The Pakistan Stock Exchange (PSX) commenced the new year on a positive note, with the benchmark KSE-100 Index gaining 929 points, or 2.5 per cent, to close at 37,996.

The benchmark hit a day's low at 370,46 points in the first few minutes. However, it remained in the positive for the rest of the trading session. The index peaked near the end of the day at 38,047.

In all, 96.6 million shares worth almost Rs4.3 billion were traded at the exchange. Of the 323 traded scrips, 207 advanced, 98 declined and 18 remained unchanged.

The banking sector dominated the trading with 17.4m shares traded while the chemical and cables and electrical sectors followed with 13.3m and 12.2m shares traded respectively.

According to a JS Global report, Prime Minister Imran Khan's pledge that 2019 is the beginning of Pakistan's golden era and unconfirmed report about China's pledge to lend at least $2bn to Pakistan to shore up its foreign exchange reserves and prevent further devaluation of the rupee against the dollar, played a significant role in gaining positive momentum at the bourse.

A Topline Securities advisory added that international oil prices rose more than 2pc, resultantly, the E&P sector closed in the positive led by POL (+5pc), OGDC (+5pc) and PPL (+3.9pc). The investor's participation decreased as traded volumes fell by 57pc while traded value also decreased by 61pc.