour before closing at 3:10 PM, reaching 119,215.26 points, an increase of 2152 points. However, it subsequently declined by 271 points to close at 117,008.08, representing a 1.63% increase.

A total of 289.96 million shares have been traded, with a market value of Rs 18.91 billion, as investors responded positively to favourable market conditions.

Ismail Iqbal Securities Chief Executive Officer Ahfaz Mustafa attributed the bullish momentum to New Year’s optimism, saying, “As the new year starts, fresh allocations are driving the markets up.”’

He further said that Prime Minister Shehbaz Sharif’s “Uraan Pakistan”, a comprehensive five-year National Economic Transformation plan, also attracted the investors’ confidence.

Earlier, PSX witnessed a remarkable surge on Monday when the KSE-100 index soared 3,908 points, or 3.5%, indicating investors’ hope for potential economic stability. 

According to the experts, the positive sentiment was boosted by a strong rupee, rising exports and declining lending rates. 

It is pertinent to mention that PSX experienced significant 84% increase in 2024, its highest since 2002.