Pakistan Stock Exchange Loses 60 Points Amid Correction Process

Tue Apr 16 2024
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ISLAMABAD: After registering records after records, the 100-Index of the Pakistan Stock Exchange (PSX) lost a minimal 60.92 points on Tuesday with a slight negative change of 0.09 percent after the recent continuous bullish run. At close the index settled at 70,483.66 points against the last-day closing of 70,544.58 points.

 Today’s bearish run was expected the market already reached above the expected level as the investors kept booking their profits taking the market down a little.

On Tuesday, 548,418,295 shares valuing Rs.21.032 billion were transacted against 555,214,972 shares valuing Rs. 21.986 billion the previous day. Whereas, in total, 369 companies entertained their shares in the market, 175 of them received gain to remain in green, 168 met loss, whereas the share prices of 26 remained unchanged. 

WorldCall Telecom remained the volume leader among the top-three trading companies with 91,610,561 shares at Rs.1.36 per share followed by Kohinoor Spinning with 34,395,000 shares at Rs.4.88 per share whereas Air Link Commun settled with 18,984,438 shares at Rs.67.00 per share.

Hallmark Company Limited recorded a maximum appreciation of Rs.47.97 per share price to settle at Rs.696.00, whereas Mari Petroleum Company Limited settled as the runner-up with an increase of Rs.35.96 in its per share price to Rs.2,631.31.

Unilever Pakistan Foods Limited observed a maximum fall of Rs.101.00 per share to settle at Rs.20,699.00, followed by Allawasaya Textile and Finishing Mills Limited with a decline of Rs.97.00 to close at Rs.1,255.00.

Bullish Run Pakistan Stock Exchange

During the last several months, the market swung 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 achieved 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 highs recently. After having a number of records, the market achieved the historic 66000 benchmark for the first time in the first quarter of December 2024.

However, from December 13, 2023, the index turned down while observing a significant fall, 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 over 2500 points. Later the index turned up 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.

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