PSX Surges Over 1,500 Points to Kick Off 2024

Mohsin Siddiqui (Chief Reporter)

start to the new year, the Pakistan Stock Exchange (PSX) experienced a substantial surge, with the benchmark KSE-100 Index leaping over 1,500 points during the early stages of Monday’s trading session.

At 11 am, the KSE-100 Index stood at an impressive 63,980.11, marking a notable increase of 1,529.07 points or 2.45%. The momentum continued, and within the first 30 minutes of trading, the stock market recorded a surge of 1,600 points, pushing the KSE-100 index beyond the 64,000 level.

This surge was predominantly driven by a heightened interest in the index-heavy oil and gas sector. Notably, shares of key players such as OGDC, PPL, PSO, and SNGP witnessed significant gains, ranging between 5-7%.

Apart from the energy sector, increased buying activity was observed in other index-heavy sectors, including automobile assemblers, cement, chemical, and commercial banks.

Closing the previous year on a positive note, the bulls ensured that the benchmark KSE-100 Index concluded the final trading session of 2023 at 62,451.04, representing an increase of 398.81 points or 0.64%.

In the broader market context, the KSE-100 index demonstrated substantial growth in 2023, posting a remarkable gain of nearly 55% (USD return of nearly 24%).

In a significant development, the government opted to maintain petroleum product prices unchanged for the fortnight ending January 15, 2024. This decision holds implications for various sectors and market dynamics.

Simultaneously, the Federal Board of Revenue (FBR) achieved a noteworthy milestone by provisionally collecting a record Rs 4,468 billion during the first half of the fiscal year 2023-24 (July-December). This surpassed the assigned target of Rs 4,425 billion for the period, reflecting a notable increase of Rs 43 billion.

The FBR’s revenue collection data, released on Sunday, indicated that in December 2023 alone, the FBR collected Rs 1,021 billion. After adjusting for refunds of Rs 38 billion issued during the month, the net collection reached Rs 984 billion.