Pakistan Stock Exchange Continues Bearish Trend, Loses 43 Points

Thu Apr 18 2024
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ISLAMABAD: After registering a record high last Monday, the 100-Index of the Pakistan Stock Exchange (PSX) continued the bearish trend for the third consecutive day as on Thursday the lost 43.20 points further with a slight negative change of 0.06 percent. At close the index settled at 70,290.12 points against the last day closing of 70,333.32 points.

On Thursday, 440,314,409 shares valuing Rs.24.362 billion were transacted against 442,096,653 shares valuing Rs.16.034 billion on Wednesday. In total, 359 companies traded their shares in the stock market, 166 received gains, and 174 met losses, whereas the share prices of 19 remained unchanged. 

Cnergyico PK remained the volume leader among the top-three trading companies with 33,241,232 shares at Rs.4.55 per share followed by K-Electric Limited with 29,877,440 shares at Rs.4.43 per share while Pak Refinery settled with 28,448,438 shares at Rs.29.27 per share.

Rafhan Maize Products Company Limited recorded a maximum appreciation of Rs.81.10 per share price to settle at Rs.8,380.10, while Hallmark Company Limited settled as the runner-up with an increase of Rs.52.00 in its per share price to Rs.748.00.

Nestle Pakistan Limited observed a maximum decline of Rs.52.50 per share to close at Rs.7,547.50, followed by Hoechst Pakistan Limited with a fall of Rs.50.00 to close at Rs.1,300.00.

Bullish to Bearish Run at Pakistan Stock Exchange

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 over 8000 points whereas during the last seven months, the market managed to get 24000 points.

Meanwhile, the 100-index achieved several consecutive all-time high 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.

Meanwhile, from December 13, 2023, the index turned down 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 more than 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 flow 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 68000 points benchmark, and then finally the last one while crossing the historic 70000 mark. Only the last three days witnessed a slight bearish flow.


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