After Consecutive Records, PSX Loses 228 Points Amid Profit-Taking

Wed Nov 29 2023
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ISLAMABAD: After a record-breaking seven consecutive bull sessions, including the final one till the middle of Wednesday, the 100-index of the Pakistan Stock Exchange (PSX) finally turned bearish and lost 228 points as investors switched over to profit-taking. Despite having an all-time record high, a number of times during the last few days, a bearish session was expected as the market usually turns to a correction process.

Even on Wednesday morning, the index continued its bullish temperament and even crossed another all-time high above the 61,000 mark. However, later, the index settled at 60,502.00 points against 60,730.26 points last day.

On Wednesday, a total of 692,220,122 shares valuing Rs 27.039 billion were transacted against 779,671,060 shares valuing Rs 26.138 billion on Tuesday.

On Wednesday, 387 companies traded their shares in the stock market, 143 of them recorded gains, and 231 sustained losses and remained in the red zone, while the share prices of 13 remained unchanged.

Bank of Punjab remained the volume leader among the top three trading companies with 50,052,966 shares at Rs5.61 per share; Cnergyico PK settled as the runner-up with 35,689,157 shares at Rs 4.60 per share, followed by Pak Refinery with 35,409,231 shares at Rs 25.01 per share.

Sapphire Textile observed a maximum appreciation of Rs 53.39 per share price, closing at Rs 1,149.99, whereas Pak Services settled as the runner-up with a rise of Rs 38.32 in its per share price to Rs 1,017.59.

Unilever Foods witnessed a maximum decline of Rs 300.00 per share, closing at Rs 22,100.00, followed by Hoechst Pak Ltd with a decline of Rs 100.00 to close at Rs 1,248.00.

Record Bullish Trend at PSX

During the last couple of weeks, the Pakistan Stock Exchange recorded a significant and recorded bullish trend. Experts believe the recent bullish trend made the KSE-100 index the top performer in Asia, where the index went up more than 7000 points in just a couple of weeks. Only in November, the 100-index gained over 8000 points, while during the last 5 months, the index achieved historical more than 20000 points. In addition, the volume of the trade volume has also increased significantly during the last few months.

Meanwhile, the last 6 working days, witnessed six consecutive all-time high at PSX. Last Wednesday, the 100 Index crossed the 58,000 level for the first time in history. On Thursday, the index reached a new historic high and reached near the 59,000 mark, on Friday it crossed fifty-nine thousand benchmarks and on Monday, the index closed to 60,000 mark. Meanwhile, on Tuesday the 100-index surpassed sixty thousand milestone with a brief bullish trend of above 61000 mark in the middle of Wednesday.

According to the experts, the continues bullish sentiments in the market were due to the recent engagements between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for 9-month Stand-By Arrangement (SBA) of $3bn.

After the completion of the process, the next tranche of the IMF is expected in the first week of December. After the coming of the tranche from the IMF, inflows related to multilateral and bilateral partners are also expected. Meanwhile a possible decrease in policy rate during the coming days is another good sign for the investors.


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