ISLAMABAD: After a downward movement last day, the 100-index of the Pakistan Stock Exchange (PSX) continued its bearish sentiments as on Tuesday, the index lost 531.91 points with a negative change of 0.83 percent. At close, the index settled at 63,737.46 points compared to 64,269.38 points on the last day.
Like the previous day, the investors continued to opt for profit-taking, bringing the index into a negative zone. On Tuesday, 407,543,943 shares valuing Rs.12.646 billion were entertained against 382,012,304 shares valuing Rs.14.076 billion on Monday.
In total, 338 companies traded their shares in the stock market; 92 of them settled with gains, 219 suffered losses, whereas the share prices of 338 remained constant without a change.
Like the last day, K-Electric remained the volume leader among the top-three trading companies with 50,782,057 shares at Rs.5.79 per share, followed by PTCL with 48,565,635 shares at Rs.13.57 per share, whereas WorldCall Telecom settled with 32,110,497 shares at Rs.1.36 per share.
Unlike the previous day, Nestle Pakistan Limited recorded a maximum appreciation of Rs.200.00 per share price to close at Rs.8,200.00, whereas Philip Morris (Pakistan) Limited settled as the runner-up with a rise of Rs.47.67 in its per share price to Rs.683.26.
Rafhan Maize Products Company witnessed a maximum fall of Rs.197.50 per share, closing at Rs.9,202.50, followed by Pakistan Services Limited with a decrease of Rs.68.00 to close at Rs.922.00.
Bullish and Bearish Trend at Pakistan Stock Exchange
Despite the bearish trend for the last couple of days, the 100-index mostly witnessed a bullish trend during the last two to three months, where the market has recorded a historic upward trend after gaining about 60%.
Meanwhile, a brief bearish sentiment prevailed during the last quarter of December till the 26th of the month due to the profit-taking and correction process. In general, the market gained more than 14000 points during the last two months. In November 2023, the 100-Index surpassed 8000 points, while during the last five months, the 100-index benchmark achieved a historical 24000-plus points.
In addition, during the last few months, the 100-Index recorded a number of consecutive all-time highs. After setting a number of records in the middle of November, the index crossed a new historic high and crossed the 58000 benchmark. At the end of November, the index reached the 60000 benchmark. Meanwhile, the market continued the same momentum in the first quarter of December, and till December 12, it achieved over 5000 points to reach above 66000 points.
However, from December 13, the market turned bearish with a huge fall on December 20 (over 2300 points) and December 22 (over 1100 points), again followed by a bloodbath on December 26 by more than 2500 points. Later, the market turned bullish to get over 2900 points, followed by another historic bullish trend on a single day (January 1) to get over 2200 points. However, during the last few days, the market remained mostly stable, with a slight bearish sentiment during the last three days.
