- Web Desk
Stock Market welcomes new year with positive sentiment
- Web Desk
- Jan 01, 2024
KARACHI: Pakistan Stock Exchange (PSX) begins the new year with a sentiment of positivity after embarking on road to recovery on Friday.
After severe market correction for the outgoing week and the week before, the benchmark KSE-100 index started showing signs of recovery and closed with nearly 400 points gain on December 29, 2023.
On the New Year’s day, the stock market opened at 62,451.04 points and in less than an hour, posted 784.26 points hike to hover around 63,235.30 points before 10 AM.
After continuous fluctuations, the improvement in the stock market is a welcome sign for traders and investors. Analysts believe that the market is receiving substantial backing from notable institutional buying for the past couple of trading days, contributing to the optimistic investor sentiment.
The continued recovery of the Pakistani rupee and a decline in government bond yields further supported the upward momentum.