PSX kicks off new year with 929-point rally
KARACHI: Stocks staged a massive rally on the first day of the new year where the KSE-100 index recovered 929.10 points (2.51 per cent) and closed at 37,995.77 as investors’ interest rejuvenated by positive developments.
After an initial hesitation, the index snapped the four-day losing streak and started to climb sending most heavy weight stocks such as United Bank Ltd (UBL), Lucky Cement (LUCK) and Oil and Gas Development Company (OGDC) to hit their upper circuits.
On the economic front, the news of China promising to lend $2 billion to Pakistan for reserve management resulted in relief for investors while dust seemed to settle on the political front after the intervention of Supreme Court, which silenced the battle cries of two prominent political parties for control of Sindh.