ISLAMABAD: After registering a record high on Monday, the 100-Index of the Pakistan Stock Exchange (PSX) continued the bearish trend for the second consecutive day as on Wednesday, 17 April 2024 the market went down by 150.34 points with a negative change of 0.21 percent. At close the index settled at 70,333.32 points against the last-day closure of 70,483.66 points.
On Wednesday, 442,096,653 shares valuing Rs.16.034 billion were entertained against the last day shares of 548,418,295 valuing Rs. 21.032 billion.
In total, 359 companies traded their shares in the stock market, 148 companies recorded gains, 196 companies faced losses, whereas the share prices of 15 remained unchanged.
Pak Refinery remained the volume leader among the top three trading companies with 39,117,872 shares at Rs.28.42 per share followed by Fauji Cement with 27,951,937 shares at Rs.20.34 per share whereas Kohinoor Spinning settled with 26,476,500 shares at Rs.4.98 per share.
Nestle Pakistan Limited recorded a maximum appreciation of Rs.75.00 per share price, closing at Rs.7,600.00, whereas the runner-up was Ismail Industries Limited with a Rs.72.86 rise in its per share price to Rs.1,072.86.
Rafhan Maize Products Company Limited observed a maximum decline of Rs.31.00 per share to settle at Rs.8,299.00, followed by Philip Morris (Pakistan) Limited with a fall of Rs.15.90 to settle at Rs.679.00.
Bullish to Bearish Run at PSX
During the last several months, the market oscillated both ways, with a dominant bullish flow while setting a number of records, by getting about 60% in the last 8 months including the last one.
Only in November 2023, the 100-index got more than 8000 points whereas during the last seven months, the market managed to get 24000 points.
Meanwhile, the 100-index achieved several consecutive all-time highs recently. After having a number of records, the market got the historic 66000 benchmark for the first time in the first quarter of December 2023.
However, from December 13, 2023, the index turned bearish while observing a significant decline, first on 20th December (over 2300 points) and then on December 22nd (over 1100 points), again followed by a bloodbath on 26th December 2023, while going down by more than 2500 points. Later the index turned bullish by over 2900 points followed by another historic bullish trend on a single day (1st January) to get over 2200 points. During the last few days, the market kept its bullish pace till it surpassed the new historic high of 67000 on 28th March, followed by another record on the first week of April, to cross the 68,000 benchmark, and then finally the last one while crossing the historic 70000 mark. Only the last two days observed a slight bearish flow.
