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Stock Market Welcomes New Year With Gain of 664 Points

KARACHI: Stocks began the new year in the green, with the benchmark KSE-100 index closing at 41,400 points – up 664 points – registering a 1.64 per cent increase from the opening bell.

Analysts have attributed this rise to the new year’s “euphoria” coupled with a positive economic outlook in the medium to long term.

In the past week, on days when the market has risen, the gains have usually been erased by day end as investors turned to profit-taking. However, Poonawala noted that today the market continued its green trajectory because “there were no dampeners and the new-year euphoria kept going” as expectations from the year ahead are largely positive.