The Pakistan Stock Exchange began the new year by crossing the 64,000 barrier on Monday during the intraday trading.
The benchmark KSE-100 index, in its first trading session of 2024, reached 64,475.21 points, up by 2,024.17 or 3.24% from the previous close of 62,451.04 points.
The latest surge was on the back of buyers’ interest in index-heavy oil and gas sector with shares such as OGDC, PPL, PSO, SNGP among other scrips rallying over 5-7%.
Buying was also witnessed in other index-heavy sectors including automobile assemblers, cement, chemical, commercial banks among others.
Head of Equities at Intermarket Securities, Raza Jafri, attributes the surge to energy stocks on expectations of dividend payouts as the result season approaches with the government looking serious about addressing circular debt.
