Despite Losing 333 Points, Pakistan Stock Exchange Stays Above Record 57,000 Level

Fri Nov 17 2023
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ISLAMABAD: After setting a number of record highs, the Pakistan Stock Exchange (PSX) witnessed a bearish session on Friday as the 100 Index lost 334 points to settle at 57063 against the last day’s historic figure of 57397. Despite losing over 300 points, the market still managed to stay above the 57000 mark. The market’s bearish trend was due to profit-taking from the investors as the market gained more than 5000 points during a couple of weeks.

Meanwhile, during the trading, the market continued the bullish trend in the morning; it carried from the last day, and even at one time, the 100-index reached 57,750.93. However, from the middle of the day, the investors started profit-taking, bringing the index down.

During the day, Power generation and distribution, fertilizer, and cement sectors remained in the mixed zone and were the major laggards throughout the day.

Bullish Trend at Pakistan Stock Exchange

During the last few days, the Pakistan Stock Exchange witnessed a remarkable bullish trend, and the bearish trend on Friday was expected as a correction process for the market. On Thursday, the 100 Index crossed the 57,000 level for the first time in history. 

In addition, the last couple of days witnessed a continuous bullish trend and a number of record highs. Investors believe the recent bullish sentiments in the market were due to the agreement between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for the 9-month Stand-By Arrangement (SBA).

There were some other indicators, including appreciation of the local currency, stable policy rate with a possible decrease in the coming days.

Meanwhile, on Friday, the Volume of the shares recorded a decrease to 901.5 million from its last-day level of 1,056.7 million. In addition, the value of shares went down to Rs23.4 billion from Rs28.8 billion on Thursday.

WorldCall Telecom remained the volume leader among the top three trading companies with 176.7 million shares, followed by K-Electric Ltd with 76.3 million shares and Fauji Foods Ltd with 46.4 million shares.

In total, 377 companies traded their shares; 189 registered an increase, 170 witnessed a loss, and 18 remained unchanged.

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